Intuitive Surgical Stock (NASDAQ:ISRG), Trade Ideas

Intuitive Surgical

Intuitive Surgical develops, produces, and markets a robotic system for assisting minimally invasive surgery. It also provides the instrumentation, disposable accessories, and warranty services for the system. The company has placed more than 8,600 da Vinci systems in hospitals worldwide, with more than 5,000 installations in the US and a growing number in emerging markets.

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These Analysts Revise Their Forecasts On Intuitive Surgical Following Q1 Results

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U.S. stocks appear headed for another losing day, potentially marking a sixth consecutive session in the red for Wall Street.

Wall Street On Track For 6th Day Of Losses? Netflix, Geopolitical Tensions Drag Futures Down: Analyst Tells Why Next 2 Weeks Are Pivotal

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Netflix, Procter &amp; Gamble And 3 Stocks To Watch Heading Into Friday

Intuitive Surgical Inc

Intuitive Surgical's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NYSE">ISRG</a>) short percent of float has fallen 3.96% since its last report. The company recently reported that it has 3.41 million shares sold short, which is 0.97% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.63 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Intuitive Surgical Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713879913_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Intuitive Surgical has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Intuitive Surgical's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Intuitive Surgical's peer group average for short interest as a percentage of float is 4.21%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(ISRG) - Analyzing Intuitive Surgical's Short Interest

BTIG analyst Ryan Zimmerman maintains Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) with a Buy and raises the price target from $412 to $421.

Analyst Ratings

BTIG Maintains Buy on Intuitive Surgical, Raises Price Target to $421

Piper Sandler analyst Adam Maeder maintains Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) with a Overweight and raises the price target from $425 to $435.

Piper Sandler Maintains Overweight on Intuitive Surgical, Raises Price Target to $435

Intuitive Surgical Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) reported better-than-expected results for its <a href="https://www.benzinga.com/news/earnings/24/04/38325095/intuitive-surgical-q1-earnings-revenue-beat-eps-beat-surgical-system-installed-base-up-14-and-more">first quarter on Thursday</a>.
Intuitive Surgical reported first-quarter revenue of $1.89 billion, which beat the consensus estimate of $1.87 billion, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The robotic-assisted surgery company's top-line results were up 11% on a year-over-year basis. Intuitive Surgical reported quarterly adjusted earnings of $1.50 per share, which beat analyst estimates of $1.41 per share.
Intuitive Surgical's da Vinci surgical system installed base totaled 8,887 systems as of March 31, up 14% on a year-over-year basis. The company ended the quarter with $7.32 billion in cash, equivalents and investments.
"The core measures of our business remained healthy this quarter, as we reached meaningful milestones across several parts of our business," said Gary Guthart, CEO of Intuitive Surgical. "We are pleased by feedback from our measured da Vinci 5 launch as well as the continued adoption of SP and Ion, and we remain focused on delivering the goals we share with our customers, including improving patient outcomes."
Intuitive Surgical shares fell 0.4% to close at $372.63 on Thursday.
These analysts made changes to their price targets on Intuitive Surgical following earnings announcement.
<ul>
<li>Baird cut the price target on Intuitive Surgical from $440 to $436. Baird analyst Mike Polark maintained an Outperform rating.</li>
<li>Jefferies raised the price target on Intuitive Surgical from $365 to $375. Jefferies analyst David Windley maintained a Hold rating.</li>
</ul>

Read More: <a href="https://www.benzinga.com/news/earnings/24/04/38329059/netflix-procter-gamble-and-3-stocks-to-watch-heading-into-friday">Netflix, Procter &amp; Gamble And 3 Stocks To Watch Heading Into Friday</a>

Jefferies analyst David Windley maintains Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) with a Hold and raises the price target from $365 to $375.

Jefferies Maintains Hold on Intuitive Surgical, Raises Price Target to $375

General

Intuitive Surgical shares are trading higher after the company reported better-than-expected Q1 financial results.

Baird analyst Mike Polark maintains Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) with a Outperform and lowers the price target from $440 to $436.

Baird Maintains Outperform on Intuitive Surgical, Lowers Price Target to $436

U.S. stocks appear headed for another losing day, potentially marking a sixth consecutive session in the red for Wall Street. While index futures on Friday clawed back some earlier losses, sentiment remains fragile following Israel&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38328006/israel-reportedly-strikes-iran-syria-iraq-in-retaliation-for-missile-drone-attack" rel="noreferrer noopener">missile strikes on Iran</a>&nbsp;in response to drone attacks and as explosions were reported in Syria and Iraq.
Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), the first major tech company to report earnings, <a href="https://www.benzinga.com/news/earnings/24/04/38330086/netflix-stock-tumbles-analyst-says-streaming-giant-doing-everything-right-but-growth-factor-doesnt-" target="_blank" rel="noreferrer noopener">disappointed investors</a> with comments about ending membership guidance. Investors may also turn their attention to upcoming regional bank earnings reports. With commodities retreating from their initial spikes and bond yields falling, a potential reversal in sentiment remains in play despite the extended decline.
The session will also likely see volatility as options contracts tied to about $3 trillion in stocks, equity indexes, and exchange-traded funds <a href="https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-gain-as-netflix-earnings-eyed/card/options-tied-to-nearly-3-trillion-in-stocks-set-to-expire-on-friday-6OGifsplhRh8sVduKhbe" target="_blank" rel="noreferrer noopener">expire</a> on Friday.
 Futures Performance On Friday ( as of 6:20 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.63%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.42%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.38%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.83%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Friday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.41% to $497.49,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.67% to $420.58, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session:
Stocks struggled to gain momentum on Thursday, remaining in a lackluster phase despite mostly positive economic data that pushed bond yields higher. The S&amp;P 500 saw its first losing streak of this length since late October, just before the current bull market began, while the Nasdaq experienced its longest negative run since January, per CNBC.
 Jobless claims came in below expectations, and Philadelphia&#8217;s regional manufacturing activity saw significant expansion, although the Conference Board&#8217;s leading economic index fell more than anticipated. Additionally, apprehension ahead of the tech reporting season contributed to overall market sentiment. However, sectors like consumer staples, communication services, and financials offered some support.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance In (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.52%</td>
<td>15,601.50</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.22%</td>
<td>5,011.12</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.06%</td>
<td>37,775.38</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.26%</td>
<td>1,942.96</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Fund manager Louis Navellier said the next two weeks are pivotal to the earnings season, with Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and&nbsp;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>) reporting next week, and Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) the week after and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) on May 22.&nbsp;
&#8220;These names have been driving earnings growth and their strength is necessary to mount further index growth due to their&nbsp;heavy weight in the indexes,&#8221; he said.
Another analyst flagged the possibility of a potential rebound in the coming months. Almanac Traders&#8217; Jeffrey Hirsch said when the first quarter fares well during a presidential election year, one can expect gains solid gains in the final seven months of the year.
&#8220;Big Election Year Q1s Dip April-May Before Gains Last 7 Months,&#8221; he said in a post, adding that 2024 was the third-best election year first quarter since 1950.
<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">Big Election Year Q1s Dip April-May Before Gains Last 7 Months. 2024 3rd best Election Q1 since 1950 tracking. Chop continues up ~2.5% April-Oct. Only 2 losses in the last 7 months of election years since 1950, 2000 &amp; 2008 (2024 Almanac page 80). <a href="https://t.co/thKL7tbYsu">pic.twitter.com/thKL7tbYsu</a>
&mdash; Jeffrey A. Hirsch (@AlmanacTrader) <a href="https://twitter.com/AlmanacTrader/status/1781017887869735077?ref_src=twsrc%5Etfw">April 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Upcoming Economic Data:</figcaption></figure>
Chicago Fed President Austan Goolsbee is scheduled to speak at 10:30 a.m. EDT.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>Netflix fell about 6%<a href="https://www.benzinga.com/premarket"> in premarket trading</a> following its quarterly results, while Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) gained over 1.50%.</li>
<li>Big techs such as Tesla, Nvidia, and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) all retreated in premarket.</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) shares rose as cryptocurrencies gained ground on the geopolitical tensions.</li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) gained over 9% after a Bloomberg report said Apollo Global Management Inc. and Sony Group Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) were considering a joint offer for the company.</li>
<li>American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), Fifth Third Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>), Huntington Bancshares Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>), Regions Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>), Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) and Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) are among those <a href="https://www.benzinga.com/calendars/earnings">reporting earnings ahead of the market open.</a> </li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures, which spiked past the $86-a-barrel mark in early Asian hours following the Israeli attacks, have come notably off the level. At last check, a barrel of oil fetched a little over $82. Gold futures hit as high as $2,433 a troy ounce but has slipped back since then and traded below the $2,400 mark.
The 10-year note yield has pulled back the 4.60% level.
 Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rallied past the $65K mark, thanks to the uncertainty triggered by the geopolitical tension and the optimism ahead of the <a href="https://www.benzinga.com/money/what-is-bitcoin-halving">halving event</a>. It rose over 5.60% at the last check. The halving is expected to happen anytime between Friday and Saturday when 840,000 Bitcoins have been mined. Bitcoin tracking website Bitaps shows that 839,916 Bitcoins are currently in circulation. 
Most Asian markets fell sharply on Friday on the geopolitical tensions, led lower by the Japanese market. The Indian and the Malaysian markets bucked the downtrend. Parliamentary elections are underway in India to elect the next head of state, with the ruling coalition projected to win by opinion poll. 
European stocks traded moderately lower in early trading.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38329084/cathie-wood-sees-value-in-tesla-wreckage-as-ark-buys-13m-worth-of-ev-giants-stock-loads-up">Cathie Wood Sees Value In Tesla Wreckage As Ark Buys $13M Worth Of EV Giant&#8217;s Stock, Loads Up On Bitcoin And Ethereum ETFs</a>

With U.S. stock futures trading lower this morning on Friday, some of the stocks that may grab investor focus today are as follows:
Wall Street expects The Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) to report quarterly earnings at $1.41 per share on revenue of $20.41 billion before the opening bell, according to data from Benzinga Pro. Procter &amp; Gamble shares fell 0.1% to $157.14 in after-hours trading.
Intuitive Surgical Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) reported better-than-expected results for its first quarter on Thursday. Intuitive Surgical shares gained 3.5% to $385.60 in the after-hours trading session.
Analysts are expecting American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) to post quarterly earnings at $2.95 per share on revenue of $15.79 billion. The company will release earnings before the markets open. American Express shares fell 1.7% to $213.90 in after-hours trading.
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) reported upbeat earnings and sales results for its first quarter. The company added 9.33 million paid net new subscribers in the first quarter to bring the company to a total of 269.60 million. Netflix shares fell 4.8% to $581.49 in the after-hours trading session.
Analysts expect Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) to post quarterly earnings at 75 cents per share on revenue of $8.69 billion before the opening bell. SLB shares fell 0.5% to $50.69 in after-hours trading.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38285336/how-to-earn-500-a-month-from-intel-stock-ahead-of-q1-earnings">How To Earn $500 A Month From Intel Stock Ahead Of Q1 Earnings</a>

Netflix, Procter & Gamble And 3 Stocks To Watch Heading Into Friday

Intuitive Surgical Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) reported first-quarter financial results Thursday after the market close. Here&#8217;s a look at the <a href="https://www.benzinga.com/pressreleases/24/04/g38323698/intuitive-announces-first-quarter-earnings">key metrics from the quarter</a>.
Q1 Earnings: Intuitive Surgical reported first-quarter revenue of $1.89 billion, which beat the&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $1.87 billion, according to&nbsp;<a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>. The robotic-assisted surgery company&#8217;s top-line results were up 11% on a year-over-year basis. 
Intuitive Surgical reported quarterly adjusted earnings of $1.50 per share, which beat analyst estimates of $1.41 per share.
Worldwide da Vinci procedures increased approximately 16% year-over-year. The company said it&nbsp;placed 313 da Vinci surgical systems in the quarter, versus 312 in the prior year&#8217;s quarter. Eight of the systems placed during the quarter were Intuitive&#8217;s new da Vinci 5 systems.
Intuitive Surgical&#8217;s da Vinci surgical system installed base totaled 8,887 systems as of March 31, up 14% on a year-over-year basis. The company ended the quarter with $7.32 billion in cash, equivalents and investments.
&#8220;The core measures of our business remained healthy this quarter, as we reached meaningful milestones across several parts of our business,&#8221; said Gary Guthart, CEO of Intuitive Surgical.
&#8220;We are pleased by feedback from our measured da Vinci 5 launch as well as the continued adoption of SP and Ion, and we remain focused on delivering the goals we share with our customers, including improving patient outcomes.&#8221;
Management will hold a conference call to discuss these results at 4:30 p.m. ET.
Don&#8217;t Miss: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38319509/treasury-yields-head-to-danger-zone-analyst-forecasts-potential-spike-to-5-disorder">Treasury Yields Head To &#8216;Danger Zone&#8217;: Analyst Forecasts Potential Spike To 5%, Disorderly Sell-Off For Markets</a>
ISRG Price Action: <a href="https://www.benzinga.com/quote/ISRG" target="_blank" rel="noreferrer noopener">Intuitive Surgical shares</a> were volatile during after-hours trading on Thursday following the release. The stock was up 1.03% at $372.85 at the time of publication, according to <a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: Courtesy of Intuitive Surgical.

Health Care

After-Hours Center

Intuitive Surgical Q1 Earnings: Revenue Beat, EPS Beat, Surgical System Installed Base Up 14% And More

WIIM

Intuitive Surgical CEO Says 'The core measures of our business remained healthy this quarter, as we reached meaningful milestones across several parts of our business'

Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) reported quarterly earnings of $1.50 per share which beat the analyst consensus estimate of $1.41 by 6.38 percent. The company reported quarterly sales of $1.89 billion which beat the analyst consensus estimate of $1.87 billion by 1.18 percent. This is a 11.44 percent increase over sales of $1.70 billion the same period last year.

Earnings Beats

Intuitive Surgical Q1 2024 Adj EPS $1.50 Beats $1.41 Estimate, Sales $1.89B Beat $1.87B Estimate

Stocks surged higher on Thursday, with the S&amp;P 500 index aiming to snap a four-day losing streak as investors assess the latest wave <a href="https://www.benzinga.com/calendars/earnings">of corporate earnings.</a>
During midday trading in New York, all major indices were in the green. Notably, small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), outperformed, posting a 1% increase.
Industry-wise, airline stocks continued their upward momentum, with the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) climbing 2.7%, building on Wednesday&#8217;s 3.9% surge.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) had another lackluster session, declining over 3% and on track for its lowest close since January 2023. This decline followed Deutsche Bank&#8217;s downgrade of the EV-maker from Buy to Hold, citing concerns over the strategic pivot to autonomous vehicles.
On the data front, the Philadelphia Fed Manufacturing Index posted a sharp upside surprise, registering at 15.5 compared to the expected 1.5 for April. However, existing home sales disappointed expectations, declining 4.3% year over year.
Commodities experienced a rebound, with copper witnessing strong gains, up over 2% to reach a 22-month high, and gold showing further strength with a 1% increase. Natural gas prices rallied over 3% due to slower than expected inventory builds last week.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rallied 4% to reach $63,700 ahead of the highly anticipated halving event.
<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>1,964.69</td>
<td>0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,894.26</td>
<td>0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,038.47</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,526.21</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:38 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $502.25, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) also rose 0.4% to $379.08 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% up to $426.62, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1.2%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the major laggard, down 0.4%. 
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Discovery Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) rose 3.6% following the company&#8217;s first quarter results. Peer Capital One Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) mimicked the move ahead of next week&#8217;s earnings release. </li>
<li>Other stocks reacting to earnings were Genuine Parts Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPC#NYSE">GPC</a>), up over 12%, Alaska Air Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>), up over 5%, Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>), down 2%, Comerica, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>), up over 3%, Ally Financial Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), up over 8%, D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), up over 2%, KeyCorp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>), down 0.4%, and Marsh &amp; McLennan Companies, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), up over 3%. </li>
<li>Notable names reporting after the close are Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) and Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>).</li>
</ul>
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Stocks Edge Higher As Earnings Provide Support, Tesla Sinks To 15-Month Lows, Bitcoin Rebounds: What's Driving Markets Thursday?

<h3>Companies Reporting Before The Bell</h3>
&bull; Addex Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADXN#NASDAQ">ADXN</a>) is estimated to report earnings for its fourth quarter.
&bull; Nokia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) is estimated to report quarterly earnings at $0.06 per share on revenue of $5.09 billion.
&bull; Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is likely to report quarterly earnings at $1.31 per share on revenue of $18.41 billion.
&bull; TH International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THCH#NASDAQ">THCH</a>) is projected to report earnings for its fourth quarter.
&bull; Ohmyhome (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMH#NASDAQ">OMH</a>) is likely to report earnings for its Fiscal Year 2023.
&bull; Alaska Air Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) is likely to report quarterly loss at $0.97 per share on revenue of $2.13 billion.
&bull; Snap-on (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNA#NYSE">SNA</a>) is projected to report quarterly earnings at $4.65 per share on revenue of $1.20 billion.
&bull; Texas Capital Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCBI#NASDAQ">TCBI</a>) is projected to report quarterly earnings at $0.61 per share on revenue of $253.42 million.
&bull; Infosys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INFY#NYSE">INFY</a>) is likely to report quarterly earnings at $0.17 per share on revenue of $4.55 billion.
&bull; Berkshire Hills Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHLB#NYSE">BHLB</a>) is expected to report quarterly earnings at $0.47 per share on revenue of $89.01 million.
&bull; Ally Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is estimated to report quarterly earnings at $0.41 per share on revenue of $1.98 billion.
&bull; Genuine Parts (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPC#NYSE">GPC</a>) is estimated to report quarterly earnings at $2.16 per share on revenue of $5.84 billion.
&bull; Comerica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) is likely to report quarterly earnings at $1.12 per share on revenue of $807.79 million.
&bull; KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) is expected to report quarterly earnings at $0.22 per share on revenue of $1.51 billion.
&bull; Elevance Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>) is projected to report quarterly earnings at $10.49 per share on revenue of $42.62 billion.
&bull; Badger Meter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMI#NYSE">BMI</a>) is projected to report quarterly earnings at $0.82 per share on revenue of $182.26 million.
&bull; S&amp;T Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STBA#NASDAQ">STBA</a>) is expected to report quarterly earnings at $0.79 per share on revenue of $95.94 million.
&bull; ManpowerGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAN#NYSE">MAN</a>) is likely to report quarterly earnings at $0.91 per share on revenue of $4.43 billion.
&bull; Blackstone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) is expected to report quarterly earnings at $0.98 per share on revenue of $2.53 billion.
&bull; Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) is estimated to report quarterly earnings at $0.15 per share on revenue of $193.75 million.
&bull; Apogee Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APOG#NASDAQ">APOG</a>) is expected to report quarterly earnings at $1.01 per share on revenue of $337.83 million.
&bull; OFG Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFG#NYSE">OFG</a>) is projected to report quarterly earnings at $0.97 per share on revenue of $152.67 million.
&bull; Marsh &amp; McLennan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>) is estimated to report quarterly earnings at $2.80 per share on revenue of $6.39 billion.
&bull; Home BancShares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOMB#NYSE">HOMB</a>) is expected to report quarterly earnings at $0.46 per share on revenue of $240.40 million.
&bull; Forestar Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FOR#NYSE">FOR</a>) is projected to report quarterly earnings at $0.72 per share on revenue of $325.91 million.
&bull; D.R. Horton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) is likely to report quarterly earnings at $3.06 per share on revenue of $8.28 billion.
<h3>Companies Reporting After The Bell</h3>
&bull; Hilltop Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HTH#NYSE">HTH</a>) is expected to report quarterly earnings at $0.25 per share on revenue of $109.71 million.
&bull; Five Point Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FPH#NYSE">FPH</a>) is expected to report earnings for its first quarter.
&bull; Provident Finl Servs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFS#NYSE">PFS</a>) is expected to report quarterly earnings at $0.40 per share on revenue of $92.95 million.
&bull; Western Alliance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) is expected to report quarterly earnings at $1.67 per share on revenue of $697.64 million.
&bull; Independent Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDB#NASDAQ">INDB</a>) is estimated to report quarterly earnings at $1.11 per share on revenue of $174.77 million.
&bull; Banco Latinoamericano (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLX#NYSE">BLX</a>) is expected to report earnings for its first quarter.
&bull; Glacier Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBCI#NYSE">GBCI</a>) is expected to report quarterly earnings at $0.34 per share on revenue of $171.99 million.
&bull; First Western Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYFW#NASDAQ">MYFW</a>) is expected to report quarterly earnings at $0.22 per share on revenue of $22.97 million.
&bull; Alpine Income Prop Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINE#NYSE">PINE</a>) is projected to report quarterly earnings at $0.38 per share on revenue of $11.63 million.
&bull; Metropolitan Bank Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCB#NYSE">MCB</a>) is projected to report quarterly earnings at $1.34 per share on revenue of $64.56 million.
&bull; Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) is likely to report quarterly earnings at $4.50 per share on revenue of $9.26 billion.
&bull; OceanFirst Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCFC#NASDAQ">OCFC</a>) is likely to report quarterly earnings at $0.41 per share on revenue of $87.72 million.
&bull; PPG Indus (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>) is expected to report quarterly earnings at $1.86 per share on revenue of $4.43 billion.
&bull; SB Finl Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBFG#NASDAQ">SBFG</a>) is estimated to report quarterly earnings at $0.30 per share on revenue of $9.50 million.
&bull; Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) is estimated to report quarterly earnings at $1.41 per share on revenue of $1.87 billion.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

ADXN

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GBCI

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INDB

INFY

IRDM

MYFW

OCFC

PINE

SBFG

STBA

TCBI

THCH

Earnings Scheduled For April 18, 2024

Cautious optimism hangs in the air on Thursday morning as index futures traded up moderately in early hours. The&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38301893/market-reaction-to-bank-earnings-is-mixed-jpmorgan-analysts-project-further-decline" rel="noreferrer noopener">earnings season also heats up</a>&nbsp;with more financial companies and streaming giant&nbsp;Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) scheduled to release quarterly results. Economic data on the housing market and the manufacturing sector, along with comments from Federal Reserve officials, may also impact the market.
Cleveland Fed President&nbsp;Loretta Mester, in a speech after the market closed on Wednesday, said the central bank needn&#8217;t rush to cut rates, but at some point when inflation eases closer to the 2% target, it could loosen its monetary policy stance. Meanwhile, Fed Governor&nbsp;Michelle Bowman&nbsp;commented that progress on curbing inflation has slowed and may have even stalled.
 Futures Performance On Thursday ( as of 6:00 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.34%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.24%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.22%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.01%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Thursday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) added 0.29% to $502.0,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.33% to $427.24, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session:
The lean patch on Wall Street continued on Wednesday despite the bond yields coming off recent highs. The culprit this time around was the premonition of potential earnings slowdown, especially from red-hot AI-levered companies, after Dutch semiconductor-equipment maker ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) was disappointed with a first-quarter revenue miss.
Mortgage Bankers&#8217; Association&#8217;s weekly mortgage applications volume data showed that 30-year fixed mortgage rates rising to their highest level since December 2023, also stirred inflation worries and weighed down on sentiment.
The major indices opened higher but reversed course immediately after, declining through the morning and hitting the day&#8217;s low by the mid-session. Although the averages recouped some of the losses, they languished in the red for much of the remainder of the session.
The S&amp;P 500 Index and the Nasdaq Composite extended the losing streak to four and settled at fresh two-month lows.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance In (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-1.15%</td>
<td>15,683.37</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.58%</td>
<td>5,022.21</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.12%</td>
<td>37,753.31</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.99%</td>
<td>1,947.95</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The recent market shakeout should not sound alarm bells, according to LPL Chief Technical Strategist Adam Turnquist. But he conceded that there has been some technical damage. &#8220;The S&amp;P 500 is experiencing its first real bout of volatility this year. The April showers — bringing a 3.9% decline thus far,&#8221; he said. The analyst sees the psychological level of 5,000 as the next major downside support for the S&amp;P 500 Index.
The shorter-term breadth, according to the analyst, appeared oversold but the longer-term breadth metrics have held up well. Nearly 70% of the S&amp;P 500 constituents remained above their 200-day moving average, he noted. 
Turnquist also derived encouragement from the fact that cyclical/offensive sectors are leading the way, with financials, energy, industrials, technology, and materials reporting the highest breadth readings.&nbsp;&#8220;The lack of major damage to longer-term breadth across the offensive sectors suggests bullish leadership is still on stable ground despite the recent shakeout,&#8221; he said.
Carson Group&#8217;s Ryan Detrick pointed to another encouraging historical trend. Sharing a chart on X, formerly Twitter, the analyst said, &#8220;Election years tend to chop around until Memorial Day, then a summer rally is quite normal.&#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">No, you should never blindly invest in seasonality, but still worth watching. Note that election years tend to chop around until Memorial Day, then a summer rally is quite normal. <a href="https://t.co/S93LAj3t6B">pic.twitter.com/S93LAj3t6B</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1780708343457411544?ref_src=twsrc%5Etfw">April 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Morgan Stanley&#8217;s Lisa Shalett recommended investors should consider rebalancing their portfolios, taking profits in richly valued equities, and adding yield and value. This is based on the assumption that the Fed is left with two options amid inflation that is not slowing anymore, she said.
&#8220;The central bank could either keep rates high, causing potential pain for certain sectors, or preemptively cut rates, risking policy predictability,&#8221; she said.
Upcoming Economic Data:
The Labor Department is scheduled to release its weekly jobless claims data at 8:30 a.m. EDT. The number of individuals claiming unemployment benefits may have come in at 215,000 in the week ended April 13, up from 211,000 in the previous week.
The results of the Philadelphia Fed&#8217;s manufacturing survey, due at 8:30 a.m. EDT, may show that the diffusion index of manufacturing activity slipped from 3.2 in March to 2.5 in April. A reading above &#8220;0&#8221; indicates expanding activity.
The National Association of Realtors is scheduled to release its existing home sales for March at 10 a.m. EDT. Economists, on average, expect the reading to come in at 4.17 million units, down from February&#8217;s 4.38 million units.
The Conference Board will release its leading economic index for March at 10 a.m. EDT. The index is expected to slip 0.1% month-over-month, reversing the 0.1% increase in February, when it rose for the first time in two years.
The Treasury will auction four- and eight-week bills at 11:30 a.m. EDT and 5-year TIPS at 1 p.m. EDT.
Among the Fed speeches due for the day are:
<ul>
<li>Bowman: 9:05 a.m. EDT</li>
<li>New York Fed President John Williams: 9:15 a.m. EDT</li>
<li>Atlanta Fed President Raphael Bostic: 11:00 a.m. EDT, 5:45 p.m. EDT</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Jabil, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>) rose over 5% <a href="https://www.benzinga.com/premarket">in premarket trading</a> after the company&#8217;s board declared a dividend.</li>
<li>Micron Technology, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) added about 2% after a Bloomberg report said the Biden administration could announce $6 billion in grants to the company under the CHIPS Act.</li>
<li>Alaska Air Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>), Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>), Comerica, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>), Ally Financial Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), KeyCorp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) and Marsh &amp; McLennan Companies, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>) are among those <a href="https://www.benzinga.com/calendars/earnings">reporting earnings ahead of the market open.</a> </li>
<li>Notable names reporting after the close are Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) and Netflix.</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures have pulled back toward the $81-a-barrel mark, dragged by four straight sessions of losses. Gold futures, meanwhile, rebounded from Wednesday&#8217;s decline, but traded shy of the $2,400 mark. The yield on the U.S. 10-year note was little changed under the 4.60% mark.
 Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell about 2.75% over the past 24 hours and traded near the $61,600 level.
While Asian stocks recovered from their recent weakness, the European markets were mostly higher in early trading. The Euro STOXX 50 Index was up 0.40% at the last check.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38303079/most-s-p-500-stocks-no-longer-trade-above-50-day-average-healthy-pullback-or-is-the">Most S&amp;P 500 Stocks No Longer Trade Above 50-Day Average: Healthy Pullback Or Is The Bull Market Over?</a>
Photo by Andrey_Popov on Shutterstock

ASML

Wall Street Looks To Snap 4-Day Losing Streak As Traders Eye Fed Speeches, Netflix Earnings: Analyst Pencils S&P 500's Next 'Major' Downside Support

Deep-pocketed investors have adopted a bearish approach towards Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ISRG usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 24 extraordinary options activities for Intuitive Surgical. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 14 are puts, totaling $813,001, and 10 are calls, amounting to $425,273.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $300.0 to $430.0 for Intuitive Surgical over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
In terms of liquidity and interest, the mean open interest for Intuitive Surgical options trades today is 402.5 with a total volume of 2,081.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Intuitive Surgical's big money trades within a strike price range of $300.0 to $430.0 over the last 30 days.
<h3>Intuitive Surgical Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713291403_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ISRG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/19/24</td>
<td>$9.8</td>
<td>$9.6</td>
<td>$9.7</td>
<td>$375.00</td>
<td>$152.4K</td>
<td>1.2K</td>
<td style="text-align: right;">236</td>
</tr>
<tr>
<td>ISRG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$32.3</td>
<td>$30.4</td>
<td>$32.29</td>
<td>$380.00</td>
<td>$113.0K</td>
<td>203</td>
<td style="text-align: right;">48</td>
</tr>
<tr>
<td>ISRG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$9.0</td>
<td>$8.9</td>
<td>$9.0</td>
<td>$375.00</td>
<td>$107.1K</td>
<td>1.2K</td>
<td style="text-align: right;">271</td>
</tr>
<tr>
<td>ISRG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$38.6</td>
<td>$36.0</td>
<td>$36.12</td>
<td>$380.00</td>
<td>$93.8K</td>
<td>195</td>
<td style="text-align: right;">83</td>
</tr>
<tr>
<td>ISRG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/19/24</td>
<td>$17.2</td>
<td>$17.0</td>
<td>$17.02</td>
<td>$385.00</td>
<td>$81.6K</td>
<td>1.1K</td>
<td style="text-align: right;">256</td>
</tr>
</tbody>
</table>

<h3>About Intuitive Surgical</h3>
Intuitive Surgical develops, produces, and markets a robotic system for assisting minimally invasive surgery. It also provides the instrumentation, disposable accessories, and warranty services for the system. The company has placed more than 8,600 da Vinci systems in hospitals worldwide, with more than 5,000 installations in the US and a growing number in emerging markets.
<h3>Intuitive Surgical's Current Market Status</h3>
<ul>
<li>Trading volume stands at 839,332, with ISRG's price up by 1.11%, positioned at $381.54.</li>
<li>RSI indicators show the stock to be is currently neutral between overbought and oversold.</li>
<li>Earnings announcement expected in 2 days.</li>
</ul>
<h3>Expert Opinions on Intuitive Surgical</h3>
2 market experts have recently issued ratings for this stock, with a consensus target price of $446.0.
<ul>
<li>An analyst from Stifel persists with their Buy rating on Intuitive Surgical, maintaining a target price of $430. </li>
<li>Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Intuitive Surgical with a target price of $462. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Intuitive Surgical, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Market Whales and Their Recent Bets on ISRG Options

Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) has outperformed the market over the past 5 years by 3.53% on an annualized basis producing an average annual return of 15.51%. Currently, Intuitive Surgical has a market capitalization of $136.39 billion. 
Buying $1000 In ISRG: If an investor had bought $1000 of ISRG stock 5 years ago, it would be worth $2,001.35 today based on a price of $384.80 for ISRG at the time of writing.
<h3>Intuitive Surgical's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712957430_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In Intuitive Surgical 5 Years Ago Would Be Worth This Much Today

High-rolling investors have positioned themselves bearish on Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in ISRG often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Intuitive Surgical. This is not a typical pattern.
The sentiment among these major traders is split, with 25% bullish and 75% bearish. Among all the options we identified, there was one put, amounting to $57,105, and 7 calls, totaling $639,475.
<h3>Expected Price Movements</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $355.0 to $410.0 for Intuitive Surgical over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Intuitive Surgical's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Intuitive Surgical's significant trades, within a strike price range of $355.0 to $410.0, over the past month.
<h3>Intuitive Surgical Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712859410_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ISRG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$14.0</td>
<td>$13.5</td>
<td>$13.7</td>
<td>$390.00</td>
<td>$374.0K</td>
<td style="text-align: right;">507</td>
<td style="text-align: right;">533</td>
</tr>
<tr>
<td>ISRG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$53.8</td>
<td>$49.5</td>
<td>$52.2</td>
<td>$390.00</td>
<td>$67.8K</td>
<td style="text-align: right;">370</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ISRG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$6.2</td>
<td>$5.8</td>
<td>$6.08</td>
<td>$375.00</td>
<td>$57.1K</td>
<td style="text-align: right;">301</td>
<td style="text-align: right;">325</td>
</tr>
<tr>
<td>ISRG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>05/10/24</td>
<td>$8.3</td>
<td>$8.0</td>
<td>$8.19</td>
<td>$410.00</td>
<td>$46.5K</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">57</td>
</tr>
<tr>
<td>ISRG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/10/24</td>
<td>$8.3</td>
<td>$8.0</td>
<td>$8.26</td>
<td>$410.00</td>
<td>$43.6K</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">159</td>
</tr>
</tbody>
</table>

<h3>About Intuitive Surgical</h3>
Intuitive Surgical develops, produces, and markets a robotic system for assisting minimally invasive surgery. It also provides the instrumentation, disposable accessories, and warranty services for the system. The company has placed more than 8,600 da Vinci systems in hospitals worldwide, with more than 5,000 installations in the US and a growing number in emerging markets.
Following our analysis of the options activities associated with Intuitive Surgical, we pivot to a closer look at the company's own performance.
<h3>Intuitive Surgical's Current Market Status</h3>
<ul>
<li>Currently trading with a volume of 465,178, the ISRG's price is down by -0.4%, now at $386.92. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 7 days.</li>
</ul>
<h3>Expert Opinions on Intuitive Surgical</h3>
In the last month, 3 experts released ratings on this stock with an average target price of $437.3333333333333.
<ul>
<li>An analyst from Citigroup has decided to maintain their Buy rating on Intuitive Surgical, which currently sits at a price target of $462. </li>
<li>In a cautious move, an analyst from Stifel downgraded its rating to Buy, setting a price target of $420. </li>
<li>An analyst from Stifel has decided to maintain their Buy rating on Intuitive Surgical, which currently sits at a price target of $430. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Intuitive Surgical, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Stifel analyst Rick Wise maintains Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) with a Buy and raises the price target from $420 to $430.

Stifel Maintains Buy on Intuitive Surgical, Raises Price Target to $430

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Intuitive Surgical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NYSE">ISRG</a>) kicked off FY2024 on a high note. The market leader in minimally invasive, robotic-assisted surgery sustained double...

Intuitive Surgical Stock (NYSE:ISRG): 2024 Kicks Off on a High Note

Analyst Mike Kratky of Leerink Partners maintained a Buy rating on Intuitive Surgical (ISRG – Research Report), retaining the price target of $449....

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Analyst David Rescott from Robert W. Baird maintained a Buy rating on Intuitive Surgical (ISRG – Research Report) and keeping the price target at $...

Intuitive Surgical's Market Leadership Bolstered by dV5 System Advancements: A Strong Buy Recommendation

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The value of the &ldquo;global medical device market&rdquo;<a href="https://www.fool.com/investing/stock-market/market-sectors/healthcare/medical-device-stocks/"> is expected to jump</a> from over $500 billion last year to nearly $800 billion &ldquo;by 2030.&rdquo; According to the <a href="https://www.who.int/health-topics/medical-devices#tab=tab_1">World Health Organization</a>, &ldquo;a medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material or other similar or related article.&rdquo; 



Among the most exciting medical devices from an investment point of view are robotic surgical products, plastic surgery devices, glucose measuring products for diabetes patients and general health monitoring systems. All of these offerings can become huge bestsellers and generate huge profits for companies. Further, the firms that market them and other popular medical devices can become takeover targets. 



One recent example of the latter phenomenon occurred earlier this month when Johnson &amp; Johnson (NYSE:<a href="https://investorplace.com/stock-quotes/jnj-stock-quote/">JNJ</a>) <a href="https://www.jnj.com/media-center/press-releases/johnson-johnson-to-acquire-shockwave-medical">agreed to buy</a> Shockwave Medical (NASDAQ:<a href="https://investorplace.com/stock-quotes/swav-stock-quote/">SWAV</a>), a medical device company that I&rsquo;ve touted in multiple past columns. Here are three other groundbreaking medtech stocks to watch in 2024. 



<h2>Masimo (MASI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/04/red-blood-cells-1600-300x169.png" alt="Red blood cells."><div>Source: Corona Borealis Studio / Shutterstock</div></div>Masimo (NASDAQ:<a href="https://investorplace.com/stock-quotes/masi-stock-quote/">MASI</a>) <a href="https://seekingalpha.com/article/4671844-masimo-corporation-masi-stock-logical-expansion-to-leverage-its-existing-portfolio">specializes in developing</a> and marketing devices that monitor peoples&rsquo; health. Its products evaluate hemoglobin levels, brain functioning and even gas levels. It also makes products that lower pain and addiction levels. 



I believe that with U.S. healthcare costs consistently rising, insurers and hospitals will look to utilize more diagnostic products than ever in order to catch illnesses early so they can reduce their treatment costs. 



Masimo&rsquo;s <a href="https://seekingalpha.com/article/4671844-masimo-corporation-masi-stock-logical-expansion-to-leverage-its-existing-portfolio">expected </a><a href="https://seekingalpha.com/article/4671844-masimo-corporation-masi-stock-logical-expansion-to-leverage-its-existing-portfolio">rapid</a> growth appears to validate my thesis. For 2024, the company anticipates that its operating profit will come in at $198 million to $214 million, versus its 2023 operarting income of $146.7 million. And analysts <a href="https://finance.yahoo.com/quote/MASI/analysis">expect earnings</a> per share to climb to $3.52 this year from $3.17 in 2023. 



MASI&rsquo;s strong outlook and important, money-saving products make it one of the top medtech stocks to watch in 2024. 



Also, the fact that GE Healthcare (NYSE:<a href="https://investorplace.com/stock-quotes/gehc-stock-quote/">GEHC</a>) <a href="https://investor.masimo.com/news/news-details/2023/GE-HealthCare-and-Masimo-Collaborate-to-Bring-Masimo-SET-Pulse-Oximetry-to-the-Wireless-and-Wearable-GE-HealthCare-Portrait-Mobile-Platform/default.aspx">markets Masimo&rsquo;s </a>products partially validate MASI&rsquo;s technology and bodes well for its outlook. 



<h2>Dexcom (DXCM)</h2>



<a href="https://investorplace.com/wp-content/uploads/2021/08/sens_glucose_monitoring_1600.jpg"><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/08/sens_glucose_monitoring_1600-300x169.jpg" alt="A photo of a phone giving various medical information from an arm insertion."></a>Dexcom&rsquo;s (NASDAQ:<a href="https://investorplace.com/stock-quotes/dxcm-stock-quote/">DXCM</a>) products &ldquo;allow Type 2 diabetic patients<a href="https://www.investors.com/stock-lists/sector-leaders/dexcom-stock-dxcm-diabetes-insulin/"> to continuously monitor </a>their sugar levels,&rdquo; notes Investor&rsquo;s Business Daily, which has given the firm the title of &ldquo;Sector Leader.&rdquo; Dexcom, which sits atop IBD&rsquo;s Medical Products firms, attained that status by virtue of its &ldquo;outstanding sales and earnings growth as well as (its) strong price performance,&rdquo; the publication noted. 



Last month, DXCM obtained approval from the Food and Drug Administration to market a product that can be utilized by individuals with mild forms of diabetes who don&rsquo;t require insulin. Importantly, the device can be purchased without a prescription. The new offering should significantly increase the company&rsquo;s top and bottom lines as many prediabetic Americans and mildly diabetic consumers will likely want to keep tabs on their progress.



Analysts, on average, <a href="https://finance.yahoo.com/quote/DXCM/analysis">expect the company&rsquo;s earnings</a> per share to climb to $1.76 this year from $1.52 in 2023. 



<h2>Intuitive Surgical (ISRG)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/02/isrg-stock-300x169.jpg" alt="A sign with the Intuitive Surgical logo standing outside of a company office. ISRG stock."><div>Source: Sundry Photography / Shutterstock.com</div></div>Intuitive Surgical (NASDAQ:<a href="https://investorplace.com/stock-quotes/isrg-stock-quote/">ISRG</a>), which provides products that enable robotic-assisted surgery, recently reported strong first-quarter results, showing that its products&rsquo; utilization is continuing to climb rapidly. 



Last quarter, the firm&rsquo;s<a href="https://seekingalpha.com/pr/19693067-intuitive-announces-first-quarter-earnings?hasComeFromMpArticle=false"> revenue rose</a> 11% versus the same period a year earlier to $1.7 billion, while its earnings per share soared 51% to $1.51 in Q1 from $1 in Q1 of 2023. The number of procedures <a href="https://seekingalpha.com/pr/19693067-intuitive-announces-first-quarter-earnings?hasComeFromMpArticle=false">carried out using its products</a> increased 16% year-over-year, while its installed base climbed 14% year-over-year to 8,887. 



Also noteworthy is that in January the firm obtained approval from the European medical devices regulator to sell its &ldquo;single port&rdquo; product &ldquo;for use in endoscopic abdominopelvic, thoracoscopic, transoral otolaryngology, transanal colorectal, and breast surgical procedures.&rdquo;



 ISRG <a href="https://seekingalpha.com/news/4091112-bofas-us-1-list-new-additions-include-csco-gs-and-spgi">is one of</a> Bank of America&rsquo;s favorite picks and Investor&rsquo;s Business Daily gives it <a href="https://research.investors.com/stock-quotes/nasdaq-intuitive-surgical-isrg.htm">a high</a> Composite Rating of 88 out of 99. 



On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel&rsquo;s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been SMCI, INTC, and MGM. You can reach him on Stocktwits at @larryramer.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/medtech-marvels-3-groundbreaking-medical-device-stocks-to-watch-in-2024/">Medtech Marvels: 3 Groundbreaking Medical Device Stocks to Watch in 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Medtech Marvels: 3 Groundbreaking Medical Device Stocks to Watch in 2024

ACLX

ADUS

AGNC

ARGX

AZNCF

CACC

CNTA

CRWD

EXAS

FTNT

GEHC

GPCR

HUBS

ICLR

IMVT

INTU

IRTC

LEGN

MASI

MSFT

NEOG

NTRA

ODFL

RCKT

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SGRY

SWAV

TLPPF

VKTX

VRTX

XENE

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