- Tech stocks under pressure. Nasdaq fell more than 2%
- Palantir Technologies (PLTR.US) stock fell sharply following Q1 results
- Virgin Galactic (SPCE.US) shares dropped 20% after weak quarterly figures
US indices launched today's session sharply lower as equities are broadly weaker after signs of inflation emerging in China. Nasdaq fell more than 2%, as investors fear that rising commodity prices and supply chain issues could increase inflation and interest rates which would negatively affect future earnings. Meanwhile, several Fed officials will speak today and most likely will try to cool down the situation. Investors also await CPI and PPI reports which will be released tomorrow and Thursday respectively.
US500 fell sharply during today’s session and broke below the lower limit of the wedge formation. Index is approaching major support at 4110 pts which is additionally strengthened by 200 SMA (red line). Should break lower occur, then downward move may accelerate towards next support at 4038 pts. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appPalantir Technologies (PLTR.US) stock fell 10% in premarket after the data analytics company posted a first-quarter loss of $123.5 million, or 7 cents a share, vs. a loss of $54.3 million, or 10 cents a share, in the comparable year-earlier period. Revenue figures beat market estimates. Palantir sees a Q2 revenue outlook of $360 million, above the analyst consensus of $344.31 million, and a dip in adjusted operating margin to 23%.
Palantir Technologies (PLTR.US) stock launched today’s session with a massive bearish price gap. If the current sentiment prevails downward move may be extended to the $13.30 handle or even support at $11.25. On the other hand, if buyers will manage to halt declines, then nearest resistance to watch lies at $17.05. Source: xStation5
Virgin Galactic (SPCE.US) stock plunged nearly 20% in premarket after the space flight company posted quarterly loss of 55 cents per share, which came in well above analysts' expectations of 27 cents a share loss. Billionaire Richard Branson’s company also said it is evaluating a timeline for its next test flight, citing the need to analyze wear-and-tear issues for its Eve mothership.
Callaway Golf (ELY.US) stock jumped more than 7% in premarket following better than expected quarterly figures. The golf equipment and apparel maker reported earnings of 62 cents per share, well above market projections of 14 cents a share. Revenue also beat estimates as the demand for the company's products has been “unprecedented” as the pandemic recedes.
Hanesbrands (HBI.US) stock fell more than 11% in premarket even despite the fact that the apparel maker posted upbeat quarterly figures. Company earned 39 cents per share while Wall Street expected earnings of 26 cents. Revenue came in slightly above market estimates, however its current-quarter and full-year forecast both disappointed. Hanesbrands is also planning to implement a three-year plan which aims to increase sales and profit margins.
