News of the day for November 15, 2024
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US stock futures are lower, capping a losing week after post-election rally; shares of Domino’s Pizza (DPZ) and Pool Corp. (SWIMMING POOL) have risen in premarket trading after documents showed that Warren Buffett’s Berkshire Hathaway (BRK.A; BRK.B) took stakes in the companies; Applied materials (AMAT) shares sink after quarterly results disappoint; Shares of Samsung Electronics are jumping in South Korean trading thanks to a $7.2 billion buyback plan; and Palantir Technologies (PLTR) shares are rising as it shifts its listing from the New York Stock Exchange to the Nasdaq. Here’s what investors need to know today.
U.S. stock futures have fallen as markets appear to be giving back some of their gains after a post-election surge. Nasdaq futures are down 0.8%, while S&P 500 futures are down 0.5%, and Dow Jones Industrial Average futures are down 0.4%. All three indexes are poised to end the week lower after a record rally last week following Donald Trump’s presidential election. Markets fell on Thursday after comments from Federal Reserve Chairman Jerome Powell indicating the central bank could slow its rate-cutting program if the economy remains strong.
Warren Buffett’s Berkshire Hathaway (BRK.A; BRK.B) took a stake in Domino’s Pizza (DPZ) and swimming pool supplier Pool Corp. (SWIMMING POOL) in the third quarter, while stakes in legacy holdings Apple (AAPL) and Bank of America (BAC). Shares of Domino’s are up 7% in premarket trading on the development, while shares of Pool Corp. 6% higher. Shares of Apple and Bank of America are both down less than 1%. The moves, disclosed in regulatory filings on Thursday, show Buffett continuing to build up Berkshire’s cash positions.
Shares of applied materials (AMAT) are down 8% in premarket trading after reporting earnings that beat expectations for its fiscal fourth quarter. The semiconductor equipment maker reported net income of $1.73 billion, or $2.09 per share, up from $2 billion, or $2.38 per share, last year and below consensus estimates from Visible Alpha analysts. Applied Materials also forecast first-quarter revenue of $7.15 billion, plus or minus $400 million, below the consensus midpoint.
Samsung Electronics on Friday unveiled plans to buy back 10 trillion won ($7.2 billion) of its shares over the next year, boosting its shares by 7% in South Korean trading. Samsung said it would buy shares worth 3 trillion won over the next three months starting Monday. Shares are down more than 30% this year as the memory chip maker and Android phone maker struggles to catch up amid the artificial intelligence (AI) boom.
