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News archive

Finking about retiring

28 March

After three down days, US markets rebounded yesterday. Apple had a strong session, up 2.1%, recovering most of its losses this week after the announcement of a DOJ antitrust case.

In company news, Enphase Energy (+9.6%) was the best performer. The maker of micro-inverters and batteries benefited from a good day for renewable energy companies. The stock is still down around 40% over the last year. Arista Networks (-3.2%) was the worst performer after its founder, Andy Bechtolsheim, settled an SEC insider trading case. Weirdly, the case had nothing to do with Artista shares but a previous company founded by Bechtolsheim. Arista Networks is a $90 billion business that most people have never heard of.

Yesterday the JSE All-share closed up 0.41%, the S&P 500 rose 0.86%, and the Nasdaq was also higher by 0.51%.

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Cisco disco

27 March

US markets closed in the red yesterday, for the third day in a row. The moves have been rather muted, as if the market is looking for the next big piece of significant data.

In company news, spice-maker McCormick enjoyed a tasty 10.5% gain yesterday thanks to better than expected quarterly numbers. UPS went in the other direction, dropping by 8.2% after releasing a muted long-term strategic update. This was the opposite reaction to FedEx, who topped the gainers a few days ago. As we said then, delivering parcels is a tough business!

At the closing bell the JSE All-share was up 0.44%, but the S&P 500 slipped by 0.28% and the Nasdaq dropped by 0.48%.

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The artful DOJ

26 March

There was not much going on yesterday, so both US and local markets bumbled along. Bloomberg suggested that traders were uninspired because they are waiting for the US PCE inflation reading on Friday. The Fed is central to global financial markets, and they are keen to see the PCE number going down. A surprise reading (higher or lower) on Friday could result in some market volatility.

In company news, server-maker Super Micro jumped 7.2% thanks to a strong buy rating from JP Morgan, the company is expected to benefit from the current AI boom. Take-Two was at the other end of the spectrum, down 4.1% on the news that its highly-anticipated Grand Theft Auto VI video game will be delayed.

In summary, the JSE All-share inched up 0.04%, the S&P 500 dropped 0.31%, and the Nasdaq closed down 0.27%. Lacklustre, to say the least.

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Cool paint

25 March

US markets were mixed on Friday but still posted strong weekly gains, with the S&P 500 and Nasdaq up 2.3% and 2.9% respectively. The S&P 500 is up around 30% since the October 2023 lows - a very good showing for only five months. Can you remember what the market was fretting about back then? No, and neither can we. Well done if you stayed fully invested.

In company news, the athleisure sector had a terrible day on Friday. Lululemon dropped 15.8% and Nike dropped 6.9%, as both companies said they expected weak sales in the months ahead. Similar companies sold off in sympathy, with Under Armour down 3%, On Holdings off 2.5%, and VF Corp 3.1% lower. FedEx was the biggest large-cap winner on Friday, up 7.3% after reporting expanded profit margins. That stock is still down from its 2021 highs though, because low-margin, high-pressure logistics services is a very tough industry.

In summary the JSE All-share closed up 1.15%, the S&P 500 slipped by 0.14%, and the Nasdaq moved 0.16% higher.

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Curb your appetite

22 March

US markets hit new highs yesterday after traders bet that the cost of borrowing will come down soon. On Wednesday, the Fed kept its benchmark rate unchanged but signalled a few cuts later this year. All three major indices rose to new records simultaneously for the first time since November 2021. Great stuff!

In company news, Apple sank by 4.1% last night after the US Department of Justice accused it of illegally maintaining a monopoly in the smartphone market. What nonsense! We will hold the shares. Nike delivered good results but the shares went down in after-hours trade as its management team sounded dejected on the earnings call. Nerd-favourite website Reddit debuted on the markets and popped 48%. Finally, Steinhoff swindler Markus Jooste shot himself in Hermanus.

To recap, the JSE All-share closed up 0.77% on Wednesday, yesterday the S&P 500 rose 0.32%, and the Nasdaq was 0.20% higher.

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Not Willy-Lilly

20 March

US markets climbed higher yesterday, touching fresh peaks. We are happy now, but the Fed's interest rate decision still lies ahead. The S&P 500 is at an all-time high, and up 9.2% year-to-date, while the tech-heavy Nasdaq Composite has risen 9.5% in 2024.

In company news, Unilever rose 3.2% after the FMCG giant said it was going to spin off its ice-cream division that includes brands such as Magnum and Ben & Jerry's. Locally, Remgro closed down 4.6% after the conglomerate reported headline earnings that came below expectations. CEO Jannie Durand complained that unnecessary regulations were slowing down corporate dealmaking.

Here's the lowdown, the JSE All-share closed down 0.78%, the S&P 500 rose 0.56%, and the Nasdaq was 0.39% higher. Nice!

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Superchips

19 March

Major US market indices rose on Monday, lifted by tech stocks. Big winners on the day included Tesla (+6.3%), Google (+4.4%), Adobe (+4.4%), and Meta (+2.7%). That's all good and well, but sentiment remains jittery ahead of the Federal Reserve's interest-rate decision later this week.

In company news, Chinese authorities have accused property group Evergrande of fraudulently overstating its revenues by $78 billion. That's far worse than other corporate boondoggles such as Luckin Coffee, Worldcom, and Enron. Elsewhere, there's speculation that Google's Gemini artificial intelligence engine might find its way onto Apple's iPhones. Apple closed 0.6% higher on the news.

At the close, the JSE All-share was down 0.77%, but the S&P 500 rose 0.63%, and the Nasdaq was 0.82% higher. A solid start to the week.

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Expensive water

18 March

US markets took a hit on Friday, and closed in the red for the week. It was the first back-to-back weekly decline for the S&P 500 since October. The information technology and communication services sectors were the weakest performers, with both declining by over 1%.

In company news, Ulta Beauty dropped 5.2% following the company's cautionary remarks about slowing growth in the industry. Elsewhere, Fisker saw a 13% increase after the electric-vehicle maker downplayed discussions about a potential bankruptcy filing. CoStar Group, a commercial property services provider, was the biggest winner in the S&P 500, rising by 8.3%. We've never heard of them.

On Friday, the JSE All-share closed down 0.48%, the S&P 500 slipped 0.65%, and the Nasdaq was 0.96% lower. A sloppy end to the week.

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Eat your own cooking

15 March

US markets softened yesterday following the release of producer inflation and jobless claims data, which dampened expectations for interest rate cuts. PPI and CPI data for February both exceeded expectations, and the S&P 500 and Nasdaq retreated a little, for a second consecutive session.

In company news, Adobe is down 11% after hours after issuing a soft sales forecast for 2024. Elsewhere, Robinhood advanced by 5% after the low-cost online brokerage firm said trading volumes surged in February. Lastly, Under Armour shares slumped 11% on news that its founder Kevin Plank will be making a return as its CEO.

Izolo, the JSE All-share closed down 1.24%, the S&P 500 slipped 0.29%, and the Nasdaq was 0.30% lower. Not a disaster.

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Globalisation is good

14 March

US markets slipped yesterday, weighed down by a drop in semiconductor stocks. We can't complain, as the S&P 500 only fell slightly after hitting a record high on Tuesday. The biggest losers were Dollar Tree (-14.2%), Tesla (-4.5%), Intel (-4.4%), AMD (-3.9%), and McDonald's (-3.9%).

In company news, Japan's Nippon Steel declined following reports that Joe Biden was against its proposed acquisition of US Steel. The latter tanked by 15%, ouch. Over in Germany, Adidas closed up 3.8% as it swung back into profitability and reported better-than-expected numbers. Lastly, Volkswagen closed down 5.9% after yet another set of lacklustre results.

In summary, the JSE All-share closed up 1.05%, but the S&P 500 fell 0.19%, and the Nasdaq was 0.54% lower.

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Amazon Nukes

13 March

US markets shrugged off a stronger-than-expected inflation print yesterday, and powered upwards. This was especially pleasing because the S&P 500 usually goes down by more than 1% on the day of a hot CPI release. For one reason or another, traders were encouraged by the underlying trends in the report.

In company news, Porsche soared 11.5% after reporting record sales of their fancy cars. Elsewhere, Swiss shoemaker On Running tumbled 9% despite "personal best" revenues, because of setting out a disappointing outlook for the rest of the year. The market clearly expects them to sprint faster. Lastly, Southwest Airlines slid 15% due to expected delays in aircraft deliveries from Boeing.

At the end of the day, the JSE All-share was practically unchanged, the S&P 500 rose 1.12%, and the Nasdaq danced 1.54% higher. That's more like it.

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IG the OG

12 March

US markets closed marginally lower on Monday. There is a key monthly inflation read out today, and traders will be looking for clues about the speed of potential interest rate cuts from the Fed. The CPI rate is expected to hold steady at around 3.1% year-on-year.

In company news, natural gas producer EQT dropped 7.8% after it announced a deal to acquire back its former subsidiary for $5.5 billion. Elsewhere, Chinese electronics giant Xiaomi rose by 9.6% after announcing sales of its long-awaited electric vehicle models this month. Finally, Moderna was the biggest winner in the S&P 500 (+8.7%) on news of a new clinical trial for a skin cancer treatment.

In summary, the JSE All-share closed down 0.32%, the S&P 500 fell 0.11%, and the Nasdaq was 0.41% lower. A muted start to the week.

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Mozam peak

11 March

US markets declined on Friday, ending the week on a downer, influenced by mixed signals from the latest US jobs report. The information technology sector was the hardest hit on the day. All three major indices logged weekly losses.

Friday's employment report showed that 275 000 jobs were added in February, exceeding expectations. Somehow, the unemployment rate edged up to a two-year high of 3.9% and wage growth slowed. These mixed signals point to a strong but slowly cooling labour market, which is fine really.

In company news, Broadcom closed down 7% after the chip and software company reported profits that missed forecasts. Nvidia was down 5.6% in sympathy. Costco slipped by 7.6%, becoming the S&P 500's worst performer after the warehouse-based retailer announced sales that missed estimates.

On Friday, the JSE All-share closed up 0.15%, but the S&P 500 fell 0.65%, and the Nasdaq was 1.16% lower.

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Fast falcon flies

08 March

US markets marched ahead again yesterday, with the S&P 500 setting a new record high. It feels good to be fully invested, right? Big tech jumped, triggered by constructive comments from Jerome Powell during a Senate committee hearing. He said rate reductions "can and will begin" this year, emphasizing policymakers' awareness of the risks associated with delaying such measures.

In company news, Meta Platforms went up some more (+3%), while current hot favourite, Nvidia, surged by another 4.5% to reach yet another all-time high. Elsewhere, Kroger soared 10% after the grocery store chain announced good fourth-quarter results and solid profit guidance.

At the close, the JSE All-share rose by a mere 0.04%, but the S&P 500 bounced 1.03% higher, and the Nasdaq climbed by 1.51%. Don't worry, be happy.

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Correct correction approach

07 March

US markets closed in the green yesterday following encouraging remarks from Fed chief Jerome Powell. The US central bank is on track to cut interest rates sometime this year, we just don't know when. The S&P 500 reclaimed the 5 100 level.

In company news, Chinese e-commerce giant JD.com rose 16% after delivering a solid set of results and announcing a $3 billion share buyback programme. Elsewhere, Nvidia closed up another 3.2% on an upgrade by Moody's. What a star performer this company has been! Lastly, cloud-content software company Box Inc. rose by 8.6% following a positive earnings surprise.

At the end of the day, the JSE All-share was up 1.85%, the S&P 500 rose by 0.51%, and the Nasdaq ended 0.58% higher. That's more like it.

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