Palantir Surges 12% on AI-Driven Forecast Boost
August 6, 2024
Breaking News
Palantir Surges 12% on AI-Driven Forecast Boost. 🤖 Palantir's shares soared over 12% following a substantial Q2 revenue beat and an increased full-year forecast, driven by surging demand for their AI solutions. The company reported $678 million in Q2 revenue, significantly surpassing expectations. MarketWatch reports.
The Warm Up
🔥 MagnificentMeltdown: Magnificent Seven set to shed $1 trillion in value, led by Apple, Nvidia. Yahoo Finance reports.
✈️ BlameFlight: CrowdStrike rejects Delta Air Lines claims over flight woes. Reuters reports.
⏳ OpenDelay: OpenAI delays release of technology to help schools identify AI-Generated academic work, citing concerns over fairness. Benzinga reports.
🚨 SoftCrash: SoftBank shares tank near 19%, wiping off $4.6 billion from founder Masayoshi Son’s fortune. CNBC reports.
💥 MuskVsAltman: Elon Musk revives lawsuit against Sam Altman and OpenAI, filing shows. Reuters reports.
✂ EuroCut: European companies cut jobs as economy sputters. Reuters reports.
What’s Moving the Markets
* Analyzing the markets with Richie Naso, a Wall Street veteran of over 40 years and former member of the NYSE.
FRIDAY’S DROP
Followed a report on US hiring in July that was far weaker than expected, starting investors into worrying that the Fed has been too slow to cut interest rates. Traders were already growing uneasy about the state of the economy, as well as the prospects for the big technology stocks that had underpinned a market rally for much of the year, but the jobs report intensified the focus on the risks.
Markets are now predicting a half a percent cut when the Fed meets next in September, up from the more usual quarter-point cut investors had been anticipating as of Thursday, according to CME FedWatch. The New York Times reports.
Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on August 5.
*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time
1. $TENKU: TenX Keane Acquisition
Total gain: +204.22%
Citius Pharmaceuticals announced that shareholders of TenX Keane Acquisition have voted to approve the previously announced business combination with Citius Pharma's oncology subsidiary. The newly combined public company will continue to trade on the Nasdaq Stock Exchange and will be renamed Citius Oncology. Benzinga reports.
2. $INDO: Indonesia Energy
Total gain: +59.83%
The stock appeared to be moving on no notable news.
3. $MGOL: MGO Global
Total gain: +40.31%
The stock appeared to be moving on no notable news.
Today’s Notable Earnings
*Estimate and Actual numbers represent Earnings Per Share in US Dollars
ABNB: Airbnb
2Q 2024
After Market Close
Estimate: 0.900
Actual: N/A
SMCI: Super Micro Computer
4Q 2024
After Market Close
Estimate: 8.100
Actual: N/A
STE: Steris
1Q 2025
After Market Close
Estimate: 2.010
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
9:45 am - S&P final U.S. services PMI - July
10:00 am - ISM services - July
Parting Thoughts
"One of the keys to success in investing is to keep your emotions in check and avoid being swayed by market noise."
― James Montier
Sourced in:
“The Little Book of Behavioral Investing: How Not to Be Your Own Worst Enemy”,
by James Montier, published in 2007