43 Mins Ago
DocuSign announces layoffs
DocuSign announced a restructuring plan on Tuesday that will result in layoffs for about 6% of its workforce.
The majority of the layoffs will come from DocuSign’s sales and marketing units, the company said.
DocuSign also said that it expects to meet or exceed its financial guidance for the fifth quarter.
— Jesse Pound
An Hour Ago
Fed and economy are ‘show me’ stories, says Wolfe Research’s Senyek
Wolfe Research is bracing for the market to continue its grind higher until the Federal Reserve, or the economy, breach expectations.
“We continue to believe that the Fed and economy are ‘show me’ stories, and that the overall U.S. equity market is likely to push higher until there’s compelling evidence that the Fed won’t cut in-line with expectations and/or the growth outlook decelerates enough to spark recession fears,” wrote Chris Senyek in a Tuesday note.
“While it’s not our intermediate-term base case, if consensus is correct and the fed cuts at the same time U.S. economic growth remains solid, we’d expect the recent rally to broaden out,” he added.
Looking ahead, Senyek views small cap outperformance as a likely “catch up trade” should this outcome unfold, noting that the small-cap indices sit well below all-time highs but look attractively valued.
— Samantha Subin
2 Hours Ago
Eli Lilly rises after earnings
Eli Lilly shares rose more than 2% in the premarket after the company posted better-than-expected quarterly results, driven by strong Mounjaro revenue.
The company earned an adjusted $2.49 per share on revenue of $9.35 billion. Analysts polled by LSEG expected a profit of $2.22 per share on revenue of $8.93 billion. Revenue for Mounjaro came in at $2.2 billion.
Lilly also issued better-than-expected revenue guidance for the full year.
11 Hours Ago
China and Hong Kong stocks surge 2% as healthcare, tech firms gain
Mainland Chinese and Hong Kong equity benchmarks surged 2% on Tuesday, led by healthcare and tech stocks, respectively.
This comes after the Chinese regulators took measures to calm a recent sell-off in markets, including a statement from the country’s securities and regulatory commission that said it would “guide institutional investors … to enter the market with greater efforts.”
The largest mover on the CSI 300 was Beijing Wantai Biological Pharmacy Enterprise, which soared 10%, while the biggest gainer on the Hang Seng index was tech giant Alibaba, whose shares jumped 5.9%.
15 Hours Ago
Stocks making the biggest moves after hours
Check out the companies making headlines after hours.
Palantir Technologies — Shares jumped 19.5% after Palantir posted a revenue beat in the fourth quarter. Revenue came in at $608.4 million versus the $602.4 forecast by analysts, according to LSEG, formerly known as Refinitiv. The company posted adjusted earnings of 8 cents per share, which was in line with analysts’ expectations. CEO Alex Karp also highlighted the growth in the company’s artificial intelligence platform.
NXP Semiconductors — The chipmaker gained more than 3% following stronger-than-expected fourth-quarter results. NXP announced adjusted earnings of $3.71 per share, which was 8 cents above estimates from analysts polled by LSEG. The company’s revenue of $3.42 billion also beat analysts’ forecasts of $3.40 billion.
Chegg — The stock declined 1% after revenue guidance for the first quarter came in lighter than expected. Meanwhile, the company posted adjusted earnings per share that were in line with analysts’ expectations and a revenue beat in the fourth quarter, per LSEG.
The full list can be found here.
— Hakyung Kim
15 Hours Ago
Stock futures little changed Monday
U.S. stock futures open near the flatline Monday.
Futures tied to the Dow Jones Industrial Average slipped 14 points, or 0.04%. S&P 500 futures inched down 0.03%, while Nasdaq 100 futures added 0.05%.
— Hakyung Kim
