- Shares of ASML slid 16% after hours, following a premature and disappointing earnings report on Tuesday.
- Bank of America, Goldman Sachs and Citigroup continue the trend of better-than-expected earnings reports.
- National Football League owners unanimously approved Tom Brady and business partner Tom Wagner as minority owners of the Las Vegas Raiders.
Here are five key things investors need to know to start the trading day:
1. Markets
Stock futures were little moved Wednesday morning as Wall Street wonders if equities can rebound to record highs this week. Futures tied to the Dow Jones Industrial Average lost 11 points while the Nasdaq 100 rose about 0.1% and the S&P 500 futures stayed flat. The Nasdaq Composite dropped 1.01% β partly due to the hit semiconductor stocks took following ASML's premature earnings report β but was less than 2% from its record high. Follow live updates here.
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2. ASML tanks
Semiconductor equipment maker ASML mistakenly released its earnings report a day early, reporting a disappointing forecast in sales. While net sales of 7.5 billion euros ($8.17 billion) beat the LSEG consensus expectation, the company said net bookings for the third quarter came in at 2.6 billion euros ($2.83 billion), well below the 5.6 billion euro estimate. Shares of ASML slid 16% after hours on Tuesday, following a technical error that published the report on its website. The hit to shares bled into other chip stocks, with Nvidia, Advanced Micro Devices and Broadcom all dropping after the report was released.
3. Banks fly high
As earning season rolled on, three top U.S. banks continued the trend of higher-than-expected trading results on Tuesday. Bank of America said its net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, better than expected by analysts surveyed by LSEG. Goldman Sachs saw better results across the board, most notably in equities trading. Citigroup's investment banking arm helped it to top Wall Street expectations for third-quarter results. Morgan Stanley report results Wednesday.
4. Walgreens to shrink
Walgreens announced fiscal fourth-quarter sales and profit that exceeded Wall Street expectations, as the company cut costs in the midst of a rough fiscal year. The retail pharmacy giant also said it plans to close around 1,200 stores over the next three years, with 500 in fiscal 2025 alone. The closures will provide a "healthier store base," according to Walgreens CEO Tim Wentworth during an earnings call on Tuesday. Shares jumped about 13% following the report on Tuesday.
5. Raiders' new owners
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 champ, purchased about a 10% stake in the Raiders. The team has grown massively since it moved 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 Valuations. Brady and Wagner bought in at a $3.5 billion valuation, over a 50% discount, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations.
Money Report
β CNBC's Ryan Browne, Anniek Bao, Hugh Son, Jesse Pound, Annika Kim Constantino, Jessica Golden and Michael Ozanian contributed to this report.