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Meta's stock gets no dip buyers, which stocks insiders are selling, Ford earnings and more
Charla Hojnacki
April 25, 2024
Happy Thursday Zingernation! And it’s draft day! The NFL Draft will kick off tonight at 8pm ET in downtown Detroit, less than a block away from BZ’s HQ.
Let me take this opportunity to tell you about my favorite NFL Draft story. Back in 1944 (when teams still used fullbacks) the Eagles selected a fullback from Syracuse named Norm Michael. But, the team couldn’t find Michael, who had joined the Army and was stationed down in Alabama. Michael found out he got drafted 55 years later in 1999 when he read an article about every Syracuse player to get drafted in the NFL. He probably decided he was a little too old to play fullback by that point.
-Aaron Bry And Nic Chahine
Plus, there’s a lot of buzz and hype around AI. But here’s the one recent development that you need to hear about.
And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.
MARKET SNAPSHOT
Yesterday: Lots of twists and turns for the market yesterday, all to end virtually flat. But, the market took a leg down after the close following Meta’s earnings report.
On Our Radar: GDP, initial jobless claims and other economic data is due before the open this morning. Then, this afternoon, we will hear from Microsoft, Alphabet, Snap Inc and more!
Plus: Looking to learn more about options? Join options masters Chris Capre and Matt Maley TONIGHT at 6:00 PM EST! Click here to claim your free ticket.
TOP STORY
What Happened: Ford reported first-quarter revenue of $42.8 billion, which was up 1.3% year-over-year. The revenue total beat a Street consensus estimate of $40.1 billion, according to data from Benzinga Pro.
Briefly: The company reported earnings per share of 49 cents in the first quarter, which beat a Street estimate of 42 cents per share.
So: The company's Ford Pro unit saw strong growth led by high demand for Super Duty work trucks, Transit vans and software, the company said. The EBIT of the segment was up more than double.
Basically: The Model e division, which houses electric vehicles, was affected by industrywide pricing pressure on EVs and posted an EBIT loss of $1.3 billion in the first quarter. Ford said it expects the Model e unit’s costs to improve going forward, but for the segment to face top-line pressure on sales.
Quoted: "Customers want vehicles that they're passionate about, choices in how they're powered, quality that's constantly getting better and great value," Ford CEO Jim Farley said.
Click here for the full scoop.
PRESENTED BY TRADESMITH
There's been a lot of buzz surrounding A.I. over the past year…
Most of it is just hype and speculation.
Because it's going to have a very real impact on the lives of everyday Americans...
Billion-dollar fund manager Louis Navellier recently recorded an urgent message going over all the details.
FIVE ZINGERS
Ifs, Ands and Buts: One Boeing analyst is still bullish on the airplane manufacturer, saying if plans stop shedding parts midflight, the stock could be a great buying opportunity.
Who’s Auditing The Auditor?: An auditor compiling reports on Trump’s social media company misspelled its own name 14 times in a recent report… oops.
Inside Report: Want to check out which companies insiders are selling right now? Here are some of the names with high insider selling.
Thank You For (Not) Smoking: Altria reported that Marlboro’s volume is down nearly 10% year over year. What’s going on?
Barking Through The Glass Ceiling: Shiba and Dogecoin have been the only meme coins to break the $10b valuation mark. Here’s what could be next.
ONE FOR THE ROAD
What Happened: On CNBC's “Mad Money Lightning Round,” Jim Cramer recommended buying Cloudflare, Inc. “I would buy it slowly because we've got big selling going on in AI stock Meta,” he added.
Basically: On April 17, Cantor Fitzgerald analyst Yi Fu Lee reiterated Cloudflare with a Neutral and maintained a $100 price target.
So: Axon Enterprise, is still good, even here, Cramer said. Axon is projected to report first-quarter 2024 financial results after the closing bell on Monday, May 6.
Other Calls: The “Mad Money” host said he likes First Solar, Inc. On April 23, Evercore ISI Group analyst Sean Morgan assumed First Solar with an Outperform rating and maintained a price target of $227.
Still Bullish: Cramer said he would own Vista Energy. “I think it's a good situation,” he added.
Click here to read more.
PRESENTED BY TRADESMITH
There's been a lot of buzz surrounding A.I. over the past year…
Most of it is just hype and speculation.
Because it's going to have a very real impact on the lives of everyday Americans...
Billion-dollar fund manager Louis Navellier recently recorded an urgent message going over all the details.