My top 10 things to watch Thursday, Nov. 30
1. U.S. stock futures were up Thursday morning as all three major averages looked to wrap up the month with big gains. With one trading day left, the S&P 500 has increased up 8.5% in November, while the Nasdaq has risen nearly 11% and the Dow has advanced more than 7%. The gains would end a three-month losing streak for the indexes.
2. The Fed's favorite inflation gauge, October's core personal consumption expenditures price index, rose 0.2% in October and 3.5% from a year ago. Both numbers matched expectations, giving central bankers further ammunition to end their interest rate hike campaign and start cutting next year
3. Shares of Club name Salesforce (CRM) are up more than 9% following stellar quarterly results after the bell on Wednesday. The data cloud has become the de facto way to use the cloud to the advantage of all enterprises, so sales and remaining performance obligations and free cash flow were sharply better than expected, as the activists wanted. All done with 9,000 fewer employees year over year. I talked to CEO Marc Benioff last night, who also highlighted the success of the company's AI product Einstein GPT.
- Join me for the Morning Meeting at 10:30 a.m. ET, when Jeff Marks and I dig into the numbers and the interview.
4. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. The automaker and Club name also says UAW labor agreement is expected to cost $8.8 billion over the life of the contract, which expires in April 2028. That's less than General Motors' (GM) estimate of $9.3 billion.
5. Citi raises Club holding Costco (COST) price target to $585 per share from $530, citing an acceleration of November sales. Keeps neutral rating. Barclays keeps neutral-equivalent rating and also boosts price target to $547 from $510.
- In releasing monthly sales on Wednesday evening, Costco acknowledged the passing of board member Charles Munger, who was also Warren Buffett's righthand man. "No one loved Costco more than Charlie. The Company benefited greatly from his wisdom over the last quarter-century plus. We at Costco extend our deep condolences to his family."
6. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. The automaker and Club name also says UAW labor agreement is expected to cost $8.8 billion over the life of the contract, which expires in April 2028. That's less than General Motors' (GM) estimate of $9.3 billion.
7. Club name Foot Locker (FL) is at the beginning of the journey. Better than feared financials fueled a big 16% jump in the embattled stock. The NBA deal, announced a couple of weeks ago, is real. Multiyear partnership that makes Foot Locker an official league marketing partner in the U.S.
8. GE Healthcare (GEHC): CEO Peter Arduini says MRI business is "booming." So contrary to the tenor of Wall Street. The machines made by Club holding GEHC are crucial in the process of initiating and monitoring patients on a new class of Alzheimer's drugs.
9. Snowflake (SNOW) shares popped more than 8% after its earnings beat. The AI from Nvidia (NVDA) is too expensive, so why not rent the cloud and analytics and AI from these guys, as Yum! Brands (YUM) does.
10. Gold stocks taking off and the cheapest is still Barrick, symbol GOLD.
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