SAP Hits Record High as Cloud Growth, AI Boost Full-Year Outlook

Image source: Wikimedia Commons

The company shares surged 5% to an all-time high after the company raised its full-year targets, driven by strong cloud revenue growth of 27% in Q3. AI played a key role, with 30% of cloud contracts involving AI, while operating profit exceeded expectations, supported by cost-cutting and cautious hiring.

🚖 RoboMusk: Musk to face questions on Tesla's robotaxi bets on results day. Reuters reports.

✈️ BoeingBoost: Boeing shares rise after labor offer but analysts wary of worker pushback. Reuters reports.

🌐 GeminiForge: Honeywell partners with Google to integrate data with generative AI. Yahoo Finance reports.

🍔 CITICMcExit: CITIC to sell stake in McDonald's China, HK operations for $430.3 million. Reuters reports.

🚨 SpiritinTurbulence: Spirit Airlines jumps the most ever on two-month debt reprieve. Yahoo Finance reports.

🩺 BlueAI: Salesforce, Blue Shield CA will partner to create an all-AI healthcare approval system. Yahoo Finance reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1. $GNPX: Genprex
Total gain: 145.03%

2. $TCBP: TC BioPharm (Holdings)
Total gain: 73.12%

3. $SRM: SRM Entertainment
Total gain: 68.47%

4. $ULY: Urgently
Total gain: 48.28%

5. $IVP: Inspire Veterinary
Total gain: 41.69%

* Analyzing the markets with Richie Naso, a Wall Street veteran of over 40 years and former member of the NYSE.

LAST WEEK:

The stock market showed strong upward momentum during the week ending October 18, 2024, bolstered by positive earnings reports and solid economic data. The S&P 500 rose approximately 0.8%, maintaining its upward trend, while the Dow Jones Industrial Average and NASDAQ also made gains. A key driver was better-than-expected September retail sales, which reaffirmed the "soft/no-landing" scenario for the economy—where growth continues without a severe recession. Additionally, initial jobless claims were lower than anticipated, further boosting investor confidence.

In the technology sector, semiconductor companies experienced mixed results. Taiwan Semiconductor (TSMC) reported robust earnings, pushing its stock and the semiconductor index higher, despite earlier cautious guidance from ASML. Companies like Nvidia also saw gains but showed some price stagnation later in the week.

Looking ahead, analysts remain cautiously optimistic as earnings season progresses, with many key reports still to come. While small-cap stocks showed strong performance, some experts believe the recent gains may be nearing a point of consolidation.

The closing price of the top three market percent gainers trading near or above $3 on October 21.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $SAVE: Spirit Airlines
Total gain: +53.06%
The company's stock surged 35% in premarket trading to $1.99 after receiving an extension on its debt refinancing deadline. The airline, which was facing a Monday, October 21, 2024, deadline to refinance over $1.1 billion in debt, announced in a securities filing that the deadline has been extended to late December. Additionally, Spirit disclosed that it has fully drawn on its $300 million credit line, fueling speculation about a potential takeover in the near future. Benzinga reports.

2. $ISPC: iSpecimen
Total gain: +38.26%
The stock appeared to be moving on no notable news.

3. $NNE: Nano Nuclear Energy
Total gain: +32.48%
The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

ROIC: Retail Opportunity
3Q 2024
After Market Close
Estimate: 0.260
Actual: N/A

RHI: Robert Half
3Q 2024
After Market Close
Estimate: 0.620
Actual: N/A

RRC: Range Resources
3Q 2024
After Market Close
Estimate: 0.400
Actual: N/A

Time (ET) / Report / Period

10:00 am - Philadelphia Fed President Patrick Harker speaks

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he will soon have no job to be on.”

― Edwin LefèvreSourced in:
“Reminiscences of a Stock Operator”, by Edwin Lefèvre, published in 1923