CleanSpark, Inc. operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc. and changed its name to CleanSpark, Inc. in November 2016. CleanSpark, Inc. was incorporated in 1987 and is headquartered in Henderson, Nevada.

CleanSpark, Inc.

In trading on Friday, shares of CleanSpark Inc (Symbol: CLSK) crossed below their 200 day moving average of $10.46, changing hands as low as $10.23 per share. CleanSpark Inc shares are currently trading down about 7.4% on the day. The chart below shows the one year performance of CLSK shares, versus its 200 day moving average:
Looking at the chart above, CLSK's low point in its 52 week range is $6.452 per share, with $17.9699 as the 52 week high point — that compares with a last trade of $10.54.
Click here to find out which 9 other stocks recently crossed below their 200 day moving average »
Stocks Analysts Like And Hedge Funds Are Buying
MXT Historical Stock Prices
Institutional Holders of ANEB
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CleanSpark (CLSK) Shares Cross Below 200 DMA

In trading on Friday, the Uranium ETF is outperforming other ETFs, up about 10.5% on the day. Components of that ETF showing particular strength include shares of Uranium Energy, up about 24% and shares of UR Energy, up about 22.2% on the day.
And underperforming other ETFs today is the Amplify Transformational Data Sharing ETF, down about 4.5% in Friday afternoon trading. Among components of that ETF with the weakest showing on Friday were shares of Canaan, lower by about 9.6%, and shares of Cleanspark, lower by about 5.6% on the day.
VIDEO: Friday's ETF Movers: URA, BLOK
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Friday's ETF Movers: URA, BLOK

Below is Validea's guru fundamental report for CLEANSPARK INC (CLSK). Of the 22 guru strategies we follow, CLSK rates highest using our Acquirer's Multiple Investor model based on the published strategy of Tobias Carlisle. This deep value model looks for inexpensive stocks that could be potential takeover targets.
CLEANSPARK INC (CLSK) is a mid-cap growth stock in the Computer Services industry. The rating using this strategy is 63% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
SECTOR:
PASS
QUALITY:
PASS
ACQUIRER'S MULTIPLE
FAIL
Detailed Analysis of CLEANSPARK INC
CLSK Guru Analysis
CLSK Fundamental Analysis
More Information on Tobias Carlisle
Tobias Carlisle Portfolio
About Tobias Carlisle: Tobias Carlisle is a widely recognized expert on deep value investing. He is the author of "The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market" and the founder of Acquirer's Funds. He is also the author of "Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations" and co-author of Quantitative Value: "A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors" Tobias is originally from Australia, where he worked an an analyst at an activist hedge fund and was a lawyer specializing in mergers and acquisitions.
Additional Research Links
Top NASDAQ 100 Stocks
Top Technology Stocks
Top Large-Cap Growth Stocks
High Momentum Stocks
Top Chip Stocks
High Insider Ownership Stocks
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CLSK Quantitative Stock Analysis

Validea Detailed Fundamental Analysis - CLSK

Taylor Monnig, the Chief Technology Officer of $CLSK ($CLSK), sold 1,350 shares of the company on 12-27-2024. We received data on the trade from a recent SEC filing. This was a sale of approximately 0.7% of their shares. Following this trade, they now own 201,520 shares of $CLSK stock.
$CLSK Insider Trading Activity
$CLSK insiders have traded $CLSK stock on the open market 8 times in the past 6 months. Of those trades, 0 have been purchases and 8 have been sales.
Here’s a breakdown of recent trading of $CLSK stock by insiders over the last 6 months:
TAYLOR MONNIG (Chief Technology Officer) has traded it 6 times. They made 0 purchases and 6 sales, selling 8,100 shares.
ZACHARY BRADFORD (CEO and President) sold 12,000 shares.
THOMAS LEIGH WOOD sold 22,222 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CLSK Hedge Fund Activity
We have seen 144 institutional investors add shares of $CLSK stock to their portfolio, and 128 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
VANGUARD GROUP INC added 3,422,174 shares (+21.7%) to their portfolio in Q3 2024
FULLER & THALER ASSET MANAGEMENT, INC. removed 2,615,211 shares (-100.0%) from their portfolio in Q3 2024
MORGAN STANLEY added 1,797,334 shares (+74.9%) to their portfolio in Q3 2024
CITADEL ADVISORS LLC added 1,596,672 shares (+5199.0%) to their portfolio in Q3 2024
RENAISSANCE TECHNOLOGIES LLC added 1,443,784 shares (+inf%) to their portfolio in Q3 2024
BLACKROCK, INC. added 1,408,213 shares (+7.8%) to their portfolio in Q3 2024
JANE STREET GROUP, LLC removed 1,256,654 shares (-67.7%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Insider Sale: Chief Technology Officer of $CLSK (CLSK) Sells 1,350 Shares

Investors in CleanSpark Inc (Symbol: CLSK) saw new options become available today, for the January 2025 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CLSK options chain for the new January 2025 contracts and identified one put and one call contract of particular interest.
The put contract at the $12.50 strike price has a current bid of 17 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $12.50, but will also collect the premium, putting the cost basis of the shares at $12.33 (before broker commissions). To an investor already interested in purchasing shares of CLSK, that could represent an attractive alternative to paying $12.93/share today.
Because the $12.50 strike represents an approximate 3% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 63%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.36% return on the cash commitment, or 9.93% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for CleanSpark Inc, and highlighting in green where the $12.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $14.00 strike price has a current bid of 32 cents. If an investor was to purchase shares of CLSK stock at the current price level of $12.93/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $14.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 10.75% if the stock gets called away at the January 2025 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if CLSK shares really soar, which is why looking at the trailing twelve month trading history for CleanSpark Inc, as well as studying the business fundamentals becomes important. Below is a chart showing CLSK's trailing twelve month trading history, with the $14.00 strike highlighted in red:
Considering the fact that the $14.00 strike represents an approximate 8% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 45%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 2.47% boost of extra return to the investor, or 18.07% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 132%, while the implied volatility in the call contract example is 136%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $12.93) to be 113%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Also see:
BRDG Dividend History
Institutional Holders of SKYH
GASS Insider Buying
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Interesting CLSK Put And Call Options For January 2025

For Immediate Release
Chicago, IL –December 12, 2024 – Zacks Equity Research shares Okta OKTA, as the Bull of the Day and CleanSpark CLSK, as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Halliburton Company HAL, SLB SLB and Baker Hughes BKR.
Here is a synopsis of all five stocks:
I last wrote about Okta in late September when shares were under $75 and the premier provider of "identity security" solutions was still suffering from the fallout of a breach of customer data.
I thought it was a prime opportunity to add OKTA to any cybersecurity-minded portfolio. Here's what I wrote...
Okta, a $13 billion provider of identity security solutions, is back to the upper realms of the Zacks Rank after EPS estimates turned back north this month.
What's odd is that the stock price is still in the cellar after their late August earnings report saw shares drop over 17% on the day of, and then over -25% total to Sep 10.
The problem is that Wall Street is still nervous about the company's business outlook after they had to pay $60 million to settle a data breach from two years ago.
Among 34 analysts, the average price target is above $105 and the low PT is $75.
And large institutions were big net buyers of OKTA shares in Q2.
It's almost as if everyone is waiting for more bad news as the stock sits here at $76.
So I bought some. I'm obviously looking for the "contrarian upside" to good news the stock is not being discounted for. Here's what I told my TAZR members yesterday...
TAZR Traders
Portfolio is buying Okta between $74 and $76.
I just went over the numbers and outlook. Unless somebody knows that another internal OKTA security breach is going to drop, or they are losing customers because of the way they handled the last one, I think the stock is cheap relative to all cybersecurity peers.
It's back to a Zacks #1 Rank for a reason and I don't see the worry here at $13 billion, trading under 5X sales.
In the last few weeks since the company report, the Zacks consensus EPS estimate for this fiscal 2025 (ends in January) rose 7% from $2.40 to $2.57, representing a 29X P/E in an industry loaded with 90X P/Es.
(end of TAZR Buy Alert excerpt)
Why I Think OKTA Has a Bright Future
Besides that fact that the company specializes in "identity security," in essence making sure that the person authorized for an IT function is the one being authenticated and monitored, they are also aggressively pursuing the edges of new AI threat vectors.
Yesterday, they rolled out an expansion of an existing service, Auth0, to attract more corporate clients as the threat landscape evolves. Traditional identity threats, bolstered by AI advances, are enabling low-quality, high-intensity attacks to become more dangerous and helping new, personalized attacks to emerge.
With bots making up nearly 50% of all internet traffic, developers are challenged with securing their applications in this landscape. Multi-factor authentication (MFA), with possession-based or biometric factors, remains as one of the most effective defenses.
Conversely, AI can also power bot detection, with AI helping Okta block 79% of automated login attempts and recently reduce bot traffic by 90% over a 90 day period.
(end of excerpt from my Sep 25 report where you can also read the recent press release about Auth0, their premier identity solution)
OKTA Makes the Grade
Finally this month, OKTA gets out of the cyber doghouse with their Q3 report and price targets jump over $100. Here's what I told my TAZR Trader group last week...
Okta delivered a strong report last night and price targets are climbing above $100 -- even from the reluctant "neutral" crowd (Jefferies, Susquehanna, Barclays, Piper). But here's a good summary from the biggest bulls on the Street with a $130 PT...
Guggenheim analyst John DiFucci said pressure on new deals and contract renewals is at least partially being offset by sales of news products.
"We continue to believe that this is the reason to own OKTA, and while the volatility around this name undoubtedly has caused bouts of nausea among investors, we believe the business (and stock) can build from this foundation," DiFucci wrote in a note last week.
You can get more detail about the OKTA numbers in this article...
Okta (OKTA) Reports Q3 Earnings: What Key Metrics Have to Say
Since the report, where shares gapped up above $90, she's fallen back to fill the gap from $82 and we are now pushing back above $85. I think you can still buy this premier provider now before the inevitable reach for new highs above $100.
Bottom line: Ransomware costs are expected to soar at a 30% CAGR from $35B in 2023 to $220B by 2030. You don't have to buy OKTA, but you better own at least 3 cyber firms since the enterprises needing extensive protection usually employ 5+ of them to cover all bases.
CleanSpark is a $4 billion technology enterprise that call's itself "America's Bitcoin Miner."
I ran a year-to-date look at CLSK shares vs some other prominent miners. While CLSK is up nearly 20%, the big dog Marathon Digital is flat for the year, despite their big Bitcoin acquisitions.
Meanwhile Iris Energyis up over 90% while Riot Platforms is down over 20%.
Here's how CleanSpark describes their mission...
CleanSpark responsibly develops infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by investing in communities that we operate in. Bitcoin is a watershed moment, not only in the history and invention of money, but in how we relate to each other.
Why CleanSpark is a Zacks #5 Rank
CLSK topline growth looks strong, with a projected jump this fiscal year (ends September) to $637 million for a 68% advance.
The problem is that the same analysts took down EPS estimates for the same period from +12 cents to -30 cents in the past two months.
I don't know all the details of why they made that move. But considering how revolutionary the Bitcoin mining business is becoming, there is definitely some re-modeling that Wall Street analysts must do with their revenue and profit projections.
The "spreadsheet jockeys" who also had to drop coverage of MicroStrategy because they couldn't figure it out, will be doing their homework over the coming quarters and finding their way back to Bitcoin-centric stocks.
To learn more, see my recent essay which explains the mania and the math over Bitcoin...
Additional content:
Think Twice About Buying the 20% Dip in Halliburton Stock
As Halliburton Company experiences a significant downturn, now trading just 7% above its 52-week low, investors might be tempted to see this as a buying opportunity. However, a deeper look reveals reasons for caution. The oilfield services giant — down 19.6% in 2024 — has not only underperformed its peers in the Zacks Oil and Gas Field Servicesindustry but has also lagged behind the broader S&P 500 Index year to date.
Halliburton’s Disappointing Q3 Results
Halliburton’s latest quarterly report offered little comfort to its investors. The company reported adjusted net income per share of 73 cents, falling short of the Zacks Consensus Estimate of 75 cents. This figure also marked a decline from the prior year’s adjusted profit of 79 cents. The weak third-quarter numbers reflect subdued activity in the North American region and the effects of the August cyberattackincident. Revenues dipped 1.8% year over year to $5.7 billion, missing projections of $5.8 billion.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
North America, a critical market for Halliburton, bore the brunt of this underperformance. Regional revenues plummeted 8.5% year over year to $2.4 billion. The Completion and Production segment faced setbacks, with operating income dropping to $669 million from $746 million in the previous year. Weak demand for U.S. onshore pressure pumping services, declining completion tool sales in multiple regions, and subdued stimulation activity in Latin America weighed heavily on results.
HAL Faces Challenging Outlook for North America
Halliburton’s significant exposure to the North American market — where approximately 40% of its revenues are generated — poses a key risk. This dependency is much higher than its peers like SLB or Baker Hughes — 20% and 25%, respectively — making the company more vulnerable to regional weakness.
The North American market is projected to face further seasonal budget exhaustion, potentially dragging down full-year revenues. Margins are also likely to suffer, raising concerns about HAL’s ability to maintain its competitive edge.
Meanwhile, the international segment showed modest growth, up 4% year over year. However, challenges such as decreased drilling activity in the North Sea and project delays in the Middle East cast a pall on HAL’s prospects. Additionally, if OPEC+ nations were to increase production, it could disrupt global oil supply dynamics, reducing demand for Halliburton’s services and putting further pressure on profitability.
Cybersecurity Breach Adds to Halliburton’s Troubles
A cybersecurity incident in Q3 further complicated Halliburton’s situation. This breach disrupted billing and collection processes, impacting free cash flow and earnings per share by an estimated 2 cents. It also forced the company to suspend its share repurchase program temporarily, limiting shareholder returns.
Long-term digitization projects, such as SAP system upgrades, were already delayed prior to this incident. The breach underscores potential operational vulnerabilities that could weigh on HAL’s future performance and investor confidence.
Declining Earnings Estimates Signal More Pain Ahead for HAL
Adding to investor concerns, earnings estimates for Halliburton have been revised downward. Projections for 2024 EPS have dropped by 4% over the past two months to $3.00, while 2025 estimates fell by more than 8% in the same period. This downward trend erodes Halliburton’s growth narrative and suggests that its challenges are far from over.
A Word on Halliburton’s Valuation
From a valuation perspective, while Halliburton might appear attractive relative to the subindustry, it is still trading above its 3-year low. Going by the forward price-to-earnings (P/E) ratio, the company is trading at a forward earnings multiple of 9.33, higher than its 3-year low of 8.10. We don’t think that this premium is justified given the company’s softening North American activity and pressure on margins.
Conclusion: HAL Stock to Avoid—for Now
Despite Halliburton’s prominent position in the oilfield services sector, its recent struggles make it a risky bet. Weak Q3 results, growing challenges in North America, international headwinds, and cybersecurity issues all point to a difficult road ahead. With declining earnings estimates and a Zacks Rank #4 (Sell), Halliburton stock is not the bargain it may appear to be. Investors would be wise to wait for clear signs of improvement before considering an entry.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.
Today you can access their live picks without cost or obligation.
See Stocks Free >>
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
https://www.zacks.com
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Naming Top 10 Stocks for 2025
Want to be tipped off early to our 10 top picks for the entirety of 2025?
History suggests their performance could be sensational.
From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2024, the Zacks Top 10 Stocks gained +2,112.6%, more than QUADRUPLING the S&P 500’s +475.6%. Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2025. Don’t miss your chance to get in on these stocks when they’re released on January 2.
Be First to New Top 10 Stocks >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 5 Stocks Set to Double. Click to get this free report
Schlumberger Limited (SLB) : Free Stock Analysis Report
Halliburton Company (HAL) : Free Stock Analysis Report
Baker Hughes Company (BKR) : Free Stock Analysis Report
Okta, Inc. (OKTA) : Free Stock Analysis Report
Cleanspark, Inc. (CLSK) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Okta and CleanSpark in the Box have been highlighted as Zacks Bull and Bear of the Day

Below is Validea's guru fundamental report for CLEANSPARK INC (CLSK). Of the 22 guru strategies we follow, CLSK rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundamental momentum and price momentum.
CLEANSPARK INC (CLSK) is a mid-cap growth stock in the Computer Services industry. The rating using this strategy is 94% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
FUNDAMENTAL MOMENTUM:
PASS
TWELVE MINUS ONE MOMENTUM:
PASS
FINAL RANK:
PASS
Detailed Analysis of CLEANSPARK INC
CLSK Guru Analysis
CLSK Fundamental Analysis
More Information on Dashan Huang
Dashan Huang Portfolio
About Dashan Huang: Dashan Huang is an Assistant Professor of Finance at the Lee Kong Chian School of Business at Singapore Management University. His paper "Twin Momentum" looked at combining traditional price momentum with improving fundamentals to generate market outperformance. In the paper, he identified seven fundamental variables (earnings, return on equity, return on assets, accrual operating profitability to equity, cash operating profitability to assets, gross profit to assets and net payout ratio) that he combined into a single fundamental momentum measure. He showed that stocks in the top 20% of the universe according to that measure outperformed the market going forward. When he combined that measure with price momentum, he was able to double its outperformance.
Additional Research Links
Top NASDAQ 100 Stocks
Top Technology Stocks
Top Large-Cap Growth Stocks
High Momentum Stocks
Top Chip Stocks
High Insider Ownership Stocks
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The S&P 500 Index ($SPX) (SPY) today is down -0.22%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.23%.
Stocks today are posting mild losses, with the S&P 500 and Nasdaq 100 consolidating below Monday’s record highs. Some negative corporate news is weighing on stocks today with Zscaler down more than -4% after forecasting Q2 adjusted EPS below consensus. Also, Honeywell International is down more than -2% after cutting its full-year adjusted EPS forecast. Also, higher T-note yields are weighing on stocks after the US Oct JOLTS job openings rose more than expected, a sign of labor market strength that is hawkish for Fed policy.
US Oct JOLTS job openings rose +372,000 to 7.744 million, showing a stronger labor market than expectations of 7.519 million.
The markets are looking ahead to Wednesday’s Nov ISM services index (expected -0.5 to 55.5). Also, on Wednesday, Fed Chair Powell will speak at a moderated discussion event in New York. Finally, the markets are awaiting Friday’s Nov nonfarm payrolls (expected +200,000) and Nov average hourly earnings (expected to ease to +3.9% y/y from +4.0% y/y in Oct).
The markets are discounting the chances at 70% for a -25 bp rate cut at the December 17-18 FOMC meeting.
Overseas stock markets today are higher. The Euro Stoxx 50 rose to a 3-1/2 week high and is up +0.53%. China's Shanghai Composite Index climbed to a 2-week high and closed up +0.44%. Japan's Nikkei Stock 225 rallied to a 3-week high and closed up +1.91%.
Interest Rates
March 10-year T-notes (ZNH25) today are down -3 ticks. The 10-year T-note yield is up +2.3 bp to 4.213%. Mar T-notes today gave up an early advance and are slightly lower. T-notes turned lower today after a larger-than-expected increase in US Oct JOLTS job openings signals strength in the labor market, which is hawkish for Fed policy and bearish for T-notes. Also, supply pressures are weighing on T-notes, with as much as $25 billion in corporate debt offerings expected this week, which prompts bond dealers to short T-notes as a hedge against the incoming new supply.
T-notes today initially opened higher on expectations that the FOMC will cut interest rates at the December 17-18 FOMC meeting are boosting T-note prices after Fed Governor Waller said late Monday he’s leaning toward a Fed rate cut at the December FOMC meeting. Waller’s comments pushed the chances of a 25 bp rate cut at the December 17-18 FOMC meeting up to 70% from 55% on Monday.
European government bond yields today are moving higher. The 10-year German bund yield is up +3.1 bp to 2.065%. The 10-year UK gilt yield is up +3.7 bp to 4.249%.
Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 17% for a -50 bp rate cut at the same meeting.
US Stock Movers
Zscaler (ZS) is down more than -3% after forecasting Q2 adjusted EPS of 68 cents-69 cents, below the consensus of 70 cents.
Microchip Technology (MCHP) is down more than -3% after saying it will shut down a plant in Arizona and forecast Q3 revenue will be close to the low end of its original guidance.
Honeywell International (HON) is down more than -2% to lead losers in the Dow Jones Industrials after cutting its full-year adjusted EPS forecast to $9.68-$9.78 from a previous forecast of $10.15-$10.25, weaker than the consensus of $10.17.
Seagate Technology Holdings (STX) is down more than -3% after it said it sees Q3 production output lower than previously seen.
TransMedics Group (TMDX) is down more than -12% after forecasting 2024 revenue of $428 million-$432 million, the midpoint below the consensus of $431.9 million.
US Steel (X) is down more than -9% after President-elect Trump said he would block US Steel from being bought by Nippon Steel when he becomes president.
FedEx (FDX) is down more than -3% after Bernstein downgraded the stock to market perform from outperform, citing risk to the company’s outlook.
CleanSpark (CLSK) is down more than -5% after it filed to delay its 10-K annual filing.
AT&T (T) is up more than +4% after predicting sustained profit growth over the next three years and authorizing a $20 billion share repurchase program.
Janux Therapeutics (JANX) is up more than +58% after announcing positive clinical data for its JANX007 cancer drug in 5L metastatic castration-resistant prostate cancer patients.
CenterPoint Energy (CNP) is up more than +2% after UBS upgraded the stock to buy from neutral with a price target of $37.
Axon Enterprise (AXON) is up more than +1% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $700.
Upstart Holdings (UPST) is up more than +3% after Redburn upgraded the stock to buy from neutral with a price target of $95.
Birkenstock Holding Plc (BIRK) is up more than +1% after HSBC upgraded the stock to buy from hold with a price target of $60.
CME Group (CME) is up nearly +1% after reporting November average daily volume rose +7% y/y to 30.2 million contracts.
Earnings Reports (12/3/2024)
Core & Main Inc (CNM), Donaldson Co Inc (DCI), Marvell Technology Inc (MRVL), Okta Inc (OKTA), Pure Storage Inc (PSTG), Salesforce Inc (CRM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Weaken as T-note Yields Rise on US Labor Market Strength

The S&P 500 Index ($SPX) (SPY) today is down -0.07%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.15%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.09%.
Stocks today are slightly lower, with the S&P 500 and Nasdaq 100 consolidating below Monday’s record highs. Some negative corporate news is weighing on stocks today with Zscaler down more than -4% after forecasting Q2 adjusted EPS below consensus. Also, Honeywell International is down more than -2% after cutting its full-year adjusted EPS forecast.
The markets are looking ahead to Wednesday’s Nov ISM services index (expected -0.5 to 55.5). Also, on Wednesday, Fed Chair Powell will speak at a moderated discussion event in New York. Finally, the markets are awaiting Friday’s Nov nonfarm payrolls (expected +200,000) and Nov average hourly earnings (expected to ease to +3.9% y/y from +4.0% y/y in Oct).
The markets are discounting the chances at 74% for a -25 bp rate cut at the December 17-18 FOMC meeting.
Overseas stock markets today are higher. The Euro Stoxx 50 rose to a 3-1/2 week high and is up +0.22%. China's Shanghai Composite Index climbed to a 2-week high and closed up +0.44%. Japan's Nikkei Stock 225 rallied to a 3-week high and closed up +1.91%.
Interest Rates
March 10-year T-notes (ZNH25) today are up +3 ticks. The 10-year T-note yield is down -0.8 bp to 4.182%. Mar T-notes today are slightly higher. Expectations that the FOMC will cut interest rates at the December 17-18 FOMC meeting are boosting T-note prices after Fed Governor Waller said Monday he’s leaning toward a Fed rate cut at the December FOMC meeting. Waller’s comments pushed the chances of a 25 bp rate cut at the December 17-18 FOMC meeting up to 74% from 55% on Monday. Supply pressures are limiting the upside in T-notes, with as much as $25 billion in corporate debt offerings expected this week, which prompts bond dealers to short T-notes as a hedge against the incoming new supply.
European government bond yields today are mixed. The 10-year German bund yield is up +1.3 bp to 2.047%. The 10-year UK gilt yield is down -0.3 bp to 4.210%.
Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 16% for a -50 bp rate cut at the same meeting.
US Stock Movers
Zscaler (ZS) is down more than -4% to lead losers in the Nasdaq 100 after forecasting Q2 adjusted EPS of 68 cents-69 cents, below the consensus of 70 cents.
Honeywell International (HON) is down more than -2% to lead losers in the Dow Jones Industrials after cutting its full-year adjusted EPS forecast to $9.68-$9.78 from a previous forecast of $10.15-$10.25, weaker than the consensus of $10.17.
Seagate Technology Holdings (STX) is down more than -2% after it said it sees Q3 production output lower than previously seen.
TransMedics Group (TMDX) is down more than -9% after forecasting 2024 revenue of $428 million-$432 million, the midpoint below the consensus of $431.9 million.
US Steel (X) is down more than -7% after President-elect Trump said he would block US Steel from being bought by Nippon Steel when he becomes president.
Live Nation Entertainment (LYV) is down more than -1% after announcing it intends to offer $1.0 billion in aggregate principal convertible senior notes due 2030.
CleanSpark (CLSK) is down more than -9% after it filed to delay its 10-K annual filing.
Microchip Technology (MCHP) is down more than -3% after saying it will shut down a plant in Arizona and forecast Q3 revenue will be close to the low end of its original guidance.
Super Micro Computer (SMCI) is up more than +5% to lead gainers in the S&P 500 and Nasdaq 100 and added to Monday’s +28% surge after a special committee found no evidence of misconduct by management or the board.
AT&T (T) is up more than +4% after predicting sustained profit growth over the next three years and authorizing a $20 billion share repurchase program.
Synchrony Financial (SYF) is up more than +2% after Wells Fargo Securities upgraded the stock to overweight from equal weight with a price target of $85.
Janux Therapeutics (JANX) is up more than +72% after announcing positive clinical data for its JANX007 cancer drug in 5L metastatic castration-resistant prostate cancer patients.
Axon Enterprise (AXON) is up more than +1% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $700.
Citigroup (C) is up more than +1% after Keefe, Bruyette $ Woods upgraded the stock to outperform from market perform with a price target of $82.
Earnings Reports (12/3/2024)
Core & Main Inc (CNM), Donaldson Co Inc (DCI), Marvell Technology Inc (MRVL), Okta Inc (OKTA), Pure Storage Inc (PSTG), Salesforce Inc (CRM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Index	Bulls	Bears
Confidence
Support
Cash flows

CleanSpark, Inc.

Market sentiment

Overall assessment

Share of longs and shorts

Long

Short