Independent Bank Corp (Massachusetts) (INDB) News & EventsINDBIndependent Bank Corp (Massachusetts)

CPI Exceeds Expectations, Market Sentiment Holds Steady

Following yesterday's hotter-than-expected CPI print, wholesale PPI inflation also came in well above expectations, and yet investor sentiment is holding up well as market fears shift away from concerns over a "rate shock" due to tighter monetary policy and toward a "growth scare" as the AI buildout pillar of the economy is looking more wobbly.    After opening lower, the S&P 500 and Nasdaq Composite both eked out gains by the close, while the less-Tech-concentrated Dow jumped over 1%.In Technology, traders continued to sell semiconductors, communication equipment, and computer hardware in droves, but the proceeds were rotated into "anti-AI" areas of the market such as Enterprise Software and IT Services.  The worst performing sector in the S&P 500 this year - Consumer Cyclicals - was one of the best sectors today as traders bid up heavily-sold names like Lululemonand Nike, both of which were up 5%.In fixed income, rotation from corporates amid Coreweavedebt scare into the safety of the Treasuries  - where the yield on the 10-year note dropped another 10 basis points despite the hot inflation prints - also benefited the heavily sold rate-sensitive market areas such as REITs and Homebuilders.   Names like Lennar, which had just marked a four-year low overnight, jumped 6% on Thursday, while its peers DR Hortonand KB Homewere bid up by over 4%.Sentiment remains fragile in the opening hour of the evening session. S&P e-minis are down 0.1% and the Nasdaq 100 contract is off by 0.3%.  Futures traders will look to the AI-overindexed Korea's Kospi for direction while also monitoring the testimony of Fed Chair Kevin Warsh at the IMF summit in Bangkok this evening.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Independent Bankup 2.5%Cohen & Steersup 1.9%Alcoaup 1.1%Wise Groupup 1.0%ALSO HIGHER -Semtechup 2.1% after positive Q3 pre-announcementDOWN AFTER EARNINGS -J.B. Hunt Transport Servicesdown 2.3%First Financial Banksharesdown 1.4%Interactive Brokersdown 0.6%ALSO LOWER -MDxHealth SAdown 7.4% after Q3 pre-announcement

Independent Bank Corp Reports Q3 Revenue of $261.95M

Reports Q3 revenue $261.95M, consensus $261.25M. "In an operating environment with many moving pieces, our disciplined approach and core fundamentals drove a 12% increase in our diluted earnings per share versus the prior quarter results," said Jeffrey Tengel, Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. "I want to thank my colleagues for their steadfast commitment to servicing our customers day in and day out. Our focus on strong community banking drove a 1.42% return on average assets and a 15.43% return on average tangible common equity, as loan and average deposit growth improved, we maintained our net interest margin while growing overall net interest income, credit quality remained stable, expenses were well managed, and we prudently returned excess capital to shareholders."

Nasdaq Composite Falls 1.5%, Netflix Guides Below Expectations

More pain in the tech arena drove major indices lower on Thursday, with Nasdaq Composite's 1.5% decline seen as the biggest retreat.  The 0.5% decline in S&P 500 also cut into the benchmark's two-day rally as  Communication Services - yesterday's best performing sector - was today's worst performing sector, as Alphabetand Meta Platformsfell 4.4% and 2.5% respectively.  Investors are turning more selective with regards to hyperscalers as Microsoftand Applecontinued their advance, though the selloff in the hardware, semiconductors and memory has become more indiscriminate.  Software was the winning area in the tech space as IBMbounced back with 4% following its 25% post-pre-announcement decline on Tuesday.  Outside of tech, Consumer Defensive, Real Estate, and Healthcare were the top three performing sectors in the S&P 500.In the opening hour of the evening session S&P, E-minis, and Nasdaq 100 contracts are down by about a decimal.  In commodities, WTI Crude Oil is back but just barely below $80 per barrel.  Precious metals were also under pressure, with Gold moving further below $4000 and Silver now below $56 per ounce.Key earnings afterhours saw the spotlight fall on Netflix, which was in-line on Q2 results but guided Q3 below consensus, sending shares to their lowest levels since late 2024.  Alcoawas also down modestly following a miss on both earnings and revenue in the quarter.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Construction Partnersup 4.5% after admission into S&P SmallCap 600 indexSweetgreenup 2.1% after reports that Taylor Farms may be linked to parasitic illness outbreakDOWN AFTER EARNINGS -Intuitive Surgicaldown 11.8%Independent Bankdown 9.4%Netflixdown 8.6%STAAR Surgicaldown 8.5%First Financial Banksharesdown 3.4%Alcoadown 3.2%F.N.B. Corporationdown 2.6%