- Wall Street drops early in today's session
- Wix reports better-than-expected quarterly results
- Investor attention turns to FOMC Minutes and Nvidia results
Wall Street indices started Wednesday's trading session lower. The Nasdaq is currently losing close to 0.5%, the S&P500 close to 0.25% and the Russell 2000 close to 0.38%. The economic calendar for today's session is relatively empty, nevertheless investors' attention will be drawn to the FOMC Minutes and Nvidia's quarterly results (after the close of the Wall Street session).
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The US2000 Index is extending its declines and is currently trading within the support zone defined by the zone of local peaks repeatedly tested in 2022-2024. Source: xStation
Company news
International Flavors & Fragrances (IFF.US) is down 7% after reporting disappointing sales forecasts. The company also cut its dividend.
Palo Alto Networks (PANW.US) loses 22% after the cyber security company cut its annual revenue forecast, raising concerns that customers are cutting back on technology spending.
Wix.com (WIX.US) is up 5% as the company's online platform revenue in the fourth quarter exceeded average analyst estimates. Earnings per diluted share excluding non-recurring items doubled to $1.22 from 61 cents a year earlier and exceeded the 95 cents expected by analysts. Revenue for the October-December quarter rose 14% to $404 million, compared with $402 million expected by analysts. Wix said it expects revenue to grow 11-13% to $1.73-1.76 billion in 2024, with more significant bookings growth in the second half and further acceleration in 2025.
Analyst action
- RBC raises target price for Discover Financial Services shares to $140 from $117, after the company announced its acquisition by Capital One
- Bernstein lowers target price for Palo Alto Networks shares to $335 from $402, after the company missed second-quarter earnings expectations and lowered guidance for full-year 2024 revenue growth.
- Piper Sandler raises its target price for Walmart shares to USD 228 from USD 210 as the company reported strong fourth quarter results.
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