Stock futures fell on Wednesday as global central bank officials tempered expectations for interest rate cuts in 2024. Slowing economic growth in China also dampened sentiment.
US-listed Alibaba shares fell 2.7%, JD.com shares fell 4.3%, and PDD Holdings shares fell 3.9% after China's GDP expanded 5.2% in the fourth quarter and in 2023. Slowest annual rate since 1990 Except for the three years of the Covid-19 pandemic, according to the Wall Street Journal.
Charles Schwab reported fourth-quarter adjusted earnings of 68 cents per share, beating analysts' estimates of 64 cents. Revenue in the period fell 19% to $4.46 billion and beat estimates by about $4.5 billion. Shares fell 2.5%.
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Interactive Brokers reported Adjusted fourth quarter earnings At $1.52 per share, which was 1 cent below analyst estimates. Revenue rose 17% to $1.14 billion and matched expectations. Customer accounts with the electronic broker increased by 23% to 2.56 million during this period, while customer rights increased by 39% to $426 billion. The stock fell 3.5%.
Albemarle shares fell 1.6% after the lithium miner said it would reduce its headcount and reduce certain spending “in response to changing end-market conditions, particularly in the lithium value chain.”
Progress Software reported fourth-quarter adjusted earnings that fell from a year earlier but beat Wall Street expectations. Revenue of $177 million also beat estimates. The company's forecasts for fiscal year 2024 were also in line with analysts' expectations. Shares rose 4.1%.
Imping
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The Internet of Things company said it expects fourth-quarter revenue to be more than $70 million, above its previous guidance of $65.5 million to $68.5 million. It also said it expects adjusted EBITDA in the period to exceed $2.5 million, above its previous guidance of $900,000 to $700,000. Imping
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rose 13%.
SolarEdge Technologies fell 6.3% to $68.26. Barclays downgraded the solar energy company's shares to below equal weight and cut its price target to $50 from $74.
Ford Motor stock fell 2.4% to $11.18 after analysts at UBS downgraded the automaker to neutral from buy and left their price target unchanged at $12.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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