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Jefferies: Lowered its price target for Reddit from $225 to $200.October 19th - According to the Financial Times, US stocks are expected to open higher on Monday, following their biggest weekly drop since Trump announced tariffs last April. During Asian trading hours, Nasdaq 100 futures, dominated by technology stocks, rose 1.3%, and S&P 500 futures rose 0.8%. Analysts noted that investors are currently reassessing the market situation after Fridays sell-off triggered by concerns about widening credit spreads for AI data center companies. This easing of sentiment also supported Asian markets. South Koreas KOSPI index rose 0.5% on Monday after falling 11% last week. Prashant Bayani, BNP Paribas chief investment officer for Asia, said, "We saw a rebound because there was no substantial escalation of the conflict with Iran over the weekend." Bayani added that traders were taking a wait-and-see approach to AI-related trades after last weeks "de-risking" operations. Japans TOPIX index fell nearly 1% in early trading on Monday but recovered in the afternoon, ending the day essentially flat. The Nikkei 225 index, which is dominated by technology stocks, fell 0.7%.October 19th - According to the Financial Times, amid an increasingly challenging economic environment, some Australian companies are choosing to sell assets, while foreign buyers are seizing the opportunity to acquire these bargain-hunting assets. As a result, three large Australian listed companies are about to be delisted from the public market. On Monday, Swedish private equity firm EQT agreed to acquire Australian waste management company Cleanaway, valuing the company at A$9.3 billion (approximately US$6.5 billion), including A$2.3 billion in debt. Meanwhile, Japans Dai-ichi Life Insurance, after acquiring more than 20% of Australian investment management and retirement income company Challenger Group last year, has made a full takeover bid totaling nearly A$8 billion. On Monday, a third acquisition was also finalized: Fleet Partners agreed to accept SG Fleets acquisition for A$1.1 billion. Recently, Australian listed assets have been highly sought after, with frequent mergers and acquisitions. In addition to the aforementioned companies, pipeline systems company Reliance Worldwide and insurance brokerage firm Steadfast have also agreed to accept multi-billion dollar takeover bids from foreign funds.Jefferies: Lowered its target price for 3M from $191 to $187.October 19th - A US investor with ties to the Trump administration and born in the former Soviet Union plans to expand his copper mine investment in Armenia. He is betting on broader opening up of the region as Washington seeks to strengthen its economic presence there. "The peace memorandum signed between Armenia and Azerbaijan is a once-in-a-lifetime transformative event for the region," said Konstantin Sokolov, who acquired Armenias second-largest copper producer last September. "I have a strong interest in expanding throughout the region because I firmly believe in its enormous potential."

S&P 500 Pulls Back As Big Tech Stocks Retreat

Cory Russell

Oct 27, 2022 16:28



The post-market session saw Meta Stock test multi-year lows.


The major tech names caused the S&P 500 to lose momentum and fall towards the support at 3835 after reaching highs near the resistance at 3885.


Following poor earnings results that were announced yesterday after the market closed, Alphabet was down 9% and Microsoft was down 7%.


After falling short of analyst expectations and posting an extra $766 million charge on the purchase of two new U.S. presidential aircraft, Boeing saw its share price decline by 8%.


The poor results from the top technology giants outweighed the benefits of reduced Treasury rates and a weaker US currency. As traders gambled that the Fed may be obliged to be less hawkish, the yield on 10-year Treasuries tried to settle down below the 4.00% mark.


It should be emphasized that the Bank of Canada previously increased the rate by 50 basis points, against the 75 basis points predicted by analysts, after determining that aggressive rate rises were placing too much pressure on the economy. The world markets benefited somewhat from this action.


Energy equities including Hess, Halliburton, ConocoPhillips, and others were climbing on a robust recovery in the oil markets as top tech firms came under pressure.


Traders focused on the quarterly report from Meta during the post-market session. Meta announced profits of $1.64 per share and sales of $27.71 billion, exceeding analyst expectations for revenue but falling short of them for profitability. The business said that although average pricing per ad fell by 18%, ad impressions rose by 17% year over year. On an annualized basis, revenue dropped by 4%. The news was unpopular with traders, and Meta is down 12% in the after-market session. The outcomes of Meta might significantly depress market sentiment tomorrow.


Ford reported a loss of $0.21 per share and sales of $39.4 billion. The $2.7 billion non-cash impairment of Ford's investment in Argo AI, which was creating L4 advanced driver assistance systems, was what caused the loss. Supply problems and higher-than-expected supplier payments also had an influence on Ford's financial performance. In the session after the market close, the stock fell by nearly 1%.

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