U.S. stocks were mixed on the day, with weakness in Apple, Nvidia, and Broadcom dragging down the tech-heavy indexes. Meanwhile, small-caps remain well-bid, hoping Wednesday’s rate cuts will boost the indexes. 👀

Today's issue covers Intel popping on turnaround potential, BP breaking off its wind business, and the red-hot Indian market’s latest IPO. 📰

Here’s the S&P 500 heatmap. 9 of 11 sectors closed green, with financials (+1.30%) leading and technology (-0.38%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $ZNTL, $REE, $OMEX, $BLCO, $CSLR 📉 $FERG, $TUP, $GOEV, $MGNI, $NKGN*

*If you’re a business and want to access this data via our API, email us.

The semiconductor giant’s shares are finally finding support after it announced a plan to turn its foundry business into a subsidiary and allow for outside funding.

The foundry business produces chips for other customers and has been a major drag on Intel’s bottom line. Over the past two years, Intel has spent $25 billion on it. Concern over the long-term viability of this business has caused Intel's stock to fall 60% during 2024 while its competitors’ stocks have soared. 💸

Today’s news is a welcome change of pace. Investors are ultimately pushing for the company to completely spin off this business and allow each business to focus on its core competency. Additionally, Intel said it will sell off part of its Altera stake as it looks to shore up its balance sheet.

Lastly, the company is expanding its deal with Amazon Web Services to produce custom chips for artificial intelligence (AI), extending its long-term partnership. This could give Intel a meaningful foothold in the market for AI server chips, where it has fallen significantly behind its competitors. 🤖

Shares continued rebounding from recent 13-year lows after hours, rising an additional 9% as Stocktwits sentiment pushes into ‘bullish territory.’ For the first time in quite a while, there’s thought that Intel could actually pull it off. 👍

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With Indian stocks continuing to lead the emerging market charge, more and more of its domestic companies are looking to cash in on investors’ bullish appetite. 🤑

Bajaj Housing Finance is the latest company to raise $781 million at a $7 billion valuation, with it being nearly 64x oversubscribed. And the demand remains strong on the open market, as shares have quickly jumped more than 130% from their IPO pricing of 70 rupees.

The company is part of the conglomerate Bajaj Group, which also owns auto and consumer goods businesses. When investors can buy into a well-known brand in a raging bull market, they’re willing to pay up for exposure. 🏬

U.S. investors have noticed too, with flows continuing to favor India over China in the emerging market equity space. With the five-year charts looking like this, many investors are betting on continued outperformance. 📈

There was a mix of breakup and partnership news today; let’s quickly cover it.

British Petroleum (BP) has made it clear that meeting its profitability goals is more of a priority than its climate commitments, at least in the short term. As a result, it’s selling its U.S. onshore wind energy business, citing a lack of growth. ❌

It’s been a tough environment for the wind business, with several offshore wind companies having canceled or sought to renegotiate their projects due to high material costs, interest rates, and supply chain disruptions.

The move also comes as BP’s new CEO imposes a hiring freeze and pauses new offshore wind projects to reemphasize the company’s efforts on oil and gas…at least until the economics of its renewable businesses don’t negatively impact profitability as much as they currently do. 🤷

Next up, Boeing is paying Embraer $150 million in order to withdraw from its acquisition talks, as the aerospace and defense giant looks to get its core business back on track.

Lastly, it’s worth noting that billions of dollars are currently flowing into Ammonia, a cleaner alternative for fertilizer and fuel. The U.S. government and Big Oil are all pouring money into the industry in an attempt to get their climate goals back on track. 🌎

Economic data: Australia Interest Rate Decision (12:30 am ET), Retail Sales (8:30 am ET), Industrial Production (9:15 am ET), Business Inventories (10:00 am ET), Fed Logan Speech (10:00 am ET), and NAHB Housing Market Index (10:00 am ET). 📊

Pre-Market Earnings: Ferguson ($FERG). 🛏️

After-Hour Earnings: None — enjoy your evening. 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

💎 Uncover the market’s next big winners before they take off with the MarketSurge Blue Dot—get 6 weeks of access for only $49.95*

🏢 Amazon tells employees to return to office five days a week

🧑‍⚖️ Control of the Murdoch media empire could be at stake in a closed-door hearing in Nevada

🛍️ Target to hire 100,000 seasonal employees, launches early holiday promotions

📺 Charter rolls out new Spectrum pricing and internet speeds, aims to ‘be a better service operator’

🥑 Chipotle’s testing an avocado-peeling robot and an automated bowl assembly line

🧊 The 163-year-old company that built the Titanic says it is insolvent

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