- US indices trade slightly higher
- US100 tests bearish trendline
- BioNTech jumps 5% after earnings
Wall Street indices launched today's trading slightly higher. S&P 500 and Nasdaq gained 0.3% at the opening while Dow Jones launched 0.1% higher. Part of those gains was trimmed during the first hour of trading and now Dow Jones and S&P 500 trade flat while Nasdaq gains slightly. Economic calendar for today is empty and earnings releases are driving stock moves.
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A break below the lower limit of the descending triangle pattern on Nasdaq-100 futures chart (US100) turned out to be a false breakout and the index climbed back above 14,650 pts area. Strong upward move pushed the price back to the bearish trendline which is being tested at press time. A break above would brighten the outlook for the buyers but a break above the 15,350 pts resistance zone would be needed to confirm it.
Company News
Reuters reports that Tesla (TSLA.US) plans to start manufacturing lower priced cars at its plant in Germany. Company wants to begin production of €25,000-cars as a more affordable option for customers as it prepares for production ramp-up.
BioNTech (BNTX.US) gains after reporting Q3 2023 earnings. Company reported sales at €895.3 million, 74% year-over-year lower but higher than the €865 million expected. Net income was 90% YoY lower at €160.6 million. Adjusted EPS came in at €0.67 and was higher than €0.35 expected. Company now expects full-year Covid shot revenue to be around €4 billion, down from previous guidance of around €5 billion.
Dish Network (DISH.US) drops over 10% after reporting Q3 2023 results. Company reported $139 million net loss for the quarter, compared with $412 million profit a year ago. Loss per share amounted to $0.26 (+$0.04 expected), down from a $0.65 per share profit. Revenue dropped 9.7% YoY to $3.7 billion (exp. $3.72 billion). Net number pay-TV subscriber dropped by 64k in Q3 2023 while retail wireless subscribers saw a 225k net outflow.
Analysts actions
- Fortinet (FTNT.US) downgraded to "hold" at HSBC. Price target set at $49.00
- Paramount Global (PARA.US) downgraded to "underperform" at Bank of America. Price target set at $9.00
BioNTech (BNTX.US) is trading higher following Q3 earnings release. Company launched today's trading with a big bullish price gap and reached levels not seen in a month. Stock is attempting to break above the $100.00 resistance zone. Source: xStation5
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