News of the day for Nov. 14, 2024
Joe Burbank / Orlando Sentinel / Tribune News Service via Getty Images
Disney (DIS) shares are jumping after it reported revenue and adjusted earnings above estimates; October Producer Price Index (PPI) figures are due; Super Micro Computer (SMCI) shares are plummeting after the server marker again is delaying filing its financial reports; Cisco Systems (CSCO) shares are dropping after the networking giant reported declining earnings and revenue; the International Energy Agency (IEA) raises its 2024 oil demand growth projections while trimming its outlook for 2025 on weak demand from China. U.S. stock futures are little changed but the dollar continues its post-election gains against the euro, pound, and yen. Here’s what investors need to know today.
Shares of the Walt Disney Company (DIS) are surging 9% in premarket trading after the media giant reported revenue and adjusted profit that topped analysts’ estimates. The company reported $22.57 billion in revenue, up from $21.24 billion last year and narrowly above the $22.50 billion analysts expected, according to Visible Alpha. After accounting for about $1.5 billion in one-time charges like restructuring costs, Disney’s adjusted earnings per share (EPS) came in at $1.14, just above estimates of $1.11. Disney’s streaming business recorded an operating profit of $253 million after posting a profit for the first time last quarter.
Following yesterday’s release of the Consumer Price Index (CPI), investors will be watching the 8:30 a.m. ET release of the wholesale-focused Producer Price Index (PPI). Economists surveyed by The Wall Street Journal and Dow Jones Newswires project that wholesale prices rose by 0.2% in October from the prior month. The report comes as the CPI showed inflation at the consumer level ticked higher last month. Federal Reserve officials cut their benchmark interest rate by a quarter-point last week. Economists expect the central bank to continue making cuts for the foreseeable future as long as inflation stays in check and the job market is resilient.
Super Micro Computer (SMCI) shares are plummeting 11% in premarket trading after the server maker said it would delay the filing of its fiscal first-quarter financial report. The delay comes after the company said in October it couldn’t predict when it would file its 2024 annual report, a requirement it must meet to comply with Nasdaq listing rules. The company’s reporting delays stem from the resignation of its auditor EY last month, which earlier flagged issues with the server maker’s corporate governance and internal controls.
