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<ul class="summary-list"><li>Uber's stock fell Thursday after the ride-share company reported mixed third-quarter results.</li><li>Gross bookings, or the dollar value of rides and deliveries, came in slightly below expectations.</li></ul>Uber took a hit Thursday after the <a target="_blank" class="" href="https://www.businessinsider.com/expedia-deal-could-push-uber-closer-khosrowshahi-super-app-vision-2024-10">ride-hailing and delivery company</a> reported mixed third-quarter results.The company reported gross bookings of $41 billion in the quarter, up 16% from the same period last year. That figure, which represents the dollar value of rides and deliveries, came in slightly below Bloomberg analyst expectations of $41.3 billion.The near miss, coupled with a slightly muted forecast for this current quarter, sent shares down more than 10%. "It's really tough to gauge market expectations," <a target="_blank" class="" href="https://www.businessinsider.com/uber-ceo-criticizes-ev-tariffs-supports-chinese-makers-climate-solution-2024-10">CEO Dara Khosrowshahi</a> told <a target="_blank" class="" href="https://www.cnbc.com/2024/10/31/uber-uber-q3-2024-earnings.html">CNBC</a> following the news. "We're very excited about the delivery of the results this quarter and incredibly optimistic about where we're going from here."The $43 billion mid-point of Uber's gross bookings forecast range for the fourth quarter was just below the estimate for $43.7 billion, according to Bloomberg. Trip activity for Q4 will be "sort of in line with what we saw in Q3 with a little bit less benefit from pricing," CFO Prashanth Mahendra-Rajah said.CEO Khosrowshahi said the company has seen US transaction growth slow a little as it passed on higher insurance costs to customers, but he expects those costs to increase at a more moderate rate going forward. While consumers are "a little more price sensitive in terms of whether they choose to go out or not" on the weekend, weekday demand is very strong, he said, as is Uber For Business. Uber is "pretty optimistic" in general in terms of the US going forward, he said.

Uber drops after its bookings results and forecast fail to impress

<ul class="summary-list"><li>Disney's stock rose 8% Thursday after upbeat earnings and a rare three-year guidance update. </li><li>The company beat estimates for revenue and earnings-per-share. </li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/dis-stock">Disney</a> stock shot up 8% on Thursday after the entertainment giant reported earnings that beat estimates and surprised investors with guidance that gave a strong outlook for the next three years. The stock traded 8.4% higher around 10:45 a.m. ET, at $111.05 a share.The company beat revenue estimates for the third quarter, reporting $22.57 billion, versus estimates of $22.45 billion. Earnings per share came in at $1.14 versus estimates of $1.10.The outlook provided to investors was also a big highlight of the report. The guidance update is rare for Disney, which usually doesn't provide forward earnings forecasts. The three-year timeframe is also significant, since most companies rarely make forecasts further out than one year, and many don't provide guidance at all. The company forecasts high single-digit earnings-per-share growth for the next fiscal year and an $875 million increase in operating income for its streaming division. For the 2026 and 2027 fiscal years, the company projects double-digit earnings growth."Thanks to the significant progress we've made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future," CEO Bob Iger said in a statement.The company's streaming unit—which includes <a target="_blank" href="https://www.businessinsider.com/guides/tech/disney-plus-price">Disney+</a>, ESPN+, and Hulu—saw a quarterly profit of $321 million, far outpacing a loss of $387 the year prior.The profits follow years of heavy investment amid a tense <a target="_blank" href="https://www.businessinsider.com/netflix-earnings-winning-streaming-wars-not-even-close-2024-1">streaming war</a> with competitors like <a target="_blank" href="https://www.businessinsider.com/netflix-wins-streaming-wars-this-chart-shows-why-2024-1">Netflix</a>, Max, and Paramount+.Its TV networks, meanwhile, comprised of ABC and cable channels like the Disney Channel and Freeform, saw profits fall 38% to $498 million, while revenue dropped 6% to $2.5 billion.The company's theme park and cruise profits also slowed, falling 6% from the year before to an operating income of $1.66 billion amid rising costs after launching two <a target="_blank" href="https://www.businessinsider.com/disney-cruise-line-expanding-new-ships-private-destination-2024-8">new cruise ships</a>, plus slowing foot traffic at international parks like Disneyland Paris.Spending and attendance at US parks remained strong, though, the company said.Bank of America analysts maintained their bullish outlook for the stock following the report. They reiterated their "buy" rating and $120 price target, which would represent almost 8% upside from current levels. "DIS has a collection of best-in-class premiere assets (in content/IP as well as Theme Parks). Near term catalysts include: 1) profitability inflection in DTC and 2) reacceleration in parks business," Bank of America analyst Jessica Reif Ehrlich wrote in a note.

Disney stock surges as rare 3-year forecast sees strong profit growth ahead 

<ul class="summary-list"><li>Bonds have sold off as traders reassess the path of Fed Reserve rate cuts.</li><li>Strong economic data and the potential for a Trump win have pushed interest rates higher.</li></ul>The bond market is in sell-off mode as traders reassess the path of interest rate cuts from the Federal Reserve.Strong economic data in recent weeks and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">the potential for a Donald Trump victory in November</a> have helped push bond yields higher and prices lower, with traders adjusting their outlooks after pricing in aggressive rate cuts following the Fed's big 50 basis point move last month. The 10-year US Treasury yield jumped to 4.22% on Tuesday, representing its highest level since July and a sharp increase from the 3.62% level it traded at in mid-September when the Fed delivered a jumbo rate cut.The Bloomberg Aggregate Bond Index dropped 3% since mid-September, and long-term treasuries, as measured by the iShares 20+ Year Treasury Bond ETF, are down about 9% over the same time period.<h3 id="7160ed09-f479-4f19-b8bf-61bc929e8b05">Hot data dims rate-cut views</h3>On the economic front, investors have focused on a recent string of hot data, which has whittled the odds of swift, steep cuts from the central bank at upcoming meetings. A strong September jobs report showing a stunning 254,000 jobs added completely erased the odds of another 50 basis point cut. The jobs data, combined with solid retail sales, slightly hotter-than-expected inflation, and the Atlanta Fed's prediction of third-quarter GDP growth of 3.4%, has forced markets to rethink how eager the Fed will be to cut borrowing costs in order to support the economy. Apollo chief economist Torsten Sløk argued in a note over the weekend that officials will "reverse course" and keep interest rates unchanged at next month's meeting of the Federal Open Market Committee. "The US consumer continues to do well, driven by solid job growth, strong wage growth, and high stock prices and home prices," Sløk said.Sløk says the key indicator to watch is the upcoming October jobs report."Look at the next nonfarm payrolls report. If we do get that at 150 or 200,000, we could easily get a scenario where the Fed will basically have to reverse course and begin to stay on hold," Sløk told Bloomberg on Monday.That would be a big surprise to traders, with the market <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">pricing in a 90% chance</a> of a 25-basis point interest rate cut from the Fed next month.Fed officials, for their part, have indicated they're likely to move cautiously, though more rate cuts are still their base case."So far, I haven't seen any information that would suggest we wouldn't continue to reduce the interest rate," San Francisco Fed President Mary Daly said on Monday.Other Fed officials had a similar message.Minneapolis Fed President Neel Kashkari said he expects "modest cuts over the next quarters." Dallas Fed President Lorie Logan said she expects interest rates will fall "gradually," and Kansas City Fed President Jeff Schmid endorsed a "cautious and gradual" approach to cutting interest rates.<h3 id="0e188fe0-eedc-4e3f-8df3-1f35ea8459b5">Markets see Trump win boosting rates</h3>Meanwhile, a potential Trump win next month is seen as being inflationary due to his proposed policy of universal tariffs. Tariffs have been the centerpiece of Trump's economic proposals, which he insists would bring down costs, even though economists warn that taxes on imports will ultimately get passed on to consumers.A resurgence in inflation would lead to a more hawkish Fed, which could pump the brakes on rate cuts or even raise interest rates again to offset rising prices. "Should he re-take the White House in November, the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in a recent note.Experts told Business Insider that a Trump administration pursuing its most extreme campaign proposals would be <a target="_blank" class="" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">a "seismic" shift for the US economy</a>, leading to big impacts on inflation and Fed policy.

The bond market is selling off after traders got their Fed forecasts wrong

<ul class="summary-list"><li>Business Insider is seeking nominations for its 2024 Oracles of Wall Street list.</li><li>The list highlights top forecasters in finance and economics who made accurate market predictions.</li></ul>A 50-basis-point rate cut from the Federal Reserve. The S&amp;P 500 rallying 20%. Shares of Nvidia soaring over 180%. Inflation returning to pre-pandemic levels.Did you or someone you know on Wall Street predict these and other significant developments in 2024? We'd like to hear from you.Business Insider is seeking nominations for its 2024 Oracles of Wall Street list, which highlights the top forecasters among economists, strategists, and analysts this year.<h2 id="86451aa1-1085-48f3-9e45-42b621a23b74"><a target="_blank" href="https://docs.google.com/forms/d/e/1FAIpQLSfu9VdooXwk-dGXU3oOlqPUr63-fje76kQLRiUHYCYSNaB7cQ/viewform?usp=sf_link">Nominations can be made through this form.</a></h2>Nominees can be financial professionals from firms of any size. Their calls from this year or last must be verifiable through published documents or media coverage.The types of calls we're looking for include those that made a correct assertion about something in financial markets or the macroeconomic picture. A few examples are listed above. Forecasts that made last year's list can also be found <a target="_blank" href="https://www.businessinsider.com/top-forecasts-predictions-for-2024-wall-street-oracles-2023-12">here</a>.The deadline for <a target="_blank" href="https://docs.google.com/forms/d/e/1FAIpQLSfu9VdooXwk-dGXU3oOlqPUr63-fje76kQLRiUHYCYSNaB7cQ/viewform?usp=sf_link">submissions</a> is end-of-day on Tuesday, November 19, 2024. Please direct any questions to William Edwards at <a target="_blank" href="mailto:wedwards@businessinsider.com">wedwards@businessinsider.com</a>.

The most accurate forecasts of 2024: Seeking nominations for Business Insider's Oracles of Wall Street list

<ul class="summary-list"><li>Chip stocks tumbled Tuesday, with NVDA and AMD down 5% and ASML plunging 16%.</li><li>The downturn came as ASML lowered its 2025 sales guidance. </li></ul>Semiconductor stocks fell Tuesday after ASML slashed guidance for next year, and as the sector mulled reports that the US was weighing a cap on chip exports from some American companies.ASML, Europe's most valuable tech company, plunged 16% in its biggest single-day drop since 1998. Other chip stocks followed, with NVDA dipping almost 5%, AMD falling 5.3%, and Broadcom tumbling 3.5% around midday Tuesday.SMCI, meanwhile, fell as much as 3.4% earlier in the day before paring most losses.The industry's downturn comes after ASML, a Dutch chip machine maker, posted a downbeat earnings report and cut its sales guidance for next year. The report's forward guidance lowered total net sales for 2025 to between €30 billion and €35 billion, the lower half of the previously stated range, citing weak demand from chipmakers for its machinery."It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness," CEO Christophe Fouquet said in a statement.ASML's third quarter bookings were €2.6 billion, coming in under half the average estimate of €5.39 billion, according to a Bloomberg survey.The report was posted a day earlier than expected, adding to the surprise of the results and lower guidance. Flows into AI stocks slowed over the summer as investors <a target="_blank" href="https://www.businessinsider.com/big-tech-investors-wary-high-ai-spending-markets-selloff-nasdaq-2024-7?utm_medium=ingest&amp;utm_source=markets">expressed worries</a> about returns on huge spending on AI. Investment in the sector has rebounded in recent weeks, though, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-tests-record-highs-wall-street-defends-valuation-blackwell-2024-10?utm_medium=ingest&amp;utm_source=markets">propelling Nvidia</a> to a fresh high on Monday to help the S&amp;P 500 hit <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-hits-another-record-high-q3-earnings-2024-10">another record close</a>.Reports that the US is weighing a cap on chip exports from American chipmakers only compounded the industry's tumultuous start to the week.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-15/us-weighs-capping-exports-of-ai-chips-from-nvidia-and-amd-to-some-countries">Bloomberg</a>, the Biden administration has been in talks to cap sales of advanced AI chips from some American chip companies—including Nvidia—to certain countries in order to protect national security.The plans would likely target Persian Gulf countries, which are increasingly interested in AI, sources told the outlet, and would build on existing restrictions that originally set out to curb China's progress in AI. Previously implemented restrictions have regulated chip shipments to over 40 countries in the Middle East, Africa, and Asia to prevent chip technology from flowing to China.

Chipmakers tumble as ASML forecast cut issues a growth warning to the sector

<ul class="summary-list"><li>Semiconductor stocks rose after TSMC's strong sales forecast.</li><li>The bellwether chipmaker expects AI-product revenue to triple this year.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/tsm-stock?_gl=1*178bzfp*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTcyMjk1LjU2LjAuMA..">Taiwan Semiconductor Manufacturing Company</a> has offered something of an antidote to the brief crisis of confidence that hit the chipmaker industry.Two days after a broad semiconductor-stock sell-off driven by a light forecast from the Dutch firm <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">ASML</a>, chipmakers rallied on Thursday on TSMC's strong results. TSMC itself climbed as much as 13% in New York trading, while major industry players <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/avgo-stock">Broadcom</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/mu-stock">Micron</a> each rose roughly 4% at intraday highs.The <a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-semiconductor-etf-us4642875235">iShares Semiconductor ETF</a> also rose as much as 3%.TSMC's third-quarter earnings report saw the company increase its 2024 sales-growth forecast to 30%, up from previous projections of mid-20% expansion. The firm also said AI-product revenue would triple this year, making up 15% of the company's total revenue."The demand is real," CEO C.C. Wei said on the post-earnings conference call. "One of my key customers said, the demand right now is insane. It's just the beginning."The results offer a sigh of relief for an industry that briefly panicked this week after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">ASML</a> offered a far <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">bleaker demand outlook</a>. TSMC is now up more than 100% year-to-date, trailing Nvidia's 182% climb but easily outpacing the iShares Semis ETF (21%) and the benchmark S&amp;P 500 (23%) over the same period.

Chip stocks rally after TSMC's strong sales forecast calms growth worries

<ul class="summary-list"><li>A number of bank research desks have raised their S&amp;P 500 price targets in recent weeks.</li><li>The adjustments come as the index continues its bull market run, up 3% in the last month and 23% this year.</li></ul>The bull market hasn't weakened in the fourth quarter, and top bank research desks have been rushing to raise their S&amp;P 500 price targets into year-end. Strategists from Goldman Sachs, UBS, BMO, and Deutsche Bank have raised their year-end price targets on the S&amp;P 500 in recent weeks as the benchmark index continues to hit record highs. On Monday, it notched its 46th all-time high of 2024. UBS strategists Jonathan Golub and Patrick Palfrey upped their 5,600 price target to 5,850 for the end of the year, marking their fourth upgrade since late last year.The target is just slightly above the level the index is trading at on Wednesday, but the analysts forecast a 9% rise in the next 15 months and raised their target for 2025 from 6,000 to 6,400 in a note on Tuesday. Earlier this month, meanwhile, Goldman Sachs raised its target on the index to 6,000 by December, marking the fourth increase since late last year. The call, from the firm's chief equity strategist David Kostin, is the second highest among those tracked by Bloomberg.Kostin said the estimates were driven by a steady macro outlook and greater margin expansion."The primary driver of the upward revision to our 2025 EPS estimate is greater margin expansion," Kostin said, adding, "The macro backdrop remains conducive to modest margin expansion, with prices charged outpacing input cost growth."Kostin's price target is just behind that of BMO's chief equity strategist, Brian Belski, who raised his forecast from 5,600 to 6,100 last month. Belski's new target implies a nearly 5% gain through the rest of this year.Belski said his upgrade was based on strong market gains so far this year, which he says typically leads to stronger-than-normal gains in the fourth quarter."We continue to be surprised by the strength of market gains and decided yet again that something more than an incremental adjustment was warranted," Belski said in a note.He added that Federal Reserve easing and a broadening market rally will only help fuel further gains.Deutsche Bank also raised its year-end target for the S&amp;P 500 last month, up to 5,750 from 5,500. The bank's strategists pointed to strong corporate earnings and inflows, rising stock buybacks, and higher risk sentiment."We see S&amp;P 500 earnings growth continuing to run robustly in the low double digits, in line with typical growth rates outside of recessions," the strategists said in a note.The strategists' target raises come amid a chorus of strategists turning decidedly more upbeat on the market. JPMorgan's chief equity strategist Dubravko Lakos-Bujas <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/wall-street-biggest-bear-jpmorgan-stock-market-outlook-interest-rates-2024-10">recently recommended</a> investors should get less defensive after a strong September jobs report."While it is too soon to assume that this is a turning point, it does suggest that a recession is unlikely in the near term, especially since surprisingly strong job growth and a downtick in the unemployment rate broke a slowing trend in the job market," he said in a note earlier this month.Lakos-Bujas kept his 4,200 price target for the S&amp;P 500 unchanged, though.The more upbeat 2024 forecasts come as the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">bull market charges on</a>, with the S&amp;P 500 up 3.2% in the last month and 22.6% this year. Several risks persist, though, with the upcoming US presidential election in November, an unclear trajectory of monetary policy easing from the Fed as economic data comes in mixed, and as war in the Middle East continues to threaten stability in the region and beyond."Fiscal and monetary policy uncertainty, and potential election outcomes, make 2025 returns far from certain," UBS analysts said.

You Searched For "forecast" and got 7 results

Uber drops after its bookings results and forecast fail to impress

Dominick Reuter

Disney stock surges as rare 3-year forecast sees strong profit growth ahead

Kelly Cloonan

The bond market is selling off after traders got their Fed forecasts wrong

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The most accurate forecasts of 2024: Seeking nominations for Business Insider's Oracles of Wall Street list

William Edwards

Chipmakers tumble as ASML forecast cut issues a growth warning to the sector

Kelly Cloonan

Chip stocks rally after TSMC's strong sales forecast calms growth worries

Filip De Mott

Top Wall Street analysts are boosting stock market forecasts as the bull market charges on

Kelly Cloonan

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