US OPEN: Wall Street opens higher after NFP data

• Wall Street indices open higher
• US100 fully recovers from Tuesday's sell-off
• Earnings reports from Broadcom, Costco Wholesale, Marvell Technology and MongoDB

Wall Street indices launched today's trading higher, following release of NFP report that can be best described as mixed. While the report showed another month of better-than-expected jobs growth, there was a large downward revision to the data for previous two months. 

Source: xStation5

Nasdaq-100 futures (US100) fully recovered from Tuesday's sell-off and returned to the 18,360 area. However, bulls seem to be struggling with breaking above this hurdle. Should we see a pullback from here, a near-term support zone to watch can be found in the 18,250 pts area. This is a swing level that saw some price reactions yesterday in the evening as well as today, following release of NFP report for February. In case bears push the index below it, the next level to watch will be 18,150 pts swing area, marked with previous price reactions as well as the 50-hour moving average (green line). 

Company News

Broadcom (AVGO.US) reported fiscal-Q1 2024 results yesterday after close of market session. Company reported net revenue at $11.96 billion, with semiconductor solutions revenue coming in at $7.39 billion (exp. $7.7 billion) and infrastructure software revenue at $4.57 billion (exp. $4.33 billion). Adjusted operating income was reported at $6.83 billion (exp. $6.46 billion) and adjusted EBITDA at $7.16 billion. Adjusted EPS came in at $10.99 (exp. $10.42). Company expects full-year fiscal-2024 revenue to reach 'about $50 billion' and full-year adjusted EBITDA to reach 'about $30 billion'.

Costco Wholesale (COST.US) reported fiscal-Q2 2024 results. Company reported a 5.7% YoY jump in total revenue to $58.44 billion (exp. $59.04 billion), with $57.33 billion coming from net sales (exp. $57.88 billion) and $1.11 billion coming from membership fees (exp. $1.1 billion). Comparable sales increased 5.6% (exp. 5.1%). Comparable sales excluding fuel and currency impact were 5.8% higher (exp. 4.7%).

Shares of Marvell Technology (MRVL.US) drop after reporting fiscal-Q4 2024 results. Company reported 0.6% YoY increase in net revenue to $1.43 billion (exp. $1.42 billion). Data center revenue drove the total revenue growth as it increased 54% YoY to $765.3 million (exp. $752.5 million). Revenue in all remaining segments declined at double-digit pace. Adjusted gross margin at 63.9% was slightly higher than 63.5% expected. Loss per share was reported at $0.45 but on an adjusted basis, company reported $0.46 profit per share (exp. $0.46). Company authorized $3 billion in share repurchases. Marvell expects fiscal-Q1 2025 sales to be $1.15 billion (exp. $1.37 billion) with adjusted EPS of $0.18-0.28 (exp. $0.41).

MongoDB (MDB.US) reported 27% YoY increase in fiscal-Q4 2024 revenue to $458 million (exp. $435 million), driven by $444.9 million in subscription revenue. Loss per share was reported at $0.77, but on an adjusted basis the company reported a profit of $0.86 per share (exp. $0.46). Company expects fiscal-Q1 2025 revenue of $436-440 million (exp. $449 million) and adjusted EPS of $0.34-0.39 (exp. $0.61). MongoDB expects full-year fiscal-2025 revenue to reach $1.90-1.93 billion (exp. $2.05 billion) and full-year adjusted EPS of $2.27-2.49 (exp. $3.53).

MongoDB (MDB.US) launched today's trading with a bearish price gap following release of fiscal-Q4 2024 earnings. While earnings were better-than-expected, company disappointed with forecasts. Share price is trying to climb back above 200-session moving average (purple line). Source: xStation5