- US stocks opened higher
- Mixed quarterly results from Foot Locker (FL.US) and Deere (DE.US)
- Palo Alto Networks (PANW.US) stock rose sharply on upbeat quarterly earnings
Major Wall Street indices launched today's session higher, with contracts on the Dow Jones jumped 0.60%, while both the S&P 500 and the Nasdaq gained over 1%, after People's Bank of China cut a key benchmark rate for mortgages, which overshadowed another set of weak quarterly results. On a weekly basis, the Dow is on track to book its eight week of straight weekly loss, a phenomenon not seen since 1923.
US2000 took a hit in recent weeks, however buyers regained some ground after sellers failed to break below key support at 1700 pts. Nevertheless as long as the index sits below resistance at 1879 pts, the main sentiment remains bearish. Source: xStation5
Company news:
Palo Alto Networks (PANW.US) shares surged more than 12% in premarket after the cybersecurity company posted upbeat Q3 figures and lifted its financial guidance.
Palo Alto Networks (PANW.US) stock launched today's session with a bullish price gap and if current sentiment prevails, upward move may accelerate towards major resistance at $518.70 which is marked with 23.6% Fibonacci retracement of the upward wave launched in March 2020. The nearest support to watch is located at $442.40. Source: xStation5
Foot Locker (FL.US) fell over 1.0% in premarket after the athletic footwear and apparel retailer reported mixed quarterly results. Company earned $1.60 per share, beating analysts’ estimates of $1.55 per share, however revenue figures disappointed slightly. Also same-store sales dropped by less than half of what was anticipated.
Deere & Company (DE.US) stock plunged over 6.0% before the opening bell after the farm equipment maker posted weak quarterly revenue figures. Company earned $6.81 per share, above analysts’ estimates of $6.71 per share as higher crop prices have a positive impact on demand. Deere also lifted its annual guidance.
Ross Stores (ROST.US) cratered 27.0% in the premarket after the discount retailer reported disappointing quarterly results and cut its financial forecast citing an “extremely challenging” external environment with the Russia-Ukraine conflict exacerbating inflationary pressures.
DoorDash (DASH.US) stock jumped more than 3.0% after the food delivery company announced the approval of a $400 million stock buyback program.
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