adminNvidia Levels to Watch as Stock in Technical Correction
1 hr 1 min ago
Nvidia (NVDA) shares rose Wednesday morning following four consecutive days of losses that have taken the stock into technical correction territory.
Shares in the AI investor favorite were up 3.6% at around $135 in recent trading. The stock is down 13% from its record high last month but is still up about 175% since the start of 2024, as analysts remain bullish on the company’s prospects heading into next year.
Since setting a record high, the stock traded mostly sideways before falling below the 50-day moving average late last week, potentially setting the stage for further consolidation.
Investors should watch key support levels on Nvidia's chart around $115 and $102, while also monitoring important resistance levels near $140 and $150.
Read the full technical analysis piece here.
–Timothy Smith
Birkenstock Jumps on Strong Earnings Report
2 hr 26 min ago
Birkenstock Holdings (BIRK) posted better fourth-quarter results than analysts had expected and outlined its expectations for its second full fiscal year as a public company, sending shares higher.
The shoemaker on Wednesday reported profit of 52.5 million euros ($55.1 million) on revenue of 455.8 million euros ($478.2 million). Analysts had expected EUR48 million in net income on revenue of EUR437.2 million, according to estimates compiled by Visible Alpha.
Full-year revenue of EUR1.80 billion grew 21% from fiscal 2023. Chief Executive Officer (CEO) Oliver Reichert said Birkenstock is “delivering” on the expansion opportunities it identified ahead of its initial public offering (IPO) in October 2023.
Birkenstock said it expects constant-currency revenue growth of 15% to 17% in fiscal 2025, and said it expects gross profit margins to improve after taking a step back this year as its investments into new production capacity start to take effect.
Birkenstock shares were up 7% in early trading. The stock is up 23% since the start of the year, lagging the 27% gain of the S&P 500 index.
–Aaron McDade
DJIA Levels to Watch as Index Rides 9-Day Losing Streak
3 hr 51 min ago
The Dow Jones Industrial Average enters trading Wednesday on a nine-day losing streak, the longest stretch of consecutive daily declines for the blue chip index since 1978.
The slump, which equates to nearly 1,600 points, comes after the index closed above the closely watched 45,000 level for the first time on Dec. 4 following an extended post-election rally fueled by expectations of a market-friendly White House and Congress.
Despite the recent losing streak, the index is still up 15% in 2024. However, that return significantly underperforms the S&P 500’s 27% gain and the Nasdaq Composite’s 34% jump over the same period due to the Dow’s smaller exposure to mega cap tech companies.
The index has continued to trend lower after running into resistance near the top trendline of an ascending channel earlier this month, raising the possibility of a potential breakdown.
Investors should watch major support levels on the Dow's chart around 43,300, 41,600, and 40,000, while also monitoring a key overhead area near 45,000.
Read the full technical analysis piece here.
–Tim Smith
Major Indexes Poised to Open Higher
4 hr 36 min ago
Futures tied to the Dow Jones Industrial Average were up 0.3%.
S&P 500 futures were up 0.3%.
Nasdaq 100 futures also gained 0.3%.
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