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S&P: Positive Outlook Reflects, Despite Uncertainty In International Trade, Italy's Diverse Private Sector To Support Current Account Surpluses
Toronto Stock Index .GSPTSE Unofficially Closes Down 1092.61 Points, Or 3.31 Percent, At 31923.52
The Nasdaq Golden Dragon China Index Closed Down 2.3% Initially. Among Popular Chinese Concept Stocks, BYD Closed Down 4.4%, While Pony.ai, Tencent, Li Auto, And XPeng All Fell By More Than 3%
In January, The S&P 500 Rose 1.2%, The Dow Jones Industrial Average Rose 1.7%, And The Nasdaq Composite Rose 0.8%. On Friday, The S&P 500 Initially Closed Down 0.4%, With Materials Down 1.9%, Technology Down 1.3%, And Energy Up 1%. The NASDAQ 100 Initially Closed Down 1.3%, With Applovin Plunging 17.3%, Western Digital Down 10%, Seagate Technology Down 9.1%, AMD Down 6.2%, Applied Materials Down 5.4%, Tesla Up 3.3%, Strategy Group Up 4.8%, And Chartered Communications Up 7.9%. Visa Initially Closed Down 2.9%, With 3M, American Express, UnitedHealth Group, Nike, Caterpillar, And Amazon All Falling More Than 1%, Leading The Dow Jones Components' Decline. Coca-Cola Rose 2%, Chevron Rose 3%, And Vz Rose 11.9%. The Semiconductor Index Fell 3.9%, And The Banking Index Fell 0.1%
The US Dollar Index Fell About 1.3% In January. On Friday (January 30), The ICE Dollar Index Rose 0.84% to 97.088 Points In Late New York Trading, Down 0.55% For The Week And 1.27% For January. It Experienced A Slight Rise And Fall Between January 2 And 23 – Reaching 99.492 Points At The Opening Of US Stocks On The 15th, Before Declining Continuously From The 23rd To The 27th – Falling To A Low Of 95.551 Points. The Bloomberg Dollar Index Rose 0.84% to 1187.81 Points, Down 0.44% For The Week And 1.32% For January, Trading Between 1213.79 And 1173.47 Points
Senate Majority Leader John Thune: USA Senate To Hold Friday Votes On Spending Bills, As Partial Government Shutdown Looms On Saturday
[Greenlandic Prime Minister: No Agreement Reached Yet] Greenlandic Prime Minister Jens-Frederic Nilsson Said In An Interview Broadcast By Greenland Broadcasting Corporation On The 30th That No Agreement Has Been Reached Regarding Greenland And The Situation Remains Challenging
According To The U.S. Commodity Futures Trading Commission (CFTC), In The Week Ending January 27, Speculators Increased Their Net Long Positions In Nymex WTI Crude Oil By 9,557 Contracts To 62,991 Contracts, A Six-month High
CFTC - Oil Speculators Raise WTI Net Long Position By 9586 Contracts To 28937 In Week To January 27
CFTC - Comex Copper Speculators Cut Net Long Position By 4933 Contracts To 56749 In Week To January 27
CFTC - Comex Gold Speculators Cut Net Long Position By 17742 Contracts To 121421 In Week To January 27
CFTC - ICE Coffee Speculators Raise Net Long Position By 2282 Contracts To 19512 In Week To January 27

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By Dan Gallagher
Sandisk's latest earnings report sent its already-soaring stock price up another 10% by Friday afternoon. But the memory-chip maker's explosive earnings growth is actually making its stock cheaper.
That's good news for a company whose market capitalization had already risen by 15 times since its split from Western Digital, which took effect in February of last year. Such a run tends to make stocks a lot more expensive relative to their earnings power. But Sandisk's fiscal second-quarter report late Thursday made it clear that soaring demand for flash memory is boosting both the top and bottom line. Sandisk reported adjusted per-share earnings of $6.20 for the December-ending period compared with $1.23 for the same period last year.
The company's projection also showed that per-share earnings could more than double just during the March-ending quarter. That compelled Wall Street analysts to push up their own estimates. Sandisk is now expected to earn $62.68 per share in the current calendar year, compared with the consensus estimate of $29.24 before Thursday's report, according to FactSet data.
So even with Friday's jump, Sandisk is now trading at less than 10 times projected earnings for this year, compared with its multiple of 18.4 times ahead of Friday's earnings. That puts Sandisk about on par with fellow memory-chip maker Micron but also well below the 27 times projected earnings averaged by the PHLX Semiconductor Index, according to FactSet data.
"This is the strongest upcycle we have seen in our 30 years covering the memory industry and Sandisk results tonight are yet another reminder of that," Morgan Stanley's chip analyst Joe Moore wrote in a note to clients.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free morning newsletter here.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
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