- Estee Lauder announces workforce reductions
- Boeing sees further construction defects in 737 Max planes
Wall Street indices started the first trading session lower this week. The Nasdaq is currently losing close to 0.2%, the S&P500 close to 0.3% and the Russell 2000 close to 1.7%. The economic calendar for today's session is relatively empty, however, investors' attention will be drawn to the ISM PMI data for the services sector (publication at 03:00 pm GMT).
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The US2000 index extends the declines and is currently trading in the support zone defined by the retracement of the 38.2% Fibo of the downward wave initiated in November 2021 and the 50-day exponential moving average (blue curve). Source: xStation ek
Investors are turning their attention today towards the results of McDonald's and Caterpillar. Detailed information on the companies' results can be found here (MCD.US) and here (CAT.US).
Boeing (BA.US) shares are losing 2.1% after the company found more flaws in relation to poorly drilled holes in the 737 Max series jet, which could further delay international deliveries.
Estee Lauder (EL.US) gains 19% after announcing plans to cut between 3% and 5% of its workforce as part of a restructuring programme and higher sales forecasts for the fiscal year. On the downside, however, the company expects adjusted earnings per share for the full year 2024 to be in the range of $2.08 to $2.23, compared to an earlier forecast in the range of $2.17 to $2.42.
The company's shares tested the 200-day exponential moving average (golden curve) early in the session. Source: xStation
Analyst action
- Goldman Sachs raises its target price for Nvidia (NVDA.US) shares to $800 from $625. Investment bank predicts continued growth driven by continued Gen AI infrastructure spending by large cloud providers
- Piper Sandler cuts target price for Tesla (TSLA.US) shares to $225 from $295, expecting increased car price cuts in 2024
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