Latest news for Traack Technologies (OTC:TRAA) Stock

Traack Technologies Inc develops wireless technologies and products for the Internet of Things (IoT), Industrial Internet of Things (IIoT), Low Power Wide Area (LPWA), Low Power Sensor to Satellite (LP-S2S), Real Time Location Systems (RTLS) markets. It is developing a two-way satellite transceiver.

TRAACK TECHNOLOGIES INC by Traack Technologies Inc.

Traack Technologies Inc

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GOVX

GeoVax Labs shares are trading higher after Roth MKM initiated coverage on the stock with a Buy rating and announced a $20 price target.

Conduit Pharmaceuticals shares are trading higher after the company announced it received patent approval for its lead asset targeting autoimmune diseases.

HC Wainwright &amp; Co. analyst Robert Burns maintains Revolution Medicines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RVMD#NASDAQ">RVMD</a>) with a Buy and raises the price target from $44 to $56.

News

Price Target

Analyst Ratings

RVMD

HC Wainwright & Co. Maintains Buy on Revolution Medicines, Raises Price Target to $56

General

LASE

Laser Photonics Introduces New MarkStar Handheld VIN Marking Laser To Prevent Theft And Counterfeiting

CrossFirst Bankshares shares are trading lower. The company reported Q2 financial results.

Needham analyst Scott Berg reiterates Pros Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRO#NYSE">PRO</a>) with a Buy and maintains $40 price target.

Reiteration

Needham Reiterates Buy on Pros Holdings, Maintains $40 Price Target

SCHW

Charles Schwab shares are trading lower. The company reported Q2 financial results.

HC Wainwright &amp; Co. analyst Mitchell Kapoor reiterates Halozyme Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HALO#NASDAQ">HALO</a>) with a Buy and maintains $65 price target.

HALO

HC Wainwright & Co. Reiterates Buy on Halozyme Therapeutics, Maintains $65 Price Target

Health Care

ANRO

Alto Neuroscience Completes Enrollment In Phase 2b Study Of ALTO-100 In Major Depressive Disorder

U.S. stocks are stubbornly holding onto their upward momentum, as evidenced by the gains for the index futures early Tuesday. <a href="https://www.benzinga.com/markets/equities/24/07/39786725/market-strategist-breaks-down-bull-case-scenario-for-small-caps-predicts-40-jump-in-near-term-i-">The small-cap rally </a>reflects market hopes that the Fed is getting closer to interest-rate cuts. Bond yields are slipping back amid the expectations. San Francisco Federal Reserve President Mary Daly, who spoke after the market close on Monday, said confidence in inflation trending lower is increasing but she remained non-committal on the timing of the first rate cut in the current monetary policy cycle. 
Traders may also react to the earning news flow and the retail sales report for June, given the latter&#8217;s implications for the health of consumer spending &#8211; a key growth engine.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.21%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.15%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.02%</td>
</tr>
<tr>
<td>R2K</td>
<td>+1.07%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.11% to $562.17 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.16% to $496.96, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session:
Wall Street ended Monday&#8217;s session higher, with traders reacting to positive earnings and dovish comments from Federal Reserve Chair Jerome Powell. The major averages opened on a mixed note but moved uniformly higher after a report showed that the New York region&#8217;s manufacturing activity contracted roughly in line with expectations. Although the indices gave back some gains during the mid-session amid Powell&#8217;s speech, they held onto the gains.
Financial, energy and industrial stocks led the advance, while utility and consumer staples served as drags.
The S&amp;P 500 Index touched an intraday high, although finishing just shy of its closing record. The 30-stock Dow Industrials clocked intraday and closing records.
The stalwarts were small-cap stocks, with the Russell 2,000 Index finishing at its highest level since January 2022.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.53%</td>
<td>40,211.72</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.28%</td>
<td>5,631.22</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+1.59%</td>
<td>40,000.90</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.80%</td>
<td>2,187.02</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Insights From Analysts:</figcaption></figure>
Fundstrat's Head of Research&nbsp;Tom Lee&nbsp;said in a CNBC interview that the rally seen in the small-cap space is expected to accelerate further. He expects another 40% upside for small-caps over the next 10 weeks. This time around, institutions are holding a larger short position in small caps and these stocks are even more oversold, Lee said. The median price-earnings multiple of small-caps is now 10 times the estimated earnings for 2025, or even lower, he added.
Wharton Professor and Senior Economist to WisdomTree Jeremy Siegel said in his recent weekly commentary that for a small-cap rally to last, earnings growth in these stocks will have to pick up.
&#8220;While there are mixed signals from the various economic data points, the overall trajectory suggests a market on the cusp of a shift of value stocks regaining prominence, driven by easing monetary policies and a broadening of market participation,&#8221; he said.
Upcoming Economic Data:
<ul>
<li>The Commerce Department is scheduled to release its retail sales report for June at 8:30 a.m. EDT. Economists, on average, expect retail sales to decline 0.4% month-over-month, reversing all of the 0.1% gain in May. Stripping of the volatile autos component, retail sales may have grown 0.1% compared to May&#8217;s 0.1% drop.</li>
<li>The Labor Department&#8217;s import and export prices report is due at 8:30 a.m. Import prices may have fallen 0.2% month-over-month in June, slower than the 0.4% drop in May.</li>
<li>The Commerce Department will also release the business inventories report at 10 a.m. EDT, with the consensus pointing to a 0.5% month-over-month climb for May following a 0.3% increase in April.</li>
<li>The National Association of Home Builders&#8217; housing market index, which reflects homebuilder confidence, is expected to rise slightly from 43 in June to 44 in July. The report is scheduled for 10 a.m. EDT.</li>
<li>Fed Governor Adriana Kugler is due to speak at 2:45 p.m. EDT.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) fell about 8%<a href="https://www.benzinga.com/premarket"> in premarket</a> after Monday&#8217;s over 31% rally.</li>
<li>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) rose nearly 7.5% amid reports of interest from activist investor Starboard.</li>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) and UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) are<a href="https://www.benzinga.com/calendars/earnings"> among the noteworthy earnings due ahead of the market open, </a>while J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) will report after the close.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell sharply, while gold futures rose moderately. The 10-year Treasury yield retreated by 4.5 points to 4.182%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) gained ground, trading at a $63.5K level.
The Asian markets closed mixed despite the positive lead from Wall Street overnight, while European stocks retreated in early trading.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39766859/netflix-goldman-sachs-j-j-asml-lead-q2-reports-this-week-as-analysts-see-earnings-growth-accelerati">Netflix, Goldman Sachs, J&amp;J, ASML Lead Q2 Reports This Week As Analysts See Earnings Growth Accelerating To Fastest In Over 2 Years</a></li>
</ul>
Image Via Shutterstock

Earnings

Equities

Futures

Previews

Economics

Federal Reserve

Pre-Market Outlook

Markets

Movers

Trading Ideas

$BTC

JBHT

MTCH

Wall Street Set To Extend Gains Amid Rate Cut Hopes, Bond Yields Slip: Analyst Says Market On Cusp To Shift To Value Stocks

Mizuho analyst Gregg Moskowitz maintains Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) with a Outperform and raises the price target from $450 to $480.

MSFT

Mizuho Maintains Outperform on Microsoft, Raises Price Target to $480

Tuesday, UnitedHealth Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) reported better-than-expected second-quarter 2024 earnings.
The company reported adjusted EPS of $6.80, up from $6.14 a year ago, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $6.66</a>.
UnitedHealth's revenues increased nearly $6 billion (+6.4% Y/Y) to $98.86 billion, beating the&nbsp;consensus of $98.34 billion, led by expansion in people served domestically at <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39787944/unitedhealth-group-reports-second-quarter-2024-results" rel="noreferrer noopener">Optum and UnitedHealthcare</a>.
Cyberattack Update: The company said it has restored most of the affected Change Healthcare services and has provided over $9 billion in advance funding and interest-free loans to support care providers.
Total cyberattack impacts in the second quarter were $0.92 per share.
Adjusted earnings from operations of $8.7 billion include the Change Healthcare business disruption impacts, excluding the cyberattack direct response and South American impacts.
Related: <a target="_blank" href="https://www.benzinga.com/government/24/06/39382435/medicare-agency-to-end-advance-payments-following-unitedhealth-cyberattack" rel="noreferrer noopener">Medicare Agency To End Advance Payments Following UnitedHealth Cyberattack</a>.
UnitedHealth reported a medical cost ratio (MCR) of 85.1% for the second quarter, including 65 basis points of impacts due to accommodations to support care providers (40 basis points) and South American actions (25 basis points). A lower ratio typically indicates higher profitability.
UnitedHealthcare reported revenue of $73.9 billion for the second quarter, up from $70.2 billion a year ago, reflecting growth in the number of people served domestically.
Year to date, the number of consumers served domestically with the company's commercial offerings grew by 2.3 million to 29.6 million.
Optum reported $62.9 billion in revenue for the second quarter, up from $56.3 billion a year ago.
Guidance: UnitedHealth expects a 2024 net profit of $15.95-$16.40 per share to reflect the classification to held for sale of its remaining South America operations, and the estimated Change Healthcare cyberattack impacts versus the <a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38267213/investors-cheer-unitedhealths-q1-earnings-despite-cyberattack-fallout-taking-872m-hit-from-hack" rel="noreferrer noopener">prior estimate of $17.60-$18.20</a>.
Direct response costs are estimated at $1.30 to $1.35, an increase of $0.40 to $0.45 from the initial estimate due to the care provider financial support initiatives and consumer notification costs.
The company maintained an adjusted net earnings outlook of $27.50 to $28.00 per share <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus a consensus of $27.59.</a>
The outlook absorbs an estimated $0.60 to $0.70 per share of business disruption impacts for the affected Change Healthcare services, which has increased by $0.30 per share <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38277867/unitedhealths-q1-medical-cost-update-prudent-outlook-eases-investor-concerns-goldma" rel="noreferrer noopener">since the initial estimate</a>.
Price Action: UNH shares are down 0.36% at $513.51 during the premarket session on the last check Tuesday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/24/07/39695378/ftc-investigation-uncovers-anti-competitive-practices-by-handful-of-pharmacy-benefit-managers-includ" target="_blank" rel="noreferrer noopener">FTC Investigation Uncovers Anti-Competitive Practices By Handful Of Pharmacy Benefit Managers, Including CVS Health, UnitedHealth</a>.</li>
</ul>

Guidance

UnitedHealth Q2 Earnings: Revenue And EPS Beat, Lifts Cyberattack Impact Estimate, Reaffirms Profit Outlook

Conduit Pharmaceuticals Announces Patent Approval For Its Lead Asset Targeting Autoimmune Diseases

Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)&nbsp;reported a second-quarter fiscal 2024 net income of $6.9 billion and EPS of $0.83, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $0.80</a>.
Revenue, net of interest expense, increased 0.8% year-over-year to $25.54 billion, beating the analyst consensus estimate of&nbsp;<a target="_blank" href="https://investor.bankofamerica.com/quarterly-earnings" rel="noreferrer noopener">$25.22 billion</a>.
Segment Net income: Consumer Banking $2.595 billion vs. $2.853 billion Y/Y, Global Wealth and Investment Management $1.03 billion vs. $978 million Y/Y, Global Banking $2.12 billion vs. $2.65 billion Y/Y, and Global Markets $1.41 billion vs. $1.18 billion Y/Y.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39563519/us-banks-bump-up-dividends-following-feds-successful-stress-test" rel="noreferrer noopener">US Banks Bump Up Dividends Following Fed's Successful Stress Test</a>
The Net interest income was $13.7 billion (-3.0% Y/Y), as higher deposit costs more than offset higher asset yields and modest loan growth. Noninterest income was $11.7 billion (+6.0% Y/Y). Provision for credit losses was $1.5 billion, compared to $1.1 billion a year ago.
The efficiency ratio for the quarter was 64%, flat Y/Y. The bank reported a CET1 ratio of 11.9%, up 30 bps from a year ago. The book value per share of $34.39 improved by 7%.
The average loan and lease balance was $1.05 trillion (+0.5% Y/Y). Average deposits are up 2% Y/Y to $1.91 trillion.
Bank of America added ~1.0 million credit card accounts during the quarter.
Dividend: From CFO Alastair Borthwick: "We announced plans for an eight percent increase in our quarterly common stock dividend, to 26 cents per share, pending Board approval."
Outlook: Bank of America anticipates net interest income of ~$14.50 billion in the fourth quarter. It assumes a 25 bps interest rate cut.
Price Action: BAC shares are trading higher by 2.41% at $42.90 premarket at the last check Tuesday.
Photo Courtesy: Tero Vesalainen On Shutterstock

Dividends

Bank of America's Q2 Earnings: Revenue And EPS Beat, $1.5B Credit Loss Provision, Sees Q4 NII Growth

Mizuho analyst Gregg Moskowitz maintains Confluent (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFLT#NASDAQ">CFLT</a>) with a Outperform and lowers the price target from $36 to $34.

CFLT

Mizuho Maintains Outperform on Confluent, Lowers Price Target to $34

Bank Of America Sees Q4 NII ~$14.5B

Mizuho analyst Gregg Moskowitz maintains Cloudflare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) with a Neutral and raises the price target from $88 to $92.

Mizuho Maintains Neutral on Cloudflare, Raises Price Target to $92

Mizuho analyst Gregg Moskowitz maintains Atlassian (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) with a Outperform and lowers the price target from $225 to $220.

TEAM

Mizuho Maintains Outperform on Atlassian, Lowers Price Target to $220

Needham analyst Scott Berg reiterates SEMrush Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMR#NYSE">SEMR</a>) with a Buy and maintains $18 price target.

SEMR

Needham Reiterates Buy on SEMrush Hldgs, Maintains $18 Price Target

<ul>
<li>300 patients enrolled in the study, including patients with and without the cognitive biomarker &ndash;</li>
<li>On track to report topline data in October 2024 &ndash;</li>
<li>Alto to host investor day focused on ALTO-100 on September 9, 2024 &ndash;</li>
</ul>