Microsoft’s Ignite conference, traders weigh tensions, Comcast spin-off, and more… ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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| S&P 500 5,917 (+0.4%) Nasdaq 18,987 (+1.04%) Dow 43,269 (-0.28%) Bitcoin 92,290 (+0.99%) |
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1. Microsoft Reignites its AI Drive
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Microsoft (NASDAQ:MSFT) held its Ignite 2024 event yesterday. In his keynote speech, CEO Satya Nadella flagged a new generation of increasingly autonomous AI agents created in Copilot Studio set to “act on our behalf across our work and life.” |
| Up 24% Tuesday: Enterprise AI developer C3.ai (NYSE:AI) saw its stock soar as Microsoft revealed a partnership to boost AI adoption on Microsoft Azure. Fool analyst Jason Moser believes “there are plenty of [AI] opportunities on the enterprise side, which plays right into C3's wheelhouse.” Absorbing books: Bloomberg reports a deal with News Corp (NASDAQ:NWS) publisher HarperCollins allowing Microsoft to use its nonfiction titles for AI training. |
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2. Geopolitics Hangs Over Markets
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Tech stock gains driven by today’s Nvidia (NASDAQ:NVDA) results helped U.S. markets close higher Tuesday, against worries over growing war tension in Ukraine after Russia rattled its nuclear saber in response to U.S. arms supply moves. |
| “This is not the first time that investors have had to consider a nuclear threat from Russia”: Trade Nation analyst David Morrison says it’s “the most serious one to date.” “Persistent geopolitical risks”: Tensions are also helping the gold rally, as Goldman Sachs (NYSE:GS) forecasts $3,000 per ounce by the end of the year. |
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Comcast (NASDAQ:CMCSA) looks set to spin off some of its cable TV networks, including USA and CNBC, and form “a new, well-capitalized company owned by our shareholders,” president Michael Cavanagh said. |
| $7 billion in annual revenue: Q3 media revenue rose nearly 37%, helping reinforce that traditional TV networks remain hugely profitable for media companies. “We think we have great assets and a great balance sheet”: Cavanagh initially floated the idea in October. An insider suggests it ”will give them the optionality to merge with other networks” or sell off privately. |
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4. Next Up: Are Consumers Good? |
Consumer goods company Target (NYSE:TGT) posted underwhelming Q3 results this morning, a day after Walmart (NYSE:WMT) beat earnings expectations. It was the biggest earnings miss in two years for Target, with a full-year guidance cut as well. |
| Earnings per share of $2.29 forecast: Retail rival TJX (NYSE:TJX) will also post today, following on from three out of four quarters of double-digit earnings beats. “What you believe will likely depend on your pre-existing biases”: Fool analyst Seth Jayson is keeping a close eye on the state of the U.S. consumer: “Walmart delivered impressive results that either indicate… consumers are in good shape, or that they're worried about costs, and trading down from premium goods as a result.” Speaking of which… |
| This week, Bloomberg reported how mid-priced grocery options are increasingly being passed over, with shoppers trading down -- Kraft's Mac & Cheese sales are down 6% year over year, while store brands are up by the same amount -- or paying up: in the same period, Goodles (a protein-heavy competitor costing twice as much as Kraft's boxed macaroni) has doubled its sales. What are groceries are you paying up for, or trading down to? Discuss with friends and family, or become a member to hear what your fellow Fools are saying! |
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