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<ul class="summary-list"><li>Tesla closed 22% higher on Thursday, its best day in years after posting strong earnings.</li><li>Analysts at JPMorgan caution that some of the automaker's growth drivers aren't sustainable.</li></ul>Tesla's earnings beat fueled a huge rally for the stock on Thursday, but JPMorgan is urging caution.Analysts at the bank said that while the <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10?_gl=1*1b1iqo9*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTc3NDk1OC4zMDguMS4xNzI5Nzc1Nzk4LjYwLjAuMA..#wedbush-analyst-dan-ives-sticks-with-bullish-view-on-tesla-despite-recent-volatility?utm_medium=ingest&amp;utm_source=markets">strong earnings</a> should boost the stock in the short term, the automaker's growth drivers might not be sustainable in the coming quarters.The analysts correctly called the big reaction in the stock on Thursday post-earnings, with shares rising 22%, but they added that they see some caveats to the company's outlook. "However, we at the same time see several potentially unsustainable drivers of 3Q's better earnings and cash flow performance."The analysts pointed in particular to Tesla's near-record sales of regulatory credits. Tesla can sell credits it receives for producing electric cars to other companies that don't meet government emissions requirements.It's a hugely profitable business, and the credits generated $739 million for Tesla in the most recent quarter, the second-highest amount after the previous quarter's $890 million. While the credits are a huge profit driver in the near term, JPMorgan analysts said that won't last as other automakers introduce their own EVs and buy fewer credits from competitors like Tesla."Investors should be cautious about capitalizing the earnings generated from these (100% margin) credits, given that one of the tenets of the Tesla bull case is the large scale electrification of the automotive industry," the analysts wrote. "As other automakers broaden their electric offerings, they should over time be in a position to generate their own credits, negating and eventually eliminating the flow of competitor payments to Tesla."The analysts also pointed to large working capital benefits, which they say are unsustainable.Tesla saw a large beat on free cash flow in the most recent quarter, but that was in part due to a large increase in the amount due to its suppliers and other accrued liabilities, the analysts say.Tesla has only ever generated more cash from an increase in accounts payable in one other quarter, but at that time, deliveries and production both grew much faster, the analysts said. They wrote in the note that this suggests that this driver of the quarter's strong cash flow is unsustainable and possibly reversing."Automakers are expected to generate cash from working capital as sales rise, given timing differences arising from the favorable trade terms they enjoy with suppliers, but digging more deeply into the benefit, we note only in one quarter has Tesla ever generated more cash from an increase in accounts payable than it did in 3Q24," the analysts said.The automaker reported earnings per share of $0.62 for the third quarter, outpacing analysts' expectations of $0.51. Its operating profit came in at $2.7 billion, exceeding expectations of $2.0 billion and marking a 54% increase from a year ago. The company also announced that its Cybertruck <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">has reached profitability</a>.JPMorgan rates Tesla "Underweight" with a December 2025 price target of $135 a share, 48% lower than its Thursday closing price of $260.48.

Tesla earnings have reinvigorated investors but some growth drivers look 'unsustainable,' JPMorgan says

<ul class="summary-list"><li>Apple is set to report fiscal fourth-quarter earnings results after the market close on Thursday.</li><li>Wall Street anticipates $94.36 billion in revenue and adjusted earnings per share of $1.60.</li></ul>All eyes are on <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a>, the world's largest company by market value, as it prepares to report its fiscal fourth-quarter results after the market closes on Thursday.The quarter, which ended September 30, will encapsulate two weeks of Apple's iPhone 16 sales.The stock was trading at $230.40 at 1:50 p.m. ET, down by about 1.4%.Here's what Wall Street expects Apple to report for its fiscal fourth-quarter, according to Bloomberg data:<ul><li>Revenue: $94.36 billion</li><li>Adjusted earnings per share: $1.60</li></ul>Wall Street will largely be looking to the company's guidance for the upcoming holiday months, which has historically represented Apple's strongest quarter.Top of mind for analysts who cover the stock is whether Apple's AI efforts will pay off and fuel demand for the iPhone 16, or if consumers are taking a wait-and-see approach.The company <a target="_blank" class="" href="https://www.businessinsider.com/apple-intelligence-features-tested-on-iphone-16-pro-max-2024-10">released its first round of "Apple Intelligence" features</a> this week, about six weeks after the release of the iPhone 16. Meanwhile, Apple's core AI features aren't expected to be released for the iPhone until early next year.Here's what Wall Street is looking for in Apple's upcoming earnings report.<h3 id="ed1099ce-654e-4938-929c-540867493d06">Bank of America: 'Look past the iPhone 16 noise'</h3>With some <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-tumbles-analyst-says-iphone-16-orders-slashed-2024-10">conflicting views on Wall Street</a> about iPhone 16 demand in recent weeks, Bank of America said investors should "look past the iPhone 16 noise to impact of Apple Intelligence.""Contrary to every cycle where all the hardware/software functionality is more or less static through the course of the cycle, we view the cycle as more dynamic with more material software updates that increases the value to the user," <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> analyst Wasmi Mohan said in a note last week.Mohan said iPhone demand to pick up over the next few months as Apple's AI features become more robust and expects the company to sell 80 million iPhone units during the holiday season.Mohan is encouraged by a slightly higher average selling price for iPhones as consumers overwhelmingly continue to gravitate towards the more expensive Pro models.Bank of America rates Apple at "Buy" with a $256 price target.<h3 id="401e4f18-6633-40cf-afc8-ee3bb450bbd5">JPMorgan: Expect a beat on results but a miss on guidance</h3>JPMorgan expects Apple to report a strong fourth-quarter earnings report that will likely beat revenue and profit estimates but that it will also disappoint with weaker-than-expected guidance for the holiday quarter."Sell-through for iPhone 16 series started off slower than iPhone 15, and while momentum has improved in recent weeks, the magnitude of the improvement is still putting volumes modestly below last year," <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> analyst Samik Chatterjee said in a Monday note.Like many analysts on Wall Street, Chatterjee is looking for evidence that AI features will drive a bump in iPhone sales.JPMorgan rates Apple at "Overweight" with a $265 price target.<h3 id="8cc56af8-9576-4342-a49a-9c505626a6a6">Wedbush: Apple will be a $4 trillion company next year</h3>Wedbush analyst Dan Ives isn't budging from him bullish view on Apple heading into the company's financial results. He argues that the iPhone is on the verge of a supercycle as consumers upgrade their phones to get access to Apple Intelligence features."We expect a strong iPhone performance for the September quarter and expect a relatively bullish December iPhone demand commentary from Cook &amp; Co. despite many of the bears recently yelling fire in a crowded theater on the strength of iPhone 16 sales," Ives said in a note on Sunday.Ives says that bearish views on Apple fail to appreciate its installed base of 1.5 billion iPhones that will eventually need to be replaced, as well as the growing Services business that helps monetize the massive user base, and the potential for Apple to be the gatekeeper of AI technologies to a large group of people.Wedbush rates Apple at "Outperform" with a $300 price target.<h3 id="e4503694-e0ad-46c2-9f27-9244aa504759">Goldman Sachs: 'We see upside to consensus'</h3>Goldman Sachs said it sees "upside to consensus revenue and EPS driven by outperformance in iPhone and Services" in a note last week.Goldman analyst Michael Ng expects the company to report $1.61 in earnings per share and $94.5 billion in revenue, which would represent year-over-year growth of 6%.Like other analysts, Ng is focused on the impact of AI and all of the software features Apple is set to release in the next few months."Although Apple Intelligence has yet to be a demand driver, we're encouraged by the rollout of Apple Intelligence features with iOS 18.1 (Week of October 28, includes Writing Tools, notification summaries, Clean Up in Photos), iOS 18.2 (currently in beta for est. December release, includes Genmoji, Image Playground, ChatGPT), and iOS 18.4 (est. March 2025 release, more advanced Siri, personalization, on-screen awareness)," Ng said.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> rates Apple at "Buy" with a $275 price target.

Wall Street is eager to see some sign that AI is driving iPhone demand in Apple's latest earnings report

<ul class="summary-list"><li>Apple is set to report fiscal fourth-quarter earnings results after the market close on Wednesday.</li><li>Wall Street anticipates $94.36 billion in revenue and adjusted earnings per share of $1.60.</li></ul>All eyes are on <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a>, the world's largest company by market value, as it prepares to report its fiscal fourth-quarter results after the market closes on Wednesday.The quarter, which ended September 30, will encapsulate two weeks of Apple's iPhone 16 lineup sales.The stock was trading at $230.40 at 1:50 p.m. ET, down by about 1.4%. Here's what Wall Street expects Apple to report for its fiscal fourth-quarter, according to Bloomberg data:<ul><li>Revenue: $94.36 billion</li><li>Adjusted earnings per share: $1.60</li></ul>Wall Street will largely be looking to the company's guidance for the upcoming holiday months, which has historically represented Apple's strongest quarter.Top of mind for analysts who cover the stock is whether Apple's AI efforts will pay off and fuel demand for the iPhone 16, or if consumers are taking a wait-and-see approach.The company <a target="_blank" class="" href="https://www.businessinsider.com/apple-intelligence-features-tested-on-iphone-16-pro-max-2024-10">released its first round of "Apple Intelligence" features</a> this week, about six weeks after the release of the iPhone 16. Meanwhile, Apple's core AI features aren't expected to be released for the iPhone until early next year.Here's what Wall Street is looking for in Apple's upcoming earnings report.<h3 id="ed1099ce-654e-4938-929c-540867493d06">Bank of America: 'Look past the iPhone 16 noise'</h3>With some <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-tumbles-analyst-says-iphone-16-orders-slashed-2024-10">conflicting views on Wall Street</a> about iPhone 16 demand in recent weeks, Bank of America said investors should "look past the iPhone 16 noise to impact of Apple Intelligence.""Contrary to every cycle where all the hardware/software functionality is more or less static through the course of the cycle, we view the cycle as more dynamic with more material software updates that increases the value to the user," <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> analyst Wasmi Mohan said in a note last week.Mohan said iPhone demand to pick up over the next few months as Apple's AI features become more robust and expects the company to sell 80 million iPhone units during the holiday season.Mohan is encouraged by a slightly higher average selling price for iPhones as consumers overwhelmingly continue to gravitate towards the more expensive Pro models.Bank of America rates Apple at "Buy" with a $256 price target.<h3 id="401e4f18-6633-40cf-afc8-ee3bb450bbd5">JPMorgan: Expect a beat on results but a miss on guidance</h3>JPMorgan expects Apple to report a strong fourth-quarter earnings report that will likely beat revenue and profit estimates but that it will also disappoint with weaker-than-expected guidance for the holiday quarter."Sell-through for iPhone 16 series started off slower than iPhone 15, and while momentum has improved in recent weeks, the magnitude of the improvement is still putting volumes modestly below last year," <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> analyst Samik Chatterjee said in a Monday note.Like many analysts on Wall Street, Chatterjee is looking for evidence that AI features will drive a bump in iPhone sales.JPMorgan rates Apple at "Overweight" with a $265 price target.<h3 id="8cc56af8-9576-4342-a49a-9c505626a6a6">Wedbush: Apple will be a $4 trillion company next year</h3>Wedbush analyst Dan Ives isn't budging from him bullish view on Apple heading into the company's financial results. He argues that the iPhone is on the verge of a supercycle as consumers upgrade their phones to get access to Apple Intelligence features."We expect a strong iPhone performance for the September quarter and expect a relatively bullish December iPhone demand commentary from Cook &amp; Co. despite many of the bears recently yelling fire in a crowded theater on the strength of iPhone 16 sales," Ives said in a note on Sunday.Ives says that bearish views on Apple fail to appreciate its installed base of 1.5 billion iPhones that will eventually need to be replaced, as well as the growing Services business that helps monetize the massive user base, and the potential for Apple to be the gatekeeper of AI technologies to a large group of people.Wedbush rates Apple at "Outperform" with a $300 price target.<h3 id="e4503694-e0ad-46c2-9f27-9244aa504759">Goldman Sachs: 'We see upside to consensus'</h3>Goldman Sachs said it sees "upside to consensus revenue and EPS driven by outperformance in iPhone and Services" in a note last week.Goldman analyst Michael Ng expects the company to report $1.61 in earnings per share and $94.5 billion in revenue, which would represent year-over-year growth of 6%.Like other analysts, Ng is focused on the impact of AI and all of the software features Apple is set to release in the next few months."Although Apple Intelligence has yet to be a demand driver, we're encouraged by the rollout of Apple Intelligence features with iOS 18.1 (Week of October 28, includes Writing Tools, notification summaries, Clean Up in Photos), iOS 18.2 (currently in beta for est. December release, includes Genmoji, Image Playground, ChatGPT), and iOS 18.4 (est. March 2025 release, more advanced Siri, personalization, on-screen awareness)," Ng said.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> rates Apple at "Buy" with a $275 price target.

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

<ul class="summary-list"><li>US stocks hit record highs on Monday as investors get ready for a wave of earnings reports.</li><li>Over 80 S&amp;P 500 companies, including Netflix and Goldman Sachs, report earnings this week.</li></ul>US stocks surged about 1% on Monday, driving the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a> to record closing highs as investors gear up for a wave of third-quarter earnings this week.Monday's close marked the S&amp;P 500's 46th record close of the year, as investors continue to power <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">the two-year-old bull market higher.</a> The Dow closed above 43,000 for the first time. More than 80 S&amp;P 500 companies are scheduled to report third-quarter earnings results this week, with major names like Netflix, Goldman Sachs, and Morgan Stanley on deck.According to data from Fundstrat, 6% of S&amp;P 500 companies have already reported their results. Of those, 74% beat profit estimates by a median of 6%, while 58% beat revenue estimates by a median of 2%.It's a relatively muted week on the economic data front, with investors likely to focus on the Thursday releases of September retail sales and initial jobless claims.Both data points will give investors insights into the health of the consumer and job market, respectively.There is also some Fedspeak this week, with Federal Reserve Governor Adriana Kugler set to speak on Tuesday.Fed Governor Christopher Waller spoke on Monday, saying that there should be "more caution" on future interest rate cuts as the economy remains on solid footing."I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting," Waller said at Stanford University's Hoover Institution.He added: "I will be watching to see whether data, due out before our next meeting, on inflation, the labor market and economic activity confirms or undercuts my inclination to be more cautious about loosening monetary policy."According to the CME FedWatch Tool, markets are pricing in a 25-basis point interest rate cut at both of the Fed's remaining FOMC meetings this year in November and December.Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,859.85, up 0.77%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,065.22, up 0.47% (+201.36 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,502.69, up 0.87%. </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-tests-record-highs-wall-street-defends-valuation-blackwell-2024-10">Nvidia stock tested record highs on Monday as analysts at Citi defended the company's current valuation.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-overvalued-sp500-bullish-earnings-momentum-rally-valuations-2024-10">Even though the stock market is overvalued by about 8%, Piper Sandler says that's no reason to sell stocks.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-robotaxi-cybercab-tsla-fsd-elon-musk-ross-gerber-2024-10">Longtime Tesla investor Ross Gerber had some critical words on the company following its robotaxi event.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/nike-ceo-elliott-hill-takes-over-faces-challenges-2024-10">It's the first day for Nike's new CEO, Elliott Hill, who started working at the company as an intern in 1988.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-saudi-arabia-oil-price-war-supply-opec-cuts-2024-10">Saudi Arabia could create a crisis for Russia's economy by flooding the market with oil.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">The bull market in stocks is 2 years old. Here's what tends to happen next.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was down 2.32% to $73.81 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 2.05% to $77.42 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.32% to $2,667.70 an ounce.</li><li>The 10-year Treasury yield was flat at 4.096%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 4.98% to $65,987.</li></ul>

Stock market today: S&P 500 hits another record close as rally presses on amid earnings

<ul class="summary-list"><li>Spotify shares jumped as much as 14% on Tuesday after it reported earnings. </li><li>Total revenue grew 20% year-over-year in the second quarter, </li></ul>Spotify stock jumped Tuesday as the company's latest earnings breezed past expectations and delivered its highest profit ever in the second quarter. The quarter saw total revenue jump 20% year-over-year to €3.8 billion.The streaming giant's shares jumped as much as 14% in trading on Tuesday before paring some gains. The stock was up about 12% to trade at $330.07 at 10:45 a.m. ET. Spotify's record profits were driven by 12% growth in its premium subscribers and a 13% rise in its ad sales. The results outpaced analyst expectations and came months after the company embarked on efforts to improve efficiency and reduce costs.In December, Spotify <a target="_blank" href="https://www.businessinsider.com/spotify-ceo-daniel-ek-bluntly-axes-staff-cfo-exit-2023-12">laid off 17% of its staff</a> and cut <a target="_blank" href="https://www.businessinsider.com/spotify-axes-podcasts-stolen-heavyweight-ceo-daniel-ek-cost-cutting-2023-12">two of its most popular podcasts,</a> "Heavyweight" and "Stolen."The company's new podcast strategy seems to paying off, as the company reported improved profitability in its podcast division after seeing little return on heavy investment in past quarters, including several costly <a target="_blank" href="https://www.businessinsider.com/former-gimlet-boss-says-spotify-lit-money-fire-celebrity-podcasts-2023-12">deals with high-profile celebrities</a> last year.The company is also investing significantly in ad sales, which grew 13% in the quarter. A <a target="_blank" href="https://www.businessinsider.com/spotify-launches-creative-lab-tests-generative-ai-ads-2024-6">new in-house ad agency</a>, as well as a new generative AI ad product, aims to make audio ads easier to create."We keep on innovating and showing that we aren't just a great product, but increasingly also a great business," CEO Daniel Ek said. "We are doing so on a timeline that has exceeded even our own expectations. This all bodes very well for the future."During Tuesday's earnings call, Ek noted the company is making progress on a more expensive subscription tier.

Spotify jumps 14% after the music-streaming giant reports record profit in the 2nd quarter

<ul><li>The IT sector outperformed the broader markets in 2021 and many continue to do so this year as well backed by pent up demand for digital transformation.</li><li>Order book, deal pipeline and hiring trend indicate that the demand momentum could sustain in 2022, say analysts.</li><li>Earnings season begins with the results of major IT companies — <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> — on January 12.</li></ul>Infosys, TCS and Wipro are among India’s top five technology services giants that will declare their quarterly earnings on Wednesday (January 12). For the last three months ending December 2020, consensus on the street seems to be that the earnings, for all the companies, are likely to strong growth. Remarkably, Infosys is likely to outpace TCS. <div type="image" title="infosys" height="900" width="1200" msid="88802110" hostid="261"></div>The tech party is likely to continue The last three months of any year is usually not the best time for India’s software exporters but the street is excited. This space has been one of the biggest gainers of the pandemic and that trend is likely to continue. In fact, foreign portfolio investors (FPIs) seem to be betting big on this space given their weightage in <a href="https://economictimes.indiatimes.com/markets/stocks/news/it-sector-weight-in-fpi-portfolio-at-record-high-in-december/articleshow/88737301.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=Marketnewsletter&amp;ncode=609ddbe86ff2ff11618ff79bd180e80cd758fbea4c2dfe44681cd9faffcdd48188b59b1090491028dcd35b3a89d06fcfdd8912cfa3db8f278f6031edf028b4907f97bf07e2eb26884a6269d018789df0">technology stocks has risen to a multi-year high.</a> Optimists hark back to the improved guidance from Accenture last month, where the Nasdaq-listed information technology (IT) giant, which <a href="https://www.businessinsider.in/business/corporates/news/indian-it-firms-infosys-wipro-tcs-and-others-gain-after-us-based-peer-accenture-raised-fy22-revenue-guidance/articleshow/88335343.cms">increased its growth estimate </a>for the current financial year. And Infosys may beat TCS in revenue growth, according to at least two analysts. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock price change in last 5 days </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.5% </td></tr></tbody><tbody></tbody></table>Although TCS bagged 13 deals, the highest number of orders, Infosys may show better revenue growth compared to the Tata Group company, according to analysts at two broking firms, India Infoline and Motilal Oswal. Infosys shareholders have the ramp up in the Daimler contract to thank for this. The top IT companies are expected to post a revenue growth around 3-4.5%. Analysts at JM Financial expect IT major Infosys to raise its revenue guidance for the financial year 2022 to 18-19% from current 16.5 - 17.5%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expected revenue growth in Oct-Dec </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr></tbody><tbody></tbody></table>Source: India Infoline *Revenue growth in constant currency on a sequential basis The demand for IT services has been stronger than ever since the start of the pandemic, and that’s likely to continue. However, the biggest challenge of the last few months for the entire sector, the high levels of attrition, may have peaked, according to Motilal Oswal, another Mumbai-based broking firm. But the easing may not be enough to improve margins yet. “Among Tier I players, EBIT [earnings before interest and taxes] margin will be in a tight (-20 basis points to +40 basis points compared to three months ago) range, although they will see a steep decline v/s 3QFY21 profitability,” a Motilal Oswal report dated January 3 said. Here, if Accenture’s numbers are any sign, its attrition rate declined to 17%, which is still very high compared to other IT players, from 19% just three months earlier. Another factor that may play a significant role in the earnings of these software exporters is the nearly 3% weakening of the rupee during the three months between September and December. A weaker rupee magnifies the numbers for these companies who primarily earn in dollars and other foreign currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/future-retail-hindustan-unilever-bharti-airtel-and-other-hot-stocks-on-january-5/slidelist/88701641.cms">Future Retail, Hindustan Unilever, Bharti Airtel and other hot stocks on January 5</a>

Infosys may show faster growth than TCS in the Dec quarter, say analysts

Private sector <keyword id="19945702" type="General" weightage="100" keywordseo="rbl-bank" source="keywords">RBL Bank</keyword> on Friday reported an 11% increase in its profit to Rs 233 crore in the third quarter ended in December 2023. The bank had earned a net profit of Rs 209 crore in the same quarter a year ago. Total income increased to Rs 3,969 crore during the quarter under review against Rs 3,116 crore in the same period last year, RBL Bank said in a regulatory filing. Interest income of the bank also improved to Rs 3,191 crore during the quarter compared to Rs 2,498 crore in the same period a year ago. The bank's gross <keyword id="19927319" type="General" weightage="20" keywordseo="non-performing-assets" source="keywords">Non-Performing Assets</keyword> (NPAs) declined to 3.12% of the total loans at the end of December 2023 from 3.61% a year ago. Net NPAs or bad loans also came down to 0.80% from 1.18% at the end of the third quarter of the previous fiscal.

RBL Bank Q3 profit rises 11% to Rs 233 crore

Public sector mortgage lender, <keyword id="6359231" type="General" weightage="100" keywordseo="Central-Bank-of-India" source="Orion">Central Bank of India</keyword> closed the third quarter of FY24 with higher net profit of Rs.717.86 crore. In a regulatory filing on Friday, the bank said that for the quarter ended December 31, 2023, it had earned a total interest income of Rs 7,809.21 crore (Q3FY23 Rs 6,716.55 crore) and a net profit of Rs 717.86 crore (Rs 458.22 crore). The profit went up drastically owing to the sharp spike in the bank's other income for the quarter under review at Rs 1,329.72 crore (Rs 919.16 crore). During the quarter under review, the bank's provisions for non-performing assets came down to Rs 726.69 crore (Rs 849.62 crore). As on December 31, 2023, the bank's gross and net non-performing assets stood at Rs 10,786.49l crore (December 31, 2023 Rs 18,489.97 crore) and Rs. 2,955,57 crore (Rs 4,060.92 crore). According to the Central Bank of India, during the quarter under review, its total business by 11.48% to Rs. 6,17,368 crore with total deposits growing by 9.53% to Rs 377,722 crore and gross advances going up by 14.71% to Rs 239,646 crore. Net Interest Income (NII) marginally declined by 4.04% on Y-o-Y basis to Rs 3,152 crore in Q3FY24 as against Rs 3,285 crore for Q3FY23. However excluding one off exceptional item, NII was up 3.73% from Rs 3,042 crore in Q3FY23 to Rs 3,125 crore in Q3FY24.

Central Bank of India logs Rs.717 crore net profit for Q3

<ul class="summary-list"><li>Tech stocks are about to surge again thanks to stellar third-quarter earnings, according to Wedbush.</li><li>The sector started the year on an AI-powered tear, but that rally has ground to a halt in recent months.</li></ul>Tech stocks will break out of their mid-2023 funk with a double-digit end-of-year rally, according to Wedbush Securities.Managing director Dan Ives said Thursday that he's expecting the sector's listed companies to post strong third-quarter earnings over the next few weeks that will highlight how the rapid rise of artificial intelligence has juiced up their profits."Third-quarter earnings over the coming weeks will be an eye-opener for the Street as the transformational AI growth and stabilizing IT spending environment will create a massive tech rally heading into year-end," he wrote in a research note seen by Insider.Ives believes that tech stocks will jump between 12% and 15% over the three months ending December 31.Equities started 2023 on an AI-powered tear, but that rally has fizzled out in recent months with investors fretting about sticky inflation, rising interest rates, an <a href="https://markets.businessinsider.com/news/bonds/treasury-bond-yields-market-selloff-market-crashes-dot-com-bubble-2023-10">unprecedented crash in long-duration bond prices</a>, and – more recently – the risk that other countries could become embroiled in <a href="https://www.businessinsider.com/israel-hamas-palestine-war-iran-saudi-arabia-inflation-recession-oil-2023-10">the conflict between Israel and Hamas</a>."While the macro/bond backdrop is confusing for investors and the geopolitical situation caused by the terrorist attack on Israel has created a heartbreaking and nervous situation for the markets, we believe the tech universe is resilient and is poised for a strong earnings season ahead set to prove the doubters wrong," Ives said."We use the macro and Fed worries as a time to double down on our bullish tech thesis… and not panic," he added, referring to Wedbush's view that AI is a "fourth industrial revolution" that will drive an extra $1 trillion worth of spending.The third-quarter earnings season kicks off Friday, with big banks including <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> and <a href="https://markets.businessinsider.com/stocks/c-stock">Citigroup</a> set to report how they performed financially over the three months ending September 30.

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