 Stock (OTC:ISZXF), Trade Ideas

HashiCorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) shares are trading higher in the premarket session on Thursday, while&nbsp;International Business Machines Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">shares are slumping</a>.
Yesterday, IBM announced that it&nbsp;<a href="https://www.benzinga.com/pressreleases/24/04/n38415334/ibm-to-acquire-hashicorp-inc-creating-a-comprehensive-end-to-end-hybrid-cloud-platform" target="_blank" rel="noreferrer noopener">entered into a definitive agreement</a>&nbsp;to acquire&nbsp;HashiCorp for&nbsp;$35&nbsp;per share in cash, representing an enterprise value of&nbsp;$6.4 billion.
According to&nbsp;<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, HCP stock has gained over 18% in the past year.
The acquisition will create the opportunity to deliver more comprehensive hybrid and multi-cloud offerings to enterprise clients.&nbsp;This&nbsp;will enhance IBM&#8217;s ability to address the total cloud opportunity, which had a TAM of&nbsp;$1.1 trillion&nbsp;in 2023, with a compound annual growth rate in the high teens through 2027.
The boards of directors of IBM and HashiCorp have both approved the transaction.&nbsp;
&#8220;The global excitement surrounding generative AI has exacerbated these challenges&nbsp;and&nbsp;CIOs and developers are up against dramatic complexity in their tech strategies,&#8221; said&nbsp;Arvind Krishna, IBM chairman and chief executive officer.
It&nbsp;is anticipated&nbsp;that the transaction will&nbsp;be accretive to Adjusted EBITDA within the first full year,&nbsp;post close, and free cash flow in year two.
The acquisition is subject to approval by HashiCorp shareholders. The transaction&nbsp;is expected&nbsp;to close by the end of 2024.
Price Action: IBM shares are trading lower by 8.96% to $167.61 premarket at last check Thursday, while HCP shares are trading higher by 4.7% to $32.90.
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What's Going On With HashiCorp Shares After Getting Takeover Deal From IBM?

WIIM

TJX Companies shares are trading higher after Goldman Sachs upgraded the stock from Neutral to Buy and raised its price target from $100 to $110.

Guidance

Brunswick Sees FY24 Adj EPS Of $7.00 - $8.00 Vs. $7.42 Est.

Brunswick Sees FY24 Net Sales Of $6.0B - $6.2B Vs. $6.03B Est.

Cemex announced today that its subsidiary, Cemex Asia B.V., has signed an agreement with DACON Corporation, DMCI Holdings, Inc. and Seminara Mining&nbsp;&amp; Power Corporation for the sale of its operations and assets in the Philippines. Once closed, this transaction will further advance Cemex&rsquo;s portfolio rebalancing strategy.

The assets to be sold by Cemex Asia B.V. consist of&nbsp;100% equity interest in Cemex Asian South East Corporation, which owns approximately 89% of Cemex Holdings Philippines, Inc. (&ldquo;CHP&rdquo;), which is listed on the Philippine Stock Exchange, Inc., for a purchase price resulting from deducting from an enterprise value of US$660 million the net debt and the 10.14% minority interest in CHP. CHP is the owner of Cemex&rsquo;s main operating subsidiaries in the Philippines, APO Cement Corporation and Solid Cement Corporation, which are engaged in the production, sale, and distribution of cement and other buildings materials in the Philippines.

The assets to be sold by Cemex Asia B.V. also consist of&nbsp;40% indirect equity interest in each of APO Land &amp; Quarry Corporation (&ldquo;ALQC&rdquo;) and Island Quarry and Aggregates Corporation (&ldquo;IQAC&rdquo;), for a purchase price to be paid to Cemex of 40% of an aggregate enterprise value of US$140 million.

Cemex Plans To Divest Operations In Philippines, Expects To Finalize Transaction Before Year-end, Proceeds Raised To Fund Company's Bolt-on Investment Growth Strategy In Key Market, Reduce Debts

The Black Lake Uranium Project consists of 20 mining claims covering 18,908 hectares and is divided into the following four projects, Higginson Lake, Charlebois Lake, Fisher Hayes and Spreckley Lake. The consideration includes Initial Cash Payment&nbsp;plus&nbsp;Initial Issuance of Snow Lake Shares and&nbsp;Milestone Payment of Snow Lake Shares.

LITM

Snow Lake Resources Enters Binding LoI With Shareholders Of A Private Australian Company To Acquire 100% Interest In Black Lake Uranium Project

ALGN

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

Meta Platforms shares are trading lower after the company reported Q1 financial results and increased its 2024 capex and expense forecasts.

The back-and-forth motion in the market continues, with the index futures pointing to a lower opening on Thursday. Meta Platforms, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">lukewarm second-quarter revenue guidance </a>and commentary regarding investment punctured the stock, while International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) also fell on earnings. The tech space could come under pressure as traders digest these disappointments.
More tech earnings are on tap on Thursday, led by AI stalwart Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</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>)
Also weighing down on sentiment would be apprehensions regarding two key data due for the week. The first read of the first-quarter GDP data (Thursday) and the personal income and spending report (Friday), will be in the spotlight as the market strives to make sense of growth and inflation trajectories ahead of next week&#8217;s Federal Reserve&#8217;s monetary policy meeting.
 Futures Performance On Thursday ( as of 5:50 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>-0.81%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.48%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.31%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.47%</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>) slipped 0.43% to $503.24,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.78% to $423.20, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Past Session:
Early optimism triggered by positive reactions to earnings from Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Texas Instruments, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) tempered over the course of Wednesday&#8217;s session. Mixed earnings reports and economic worries kept sentiment subdued for much of the session, and this led to a mixed close for the day.
The tech-heavy Nasdaq Composite and the S&amp;P 500 Index ended the session marginally higher, pulling notably off the day&#8217;s high reached in early trading. The former moved in a roughly 205-point range and the latter gyrated between 5,047.02 and 5,089.48, a roughly 43-point intra-day move. Nevertheless, the indices have been higher for a third straight session now.
Weighed down by a 2.87% pullback in Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) shares following its earnings release, the Dow Jones Industrial Average ended modestly lower. 
<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>+0.10%</td>
<td>15,712.75</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.02%</td>
<td>5,071.63</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.11%</td>
<td>38,460.92</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.36%</td>
<td>1,995.43</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The growth conundrum of whether the economy is going to see a hard or soft landing, has kept investors skewed toward quality stocks, <a href="https://www.morganstanley.com/ideas/thoughts-on-the-market-wilson?subscribed=true&amp;dis=em_2024424_wm_5ideasarticle&amp;et_mid=585156&amp;et_mkid=&amp;sfmc_id=201810710">said </a>Morgan Stanley&#8217;s Chief Equity Strategist Mike Wilson in a podcast. &#8220;The largest risk for stocks more broadly is higher 10-year Treasury yields as investors begin to demand a larger term premium due to higher inflation and the growing supply of bonds to pay for the endless deficits,&#8221; he said.
&#8220;Our primary concern for equities at this point is that aggressive fiscal spending has led to better economic growth but it keeps upward pressure on inflation and prevents the Fed from cutting interest rates that many economic participants desperately need at this point.&#8221;
The analyst recommended investors look into under-appreciated sectors. &#8220;This is all in-line with our 2024 outlook that suggests the major equity indices are overvalued while the best opportunities are likely beneath the surface in underappreciated sectors like energy that are positively levered to stickier inflation and higher interest rates.&#8221;
Fund Strat&#8217;s Tom Lee, however, is optimistic. In his weekly commentary, the analyst noted that the S&amp;P 500 and equities rebounded over the past two days, rising more than 2%. &#8220;The S&amp;P 500 closed solidly above the critical 5,019.20 to 5,070.55. In our view, this is confirmation that the worst of this two-week decline is behind us,&#8221; he said.
Upcoming Economic Data:
The Bureau of Economic Analysis is due to release its<a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/04/38405106/us-economy-expected-to-grow-2-5-in-q1-not-a-hard-landing-and-hardly-a-soft-one"> first-quarter GDP data (advance estimate) </a>at 8:30 a.m. EDT. Economists, on average, expect the economy to have expanded 2.2%, slower than the 3.4% pace in the fourth quarter. Traders may also keep an eye on the GDP price deflator and the price consumption expenditure index to gauge inflation trends.
The Labor Department will release the customary jobless claims data at 8:30 a.m. EDT. The number of individuals claiming unemployment benefits is expected at 215,000 for the week ended April 20, up slightly from 212,000 in the previous week.
The National Association of Realtors is scheduled to release its pending home sales index for March at 10 a.m. EDT, with consensus calling for an unchanged reading following the 1.6% increase in February.
The Treasury will auction four- and eight-week bills at 11:30 a.m. EDT and seven-year notes at 1 p.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>Meta and IBM fell 12.5% and 8.5%, respectively, <a href="https://www.benzinga.com/premarket">in premarket trading </a>following quarterly earnings announcement.</li>
<li>Other stocks moving on earnings are ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) (down about 4.5%), Teradyne, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) (up over 8%), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>) (down 4%), Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>) (up over 12.5%), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) (up about 2.5%) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) (up about 2.5%).</li>
<li>Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</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>), Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), CMS Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMS#NYSE">CMS</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>), Harley-Davidson, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOG#NYSE">HOG</a>), Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>), Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>), Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>), Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</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>) and STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting their earnings ahead of the market open.</a></li>
<li>Notable names reporting after the close include Alphabet, Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>), Microsoft, Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>), T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures continued to trade under the $83-a-barrel mark and gold futures were seen consolidating just above the $2,330 level.
The 10-year note yield, held firm around the 4.64% ahead of Friday&#8217;s inflation data.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) weakened by about 3.50% and traded shy of the psychological barrier of $64,000.
Most major Asian markets, with the exception of the Chinese, Hong Kong and Indian markets, pulled back, as traders positioned themselves for Friday&#8217;s U.S. inflation data. The Australian and New Zealand markets remained closed for a public holiday.
The European markets fell in early trading, adding to the losses they made on Wednesday. The Euro STOXX 50 Index was down 0.44% at the last check.
Read Next: <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38410454/treasury-yields-reach-5-month-high-lift-mortgage-rates-expert-warns-federal-debt-">Treasury Yields Reach 5-Month High, Lift Mortgage Rates; Expert Warns &#8216;Federal Debt Blob Is Out Of Control&#8217;</a>
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US Stocks Brace For Negative Start Amid Tech Earnings Disappointments, Caution Ahead Of Data: 'Worst Of This Two-Week Decline Is Behind Us,' Says Analyst

Brunswick (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BC#NYSE">BC</a>) reported quarterly earnings of $1.35 per share which met the analyst consensus estimate. This is a 47.47 percent decrease over earnings of $2.57 per share from the same period last year. The company reported quarterly sales of $1.36 billion which met the analyst consensus estimate. This is a 21.71 percent decrease over sales of $1.74 billion the same period last year.

Brunswick Q1 Adj $1.35, Sales $1.36B, Both Inline

In a recent development, Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has reportedly declared that it will not be sponsoring any new U.S. Green Cards for foreign workers for the rest of the year. 
What Happened: Amazon had informed its employees earlier this year about its decision to extend the pause on all new PERM filings through 2024, Business Insider <a href="https://www.businessinsider.com/amazon-suspended-us-green-card-applications-foreign-workers-2024-4?IR=T">reported</a> on Wednesday based on an internal announcement. 
The PERM process, managed by the U.S. Department of Labor, is the initial step toward obtaining a Green Card. This process ensures that the entry of foreign workers does not negatively impact job opportunities, wages, and working conditions for U.S. workers.
Amazon first put a halt to PERM applications in 2023. After reviewing &#8220;labor market conditions and immigrant requirements,&#8221; the company decided to continue this suspension until the end of 2024. 
The memo stated, &#8220;It was determined that we are unable to continue with PERM filings through 2024.&#8221;
Amazon has yet to respond to the queries sent by Benzinga.
See Also: <a href="https://www.benzinga.com/news/24/04/38357333/elon-musk-reacts-to-tucker-carlson-saying-theres-ton-of-evidence-that-aliens-live-among-us-with-6000?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tucker Carlson Saying There&#8217;s &#8216;Ton Of Evidence&#8217; That Aliens Live Among Us: &#8216;With 6000 Satellites Orbiting Earth, I Think I Would Know&#8217;</a>
The recent spate of layoffs at Amazon and other tech companies has made the PERM process more complex, as per Jennifer Gordon, an immigration and labor law professor at Fordham University. These companies now have to demonstrate that the employees who were laid off are not suitable for the jobs meant for foreign workers. They also need to inform those who were laid off in the past six months about job openings before filing PERM applications for foreign workers. 
Why It Matters: Earlier this year, Amazon&#8217;s CFO<a href="https://www.benzinga.com/news/24/02/36905570/amazon-layoff-spree-to-continue-despite-record-profits-very-careful-on-our-investments-says-cfo"> hinted at possible further layoffs</a> despite the company&#8217;s financial success. Amazon&#8217;s CEO, Andy Jassy, also expressed a commitment to cost-cutting while investing in artificial intelligence (AI), indicating the possibility of further job cuts. <a href="https://www.benzinga.com/top-stories/24/04/38224570/amazon-ai-goals-to-impact-jobs-but-data-shows-tech-sector-layoffs-are-in-decline">This move towards AI</a> could impact the workforce as resources are devoted to automation.
According to F. Oliver Yang, a business immigration lawyer, <a href="https://www.benzinga.com/partner/general/24/04/38319536/business-immigration-is-vital-for-american-competitiveness-and-innovation-says-industry-expert-f-">business immigration is crucial </a>for American competitiveness and innovation. He advocates for greater public awareness about the economic benefits of immigrant workers and foreign investors.
Price Action: On Wednesday, Amazon&#8217;s stock closed at $172.66, a 2.23% decrease from the previous close of $176.59, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38356833/liz-cheney-says-trump-doing-everything-possible-to-postpone-jan-6-case-beyond-election-deep-flaws-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Liz Cheney Says Trump &#8216;Doing Everything Possible&#8217; To Postpone Jan. 6 Case Beyond Election: &#8216;Deep Flaws In Character&#8230;Make Him Unfit To Serve As President&#8217;</a>
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AMZN

Amazon Pauses Green Card Sponsorship For Foreign Workers In 2024 Amid Layoffs: Report

ServiceNow shares are trading lower after the company reported Q1 financial results.

PINS

SNAP

Shares of social media companies are trading lower in sympathy with Meta Platforms following the company's Q1 results.

Macro Economic Events

Econ #s

France Jobseekers Total For March 2,812.2K Vs. 2,820.6K (Revised) Prior

IBM shares are trading lower after the company reported mixed Q1 financial results. The company also announced it will acquire HashiCorp.

Chipotle Mexican Grill shares are trading higher after the company reported better-than-expected Q1 financial results.

CHDN

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

Alphabet shares are trading lower in sympathy with Meta Platforms, which fell on its Q1 financial results.

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

Pacific Gas & Electric Reaffirmed FY24 Adj. EPS Outlook At $1.33-$1.37 Vs. $1.35 Est.

BlackRock iShares USD Treasury Bond 3-7yr UCITS ETF USD (Acc)