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5 things you should know before the stock market opens on Wednesday, October 16th
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5 things you should know before the stock market opens on Wednesday, October 16th

Here are five important things investors need to know to start the trading day:

1. Markets

2. ASML tanks

The ASML logo is seen at the headquarters in Veldhoven, Netherlands on June 16, 2023.

Piroschka Van De Wouw | Reuters

Semiconductor device manufacturer ASML mistakenly released its earnings report a day early and reported disappointing sales guidance. While net sales exceeded the LSEG consensus expectation at 7.5 billion euros ($8.17 billion), net bookings for the third quarter were 2.6 billion euros ($2.83 billion), according to the company ) and were therefore well below the estimate of 5.6 billion euros. ASML shares fell 16% in after-hours trading on Tuesday after a technical error caused the report to be published on its website. The decline in shares also affected other chip stocks Nvidia, Advanced micro devices And Broadcom all fell after the report was published.

3. Banks are flying high

People walk past a Citibank location in Manhattan, New York City on March 1, 2024.

Spencer Platt | Getty Images

4. Walgreens for shrinking

On June 27, 2024, there is a Walgreens store in the New York borough of Brooklyn.

Spencer Platt | Getty Images

Walgreens announced fiscal fourth-quarter revenue and profit that beat Wall Street expectations as the company cut costs amid a difficult fiscal year. The retail pharmacy giant also announced plans to close approximately 1,200 stores over the next three years, including 500 in fiscal year 2025 alone. According to Walgreens CEO Tim Wentworth, the closures will result in a “healthier store base.” Shares rose about 13% following Tuesday’s report.

5. The Raiders’ new owners

A close-up of the Las Vegas Raiders helmet on the field before the AFC Wild Card playoff game against the Cincinnati Bengals at Paul Brown Stadium on January 15, 2022 in Cincinnati, Ohio.

Perry Knotts | Getty Images Sports | Getty Images

National Football League owners unanimously approved Tom Brady and business partner Tom Wagner as minority owners of the Las Vegas Raiders on Tuesday. Wagner, founder of Knighthead Capital, and Brady, the seven-time Super Bowl champion, acquired about 10% ownership of the Raiders. The team has grown tremendously since moving from Oakland, California to Las Vegas, Nevada in 2020. It is now the fifth most valuable franchise, worth $7.8 billion, according to CNBC’s official 2024 NFL team valuation. Brady and Wagner participated at a valuation of $3.5 billion, with a discount of more than 50% and an equity stake of about $220 million in the partnership, according to people familiar with the negotiations.

CNBC’s Ryan Browne, Anniek Bao, Hugh Son, Jesse Pound, Annika Kim Constantino, Jessica Golden and Michael Ozanian contributed to this report.

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