Alphabet Levels to Watch as Stock Hits New High

1 hr 21 min ago

Shares in Google parent Alphabet (GOOGL) (GOOG) hit a record high Wednesday morning, boosted by the recent unveiling of a quantum computing chip called Willow. 

The stock broke out above a symmetrical triangle on Tuesday, indicating a continuation of the longer-term uptrend.

Bars pattern analysis forecasts a potential upside target of $317 and indicates that the stock's uptrend may play out until March 2026.

Investors should watch important support levels on Alphabet's chart around $150 and $122.

The stock was up 4% at around $192 in recent trading.

Read the full technical analysis piece here.

–Timothy Smith

Macy's Tumbles as Retailer Releases Delayed Earnings Report

2 hr 35 min ago

Macy’s (M) shares fell Wednesday morning after the company posted its delayed third-quarter earnings report and shifted its full-year outlook to adjust for the completed investigation into the accounting error that led to the report being delayed.

The retailer reported $4.74 billion in revenue, in line with the preliminary results it released last month, and below the $4.88 billion analysts expected. Macy’s net income of $28 million, or 10 cents per share, outpaced the $6.4 million and 3 cents per share analysts had expected, but the company’s adjusted earnings per share (EPS) was just one cent better than expected.

Last month, Macy’s reported preliminary revenue and comparable sales figures as it also delayed the release of the third quarter report. The retailer said it had discovered an accounting error believed to have been made by a single employee who hid millions in delivery expenses since the fourth quarter of fiscal 2021. On Wednesday, the company said the investigation into the error has been completed, and confirmed that the employee acted alone in hiding $151 million in delivery expenses.

To adjust for the corrected delivery expenses, Macy's lowered its full-year adjusted EPS range to $2.25 to $2.50, down from $2.55 to $2.90 previously. The retailer also lifted its full-year sales projections to $22.3 billion to $22.5 billion, up from $22.1 billion to $22.4 billion.

Macy's shares were down about 10% in early trading Wednesday, putting them down just over 25% since the start of 2024.

–Aaron McDade

Major Stock Index Futures Up Slightly

4 hr 25 min ago

Futures tied to the Dow Jones Industrial Average were up fractionally.

S&P 500 futures were up 0.1%.

Nasdaq 100 futures were up 0.2%.

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