- US stock opened slightly lower
- Lowe’s (LOW.US) and Target (TGT.US) quarterly earnings beat market expectations
- Visa (V.US) stock fell 3.0% after Amazon (AMZN.US) said it won't accept UK-issued credit cards
US launched today's session lower as investors weighed strong earnings reports from major retailers against lingering inflation concerns and continued digesting strong economic data. Housing starts unexpectedly dropped in October, which may indicate that rising costs of building materials continue to hurt the sector. On the other hand, building permits were up and retail sales and industrial production released yesterday pointed to a robust economic recovery. Meanwhile, Lowe’s and Target posted better than expected quarterly results. Cisco Systems and Nvidia will release their quarterly figures after the closing bell.
US100 bounced off the upper limit of the ascending channel last week, however the downward move turned out to be short-lived and the index is climbing towards all-time high at 16,442 pts. On the other hand, if sellers manage to regain control, then support at 15,750 pts, which is marked with a lower limit of the 1:1 structure, may be at risk. Source: xStation5
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Visa (V.US) stock fell more than 3.0% in premarket after e-commerce giant Amazon decided to stop accepting credit cards issued by the financial services company in the U.K. from January.
Visa (V.US) stock launched today's session lower and is testing major support at $206.00 which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Should a break lower occur, the next target for bears is located at $193.00. Additionally, the medium-term 50-day SMA (green line) crossed under the log-term 200-day SMA (red line). This has formed a bearish ‘death cross’ which can at times precede a turn lower On the other hand, if buyers will manage to regain control, then another upward impulse towards local resistance at $225.00 may be launched. Source: xStation5
Lowe’s (LOW.US) stock rose 2.5% in the premarket after the home improvement retailer posted better than expected quarterly results. Company earned an adjusted $2.73 per share well above analysts’ expectations of $2.36, 37 cents, with comparable store sales up 2.2%. Company also lifted its annual revenue guidance.
Target (TGT.US) stock fell nearly 4%% in premarket despite the fact that the retailer posted upbeat quarterly figures. Company reported an adjusted quarterly profit of $3.03 per share, beating consensus estimates by 20 cents Revenue also topped market projections. Comparable store sales rose 12.7% compared with forecasts of an 8.2% increase.
Baidu (BIDU.US) stock gained more than 1% in premarket after the Chinese search engine posted upbeat quarterly figures thanks to stronger ad sales as well as strength in cloud and artificial intelligence products.
Biogen (BIIB.US) stock dropped nearly 4.0% in premarket after the pharmaceutical giant confirmed that the European Medicines Agency panel rejected its marketing application for its Alzheimer's disease drug.
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