Boyd Gaming (NYSE:BYD) Stock, Quote.Headers.trade-ideas

Boyd Gaming

Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly-owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Geographical regions separate its business segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online. Midwest and South hold the key number of entertainment properties, and it generate the majority of sales for the company.

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Boyd Gaming Corp

BOYDS COLLECTION LTD by Boyds Collection, Ltd. (The)

Boyds Collection Ltd

BYD Co Ltd

BOYD GROUP SVCS INC by BOYD GROUP SVCS INC.

Boyd Group Services Inc

BYD ELECTRONIC INTL CO by Byd Electronic International Co Ltd.

BYD Electronic (International) Co Ltd

BYD ELECTRNC INT UNSP/ADR by Byd Electronic International Co Ltd.

BEYOND LITHIUM INC by BEYOND LITHIUM INC.

Beyond Lithium Inc

B of A Securities analyst Shaun Kelley maintains Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) with a Buy and raises the price target from $68 to $72.

Price Target

B of A Securities Maintains Buy on Boyd Gaming, Raises Price Target to $72

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page.</a>
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/591324bf290fa70001e82d50/craig-siegenthaler">B of A Securities analyst Craig Siegenthaler</a> upgraded the rating for Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) from Underperform to Buy and raised the price target from $53 to $90. Nasdaq shares gained 2.9% to trade at $73.52 on Wednesday. <a href="https://www.benzinga.com/quote/NDAQ/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Keybanc analyst Jeffrey Hammond upgraded nVent Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVT#NYSE">NVT</a>) from Sector Weight to Overweight and announced a price target of $80. nVent Electric shares gained 0.7% to trade at $63.79 on Tuesday. <a href="https://www.benzinga.com/quote/nvt/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58e64305b85e9300014c97f8/stephen-grambling">Morgan Stanley analyst Stephen Grambling</a> upgraded the rating for Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) from Equal-Weight to Overweight and increased the price target from $66 to $74. Boyd Gaming shares rose 2.8% to trade at $61.06 on Tuesday. <a href="https://www.benzinga.com/quote/byd/analyst-ratings">See how other analysts view this stock.</a></li>
<li>TD Cowen analyst Andrew Charles upgraded Sweetgreen, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>) from Hold to Buy and boosted the price target from $31 to $43. Sweetgreen shares gained 5.7% to trade at $30.95 on Tuesday. S<a href="https://www.benzinga.com/quote/sg/analyst-ratings">ee how other analysts view this stock</a>.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58072986846faa000106abc6/joseph-moore">Morgan Stanley analyst Joseph Moore </a>upgraded the rating for Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) from Equal-Weight to Overweight and maintained the price target of $55. Astera Labs shares gained 2.9% to close at $40.26 on Tuesday. S<a href="https://www.benzinga.com/quote/alab/analyst-ratings">ee how other analysts view this stock.</a></li>
</ul>
Considering buying NDAQ stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="513" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/04094641/image-21-1024x513.png" alt="" class="wp-image-529583" style="width:513px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/04094641/image-21-1024x513.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/04094641/image-21-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/04094641/image-21-768x385.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/04094641/image-21.png 1321w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>

Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) has been analyzed by 4 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $68.75, a high estimate of $74.00, and a low estimate of $66.00. Marking an increase of 1.48%, the current average surpasses the previous average price target of $67.75. 
<img src="https://www.benzinga.com/files/images/story/2024/1725451249_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
A clear picture of Boyd Gaming's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Stephen Grambling</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$74.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Chad Beynon</td>
<td>Macquarie</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$68.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Steven Wieczynski</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$67.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Stephen Grambling</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$66.00</td>
<td>$68.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Boyd Gaming. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Boyd Gaming compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Boyd Gaming's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Boyd Gaming's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/BYD/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Boyd Gaming analyst ratings.</a>
<h2>Get to Know Boyd Gaming Better</h2>
Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly-owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Geographical regions separate its business segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online. Midwest and South hold the key number of entertainment properties, and it generate the majority of sales for the company.
<h3>Boyd Gaming: A Financial Overview</h3>
Market Capitalization: Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position.
Revenue Growth: Boyd Gaming displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 5.51%. This indicates a notable increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Consumer Discretionary sector.
Net Margin: Boyd Gaming's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 14.45% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Boyd Gaming's ROE stands out, surpassing industry averages. With an impressive ROE of 8.07%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Boyd Gaming's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 2.24% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 2.18.
<h2>The Basics of Analyst Ratings</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where Boyd Gaming Stands With Analysts

Morgan Stanley analyst Stephen Grambling upgrades Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) from Equal-Weight to Overweight and raises the price target from $66 to $74.

Morgan Stanley Upgrades Boyd Gaming to Overweight, Raises Price Target to $74

Christine J Spadafor, Board Member at Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), disclosed an insider sell on August 29, according to a recent SEC filing.
What Happened: A Form 4 filing from the <a href="https://www.sec.gov/Archives/edgar/data/0000906553/000106299324015901//Archives/edgar/data/906553/000106299324015901/0001062993-24-015901-index.htm">U.S. Securities and Exchange Commission</a> on Thursday showed that Spadafor sold 1,242 shares of Boyd Gaming. The total transaction amounted to $74,967. 
Tracking the Friday's morning session, Boyd Gaming shares are trading at $59.93, showing a down of 0.0%.
<h3>All You Need to Know About Boyd Gaming</h3>
Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly-owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Geographical regions separate its business segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online. Midwest and South hold the key number of entertainment properties, and it generate the majority of sales for the company.
<h3>Financial Insights: Boyd Gaming</h3>
Revenue Growth: Boyd Gaming's remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 5.51%. This signifies a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Consumer Discretionary sector.
Navigating Financial Profits:
<ul>
<li>
Gross Margin: The company sets a benchmark with a high gross margin of 53.77%, reflecting superior cost management and profitability compared to its peers.
</li>
<li>
Earnings per Share (EPS): Boyd Gaming's EPS is significantly higher than the industry average. The company demonstrates a robust bottom-line performance with a current EPS of 1.47.
</li>
</ul>
Debt Management: Boyd Gaming's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 2.18.
Insights into Valuation Metrics:
<ul>
<li>
Price to Earnings (P/E) Ratio: Boyd Gaming's P/E ratio of 11.57 is below the industry average, suggesting the stock may be undervalued.
</li>
<li>
Price to Sales (P/S) Ratio: The current P/S ratio of 1.55 is below industry norms, suggesting potential undervaluation and presenting an investment opportunity for those considering sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): Indicated by a lower-than-industry-average EV/EBITDA ratio of 8.26, the company suggests a potential undervaluation, which might be advantageous for value-focused investors.
</li>
</ul>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
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<h3>Why Insider Activity Matters in Finance</h3>
While insider transactions provide valuable information, they should be part of a broader analysis in making investment decisions.
Exploring the legal landscape, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities, as stipulated by Section 12 of the Securities Exchange Act of 1934. This encompasses executives in the c-suite and major hedge funds. These insiders are required to report their transactions through a Form 4 filing, which must be submitted within two business days of the transaction.
Highlighted by a company insider's new purchase, there's a positive anticipation for the stock to rise.
But, insider sells may not necessarily indicate a bearish view and can be motivated by various factors.
<h3>A Deep Dive into Insider Transaction Codes</h3>
Delving into transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> typically prioritize those unfolding in the open market, as precisely outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000906553">Check Out The Full List Of Boyd Gaming's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Insider Transaction: Christine J Spadafor Sells $74K Worth Of Boyd Gaming Shares

Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) released its Q2 earnings on Thursday, July 25, 2024 at 04:05 PM.
Here's what's important from the earnings announcement.
<h3>Earnings</h3>
Boyd Gaming beat estimated earnings by 6.0%, reporting an EPS of $1.58 versus an estimate of $1.49.
Revenue was up $50.56 million from the same period last year.
<h3>Performance in Previous Earnings</h3>
In the previous quarter, the company missed on EPS by $0.06, resulting in a 15.0% drop change in the share price the following day.
Here's a look at Boyd Gaming's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>1.49</td>
<td>1.57</td>
<td>1.47</td>
<td>1.47</td>
<td>1.65</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.58</td>
<td>1.51</td>
<td>1.66</td>
<td>1.36</td>
<td>1.58</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>909.06M</td>
<td>958.74M</td>
<td>930.47M</td>
<td>879.82M</td>
<td>913.29M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>967.51M</td>
<td>960.52M</td>
<td>954.41M</td>
<td>903.16M</td>
<td>916.95M</td>
</tr>
</tbody>
</table>

<h3>Recent Earnings Releases from Competitors</h3>
As we review Boyd Gaming's earnings, it's important to put its results into perspective by comparing them to those of its competitors, such as Wynn Resorts, Genius Sports, and PlayAGS.
<ul>
<li>On August 06, 2024, Wynn Resorts unveiled earnings that were below market expectations, with an actual EPS of $1.12 compared to an estimated EPS of $1.21, resulting in a -7.44% decrease.</li>
<li>Despite market projections of an EPS of $-0.03, Genius Sports's earnings on August 06, 2024 fell short with an actual EPS of $-0.09, representing a -200.0% decrease from expectations.</li>
<li>PlayAGS's earnings announcement on May 09, 2024 exceeded expectations, with an actual EPS of $0.1 compared to the market's projected EPS of $-0.04, resulting in a 350.0% increase.</li>
</ul>
<h3>Comprehensive Analysis: Competitors' Quarterly Earnings and Stock Performance</h3>
This insightful analysis provides an overview of the market's responses to the latest earnings releases from key competitors. It presents the projected and actual earnings per share (EPS) figures for each company, alongside the associated stock prices at the close of the announcement day and the opening of the following trading day.

<table>
<thead>
<tr>
<th>Company Name</th>
<th>Date</th>
<th style="text-align: right;">EPS Expected</th>
<th style="text-align: right;">EPS Announced</th>
<th>EPS Change Percent</th>
<th>Stock Price At Close</th>
<th>Stock Price at Next Day Open</th>
<th>Price Change Percent</th>
</tr>
</thead>
<tbody>
<tr>
<td>Boyd Gaming</td>
<td>July 25, 2024</td>
<td style="text-align: right;">1.49</td>
<td style="text-align: right;">1.58</td>
<td>6.04%</td>
<td>$58.53</td>
<td>$63.5</td>
<td>8.49%</td>
</tr>
<tr>
<td>Wynn Resorts</td>
<td>August 06, 2024</td>
<td style="text-align: right;">1.21</td>
<td style="text-align: right;">1.12</td>
<td>-7.44%</td>
<td>$76.29</td>
<td>$78.5</td>
<td>2.9%</td>
</tr>
<tr>
<td>Genius Sports</td>
<td>August 06, 2024</td>
<td style="text-align: right;">-0.03</td>
<td style="text-align: right;">-0.09</td>
<td>-200.0%</td>
<td>$6.65</td>
<td>$6.9</td>
<td>3.76%</td>
</tr>
<tr>
<td>PlayAGS</td>
<td>May 09, 2024</td>
<td style="text-align: right;">-0.04</td>
<td style="text-align: right;">0.10</td>
<td>350.0%</td>
<td>$11.34</td>
<td>$11.45</td>
<td>0.97%</td>
</tr>
</tbody>
</table>

<h3>Comparative Study: Estimated in Contrast with Actual Peer Revenues### Peer Revenue Assessment: Estimated vs. Actual Performance Comparison</h3>
The following table compares estimated and announced revenue figures for Boyd Gaming's peers. This comparison provides insights into the revenue performance of these companies, offering valuable context to understand their financial standing within the industry.

<table>
<thead>
<tr>
<th>Company Name</th>
<th>Estimated Revenue</th>
<th>Announced Revenue</th>
<th>Revenue Surprise Percentage</th>
</tr>
</thead>
<tbody>
<tr>
<td>Boyd Gaming</td>
<td>909.06M</td>
<td>967.51M</td>
<td>6.43%</td>
</tr>
<tr>
<td>Wynn Resorts</td>
<td>1.77B</td>
<td>1.73B</td>
<td>-2.09%</td>
</tr>
<tr>
<td>Genius Sports</td>
<td>94.21M</td>
<td>95.45M</td>
<td>1.31%</td>
</tr>
<tr>
<td>PlayAGS</td>
<td>87.39M</td>
<td>95.97M</td>
<td>9.82%</td>
</tr>
</tbody>
</table>

To track all earnings releases for Boyd Gaming <a href="https://www.benzinga.com/quote/BYD/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Summary: Boyd Gaming Q2

Strategic Education, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stra#NASDAQ">STRA</a>), or SEI, reported stellar results in second-quarter 2024. Its quarterly earnings and revenues topped the Zacks Consensus Estimate and increased year over year.
The quarterly results reflect solid growth across the company&#39;s three reportable segments, attributable to continued enrollment growth in the U.S. Higher Education (&quot;USHE&quot;) segment, especially employer-affiliated enrollments, and total enrollment improvement in the Australia/New Zealand (ANZ) segment. Moreover, the Education Technology Services segment portrayed solid performance, mainly driven by the growth in Sophia Learning subscriptions.
However, shares of this education services holding company lost 5% on Jul 31 after its earnings release.
<h3>Inside the Headlines</h3>
SEI reported adjusted earnings per share of $1.33, which topped the Zacks Consensus Estimate of $1.20 by 10.8% and rose impressively from the year-ago quarter&#39;s 82 cents.
Total revenues of $312.3 million surpassed the consensus estimate of $304 million by 2.7% and increased 8.7% from the year-ago quarter&#39;s level. On a constant-currency basis, revenues increased 8.9% to $313.4 million in the quarter.
<div class="chart_embed">
<h3>Strategic Education Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Strategic Education Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/d8/1722440952.png" style="height:265px; width:584px" title="" />
Strategic Education Inc. price-consensus-eps-surprise-chart | Strategic Education Inc. Quote
</div>
<h3>Segmental Details</h3>
USHE: This segment comprises Strayer and Capella Universities. The segment&#39;s revenues increased 6.9% year over year to $216.6 million, backed by solid enrollment.
Student enrollment increased 8.4% from the year-ago quarter&#39;s level to 87,077 students. FlexPath enrollment was 22% of USHE enrollment compared with 21% in the year-ago quarter.
During the quarter, the operating margin rose to 9.2% from 3.3% in the year-ago quarter.
Education Technology Services: This segment includes Employer Solutions, Workforce Edge and Sophia Learning. The segment&#39;s quarterly revenues were $24.5 million, up 25.6% year over year, backed by solid growth in Sophia Learning subscriptions and employer-affiliated enrollment.
Sophia Learning&#39;s average total subscribers increased 37% from the year-ago period&#39;s levels. Employer-affiliated enrollment was 29.3% of USHE enrollment compared with 27.1% in the year-ago period.
Its operating margin was 40.9% in the reported quarter, up by a whopping 930 basis points (bps) from a year ago.
ANZ: This segment includes Torrens University, Think Education and Media Design School. The segment&#39;s revenues were $71.1 million, up 8.6% year over year, driven by higher enrollment and revenue-per-student. On a constant-currency basis, revenues rose 10.3% to $72.2 million year over year.
Student enrollment within ANZ rose 6.4% to 19,113 students during the reported quarter compared with the year-ago quarter.
The operating margin was 19.8%, down from 21.8% in the same period of 2023. On a constant-currency basis, the operating income margin was 19.9%, down from 21.8% in the year-ago period.
<h3>Operating Highlights</h3>
Adjusted operating income was up 61.4% to $43.9 million from $27.2 million in the year-ago quarter. The adjusted operating margin of 14.1% expanded a whopping 460 bps from the year-ago quarter.
Adjusted EBITDA in the reported quarter was $63.3 million, up from $45.4 million in the year-ago quarter.
<h3>Financial Details</h3>
As of Jun 30, 2024, SEI had cash and cash equivalents of $230.1 million, up from $168.5 million in 2023-end. Long-term debt at the second quarter of 2024-end was $61.3 million, slightly down from $61.4 million in 2023-end.
Cash provided by operating activities was $101.9 million in the first six months of 2024, up from $40.7 million in the comparable year-ago period. In the first half of 2024, capital expenditures were $19.9 million compared with $17.8 million a year ago.
In the second quarter of 2024, consolidated bad debt expense was 4.3% of revenue, slightly down from 4.4% for the same period in 2023.
<h3>Zacks Rank &amp; Recent Consumer Discretionary Releases</h3>
Strategic Education currently carries a Zacks Rank #3 (Hold).
Boyd Gaming Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/byd#NYSE">BYD</a>) reported second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The company&#39;s top line increased year over year.
Segment-wise, Boyd Gaming&#39;s Las Vegas Locals market showed improvement from the first quarter. Its business in this segment achieved market share growth. Additionally, the company experienced strong growth in its Downtown Las Vegas operations and maintained stable performance in Midwest and South operations.
Hasbro, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/has#NASDAQ">HAS</a>) reported second-quarter fiscal 2024 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Despite a year-over-year revenue decline, earnings increased on the back of a favorable business mix and improved operations.
For the full year, HAS expects total adjusted EBITDA between $975 million and $1.025 billion compared with the prior prediction of $925 million and $1 billion.
Mattel, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mat#NASDAQ">MAT</a>) reported mixed second-quarter 2024 results, with earnings surpassing the Zacks Consensus Estimate and revenues missing the same. The top line missed the consensus estimate for the third straight quarter.
Mattel anticipates 2024 adjusted EPS between $1.35 and $1.45, compared with $1.23 in 2023. The Zacks Consensus Estimate for 2024 EPS is pegged at $1.40.
<a href="https://www.zacks.com/stock/news/2313383/strategic-education-stra-q2-earnings-revenues-beat-estimates?cid=CS-BENZ-FT-analyst_blog|earnings_article-2313383">To read this article on Zacks.com click here.</a>

Strategic Education Q2 Earnings & Revenues Beat Estimates

Macquarie analyst Chad Beynon maintains Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) with a Neutral and lowers the price target from $72 to $68.

Macquarie Maintains Neutral on Boyd Gaming, Lowers Price Target to $68

After a turbulent week in the markets, the bulls reclaimed dominance on Wall Street during Friday&#8217;s session, with indices and sectors trading in positive territory as investors welcomed the latest corporate earnings results and further confirmation of inflation progressing toward <a href="https://www.benzinga.com/topic/interest-rates">the Fed&#8217;s 2% target.</a>
In June, the Personal Consumption Expenditure price index – the Fed&#8217;s preferred measure of inflation – dropped to 2.5% year-on-year, as anticipated, marking the lowest level since February 2021. The core component slightly exceeded expectations, remaining <a href="https://www.benzinga.com/top-stories/24/07/39987142/feds-favorite-inflation-gauge-keeps-falling-but-fed-wants-durable-downward-trend-economist-says">steady at 2.6% annually.</a>
Investors are unwavering in their expectations for a Fed interest rate cut in September, assigning it a 100% probability and factoring in nearly three cumulative rate cuts by year-end.
The Dow Jones Industrial Average led the charge on Friday, with the blue-chip index surging 1.9%, setting the stage for its strongest session this year. The tech-heavy Nasdaq 100 rebounded significantly, climbing 1.6%, which halted the tech sector&#8217;s decline but wasn&#8217;t enough to reverse a negative weekly close. 
The Russell 2000, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), also posted a solid gain of 1.3%.
Rate-sensitive sectors continued their rally, with homebuilders, as tracked by the SPDR Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>), rising over 3% for the day, reaching all-time highs and marking their third <a href="https://www.benzinga.com/markets/equities/24/07/39988310/homebuilder-stocks-rally-to-record-highs-on-rate-cut-frenzy-but-housing-sales-still-struggle">consecutive positive weekly close.</a>
In the bond market, Treasuries rose as yields dipped slightly, especially in longer-dated maturities.
Gold also rallied, increasing by 1%, while oil prices dropped by 1%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 2.5%, marking its second consecutive positive session after three negative ones.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,712.07</td>
<td>1.9%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,483.84</td>
<td>1.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,116.90</td>
<td>1.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,252.38</td>
<td>1.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.5% higher to $546.75.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 2% to $407.34.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) rose 1.5% to $465.21.</li>
<li>Sector-wise, the Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)&nbsp;outperformed, up by 2.3%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, up 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
Stocks moving on earnings were:
<ul>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), up 19%. </li>
<li>Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) up 6.4%. </li>
<li>Avantor Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVTR#NYSE">AVTR</a>) up 12%.</li>
<li>Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), down 3%.</li>
<li>BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>), down 12%.</li>
<li>Booz Allen Hamilton Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) down 10%. </li>
<li>Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), up 5.4%.</li>
<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), up 9.7%. </li>
<li>Centene Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>) up 9.8%. </li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) up 16.2%.</li>
<li>Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) up 3.7%. </li>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) up 7.9%.</li>
<li>DexCom, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>) down 42%. </li>
<li>Franklin Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) up 1.9%.</li>
<li> Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>) flat. </li>
<li>Mohawk Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>) up 19%. </li>
<li>Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>) up 39%. </li>
<li>Saia Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>) down 20%. </li>
<li>SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>) down 6.5%. </li>
<li>T. Rowe Price Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROW#NASDAQ">TROW</a>) down 2.8%. </li>
<li>VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>) up 3.3%. </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39970069/investors-go-all-in-on-small-caps-pour-over-6-billion-into-russell-2000-etf-this-month-they-will">Investors Go All In On Small Caps, Pour Over $6 Billion Into Russell 2000 ETF This Month: They &#8216;Will Return To Larger-Cap Alternatives,&#8217; Veteran Analyst Says</a></li>
</ul>
Illustration via Shutterstock.

Wall Street Enjoys Late-Week Rally On Benign Inflation Data, Dow Jones Eyes Best Session Of 2024, Tech Unwinding Stalls: What's Driving Markets Friday?

Providing a diverse range of perspectives from bullish to bearish, 4 analysts have published ratings on Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) in the last three months.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Boyd Gaming, revealing an average target of $127.0, a high estimate of $308.00, and a low estimate of $66.00. This current average has decreased by 18.94% from the previous average price target of $156.67. 
<img src="https://www.benzinga.com/files/images/story/2024/1722013223_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Boyd Gaming. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Steven Wieczynski</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$67.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Stephen Grambling</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$66.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>RJ Milligan</td>
<td>Raymond James</td>
<td>Announces</td>
<td>Outperform</td>
<td>$67.00</td>
<td>-</td>
</tr>
<tr>
<td>Sabahat Khan</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$308.00</td>
<td>$337.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Boyd Gaming. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Boyd Gaming compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of Boyd Gaming's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Boyd Gaming's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/BYD/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Boyd Gaming analyst ratings.</a>
<h2>Discovering Boyd Gaming: A Closer Look</h2>
Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly-owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Geographical regions separate its business segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online. Midwest and South hold the key number of entertainment properties, and it generate the majority of sales for the company.
<h3>Boyd Gaming: A Financial Overview</h3>
Market Capitalization Analysis: With an elevated market capitalization, the company stands out above industry averages, showcasing substantial size and market acknowledgment.
Revenue Growth: Boyd Gaming's revenue growth over a period of 3 months has faced challenges. As of 31 March, 2024, the company experienced a revenue decline of approximately -0.36%. This indicates a decrease in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Consumer Discretionary sector.
Net Margin: Boyd Gaming's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 14.21%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Boyd Gaming's ROE excels beyond industry benchmarks, reaching 7.8%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 2.18%, the company showcases effective utilization of assets.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 2.09.
<h2>Analyst Ratings: What Are They?</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Forecasting The Future: 4 Analyst Projections For Boyd Gaming

WIIM

Boyd Gaming shares are trading higher following better-than-expected Q2 financial results.

Stifel analyst Steven Wieczynski maintains Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) with a Hold and raises the price target from $65 to $67.

Stifel Maintains Hold on Boyd Gaming, Raises Price Target to $67

After the severe pounding the tech space received in the past three sessions, it might be rebound time. However, any recovery will largely hinge on whether key inflation data confirms the continued downward trajectory in pricing pressure. The major index futures are notably higher early Friday. Tamer inflation data could reinforce hopes of a September rate hike and more for the rest of the year, proving supportive of the market rally, especially amid the small-cap space.
Traders may also take cues from some quarterly reports as they nervously wait for next week&#8217;s earnings news flow from the likes of Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and the Federal Reserve&#8217;s rate-setting meeting.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.98%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.74%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.58%</td>
</tr>
<tr>
<td>R2K</td>
<td>+1.62%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) moved down 0.75% to $542.43, while the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 1.00% to $462.87, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
U.S. stocks closed Thursday&#8217;s session on a mixed note, as early optimism generated by strong GDP data did not sustain throughout the session. Negative tech news weighed down on the Nasdaq Composite and the S&amp;P 500 indices, sending them notably lower for a third straight day. The former pulled back toward its lowest close since June 7, and the latter slumped to the lowest since June 11.
The 30-stock Dow Jones Industrials Average ignored a negative start and traded mostly above the unchanged line, with International Business Machine Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) 4%+ gain lending support.
Second-quarter GDP rose at an annualized quarter-over-quarter pace of 2.8%, faster than the 1.4% growth in the first quarter and the core PCE inflation slowed. Comerica Chief Economist Bill Adams commented on the report, &#8220;The GDP report will reassure the Fed that there's no need for immediate rate cuts.&#8221;
&#8220;The Fed is expected to hold their policy rate steady at next Wednesday's decision and signal a cut coming in September,&#8221; he added.
Energy, industrial and utility stocks gained ground in the session, while the IT and communication services stocks were among the biggest decliners.
<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>-0.93%</td>
<td>17,181.72</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.51%</td>
<td>5,399.22</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.20%</td>
<td>39,935.07</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.26%</td>
<td>2,222.98</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Commenting on the recent market pullback, spearheaded by the tech stocks, LPL Chief Technical Strategist Adam Turnquist said, &#8220;Technical damage is beginning to mount for the broader market.&#8221;
Thursday&#8217;s decline led the S&amp;P 500 to break below key support at the 20-day moving average, violating a short-term uptrend. &#8220;Momentum confirmed the breakdown as select indicators turned bearish for the first time in several months, &#8221; he said.
Turnquist said the pullback was due to the weakness seen in mega-caps as well as the historically overbought conditions. &#8220;The good news is that there is still a lot of support in play before the S&amp;P 500's longer-term uptrend is challenged and strong momentum tends to be sustainable on a longer-term basis, although the path is not linear,&#8221; the strategist said.&#8217;
&#8220;Based on this backdrop, we recommend a neutral equities allocation and tactically buying dips once support is established and momentum improves.&#8221;
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis is scheduled to release the personal income and spending report for June at 8:30 a.m. EDT. Economists, on average, expect personal income and spending to rise 0.4% and 0.3% on a month-over-month basis. This compares to May&#8217;s growth of 0.5% and 0.2%, respectively. The annual rate of the Personal Consumption Expenditure (PCE), the Fed&#8217;s preferred measure of inflation, is projected to remain at 2.6%, unchanged from the May reading. On a month-over-month basis, the personal consumption expenditure index may have increased by 0.1% compared to flat performance in May.</li>
<li>The University of Michigan will release the final consumer sentiment index for July at 10 a.m. EDT. The flash reading released in mid-July came in at 66, down from 68.2 in June. The report also comprises key inflation expectation readings.</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>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) climbed over 11% in premarket trading following the company&#8217;s quarterly results. Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) climbed over 5%, Mohawk Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>) climbed over 14% and DexCom, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>) plunged over 35%, all reacting to their earnings.</li>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>), Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) and Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) are among the key companies due to release their earnings reports ahead of the market open.</li>
<li>Tech stocks firmed up in premarket, led by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>).</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) gained over 4.6% amid the strength in cryptos, while crypto mining stocks also gained ground.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures pulled back after two straight sessions of gains, as they traded around $78_a-barrel, while gold futures rebounded from Thursday&#8217;s sharp pullback. The 10-year Treasury note yielded 4.242%, down 1.2 basis points. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climbed over 5% and traded above the $67K mark.
The major Asian markets closed on a mixed note, with the Taiwanese market, which remained closed on Thursday, playing catchup with the losses in the region. The Japanese, Malaysian, New Zealand and Singaporean markets ended lower, while the remainder of the major markets advanced.
European stocks are higher in early trading on Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39970069/investors-go-all-in-on-small-caps-pour-over-6-billion-into-russell-2000-etf-this-month-they-will">Investors Go All In On Small Caps, Pour Over $6 Billion Into Russell 2000 ETF This Month: They &#8216;Will Return To Larger-Cap Alternatives,&#8217; Veteran Analyst Says</a></li>
</ul>
Image Via Shutterstock

Futures

Previews

Pre-Market Outlook

Movers

AAPL

AMZN

MSFT

US Stocks Look To End Week On High Note As Nvidia Leads Mega-Caps Higher In Premarket Ahead Of Key Inflation Data

Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) reported quarterly earnings of $1.58 per share which beat the analyst consensus estimate of $1.49 by 6.04 percent. This is unchanged from the same period last year. The company reported quarterly sales of $967.51 million which beat the analyst consensus estimate of $909.06 million by 6.43 percent. This is a 5.51 percent increase over sales of $916.95 million the same period last year.

Boyd Gaming Q2 Adj $1.58 Beats $1.49 Estimate, Sales $967.51M Beat $909.06M Estimate

Wall Street strongly rebounded Thursday after Wednesday&#8217;s slump, driven by stronger-than-expected economic growth in the last quarter, countering <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39957034/us-economy-expands-2-8-in-q2-tops-estimates-weekly-jobless-claim-fall">concerns of a slowdown.</a>
The U.S. economy posted a notable 2.8% real growth in the second quarter, doubling the first quarter&#8217;s pace and exceeding the 2% growth estimate.
Adding to the positive outlook, the Personal Consumption Expenditure (PCE) price index showed cooling price pressures, dropping from 3.4% to 2.6%, signaling progress toward the 2% target.
At midday, major U.S. averages traded positively, with all eleven sectors of the S&amp;P 500 posting gains. The S&amp;P 500 index was up 1%, and the Dow gained a robust 1.3%. The tech-heavy Nasdaq 100 inched 0.9% higher, while small caps, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied 2.4%.
Treasury yields fell significantly, with the 30-year yield down 6 basis points to 4.48%, boosting the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) by 1.8%.
Gold fell 1.6%, likely impacted by the rebound in riskier assets, silver plummeted 3.7%, while oil prices rose 0.7% to $77.80.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1% to $64,750, marking its fourth straight session of losses.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,252.16</td>
<td>2.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,361.96</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,480.26</td>
<td>1.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,202.70</td>
<td>0.9%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.7% higher to $545.24.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.1% to $403.20.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) rose 0.5% to $465.53.</li>
<li>Sector-wise, the Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)&nbsp;outperformed, up by 1.9%, while the&nbsp;Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and the Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, both up 0.6%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
Stocks moving on earnings were:
<ul>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), down 2%.</li>
<li>Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>) down over 29%.</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) down over 16%.</li>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) up nearly 6%.</li>
<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>) down over 1%. </li>
<li>ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) ORLY), up over 15%. </li>
<li>Kla Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) up 3.2%. </li>
<li>Teradyne Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) down over 11%.</li>
<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) down nearly 3%. </li>
<li>STMicroelectronics N.V. down over 11%. </li>
<li>O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>) up over 4%.</li>
<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) up nearly 4%. </li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) up over 6%. </li>
<li>AstraZeneca PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) down 2.8%. </li>
<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) up 1.9%. </li>
<li>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>) down 0.6%. </li>
<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) up 3.8%. </li>
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) down over 4%. </li>
<li>Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) up 3.9%</li>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) up 6.8%</li>
<li>RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) up over 8%. </li>
<li>Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) up 0.1%.</li>
<li>Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>). </li>
<li>Xerox Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>) down over 7%. </li>
</ul>
Those reporting after the close include: SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>), Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>) and VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>).
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39963781/feds-favorite-inflation-gauge-set-to-drop-to-lowest-level-in-over-3-years-is-july-rate-cut-possi">Fed&#8217;s Favorite Inflation Gauge Set To Drop To Lowest Level In Over 3 Years: Is July Rate Cut Possible?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

ABBV

CMCSA

KLAC

ORLY

iShares Trust Barclays 20+ Year Treasury Bond Fund

Select Sector SPDR-Consumer Discretionary

Stocks Rebound As US Economy Flexes Muscles, Small Caps Rally, Gold Falls: What's Driving Markets Thursday?

Sentiment continues to be jittery, with the major index futures priming for a lower opening on Thursday as traders look ahead to the first read of second-quarter GDP data and more earnings. The tech space could once again drag the broader market after a few disappointing earnings reports from the likes of Franco-Italian chipmaker STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>), which predominantly supplies to the automotive end market, and semiconductor test-equipment company Teradyne, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>).
Traders may also stay glued to second-quarter GDP data to confirm the slowdown suggested by some recent data does not point to a hard landing. That said, bond yields are dipping as the market, factoring in not-so-positive economic data, and commodities are moving to the downside.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.50%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.29%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.10%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.07%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) moved down 0.24% to $539.94, while the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.43% to $461.40, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:
Mega-cap earnings proved to be the undoing of the market on Wednesday, triggering an across-the-board sell-off. The major indices opened lower, with the sell-off intensifying in early trading after S&amp;P Global&#8217;s manufacturing purchasing managers&#8217; index unexpectedly fell into contraction territory and new home sales for June unexpectedly declined.
The key averages declined steadily through the session before closing the day notably lower. The S&amp;P 500 Index and the Nasdaq pulled back to their lowest closes since June 12 and June 11, respectively, while the 30-stock Dow Jones Industrial Average fell to a nearly two-week low. 
On a percentage basis, the S&amp;P 500 and the Nasdaq Composite indices posted their worst performances since Dec. 15, 2022 and Oct. 7, 2000, respectively, <a href="https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-retreat-as-big-tech-earnings-disappoint/card/nasdaq-s-p-500-end-with-worst-days-since-2022-after-sharp-selloff-in-stocks-51c9PsIEmZRNo2D3h3Jc?mod=bnbh">according</a> to MarketWatch. 
Defensive utility, healthcare and consumer staple stocks escaped the brunt of the selling pressure, which was manifested more acutely in IT, communication services and consumer discretionary stocks. Energy stocks also posted modest gains.
Small-caps also joined their large-cap counterparts in the sell-off, with the Russell 2,000 slipping over 2%.
<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>-3.64%</td>
<td>17,342.41</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-2.31%</td>
<td>5,427.13</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-1.25%</td>
<td>39,853.87</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-2.14%</td>
<td>2,195.37</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Morgan Stanley Chief U.S. Equity Strategist Mike Wilson in a podcast on Monday said the perceived underperformers under a Donald Trump presidency are alternative energy stocks and stocks of companies likely to be affected the most by increased tariffs. He noted that it is a widely-held view that Trump&#8217;s win in conjunction with a Republican sweep could be particularly beneficial for banks, small-caps, energy infrastructure and even industrials.
These cyclical areas that are perceived to outperform under a Trump Presidency did work in 2016 and through part of 2017, but they did even better during Biden&#8217;s first year, Wilson said. &#8220;Our rationale on this front is that the cycle plays a larger role in how stocks trade broadly and at the sector level than who is in the White House,&#8221; he said.
These cyclicals show &#8220;strong, but often not quite as strong performance in mid-cycle periods like 2016-17. They tend to show less strong returns later in the cycle like the current period,&#8221; he said.
Wilson also delved into the lower-quality, small-cap rally, attributing it to the combination of softer consumer price inflation data and hopes for an earlier Fed cut combined with dealer demand and short covering from investors on the back of Trump's improving odds.
&#8220;For those looking to the 2016 playbook,  we would point out that relative earnings revisions for small-cap cyclicals are much weaker today than they were during that period,&#8221; he said.
&#8220;Based on the evidence to date, we  would resist the urge to chase this cohort and lean back into large-cap quality and defensives.&#8221;
Charlie Bilello, chief market strategist at Creative Planning Investor, shared a graphic that showed the spread between the small and large caps, suggesting the &#8220;largest 10-day Small Cap outperformance ever.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">US Small Caps are up 7% over the last 10 trading days while US Large Caps are down 4%. The 11% spread is the largest 10-day Small Cap outperformance ever. <a href="https://twitter.com/search?q=%24IWM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IWM</a> <a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPY</a> Chart of the Day: <a href="https://t.co/JHO611M8Fh">https://t.co/JHO611M8Fh</a> <a href="https://t.co/0kQXFzjpkD">pic.twitter.com/0kQXFzjpkD</a>
&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1816234621165518911?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis is due to release the first estimate of second-quarter GDP at 8:30 a.m. EDT. Economists, on average, expect annualized quarterly GDP growth of 2.1% compared to the 1.4% growth in the first quarter. Traders may also keep an eye on the inflation components of the report, namely the annual rate of personal consumption expenditure and the GDP deflator.</li>
<li>The Labor Department will release its weekly jobless claims report at 8:30 a.m. EDT. The number of individuals claiming unemployment benefits may have come in at 235,000 in the week ended July 20 compared to 243,000 in the previous week.</li>
<li>The Commerce Department is scheduled to release the durables goods orders report for June at 8:30 a.m. EDT. The consensus estimate calls for a 0.3% month-over-month increase in orders for durable goods, faster than the 0.1% growth in May. Excluding the volatile transportation orders, that may have increased 0.2%, reversing part of the 0.1% drop in May.</li>
<li>The Treasury will auction four- and eight-week bills at 11:30 a.m. EDT and seven-year notes at 1 p.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) rose over 3% <a href="https://www.benzinga.com/premarket">in premarket trading </a>following the quarterly results announcement from the fast-food chain.</li>
<li>The other stocks moving on earnings are Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>) (down over 22%), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) (down over 13.6%), International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) (up over 4%), Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>) (down over 3%), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) ORLY) (up about 6.50%), Teradyne (down over 8%), STMicroelectronics (down over 12.50%) and O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>) (down over 5%).</li>
<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>), American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>), AstraZeneca PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>), Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>), Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>), STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>), Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) and Xerox Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>) are among the<a href="https://www.benzinga.com/calendars/earnings"> notable companies reporting ahead of the market open.</a></li>
<li>Those reporting after the close include SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>), Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>) and VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>)</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell sharply, dropping to the lowest since June 10 intraday, and gold futures also fell, retreating below the $2,400 mark. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell toward the $64K level. The yield on the 10-year benchmark Treasury note was down 6.5 basis points to 4.22%. 
The major global equity markets were swathed in a sea of red, with the Asian markets, led lower by the Japanese markets, as traders in the regional markets fretted about the losses on Wall Street and expressed apprehensions ahead of key U.S. data. European stocks were deep in negative territory, stung by the negative global market sentiment and some disappointing earnings.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39874391/tesla-alphabet-gm-ford-lead-earnings-parade-this-week-as-market-struggles-to-sustain-the-summer-">Tesla, Alphabet, GM, Ford Lead Earnings Parade This Week As Market Struggles To Sustain The Summer Rally</a></li>
</ul>
Photo Via Shutterstock

Nasdaq, S&P Futures Slide On More Negative Tech Tidings As Focus Shifts To Q2 GDP Data: Strategist Says Trump Trades May Not Work Even If Ex-President Retakes White House

About <a href="https://www.benzinga.com/news/earnings/24/07/39769910/goldman-sachs-q2-earnings-revenue-and-eps-beat-investment-banking-fees-up-21-hikes-dividend">14% of the S&amp;P 500 companies have reported their June quarter earnings</a> and the blended earnings growth rate for the companies constituting the broader index remains healthy. The coming week will see the official start of the tech reporting season, which could potentially decide the fate of the market, which has seen a steep pullback in the recent week.
The Week That Was: The tech earnings season had a modest start last week with the earnings report from chip-equipment maker ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>). The stock slumped about 16%, dragged by its weak third-quarter outlook and geopolitical concerns surrounding the China chip ban. Netflix, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) guidance disappointed investors, but with sell-side analysts raving over the results, the stock did not get hammered.
Investors cheered earnings reports from the remaining big banks, namely 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 Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>). A rebound in investment banking business and strong trading revenue helped the banks shore up their topline.
Of these companies, 80% reported earnings per share above estimates compared to the five-year average of 77%, said FactSet in its latest earnings insight <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_071924.pdf">report.</a> The average upside is about 5.5%, which, however, is below the five-year average of 8.6%.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Earnings Trend: The blended earnings growth rate for the S&amp;P 500 companies for the second quarter is currently estimated at 9.7%, up from 9.1% in the previous week, FactSet noted. If the estimate is hit, the actual growth rate for the quarter will mark the highest year-over-year rate reported since the fourth quarter of 2021, it added. The second quarter will also likely mark the fourth consecutive quarter of growth.
Eight of the qq S&amp;P 500 sectors are expected to report year-over-year earnings growth, with four, namely communication services, healthcare, IT, and financials, likely reporting double-digit earnings growth. On the other hand, three sectors will likely report earnings declines, led by the materials sector.
The Week Ahead: The unfolding week will see earnings reports from 138 S&amp;P 500 companies, including seven Dow 30 components, Factset report said. The earnings slate for the week includes companies from the telecom, auto, steel, chip, homebuilding, defense, airline and tech industries.
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) are among the closely watched copmanies, given their heavy weightings in the S&amp;P 500 and the Nasdaq indices. Tesla is widely expected to report a sharp year-over-year decline in its earnings per share from 91 cents to 62 cents, while revenue may have seen a much more modest 0.80% decline to $24.73 billion. The greater impact on the bottom line comes from the price cuts that Elon Musk&#8216;s company has relied on to push volume in a challenging demand environment.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39810457/as-tesla-stock-bounces-back-fund-manager-says-elon-musk-led-company-offers-good-set">Analysts and fund managers are optimistic</a> after the company reported a deliveries beat for the quarter. They also expect an inflection in the second-half of the year.
Alphabet&#8217;s earnings are important because it is the first among the AI-levered mega-cap companies to release its quarterly results, which might set the tempo for the earnings from the rest in the space. 
The stock market took a hit last week as major indices retreated from their record highs.The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an index that tracks the performance of the Nasdaq 100 Index, ended Friday&#8217;s session down 0.89% to $475.24, according to Benzinga Pro data. The ETF is trading off its record close of $502.96 reached on July 10. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.66% on Friday before closing at $548.99.
Notable among the companies reporting this week are:
Monday
Before market open:
<ul>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)</li>
</ul>
After close:
<ul>
<li>Agilysys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGYS#NASDAQ">AGYS</a>)</li>
<li>Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>)</li>
<li>Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>)</li>
<li>NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>)</li>
</ul>
Tuesday
Before market open:
<ul>
<li>&nbsp;Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>)</li>
<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</li>
<li>GATX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATX#NYSE">GATX</a>)</li>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</li>
<li>General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>)</li>
<li>Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>)</li>
<li>Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)</li>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>)</li>
<li>PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>)</li>
<li>Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>)</li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>)</li>
<li>United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)</li>
</ul>
After close:
<ul>
<li>Alphabet</li>
<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>)</li>
<li>Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>)</li>
<li>Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>)</li>
<li>Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>)</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>)</li>
<li>Tesla</li>
<li>Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</li>
<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)</li>
</ul>
Wednesday
Before market open:
<ul>
<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</li>
<li>Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>)</li>
<li>Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>)</li>
<li>CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>)</li>
<li>General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>)</li>
<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>)</li>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>)</li>
<li>Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>)</li>
</ul>
After close:
<ul>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
<li>Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>)</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)</li>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)</li>
<li>Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>)</li>
<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>)</li>
<li>Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>)</li>
<li>Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>)</li>
<li> ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) ORLY</li>
<li>O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>)</li>
</ul>
Thursday
Before market open:
<ul>
<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>)</li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) </li>
<li>AstraZeneca PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>)</li>
<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)</li>
<li>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>)</li>
<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>)</li>
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>)</li>
<li>Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>)</li>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>)</li>
<li>STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>)</li>
<li>Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>)</li>
<li> Xerox Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>)</li>
</ul>
After close:
<ul>
<li>SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>)</li>
<li>Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>)</li>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>)</li>
<li>Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>)</li>
<li>BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>)</li>
<li>VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>)</li>
</ul>
Friday
Before market open:
<ul>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>)</li>
<li>Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>)</li>
<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>)</li>
<li>Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>)</li>
<li>Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>)</li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>)</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39857569/american-express-q2-earnings-ceo-raises-annual-profit-and-marketing-spend-outlook-after-q2-profit-b">American Express Q2 Earnings: CEO Raises Annual Profit And Marketing Spend Outlook After Q2 Profit Beat</a></li>
</ul>
Photo: Shutterstock

AGYS

ASML

CHKP

GATX

GOOG

GOOGL

NFLX

NXPI

ODFL

SPOT

TSLA

Tesla, Alphabet, GM, Ford Lead Earnings Parade This Week As Market Struggles To Sustain The Summer Rally

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Below are some instances of options activity happening in the Consumer Discretionary sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TSLA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>07/19/24</td>
<td>$270.00</td>
<td>$26.5K</td>
<td>26.2K</td>
<td>113.8K</td>
</tr>
<tr>
<td>AMZN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$192.50</td>
<td>$25.7K</td>
<td>5.5K</td>
<td>15.7K</td>
</tr>
<tr>
<td>NKE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$80.00</td>
<td>$25.9K</td>
<td>30.0K</td>
<td>4.5K</td>
</tr>
<tr>
<td>CHWY</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$27.00</td>
<td>$32.6K</td>
<td>3.8K</td>
<td>3.0K</td>
</tr>
<tr>
<td>JD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$25.00</td>
<td>$52.0K</td>
<td>13.0K</td>
<td>1.3K</td>
</tr>
<tr>
<td>GME</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$25.00</td>
<td>$29.8K</td>
<td>7.7K</td>
<td>1.0K</td>
</tr>
<tr>
<td>CZR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$40.00</td>
<td>$49.9K</td>
<td>2.3K</td>
<td>831</td>
</tr>
<tr>
<td>MGM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$43.00</td>
<td>$191.1K</td>
<td>246</td>
<td>745</td>
</tr>
<tr>
<td>BABA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$79.00</td>
<td>$60.6K</td>
<td>2.5K</td>
<td>601</td>
</tr>
<tr>
<td>BYD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$55.00</td>
<td>$92.8K</td>
<td>435</td>
<td>597</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• Regarding TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we observe a call option sweep with neutral sentiment. It expires in 4 day(s) on July 19, 2024. Parties traded 58 contract(s) at a $270.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $26.5K, with a price of $457.0 per contract. There were 26203 open contracts at this strike prior to today, and today 113840 contract(s) were bought and sold. 
• For AMZN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), we notice a call option sweep that happens to be bearish, expiring in 4 day(s) on July 19, 2024. This event was a transfer of 103 contract(s) at a $192.50 strike. This particular call needed to be split into 12 different trades to become filled. The total cost received by the writing party (or parties) was $25.7K, with a price of $250.0 per contract. There were 5581 open contracts at this strike prior to today, and today 15787 contract(s) were bought and sold. 
• Regarding NKE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>), we observe a call option sweep with bearish sentiment. It expires in 32 day(s) on August 16, 2024. Parties traded 786 contract(s) at a $80.00 strike. This particular call needed to be split into 15 different trades to become filled. The total cost received by the writing party (or parties) was $25.9K, with a price of $33.0 per contract. There were 30019 open contracts at this strike prior to today, and today 4575 contract(s) were bought and sold. 
• For CHWY (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>), we notice a call option sweep that happens to be bearish, expiring in 4 day(s) on July 19, 2024. This event was a transfer of 402 contract(s) at a $27.00 strike. This particular call needed to be split into 18 different trades to become filled. The total cost received by the writing party (or parties) was $32.6K, with a price of $81.0 per contract. There were 3814 open contracts at this strike prior to today, and today 3065 contract(s) were bought and sold. 
• Regarding JD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), we observe a call option sweep with neutral sentiment. It expires in 186 day(s) on January 17, 2025. Parties traded 115 contract(s) at a $25.00 strike. This particular call needed to be split into 9 different trades to become filled. The total cost received by the writing party (or parties) was $52.0K, with a price of $453.0 per contract. There were 13021 open contracts at this strike prior to today, and today 1369 contract(s) were bought and sold. 
• Regarding GME (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), we observe a call option trade with bullish sentiment. It expires in 11 day(s) on July 26, 2024. Parties traded 100 contract(s) at a $25.00 strike. The total cost received by the writing party (or parties) was $29.8K, with a price of $298.0 per contract. There were 7776 open contracts at this strike prior to today, and today 1040 contract(s) were bought and sold. 
• For CZR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>), we notice a call option sweep that happens to be bearish, expiring in 186 day(s) on January 17, 2025. This event was a transfer of 99 contract(s) at a $40.00 strike. This particular call needed to be split into 15 different trades to become filled. The total cost received by the writing party (or parties) was $49.9K, with a price of $505.0 per contract. There were 2355 open contracts at this strike prior to today, and today 831 contract(s) were bought and sold. 
• For MGM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), we notice a put option sweep that happens to be bearish, expiring in 158 day(s) on December 20, 2024. This event was a transfer of 970 contract(s) at a $43.00 strike. This particular put needed to be split into 12 different trades to become filled. The total cost received by the writing party (or parties) was $191.1K, with a price of $197.0 per contract. There were 246 open contracts at this strike prior to today, and today 745 contract(s) were bought and sold. 
• For BABA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), we notice a call option sweep that happens to be bullish, expiring in 11 day(s) on July 26, 2024. This event was a transfer of 399 contract(s) at a $79.00 strike. This particular call needed to be split into 25 different trades to become filled. The total cost received by the writing party (or parties) was $60.6K, with a price of $152.0 per contract. There were 2546 open contracts at this strike prior to today, and today 601 contract(s) were bought and sold. 
• For BYD (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), we notice a call option sweep that happens to be bearish, expiring in 32 day(s) on August 16, 2024. This event was a transfer of 221 contract(s) at a $55.00 strike. This particular call needed to be split into 39 different trades to become filled. The total cost received by the writing party (or parties) was $92.8K, with a price of $420.0 per contract. There were 435 open contracts at this strike prior to today, and today 597 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

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Morgan Stanley analyst Stephen Grambling maintains Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) with a Equal-Weight and lowers the price target from $68 to $66.

Morgan Stanley Maintains Equal-Weight on Boyd Gaming, Lowers Price Target to $66

Less than a month after a report that Boyd Gaming (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) <a href="https://www.benzinga.com/m-a/24/06/39422690/penn-entertainment-shares-soar-on-buyout-report-what-investors-should-know">was considering a buyout</a> of casino and<a href="https://www.benzinga.com/topic/sports-betting-stocks"> sports betting</a> operator Penn Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), a new bidder has emerged.
What Happened: FanDuel&#8217;s parent company, Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>), is considering teaming up with Boyd on a bid for Penn, according to TheDeal.com, citing unnamed sources.
Boyd would <a href="https://www.covers.com/industry/flutter-reportedly-eyes-potential-penn-acquisition-july-8-2024">reportedly</a> acquire the brick-and-mortar casino business from Penn; Flutter would get the digital arm that currently includes the ESPN Bet sportsbook and other assets.
After previously launching its sportsbook with Barstool Sports as Barstool Sportsbook, Penn sold the brand back to founder Dave Portnoy. It also announced a 10-year licensing agreement with The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) for the ESPN brand to be used for a sportsbook.
Penn is paying $1.5 billion, plus up to $500 million in warrants, to Disney for the ESPN brand and other considerations.
After launching last November, ESPN Bet gained initial market share and performed better than Barstool Sportsbook in several states. A <a href="https://igamingbusiness.com/sports-betting/penn-espn-bet-flutter-boyd-potential-bid/">report </a>from iGamingBusiness shows ESPN Bet with a 6% market share. It is currently live in 18 states and <a href="https://www.benzinga.com/general/sports-betting/24/02/37102291/espn-bet-is-coming-to-new-york-what-penn-entertainment-investors-sports-bettors-should-kno">plans to launch </a>in New York later this year.
FanDuel and its competitor, DraftKings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dkng#NASDAQ">DKNG</a>), control around 60% to 70% of the online sports betting market, according to reports.
The reported buyout interest from Flutter and Boyd has led to Penn shares trading higher over the last month. The <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071024&amp;t=be2bearmibe3na1">chart from Benzinga Pro</a> below shows Penn shares up 13.5% over the last month.
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071024&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="997" height="505" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/10102906/Screenshot-47.png" alt="" class="wp-image-428910" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/10102906/Screenshot-47.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/10102906/Screenshot-47-300x152.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/10102906/Screenshot-47-768x389.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
Read Also: <a href="https://www.benzinga.com/news/earnings/24/05/38590589/penn-entertainment-shares-fall-after-q1-results-heres-why">Penn Entertainment Shares Fall After Q1 Results: Here&#8217;s Why</a>
Why It's Important: A Penn shareholder recently <a href="https://www.benzinga.com/markets/equities/24/05/39114169/whats-going-on-with-penn-entertainment-stock-friday">called for the company</a> to potentially sell or abandon the interactive segment to focus on casinos.
While Penn has plans to grow its interactive segment and boost the market share of ESPN Bet, the reported interest could be too good to pass up with shareholder pressure.
There are major questions regarding the potential sale or merger involving Boyd and Flutter.
Penn Entertainment is larger than Boyd when debt is factored in, but help from Flutter could alleviate the size constraints.
As two of the largest casino operators in the U.S., a potential merger could also face competitive concerns. FanDuel is the market leader in online sports betting and holds<a href="https://www.benzinga.com/general/sports-betting/24/06/39164610/the-flutter-entertainment-bull-case-are-fanduel-and-draftkings-a-sports-betting-duopoly"> a near duopoly </a>with DraftKings. Boyd also owns a 5% stake in FanDuel that Flutter is reportedly interested in acquiring.
Smaller moves have happened in the space, but most sports betting companies are jockeying for third, fourth and fifth place after the market leaders.
Allowing Flutter to acquire the interactive segment from Penn may concern antitrust regulators and raise issues from competitors like BetMGM, Caesars and more.
There also is the issue of the Disney license, which would likely need the media company to give the okay for Flutter to be able to continuing using the ESPN brand. Without the rights, it's unclear how valuable Penn's interactive customer base and technology would be to the market leader.
PENN Price Action: Penn shares trade at $20.03 versus a 52-week trading range of $13.50 to $29.38. Penn stock is down 23% year-to-date in 2024 and down 23.3% over the last year even after the surge in the last month.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38624401/penn-entertainment-focuses-on-where-the-puck-has-been-rather-than-where-its-going-5">Penn Entertainment Focuses On &#8216;Where The Puck Has Been Rather Than Where It&#8217;s Going&#8217;: 5 Analysts Size Up Q1 Results, Sports Betting Segment</a></li>
</ul>
Image: Shutterstock

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