L'intérêt à découvert pour Fabrinet donne aux investisseurs une idée du degré auquel les investisseurs parient sur la baisse de l'action de Fabrinet. Les données sur l'intérêt à découvert sont mises à jour toutes les deux semaines.

Fabrinet (NYSE:FN) Stock, Rapport sur les intérêts à découvert

Fabrinet

Fabrinet provides advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. The company offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly, and testing. The company generates the majority of its revenue from North America and Asia-Pacific, with the rest from Europe.

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Fabrinet's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) short percent of float has risen 22.51% since its last report. The company recently reported that it has 1.73 million shares sold short, which is 6.64% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.97 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Fabrinet Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728317724_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Fabrinet has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Fabrinet's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Fabrinet's peer group average for short interest as a percentage of float is 2.70%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

(FN) - Analyzing Fabrinet's Short Interest

Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) has outperformed the market over the past 10 years by 20.67% on an annualized basis producing an average annual return of 31.84%. Currently, Fabrinet has a market capitalization of $8.39 billion. 
Buying $100 In FN: If an investor had bought $100 of FN stock 10 years ago, it would be worth $1,570.92 today based on a price of $232.06 for FN at the time of writing.
<h3>Fabrinet's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727188211_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

News

$100 Invested In Fabrinet 10 Years Ago Would Be Worth This Much Today

In a recent exclusive interview with Benzinga, Paul Eitelman, chief investment strategist for North America at Russell Investments, provided insights into the sectors of small-cap stocks that stand out <a href="https://www.benzinga.com/trading-ideas/small-cap-analysis">amidst economic uncertainty</a>.
While small-caps as a whole face some macroeconomic risks, Eitelman highlights several specific sectors that could offer substantial opportunities.
<h1 class="wp-block-heading">Where Small-Cap Managers Are Finding Opportunities</h1>
Eitelman notes that &#8220;dedicated small-cap managers are finding opportunities to tilt their portfolio strategies toward banks, technology and select highly indebted companies that are likely to benefit from lower interest rates going forward.&#8221; These sectors are positioned to thrive, especially as interest rates begin to decline.
Technology continues to dominate market discussions, and small-cap tech companies could be key beneficiaries of economic shifts, particularly those aligned with innovative growth areas like AI and data services.
The Russell 2000 index is one of the more popular indices tracking small cap U.S. equity. ETFs that track this index include the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), the Vanguard Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTWO#NYSE">VTWO</a>) and the Avantis US Small Cap Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVSC#NYSE">AVSC</a>). The Invesco S&amp;P SmallCap Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSCT#NYSE">PSCT</a>) is a lesser-known but technology-focused ETF tracking small cap companies. The top 3 holdings of this ETF are Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>), SPS Commerce, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPSC#NASDAQ">SPSC</a>) and Badger Meter Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMI#NYSE">BMI</a>).
Read Also: <a href="https://www.benzinga.com/news/24/08/40423157/small-cap-ai-stocks-on-the-rise-3-hidden-gems-you-shouldnt-miss">Small-Cap AI Stocks On The Rise: 3 Hidden Gems You Shouldn&#8217;t Miss</a>
<h1 class="wp-block-heading">Stock Selection: Primary Driver Of Risk, Return</h1>
However, Eitelman cautions that given the high macroeconomic uncertainty, broad sector bets are risky. He recommends a more refined approach: "Our preference into high macro uncertainty is to target only modest sector tilts and let stock selection shine as the primary driver of risk and return."
This focus on stock selection over aggressive sector rotation makes sense in an environment where not all companies are equally positioned to navigate fluctuating interest rates or economic slowdowns. 
Banks, for example, are likely to benefit from a soft landing scenario, while indebted companies could see relief as rates fall. Tech remains a favorite sector due to its long-term growth prospects, even amid near-term uncertainty.
Overall, Eitelman's strategy emphasizes precision and caution, advising investors to prioritize stock-picking and avoid broad over-exposure in the small-cap space.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40749609/this-small-cap-top-pick-is-positioned-for-strong-gains-jpmorgan-sees-over-50-upside">This Small Cap &#8216;Top Pick&#8217; Is Positioned For Strong Gains, JPMorgan Sees Over 50% Upside</a></li>
</ul>
Don&#8217;t miss the opportunity to dominate in a volatile market at the <a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP Conference on Oct. 9-10, 2024</a>, at the Chicago Marriott Downtown Magnificent Mile.
Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders.
<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Secure your spot and get your tickets today!</a>
Photo: Borka Kiss via Shutterstock

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EXCLUSIVE: Russell Strategist Uncovers Top Small-Cap Picks — Seizing Opportunities In A Low-Rate Environment

Fabrinet (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fn#NYSE">FN</a>) closed the last trading session at $210.74, gaining 1.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $265.17 indicates a 25.8% upside potential.
The average comprises six short-term price targets ranging from a low of $196 to a high of $300, with a standard deviation of $37.58. While the lowest estimate indicates a decline of 7% from the current price level, the most optimistic estimate points to a 42.4% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
However, an impressive consensus price target is not the only factor that indicates a potential upside in FN. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn&#39;t give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
<h2>Here&#39;s What You Should Know About Analysts&#39; Price Targets</h2>
According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company&#39;s fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock&#39;s price movement. While that doesn&#39;t necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
<h2>Here&#39;s Why There Could be Plenty of Upside Left in FN</h2>
There has been increasing optimism among analysts lately about the company&#39;s earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The Zacks Consensus Estimate for the current year has increased 4% over the past month, as four estimates have gone higher compared to no negative revision.
Moreover, FN currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock&#39;s potential upside in the near term.
Therefore, while the consensus price target may not be a reliable indicator of how much FN could gain, the direction of price movement it implies does appear to be a good guide.
<a href="https://www.zacks.com/stock/news/2333459/wall-street-analysts-think-fabrinet-fn-could-surge-25-83-read-this-before-placing-a-bet?cid=CS-BENZ-FT-tale_of_the_tape|consensus_price_target-2333459">To read this article on Zacks.com click here.</a>

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Wall Street Analysts Think Fabrinet Could Surge 25.83%: Read This Before Placing a Bet

The Nasdaq 100 closed slightly higher during Thursday's session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Fabrinet&nbsp;</h3>
<ul>
<li>The Trade: Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) EVP, Sales &amp; Marketing Edward T. Archer <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 8,690 shares</a> at an average price of $220.26. The insider received around $1.9 million from selling those shares.</li>
<li>What's Happening: On Aug. 19, Fabrinet reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>What Fabrinet  Does: Fabrinet provides advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors.</li>
<li>Benzinga Pro's real-time newsfeed alerted to<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1"> latest FN news. </a></li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="907" height="845" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035142/image-44.png" alt="" class="wp-image-533656" style="width:672px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035142/image-44.png 907w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035142/image-44-300x279.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035142/image-44-768x716.png 768w" sizes="(max-width: 907px) 100vw, 907px" /></a></figure>
<h3 class="wp-block-heading">Bank of America</h3>
<ul>
<li>The Trade: Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) 10% owner Warren E Buffett <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 18,746,304 shares</a> at an average price of $40.54. The insider received around $760.04 million from selling those shares.</li>
<li>What's Happening: The company is reportedly providing a major boost to climate technology, which has struggled to gain momentum through a landmark tax credit deal. The bank will invest $205 million in exchange for tax credits from an ethanol producer, Harvestone Low Carbon Partners, that captures carbon at a plant in North Dakota, reported WSJ.</li>
<li>What Bank of America Does: Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets.</li>
<li>Benzinga Pro&#8217;s charting tool helped identify the <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1">trend in BAC stock. </a></li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="922" height="842" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035242/image-45.png" alt="" class="wp-image-533661" style="width:695px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035242/image-45.png 922w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035242/image-45-300x274.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035242/image-45-768x701.png 768w" sizes="(max-width: 922px) 100vw, 922px" /></a></figure>
<h3 class="wp-block-heading">Microsoft</h3>
<ul>
<li>The Trade: Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO Satya Nadella <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 78,353 shares</a> at an average price of $408.63. The insider received around $32.02 million from selling those shares.</li>
<li>What's Happening: Microsoft Corp recently launched a new line of Windows PCs with AI capabilities.</li>
<li>What Microsoft Does: Microsoft develops and licenses consumer and enterprise software. </li>
<li>Benzinga Pro&#8217;s signals feature notified of a potential <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1">breakout in MSFT shares.</a> </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="903" height="845" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035323/image-1-10.png" alt="" class="wp-image-533662" style="width:706px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035323/image-1-10.png 903w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035323/image-1-10-300x281.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035323/image-1-10-768x719.png 768w" sizes="(max-width: 903px) 100vw, 903px" /></a></figure>
<h3 class="wp-block-heading">Robinhood</h3>
<ul>
<li>The Trade: Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) Chief Legal Officer Daniel Martin Gallagher Jr <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 12,500 shares</a> at an average price of $19.33. The insider received around $241,566 from selling those shares.</li>
<li>What's Happening: Robinhood Markets agreed to a $3.9 million settlement with California's Department of Justice over its past ban on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) cryptocurrency withdrawals.</li>
<li>What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform. </li>
<li>Benzinga Pro&#8217;s earnings calendar was used to track upcoming <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1">HOOD&#8217;s earnings reports.</a> </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="876" height="773" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035439/image-46.png" alt="" class="wp-image-533663" style="width:708px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035439/image-46.png 876w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035439/image-46-300x265.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06035439/image-46-768x678.png 768w" sizes="(max-width: 876px) 100vw, 876px" /></a></figure>
Check This Out:
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<li><a href="https://www.benzinga.com/top-stories/24/09/40730015/jim-cramer-oklo-is-losing-money-hand-over-fist-but-this-private-equity-stock-is-a-buy"> Jim Cramer: Oklo Is Losing Money &#8216;Hand-Over-Fist,&#8217; But This Private Equity Stock Is A Buy</a></li>
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Insider Trades

Pre-Market Outlook

$BTC

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Microsoft, Bank of America And 2 Other Stocks Executives Are Selling

Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) has outperformed the market over the past 10 years by 19.97% on an annualized basis producing an average annual return of 30.69%. Currently, Fabrinet has a market capitalization of $7.96 billion. 
Buying $100 In FN: If an investor had bought $100 of FN stock 10 years ago, it would be worth $1,420.69 today based on a price of $220.10 for FN at the time of writing.
<h3>Fabrinet's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725469214_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $100 Invested In Fabrinet 10 Years Ago Would Be Worth Today

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Core Scientific, Inc. - Class A Common Stock

CORZ

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DOCN

DTST

EGIO

EVLV

FIVN

FLEX

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LWLG

NSIT

PLUS

PSTG

SHOP

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ZBRA

Shares of companies within the broader tech sector are trading lower amid overall market weakness. Weakness may be due to August's ISM Manufacturing PMI data indicating an economic contraction.

Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) has outperformed the market over the past 10 years by 21.69% on an annualized basis producing an average annual return of 32.55%. Currently, Fabrinet has a market capitalization of $9.47 billion. 
Buying $100 In FN: If an investor had bought $100 of FN stock 10 years ago, it would be worth $1,646.63 today based on a price of $261.84 for FN at the time of writing.
<h3>Fabrinet's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724443219_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 10 Years Ago, You Would Have $1,600 Today

Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) stock is trading higher on Tuesday after the company reported better-than-expected fourth quarter financial results and issued <a href="https://www.benzinga.com//node/40450090">strong guidance</a>.
The Details: Fabrinet, on Monday, reported fourth quarter earnings after the market closed where its adjusted EPS of $2.41 beat the $2.24 estimate and its revenue of $753.261 million beat the $732.22 million estimate. 
Fabrinet CEO Seamus Grady said, &#8220;Our strong fourth quarter results capped a remarkable fiscal year, representing our fourth quarter in a row of record revenue, and record earnings per share, both of which were above our guidance ranges.&#8221;
Additionally, Fabrinet issued guidance above the consensus estimates. The company expects its first quarter revenue to range from $760 million to $780 million versus the analysts estimate of $749.24 million. Also, the company issued adjusted EPS guidance of $2.33 to $2.40 compared to the analysts estimate of $2.26 per share.
Analyst Changes: Following the earnings report, multiple analysts issued price target changes.
<ul>
<li>Needham analyst maintained a Buy rating on Fabrinet and raised its price target from $270 to $280.</li>
<li>Rosenblatt analyst maintained a Buy rating on Fabrinet and raised its price target from $260 to $280.</li>
<li>B. Riley Securities analyst maintained a Neutral rating on Fabrinet and raised its price target from $171 to $196.</li>
<li>JP Morgan analyst maintained a Neutral rating on Fabrinet and raised its price target from $240 to $285.</li>
</ul>
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40467966/palo-alto-networks-delivers-solid-finish-to-year-end-10-analysts-raise-forecasts">Palo Alto Networks Delivers &#8216;Solid Finish&#8217; To Year, 10 Analysts Raise Forecasts</a>
FN Price Action: Fabrinet shares are moving 18.6% higher at $274.70 at the time of publication, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Robert Owen-Wahl from Pixabay

Movers

Why Fabrinet Stock Is Moving Higher Tuesday

It&#8217;s a relatively uneventful session on Wall Street, but with a slightly worsening risk sentiment as all U.S. equity indices traded in the red at around midday trading in New York. If the S&amp;P 500 and Nasdaq 100 close lower today, it will break their current eight-day winning streak, a run that has nearly erased the losses <a href="https://www.benzinga.com/markets/equities/24/08/40450395/s-p-500-nasdaq-100-extend-8-session-winning-streak-as-wall-street-jitters-go-poof-mondays-key-st">sustained earlier this month.</a>
Traders remain cautious as they await key economic events later this week. On Wednesday morning, the Bureau of Labor Statistics will release its &#8220;2024 Preliminary Benchmark Revision to Establishment Data,&#8221; which will include non-farm payroll revisions covering the period from April 2023 to March 2024.
Later in the day, at 2 p.m. E.T., the Federal Reserve will release the minutes from the July Federal Open Market Committee (FOMC) meeting.
The Jackson Hole Symposium kicks off on Thursday, where Fed officials are expected to make headlines during media interviews. On Friday, Fed Chair Jerome Powell will take center stage<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40466528/jackson-hole-preview-5-important-questions-ahead-of-jerome-powells-fed-speech"> with a live address at 10:00 a.m. ET.</a>
Small caps underperformed large cap on Tuesday, and nine out of 11 S&amp;P 500 sectors were in negative territory, with the exclusion of healthcare and consumer staples.
A measure of the U.S. dollar fell 0.4%, tumbling to the lowest level since late December 2023. The Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) is experiencing its worst three-day performance year-to-date.
Treasury yields also fell, with more significant declines at the long end of the curve. The long-dated iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.8%, poised for its third consecutive session in the green and the seventh in the last eight.
Meanwhile, gold remained steady at record-high levels of $2,500 per ounce, while oil prices declined by another 0.5%, marking their third straight drop. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped 1.2% to $58,755.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,596.06</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,798.22</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,688.81</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,142.31</td>
<td>-1.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>
<h1 class="wp-block-heading">According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082024&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:</h1>
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% lower to $558.24.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;eased 0.1% to $408.70.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.4% lower to $479.50.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 1.3% to $212.42.</li>
<li>The Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) and The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, both up by 0.3%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down by 2.1%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) rallied 8.6% in reaction to its better-than-expected quarterly results. </li>
<li>Other stocks reacting to company earnings were Lowes Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>), down 1.3%, Medtronic plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDT#NYSE">MDT</a>) up 1.9%, Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) up 19%. </li>
<li>PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) rose 3.1% after JPMorgan Chase &amp; Co. raised the stock price target from $77 to $80. </li>
<li>Eli Lilly &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) rose by 2% after the company reported that a three-year phase 3 study demonstrated that weekly tirzepatide injections reduced the risk of developing type 2 diabetes by 94% in obese or overweight adults with pre-diabetes, compared to those who received a placebo.</li>
<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) tumbled over 4% after announcing that it is grounding its 777X test fleet due to issues discovered in an engine mounting structure.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40466528/jackson-hole-preview-5-important-questions-ahead-of-jerome-powells-fed-speech">Jackson Hole Preview: 5 Important Questions Ahead Of Jerome Powell&#8217;s Fed Speech</a></li>
</ul>
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Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders. Secure your spot and get your tickets today!
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Wall Street Eases, Bonds Rise, US Dollar Falls To 8-Month Low: What's Driving Markets Tuesday?

Shares of Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) skyrocketed in early trading on Tuesday, after the company reported <a href="https://www.benzinga.com/news/24/08/40464197/fabrinet-posts-strong-earnings-joins-amer-sports-hawaiian-holdings-and-other-big-stocks-moving-highe">results for its fiscal fourth quarter</a>.
The results came amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
<ul>
<li>JPMorgan <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ac4af2b85e930001e6383f/samik-chatterjee">analyst Samik Chatterjee</a> reiterated a Neutral rating, while raising the price target from $240 to $285.</li>
<li>Needham <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5880b6f377f9dd00011b0ab2/matthew-hedberg">analyst Alex Henderson</a> maintained a Buy rating, while lifting the price target from $270 to $280.</li>
</ul>
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
JPMorgan: Fabrinet's Datacom business had been the source of upside in recent quarters, driven by tailwinds related to AI investments. Analysts were surprised that the company's non-Datacom businesses drove its better-than-expected performance in the fiscal fourth quarter. 
This was "led by DCI demand and new system wins in Telecom as well as the dissipation of inventory headwinds associated with EV battery chargers," Chatterjee added.
Management has guided to sequential revenue growth across all product categories in the first quarter of fiscal 2025, "which is leading to aggregate revenue to surpass expectations heading into the quarter," the analyst stated. 
Fabrinet's ability to win new customers "was again on display as it highlighted a large win with Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>), which by our estimate could supercede its prior largest Telecom customers in magnitude, as well as highlighting six ZR customers, which in our view continues to showcase the headroom for Fabrinet to win and ramp new businesses particularly in the current backdrop of recent M&amp;A and management transitions in the industry," he further wrote.
Needham: Fabrinet reported strong results and guidance, while announcing a significant new customer win in its Systems business with Ciena and "a major new plant expansion twice the size previously expected," Henderson said. 
"Fabrinet is demonstrating its confidence in its growth outlook with the $110 million capacity expansion," he added.
Fabrinet expects its new plant build to "handle an additional $2.4 billion in Revenues annually when filled," the analyst stated. "The impact on GMs at opening is expected to be a small 15 BPs hit which will go away as the capacity ramps," he further wrote.
FN Price Action: Shares of Fabrinet had risen by 19% to $275.55 at the time of publication on Tuesday.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40467966/palo-alto-networks-delivers-solid-finish-to-year-end-10-analysts-raise-forecasts">Palo Alto Networks Delivers &#8216;Solid Finish&#8217; To Year, 10 Analysts Raise Forecasts</a></li>
</ul>

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