Stock Market News & Analysis: Sept 26th, 2024

Global Stock Markets

Canadian Markets

Canada’s main stock index climbed  by almost 0.75 percent, even with backdrop of declining commodity prices, including a nearly 3 percent drop in oil and moderate losses in gold.

American Markets

American stocks also  gained, buoyed by a robust 3 percent annualized growth in the economy for the second quarter, surpassing economists’ expectations of 2.9 percent. This stronger-than-anticipated economic performance reflects resilience amid global uncertainties and has contributed to a more favorable outlook for American companies.

European Markets

European stocks  rose sharply on the optimism from Chinese stimulus, hoping it will benefit European economies.

UK Stocks rose moderately as the pound gained, holding back the rally.  More data show that the UK’s economy is outperforming most of its peers.

Asian Markets

Chinese stocks soared over 3 percent on Thursday, as Beijing and local governments unveiled more stimulus programs to help invigorate China’s economy.

Japanese markets rose over 2 percent as Chinese optimism spilled over to the Nikkei, as the index was propelled by chip stocks.

Corporate Stock News

• Accenture PLC: Forecasts annual revenue growth of 3% to 6%, below Wall Street estimates due to reduced enterprise spending.
• Alphabet Inc: Restricted account creation for Russian users amid government directives. Settled SEC charges with Goldman Sachs and others for late filings, paying a $750,000 penalty.
• American Eagle Outfitters Inc: Sued Amazon for trademark infringement regarding its “Aerie” brand, accusing Amazon of directing customers to knock-offs.
• Aramark: Reports Sodexo is exploring a potential acquisition of Aramark, though the outcome remains uncertain.
• BHP Group Ltd: Plans to test Caterpillar’s new energy transfer technology for mining trucks.
• BioAge Labs: Raised $198 million in an IPO, pricing shares at $18 each.
• BKV Corp: Raised $270 million in its IPO, pricing shares at $18, below its target range.
• Blackstone Inc: Confirmed a £10 billion investment in an AI data center in England and will contribute £110 million to local infrastructure.
• Boeing Co: Resumed contract talks with its largest union to address a strike impacting production.
• BP plc: Shell selected as the preferred bidder for a shallow water block in Trinidad and Tobago, surpassing bids from BP and EOG Resources.
• Caterpillar Inc: Partnering with BHP on energy transfer technology for mining equipment.
• Edison International: Emphasized the need for firm clean power sources to decarbonize California’s grid.
• Evotec SE: Partnered with Novo Nordisk for stem cell-based therapy development.
• Exxon Mobil Corp: Proposed a $10 billion investment in offshore oil operations in Nigeria.
• Ford Motors Co: Reached a tentative agreement with the UAW for its tool and die unit ahead of a strike deadline.
• General Motors Co: Recalling 18,235 commercial vehicles due to brake line issues.
• HSBC Holdings PLC: Exiting South Africa by transferring its business to FirstRand Bank.
• Jefferies Financial Group Inc: Reported a profit surge, with investment banking revenue up 47% year-over-year.
• LG Display Co Ltd: Sold its stake in a Chinese LCD plant for $1.54 billion to focus on OLED technology.
• Lightspeed Commerce Inc: Exploring strategic alternatives, including a potential sale.
• Micron Technology Inc: Forecasted strong Q1 results and reported significant Q4 revenue growth due to AI demand.
• Northrop Grumman Corp: Selected to develop glide phase interceptor systems for the U.S. Missile Defense Agency.
• NRG Energy Inc: Adjusted its full-year profit outlook upward to between $3.5 billion and $3.7 billion.
• Pfizer Inc: Withdrawing its sickle cell treatment Oxbryta due to safety concerns.
• Southwest Airlines Co: Raised its Q3 revenue forecast per available seat mile.
• Visa Inc: Hired antitrust lawyers to combat a DOJ lawsuit alleging monopolization of debit card markets.
• Volkswagen: Rejected union demands amid strike threats over layoffs and plant closures.