- US stocks open higher
- US economic growth slows to 2% in Q3
- Weekly jobless claims hit fresh 19-month low
- eBay (EBAY.US) stock plunges despite upbeat quarterly results
US indices launched today's session higher, as solid earnings reports and upbeat claims figures overshadowed disappointing GDP growth figures. The American economy expanded an annualized 2% in Q3, well below analysts' estimates of 2.7% and slowing sharply from 6.7% in Q2. On the other hand, initial claims fell more than anticipated to a fresh 19-month low. Meanwhile, the earnings season continues with results from Ford, Carlye Group, Caterpillar, Comcast, and Merck beating Wall Street projections, while eBay and Twilio tumbled on weak forward guidance. Amazon, Apple, and Starbucks will release their quarterly results after the closing bell.
US100 launched today’s session higher and is approaching all-time high at 15,820 pts which coincides with the upper limit of the 1:1 structure. Should break higher occur, then the next target for buyers are marked with 127.2% and 161.8% external Fibonacci retracements. On the other hand, if sellers will manage to halt advances, then another downward impulse towards support at 15220 pts may be launched. Source: xStation5
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eBay (EBAY.US) stock fell more than 5% in pre market despite e-commerce giant posted solid quarterly figures. Company earned 90 cents per share, slightly above analysts' estimates. Revenue also beat market expectations. However, stock slid after the company issued weaker than expected current quarter guidance.
eBay (EBAY.US) stock launched today’s session with a bearish price gap and is currently testing support at $73.40 which coincides with 200 SMA (red line) and 61.8% Fibonacci retracement of the last upward wave. Should break lower occur, downward move may accelerate towards $71.30 handle which is marked with 78.6% retracement and long-term upward trendline. On the other hand, if buyers manage to halt declines, then another upward impulse towards recent high at $81.25 may be launched. Source: xStation5
Ford (F.US) stock jumped 8% in premarket after the auto manufacturer posted upbeat quarterly earnings and lifted its annual profit forecast and resumed paying dividend.
Tesla (TSLA.US) stock rose 3% in premarket after Piper Sandler kept its overweight rating and raised its target price on the electric car producer to $1,300 from $1,200.
Caterpillar (CAT.US) stock gained 2.5% in the premarket after the heavy equipment maker posted mixed quarterly results Company earned $2.66 per share well above Wall Street expectations of $2.20, amid elevated demand in the construction industry. However, revenue figures were slightly disappointing.
Merck (MRK.US) shares rose more than 2% in premarket after the drugmaker posted better than expected quarterly figures. Company earned $1.75 per share beating market expectations by 20 cents. Revenue also beat market projections on stronger sales of vaccines and cancer drugs.
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