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1000 New Home Sales-units for Aug: Expected 0.700 mln; Prior 0.739 mln
1000 New Home Sales change MM for Aug: Prior 10.6%

Semiconductor Stocks

-0.24%

On watch today ahead of Micron’s (MU) earnings after the bell tonight. Expectations are for EPS of $1.15 per share and $7.65 Billion in revenues, last quarter saw a decline of 7% post earnings. These earnings come on the heels of a strong rally in shares of Nvidia which lead markets with a 3.97% gain.

MU, NVDA, AMD, SMCI, INTC

Meta (META)

-0.08%

Meta is set to unveil its first augmented reality glasses and announce updates to its AI chatbot at its annual Connect Conference. The company has been investing heavily in these technologies, with the goal of creating immersive metaverse experience. The AI chatbot will now offer users the option to select a celebrity voice and will be integrated into Meta’s family of apps. While the AR glasses are still in development, Meta aims to bring them to market in 2027. The company’s focus on AI and AR reflects it commitment to staying at the forefront of technological advancement.

META

Chinese Stocks

+0.13%

Pulling back sharply after strong gains yesterday as The People's Bank of China followed its announcement of broad policy easing with a cut to medium-term lending rates. This stimulus, the largest since the pandemic, aims to support the stock market and struggling property sector. Chinese stocks reacted positively, with mainland blue chips rising 1.4% and Hong Kong’s Hang Seng gaining 0.7%. However, some analysts argue that the measures fail to address the core issue of weak consumer demand.

BABA, PDD, JD, XPEV, NIO, LI

Apple (AAPL)

-1.02%

Foreign-branded smartphones, including Apple’s iPhone, saw a 12.7% decline in sales in China during August. Despite an overall increase in smartphone sales in the country, foreign brands are losing ground to domestic competitors. This trend highlights the challenges faced by foreign smartphone manufacturers in the Chinese market.

KB Home (KBH)

-6.41%

KB Home reported a 10% increase in third-quarter revenues to $1.75 billion, with diluted earnings per share up 13% to $2.04. The company repurchased $150 million of common stock and saw stable net orders despite some variability in demand due to elevated mortgage rates. As mortgage rates eased in August, net orders improved, driven by strong demand for affordably priced homes. The company increased its investment in land acquisition and development by over 50% year-over-year to nearly $850 million, while maintaining a balanced approach to growth and capital returns. KB Home also provided guidance for full-year 2024, expecting housing revenues between $6.85 billion and $6.95 billion.

Rivian Automotive (RIVN)

-3.38%

Morgan Stanley downgraded Rivian Automotive due to concerns about its financial prospects. The firm cites rising US auto inventories, increasing credit risks, and China’s slowing economy as key factors. Additionally, Morgan Stanley questions Rivian’s ability to compete effectively in the EV market, given its spending on research and development. The downgrade comes with a reduced price target of $13, reflecting the analyst’s bearish outlook on the company’s future.

Stitch Fix (SFIX)

-29.1%

Shares dropped after reporting a quarterly loss of 29 cents per share, missing analyst estimates of 19 cents. However, revenue of $319.6 million slightly beat expectations but was down 12.4% year-over-year. CEO Matt Baer expressed optimism about the company’s progress and transformation strategy, aiming for revenue growth by the end of fiscal year 2026. For the upcoming quarter, Stitch Fix expects revenue between $303 million and $310 million, with fiscal year 2025 guidance set between $1.11 billion and $1.16 billion..

Eightco Holdings (OCTO)

51.8%

The 4B market cap company strengthened its balance sheet by eliminating $5.4 million in convertible notes and increasing shareholder equity by $23 million. It also canceled over 5.8 million dilutive shares and improved operationally, increasing gross profit margins to 22% and reducing SG&A expenses by 23%. The company regained NASDAQ compliance and is focused on growing its subsidiary, Forever 8, which provides inventory solutions for e-commerce sellers. Looking ahead, the company plans to secure non-dilutive financing to drive 2025 revenues to $100 million and achieve positive EBITDA..