Apple Set for Strong Q4 Results as New iPhone Sales and AI Prospects Take Center Stage

October 29, 2024

Image source: Photo by Trac Vu on Unsplash

Breaking News

Image source: Photo by Trac Vu on Unsplash

Apple Set for Strong Q4 Results as New iPhone Sales and AI Prospects Take Center Stage. 📱 The company is anticipated to post its highest quarterly revenue increase in two years, with robust iPhone 16 demand in China fueling growth. Investors will closely monitor insights on Apple's AI rollout, as the company faces pressure from competitors in the race to tap into the growing generative AI market. Reuters reports.

EdgeUp

🛫 WingFunds: Boeing to raise up to $22 billion to shore up finances, stave off downgrade. Reuters reports.

📉 Fordcast: Ford stock falls despite Q3 sales beat, as it guides to lower end of 2024 profit forecast. Yahoo Finance reports.

📱 Applify:
Apple releases Apple Intelligence. Here’s how to get it on your iPhone. CNBC reports.

💥 TruthBoom: Trump’s stock surges as traders predict an election victory. CNN Business reports.

💻 TechTide: Wall Street closes higher ahead of megacap earnings, election. Reuters reports.

🚨 ChaseKite: JPMorgan sues customers over check fraud linked to glitch that went viral. Reuters reports.

Top 5 Movers in Early Pre-Market

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

1. $SHPH: Shuttle Pharmaceuticals

Total gain: 68.42%

2. $LIXT: Lixte Biotechnology
Total gain: 58.77%

3. $BKYI: BIO-key Intl
Total gain: 47.82%

4. $PFIE: Profire Energy
Total gain: 47.36%

5. $IMRN:Immuron
Total gain: 29.53%

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.

IS THE STOCK MARKET AT AN INFLECTION POINT?

The stock market experienced a mixed performance. After a six-week winning streak, major indices saw some losses. The S&P 500 dropped 0.8% for the week, marking its biggest decline since early October. The Dow Jones Industrial Average and Nasdaq Composite also faced minor declines, despite a late-week rally. The market faced pressure from concerns about economic conditions and interest rates.

On the bright side, sectors like consumer durables, communications, and health services showed resilience, while Tesla’s stock surged nearly 25% after posting better-than-expected earnings. In contrast, sectors like producer manufacturing and health technology underperformed. Rising Treasury yields and uncertainty over future Federal Reserve rate cuts contributed to the cautious sentiment.

Yesterday’s Biggest Movers

The closing price of the top three market percent gainers trading near or above $3 on October 28.

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

1. $GNLN: Greenlane Holdings

Total gain: +97.97%
The stock appeared to be moving on no notable news.

2. $GLUE: Monte Rosa Therapeutics
Total gain: +93.46%
The company announced an exclusive global agreement with Novartis for the development and commercialization of VAV1 MGDs, including MRT-6160. MRT-6160 is currently in a Phase 1 single ascending dose (SAD) and multiple ascending dose (MAD) study involving healthy volunteers, targeting immune-mediated conditions. According to the agreement, Novartis gains exclusive worldwide rights to develop, manufacture, and commercialize MRT-6160 and other VAV1 MGDs, assuming responsibility for all clinical development and commercialization from Phase 2 onwards. Monte Rosa will continue to oversee the completion of the ongoing Phase 1 study for MRT-6160. Benzinga reports.

3. $AMIX: Autonomix Medical
Total gain: +58.88%
The company highlighted positive preliminary results from the first five “lead-in” patients in its ongoing proof-of-concept clinical trial, which evaluates the safety and efficacy of delivering transvascular energy to ablate problematic nerves and reduce pain in patients with pancreatic cancer. Of the five patients, three were treated via femoral access and two via brachial access. Patients treated through femoral access showed positive responses, with improvements in pain scores, while those treated via brachial access showed no improvement or experienced worsened pain scores. The results reported here focus on the three patients in the responder group. Benzinga reports.

Today’s Notable Earnings

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

KAI: Kadant
3Q 2024
After Market Close
Estimate: 2.430
Actual: N/A

TCS: Container Store Group
2Q 2024
After Market Close
Estimate: -0.050
Actual: N/A

SYY: Sysco
1Q 2025
Before Market Open
Estimate: 1.130
Actual: 1.090

Today’s Key Economic Dates

Time (ET) / Report / Period

9:00 am - S&P Case-Shiller home price index (20 cities)
10:00 am - Consumer confidence
10:00 am - Job openings

Parting Thoughts

“To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”

― Benjamin GrahamSourced in:
“The Intelligent Investor: A Book of Practical Counsel. Revised Edition”, by
Benjamin Graham, published in 1973