Stocks opened higher Friday as investors cheered a round of generally upbeat earnings reports. However, enthusiasm – and those early gains – faded as Treasury yields climbed, though one of the three main benchmarks ended in positive territory. By the close, the Dow Jones Industrial Average was down 0.2% at 43,828, marking its seventh straight loss and longest losing streak since 2020, while the S&P 500 ended fractionally lower at 6,051. The Nasdaq Composite eked out a 0.1% gain to 19,926. The mid-morning reversal came as Treasury yields rose ahead of next week's Federal Reserve meeting . Indeed, the yield on the 2-year government note finished up 6.1 basis points at 4.247% and the 10-year gained 7.5 basis points to 4.399%. (A basis point equals 0.01%.) Subscribe to Kiplinger’s Personal Finance Be a smarter, better informed investor. Sign up for Kiplinger’s Free E-Newsletters Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e-mail. According to CME Group's FedWatch tool , futures traders are pricing in a 93% chance the Federal Open Market Committee (FOMC) will lower the federal funds rate by a quarter-percentage point Wednesday afternoon. "The problem seems to be that the growing conclusion is that the Fed will pause after that, with perhaps only one cut in the spring," says Louis Navellier, chairman and founder of Navellier & Associates . "This differs from central banks' moves in other countries, which have continued to cut rates." Navellier notes that if the Fed chooses to pause, it will do so because the economy is so strong. "That the Fed will still have plenty of room to cut if an unexpected slowdown occurs reduces ongoing systemic risk," he adds. Broadcom hits $1 trillion market cap after earnings, dividend hike The rising bond yields weighed on several mega-cap stocks, including Nvidia ( NVDA , -2.3%) and Meta Platforms ( META , -1.7%). However, they did little to slow Broadcom ( AVGO ), which surged 24.4% to top the $1 trillion market-cap level for the first time. Boosting the semiconductor stock was the chipmaker's better-than-expected fiscal 2024 fourth-quarter earnings report that showed solid demand for its artificial intelligence (AI) offerings. The highlight of AVGO's earnings report was its "messaging on its expanding AI opportunity," says UBS Global Research analyst Timothy Arcuri (Buy). "Hyperscale customers are leaning into custom ASIC programs with roadmaps that incorporate increasing levels of ethernet-based networking content with an eye towards super-scale million-XPU clusters – and all of this potentially translates into an AI SAM expansion of four to five times for AVGO over the next three years." Broadcom also issued a strong outlook for its fiscal 2025 first quarter and hiked its quarterly dividend by 11%. AVGO is already one of Wall Street 's best dividend growth stocks , having hiked its payout in each of the past 14 years. RH, Costco report solid earnings Elsewhere on the earnings calendar , RH ( RH ) stock surged 17.0% as the home furnishings retailer's upwardly revised fiscal fourth-quarter and full-year revenue outlooks offset a fiscal third-quarter miss. "We have worked hard to destroy the former version of ourselves and are in the process of unleashing what we believe is an exponentially more inspiring and disruptive RH brand, inclusive of the most prolific product transformation and platform expansion in the history of our industry," wrote RH CEO Gary Friedman in the company's shareholder letter . Costco Wholesale ( COST ) stock also gained ground after its quarterly results, rising 0.1% on the warehouse club's top- and bottom-line beats for its fiscal 2025 first quarter. COST's results were driven by increased traffic to its stores and double-digit growth in e-commerce sales. "COST continues to report favorable results, with a bottom-line beat even excluding the $100 million tax benefit," says Jefferies analyst Corey Tarlowe (Outperform, the equivalent of Buy). "Traffic led the enterprise core comp growth, operating margin expanded, and digital discretionary trends were robust. Looking ahead, we remain encouraged by COST's business model to report consistent top- and bottom-line growth ahead." Related content Why Uber Stock Is Volatile After GM's Cruise Announcement If You'd Put $1,000 Into Adobe Stock 20 Years Ago, Here's What You'd Have Today How to Find the Best Energy Stocks
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Pep Guardiola: It’s my responsibility to solve Manchester City’s poor runThrivent Financial for Lutherans grew its holdings in shares of Kimco Realty Corp ( NYSE:KIM – Free Report ) by 2.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 258,593 shares of the real estate investment trust’s stock after buying an additional 5,624 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Kimco Realty were worth $6,005,000 at the end of the most recent reporting period. Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Catalyst Capital Advisors LLC acquired a new position in Kimco Realty during the 3rd quarter valued at about $25,000. Blue Trust Inc. boosted its position in shares of Kimco Realty by 613.5% during the second quarter. Blue Trust Inc. now owns 2,112 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 1,816 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Kimco Realty by 52.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,243 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 773 shares in the last quarter. UMB Bank n.a. raised its position in Kimco Realty by 112.6% in the 2nd quarter. UMB Bank n.a. now owns 3,374 shares of the real estate investment trust’s stock valued at $66,000 after buying an additional 1,787 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in Kimco Realty by 378.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,975 shares of the real estate investment trust’s stock valued at $77,000 after acquiring an additional 3,144 shares in the last quarter. 89.25% of the stock is owned by institutional investors. Wall Street Analyst Weigh In A number of research analysts recently weighed in on KIM shares. Truist Financial raised their price target on shares of Kimco Realty from $22.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. The Goldman Sachs Group lifted their target price on shares of Kimco Realty from $20.00 to $22.50 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Evercore ISI increased their price target on Kimco Realty from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Argus raised Kimco Realty to a “strong-buy” rating in a research report on Friday, September 6th. Finally, Compass Point upped their price objective on Kimco Realty from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Kimco Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.14. Kimco Realty Stock Up 0.2 % KIM opened at $25.37 on Friday. Kimco Realty Corp has a 12 month low of $17.57 and a 12 month high of $25.46. The company has a market cap of $17.10 billion, a PE ratio of 46.13, a price-to-earnings-growth ratio of 3.32 and a beta of 1.50. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.78. The company has a 50 day moving average of $23.93 and a 200 day moving average of $21.75. Kimco Realty ( NYSE:KIM – Get Free Report ) last posted its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.22). Kimco Realty had a return on equity of 3.68% and a net margin of 19.58%. The company had revenue of $507.63 million during the quarter, compared to the consensus estimate of $502.78 million. During the same period in the previous year, the business earned $0.40 earnings per share. Kimco Realty’s revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts expect that Kimco Realty Corp will post 1.64 EPS for the current year. Kimco Realty Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.94%. This is an increase from Kimco Realty’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, December 5th. Kimco Realty’s dividend payout ratio is presently 174.55%. About Kimco Realty ( Free Report ) Kimco Realty Corp. is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2018, the company owned interests in 437 U.S. shopping centers comprising 76 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Featured Stories Receive News & Ratings for Kimco Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kimco Realty and related companies with MarketBeat.com's FREE daily email newsletter .
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It's the holiday shopping season, which likely means more use of your credit card. And with each swipe, a transaction fee follows. The fee is often paid by the retailer and may be passed onto the customer. A group of lawmakers are taking aim at lowering the rate of those transaction fees. Retailers currently pay around 2-3% on every transaction, totaling $224 billion in 2023, according to industry analysts CMSPI . Visa and Mastercard, two payment networks that dominate the market, argue the fees pay for a valued service for quick and secure transactions. Senate Judiciary Committee Chairman Dick Durbin, a Democrat from Illinois, says it's a problem that permeates every business accepting cards. "Visa and Mastercard don't bargain their charge on every single bill. They dictate how much they're going to charge," Durbin said. Durbin, who is pushing the Credit Card Competition Act, is advocating for more competition in the credit card market to help businesses play a hand in negotiating fees. "When you reduce the cost for retailers, whether they're restaurants or shops, they end up passing it along, and reduce prices for customers," Durbin said. But payment groups argue that there are already many payment options available that drive competition. "There's cash, check, Venmo, Zelle, credit card, debit card, the list goes on and on," Richard Hunt of the Electronic Payment Coalition said. "Millions of Americans use their credit card many times throughout the day. It is safe and it is secure and is very valuable to make ends meet." Hunt says the costs pay for services, protecting businesses and customers alike from fraud and stolen information. He says taking away the service could jeopardize not only private information but also take away benefits that customers rely on, like reward points or cash back. "[Customers] use that money to pay for groceries and gasoline prices and to buy gifts during the holidays. This move by Congress would jeopardize those reward points," Hunt said. But Sen. Durbin believes that increased competition will not harm rewards programs, which he says are a key factor in attracting customers to apply for credit cards in the first place. Earlier this year, Visa and Mastercard settled a lawsuit over the fees, resulting in lower costs over the next few years and allowing smaller merchants to collectively bargain for better rates. During a Senate Judiciary Committee hearing last week, both Republicans and Democrats questioned Visa and Mastercard's profit margins, which hover around 50 percent and are fueled in part by fees. Lawmakers argued that such high profit margins should not exist amid record-high credit card debt. Representatives for Visa and Mastercard defended the fees, stating they provide security from fraud, drive innovative payment technologies, and offer lifelines for customers, especially those who are low-income, relying on points and benefits. Sen. Durbin admits the bill is unlikely to pass in the current lame-duck session of Congress but notes there has been bipartisan interest in the proposal.Scotiabank Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) StockThe champions crashed to a fifth straight defeat in all competitions – something not experienced by the club in more than 18 years – as they were thrashed 4-0 by Tottenham at the Etihad Stadium on Saturday. The loss, which was also a third in succession in the Premier League and shattered a 52-game unbeaten home run, damaged the club’s hopes of winning an unprecedented fifth title in a row. It is the worst run of Guardiola’s glittering managerial career and the City boss, who extended his contract until 2027 last week, is determined to turn the situation around. The Catalan said: “When we start to lose I say to the people I have to find a way, I have to. It’s my duty, my responsibility, to find a way to be more consistent, that our game will be better and win games. “This is what we have to do.” City have been hampered by injuries to key players in recent weeks, particularly by the absence of Ballon d’Or-winning midfielder Rodri, who has been sidelined for the remainder of the season. Problems have emerged at both ends of the field with a lack of clean sheets – just five in 19 outings this term – and a shortage of goals being scored on occasions, like Saturday, when the prolific Erling Haaland has an off-day. Guardiola said: “We don’t expect to lose important players but it’s happened and you have to find a way. We have to find other abilities. “I don’t think we didn’t create enough chances. We created a lot of chances, clear ones at 0-0, 0-1, 0-2. “Of course we want a lot of players to score but it’s happened now. “I know at the Etihad when we are there and we score goals our momentum is there, but now we are not solid enough. That is the truth. “In both sides normally we are solid but we concede the goals. Now in both sides we are not good enough. “In these situations, what do you have do to? Keep going my friends, keep going. “We have done it in the past – not in terms of results being as bad as now – but we have done it and we face the situation and move forward.”