Trade hopes boost Wall St. to record highs

2:10 PM November 7, 2019

Summary:

  • US benchmarks soar to new highs 

  • US30 moves above 27500

  • Qualcomm to rise after earnings beat

 

Once more we’re set for a record open in the US this afternoon with equities receiving a boost earlier on the trade front after comments from China that suggested both Beijing and Washington are set to agree on the phasing out of tariffs. Cynics will point to the fact that once more the market has reacted strongly on trade comments that are far from sure to play out, but for the time being there’s very little to go on as far as bears are concerned.

The Dow has rallied over 28% from the low seen at the back end of last year and 7% since the early October low. The market is pushing up against the upper bollinger band but remain firmly in breakout territory above 27397. Source: xStation

 

One stock called to start brightly today is Qualcomm after the chipmaker beat on both the top and bottom lines in its Q3 results which were released after last night’s closing bell. 

 
  • Adjusted EPS: $0.78 vs $0.71 expected

  • Revenue: $4.8B vs $4.7B expected  

 

The strong performance was attributed by the firm to profits that were largely driven by the licensing segment, which generated $1.15B in revenue. “In addition, our QTL results for the third and fourth quarter of fiscal 2019 included royalties from Apple and its contract manufacturers for sales made in the June 2019 and September 2019 quarter, respectively,” Qualcomm said in its statement. The stock is trading higher by more than 5% in the pre market.

Qualcomm shares are expected to start brightly this afternoon with the stock called to open higher by as much as 5% after a solid trading update. The all-time high around 90.33 could be retested in short order. Source: xStation 

 

An indepth look at US stocks can be found in our market alert article here. 

 

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