News
What to know this week
Actions closed another week close to record highs While the Latest jobs report showed a U.S. job market that is cooling, but not at a rate that economists find worrying.
The Nasdaq composite (^IXIC) rose about 2.3%, and the S&P 500 (^GSPC) rose around 1.3%. The Dow Jones Industrial Average (^DJI) rose around 0.3%.
Highlights of the week include the Federal Reserve’s June meeting and a key inflation reading on Wednesday. The first consumer sentiment reading for June is also expected on Friday.
In corporate news, Big Tech will start the week with Nvidia (NVDA) 10-for-1 stock split and Apple (AAPL) Worldwide Developers Conference scheduled for Monday. A vote on Tesla (TSLA) CEO Elon Musk’s $56 billion pay package is expected on Thursday.
About that, chaotic movements in GameStop stock (GME) continued to attract investor attention as the return of Keith Gill, a popular leader of the 2021 meme stock frenzy, reignited interest.
The Fed, inflation and the path of interest rates
Friday’s May Jobs Report showed more job additions than expectedadding fuel a common narrative from Federal Reserve officials that the labor market remains on a solid enough basis to maintain interest rates at their current restrictive levels. And for economists, the latest data only underscores that the Fed needs to see inflation decline further before cutting rates.
“Policymakers will need to see some slower inflation reports over the summer to begin cutting rates in the fall,” Wells Fargo senior economist Sarah House wrote in a research note Friday.
The next inflation update is expected on Wednesday morning, with the release of the Consumer Price Index (CPI) for May. Wall Street expects a 3.4% annual gain for the core CPI, which includes food and energy prices, unchanged from April. Prices are expected to rise 0.1% month-on-month, down from 0.3% in April.
On a “core” basis, which excludes volatility in food and energy prices, inflation is expected to have increased 3.5% year on year, a slowdown from the 3.6% increase seen in April. Monthly base price increases are expected to be 0.3%, unchanged from the previous month.
The release will come just hours before the Fed’s latest policy decision, where markets largely expect the central bank to keep rates unchanged. This shifts the main focus to the Fed’s latest Summary of Economic Projections (SEP) – including its “dot plot,” which maps policymakers’ expectations about the direction interest rates might take in the future – as well as comments from Fed Chairman Jerome Powell.
The story continues
JPMorgan chief U.S. economist Michael Feroli expects the Fed to project a median of two interest rate cuts this year in its dot plot, down from three in March. Regarding Powell’s comment, Feroli believes Powell’s communicator will be seen as “peaceful.”
“At the press conference, we expect Chairman Powell to express confidence that the economy is still on track and that the FOMC can be patient to gain confidence that inflation is heading toward 2%,” Feroli wrote in a note to clients on Friday. .
Less cuts, no problems
Before Friday’s jobs report, the market was forecasting two rate cuts this year. After the release, this number fluctuated between one and two, according to data from Bloomberg.
Notably, though, this change is a 15 basis point jump in the 10-year Treasury yield (^ TNX) to 4.43% did little to deter investor optimism as the S&P 500 closed near a record high on Friday.
Lauren Goodwin, economist and chief market strategist at New York Life Investments told Yahoo Finance This may be because the stronger-than-expected jobs report is good news for the economy and “markets have been very focused on growth.”
She added that given the solid earnings outlook expected for the rest of this year and a solid growth trajectory for the economy, markets can take the Fed’s reassessment “in stride.”
Federal Reserve Chairman Jerome Powell listens to a meeting of the Financial Stability Oversight Council at the Treasury Department on May 10, 2024, in Washington, D.C. (Kent Nishimura/Getty Images) (Kent Nishimura via Getty Images)
Apple’s WWDC
Apple’s Worldwide Developers Conference is set to begin on Monday, with investors hoping for more details to be released about the tech giant’s push into generative AI.
After a difficult start to the year, shares rose more than 7% in the last month before the event and recently turned positive for the year.
Yahoo Finance’s Dan Howley has a full preview of the event.
More Nvidia Stocks
Nvidia shares are expected to begin trading on Monday on a new 10-for-1 split basis, revising the share price from its Friday close of $1,208.88 to $120.88. The split means that owners of Nvidia common stock at market close on Thursday received 10 shares for every share they held. For example, if a shareholder owned four shares of Nvidia on Thursday, they will now own 40 shares after the split.
Typically, stock splits are seen by investors as a sign of strength, and consequently, companies that split their shares typically outperform the S&P 500 in the year following their announcement.
On average, shares rise 25% in the 12 months following a split announcement, compared with an average return of 12% for the S&P 500 over the same period, according to Bank of America analysis. This has been true “across market regimes,” wrote Jared Woodard, investment and ETF strategist at BofA, in a note to clients.
Notably, the trend includes the period from 2000 to 2009, amid the unfolding of the technology bubble. Since Nvidia announced its split on May 22, shares have risen about 27%.
Musk’s money
Tesla’s annual shareholder meeting is scheduled for after the market closes on Thursday, and the most pressing issue will be shareholder vote in a potential $56 billion pay package for CEO Elon Musk.
Morgan Stanley analyst Adam Jonas said he advised investors to pay close attention to the vote as it will have “importance for the company’s long-term strategic direction.”
He added: “While it is impossible to predict the outcome, we expect the event could potentially generate significant volatility in TSLA shares.”
In a survey of 109 investors, Morgan Stanley found that most investors feel approving Musk’s pay package would boost Tesla shares, while a vote not to approve would weigh on the stock. Entering the meeting, Tesla shares were down nearly 30% this year.
Weekly Calendar
Monday
Economic data: New York Fed One-Year Inflation Expectations May (3.26% previously)
Earnings: No notable gains.
Tuesday
Economic data: NFIB Small Business Optimism, May (89.5 expected, 89.7 previously)
Earnings: Gym for sports and outdoor activities (ASO), Casey (CASY), Oracle (ORCL)
Wednesday
Economic data: Consumer Price Index, month over month, May (+0.1% expected, +0.3% previously); Core CPI, month-over-month, May (+0.3% expected, +0.3% previously); CPI, year-over-year, May (+3.4% expected, +3.4% previously); Core CPI, year-over-year, May (+3.5% expected, +3.6% previously); Average real hourly earnings, year on year, May (+0.5% previously); MBA mortgage applications, week ending June 7 (-5.2% previously); FOMC Rate Decision (No Change in 5.25% to 5.5% Range Expected)
Earnings: Broadcom (AVGO), Dave and Buster (TO PLAY), Vera Bradley (VRA)
Thursday
Economic data: Initial unemployment claims, week ending June 8 (223,000 expected, 229,000 previously); Producer Price Index, month-on-month, May (+0.1% expected, +0.5% previously); PPI, year-over-year, May (+2.5% expected, 2.2% previously);
Earnings: Adobe (ADBE), Lovesac (LOVE), HR (HR), Signet Jewelers (GIS)
Friday
Economic data: University of Michigan Consumer Sentiment, June Preliminary (72.8 expected, +69.1 previously) Import Prices, Month-over-Month, May (+0.1% expected, +0.9% previously); Export prices, month-over-month, May (+0.2% expected, +0.5% previously)
Earnings: No notable gains.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
*****
Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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The) |
B) |
w) |
It is) |
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Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
*****
This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
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The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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