- US stocks opened higher
- US500 bounced off major support zone
- Tenneco (TEN.US) stock price nearly doubled on M&A news
US indices launched today's session higher, rebounding after recent declines supported by a set of upbeat quarterly results. Dow Jones rose 0.50%, while the S&P 500 and the Nasdaq 100 jumped almost 1% each. Nevertheless, the geopolitical situation remains tense. Western countries, Australia and Japan, announced sanctions targeting Russian banks, the country's sovereign debt and elites after Moscow ordered troops into separatist regions of eastern Ukraine. Harsher sanctions could also be imposed should Russian forces move further west from the Donbass. Therefore traders should keep track of incoming news as headlines are most likely to serve as triggers for bigger and more rapid moves. On the data front, total mortgage applications decreased 13.1% last week to the lowest level since December 2019, according to the Mortgage Bankers Association.
Despite ongoing negative sentiment US500 bounced off the major support zone around 4270 pts which is marked with lower limit of the 1:1 structure, previous price reactions and lower boundary of wedge formation. Currently the index is approaching local resistance at 4355.4 pts which. Break higher could indicate that sentiment slowly changes to bullish. Source: xStation5
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Tenneco (TEN.US) stock skyrocketed over 90% in premarket after the automotive components maker agreed to be acquired by affiliates of Apollo Global Management for $20 per share in cash. The deal is expected to close during the second half of 2022.
Tenneco (TEN.US) stock launched today's session with a massive bullish price gap and if current sentiment prevails upward move may accelerate towards June 2021 highs around 22.80. On the other hand, should profit taking occur, nearest support is located around $17.60 and coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
Lowe’s (LOW.US) stock moved 3.0% higher in premarket after the company provided an upbeat sales forecast for 2022, with demand for its tools and building materials remaining resilient.
Tupperware (TUP.US) stock fell 3.0% before the opening bell after the maker of home storage products posted weak quarterly figures. Company earned 38 cents per share, well below analysts’ estimates of 52 cents per share due to “challenging operating conditions.” Revenue topped market expectations. Company noted it saw both top and bottom-line growth in 2021 despite those challenges.
Palo Alto Networks (PANW.US) stock surged nearly 8.0% after the cybersecurity company reported quarterly earnings of $1.74 per share, beating analysts’ estimates of $1.65 per share and issued upbeat guidance as demand for cybersecurity solutions is rising.
TJX (TJX.US) stock plunged more than 8.0% after the department store chain posted disappointing quarterly results, hurt by temporary store closures due to the Covid-19 pandemic.
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