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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

US OPEN: Wall Street opens higher, Texas Instruments rallies 7%

14:33 24 April 2024
  • Wall Street indices open mostly higher
  • US100 halts recovery move at 38.2% retracement
  • Texas Instruments jumps 7% after earnings

Wall Street indices launched today's trading little change, in spite of a big post-earnings jump in Tesla shares. S&P 500 opened 0.2% higher, Dow Jones gained 0.1% at the opening, Nasdaq jumped 0.6%, while small-cap Russell 2000 slumped 0.4%

Source: xStation5

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Post-earnings spike in Tesla shares, in spite of earnings itself being a disappointment, is supporting Nasdaq-100 futures (US100) today, making the index the best performing Wall Street benchmark. Taking a look at US100 chart at H1 interval, we can see that the index broke above the upper limit of a local market geometry at 17,585 pts yesterday and continued to gain overnight. However, advance was halted at the 17,775 pts resistance zone, marked with previous local high, 200-hour moving average (purple line) and 38.2% retracement of the downward impulse launch in the second half of March 2024. Supply-side reaction to this hurdle signals the index may resume decline. If this is the case, the near-term support to watch can be found in the 17,500 pts area, where 23.6% retracement can be found.

Company News

Vertiv Holdings (VRT.US) rallies at double-digit pace following release of Q1 earnings. Company reported net sales of $1.64 billion (exp. $1.62 billion), driven by $925 million in Americas net sales. Adjusted operating margin reached 15.2% (exp. 13.5%), with company's largest geographical market (Americas) being also its most profitable one with a margin of 20.3%. Net orders jumped 60% YoY during the period. Adjusted EPS of $0.43 was higher than $0.36 expected. Vertiv expects Q2 net sales of $1.90-1.95 billion (exp. $1.9 billion) and Q2 adjusted EPS of $0.53-0.57 (exp. $0.55). Company also upgraded its full-year forecast and is now expecting net sales to reach $7.54-7.69 billion, up from previous range of $7.52-7.66 billion. Full-year adjusted EPS is now seen at $2.29-2.35, up from previous forecast of $2.20-2.26.

Texas Instruments (TXN.US) trades higher after reporting better-than-expected Q1 results. Company reported a 16% YoY revenue drop to $3.66 billion (exp. $3.60 billion), with Analog segment revenue dropping 14% YoY to $2.84 billion (exp. $2.81 billion). Operating profit dropped 34% YoY to $1.29 billion (exp. $1.12 billion). Research & developments expenses were 5.1% YoY higher at $478 million (exp. $468 million), while capital expenditures increased 27% YoY to $1.25 billion (exp. $1.21 billion). Adjusted EPS declined to $1.20 from $1.85 a year ago. Texas Instruments expects Q2 revenue of $3.65-3.95 billion (exp. $3.78 billion) and EPS of $1.05-1.25 (exp. $1.17).

General Dynamics (GD.US) reported 8.6% YoY drop in Q1 revenue to $10.73 billion (exp. $10.28 billion). Technologies segment revenue declined 0.8% YoY to $3.21 billion (exp. $3.22 billion), Marine Systems revenue increased 11% YoY to $3.33 billion (exp. $3.04 billion) and Combat Systems revenue rallied 20% YoY to $2.10 billion. Aerospace revenue increased 10% YoY to $2.08 billion (exp. $2.28 billion). Company-wide operating margin reached 9.7% (exp. 10.2%), with Combat Systems having the highest margin at 13.4% (exp. 13.9%). Order backlog increased 4.3% YoY to $93.7 billion. Adjusted EPS reached $2.88 (exp. $2.91). Company reported a negative free cash flow of $437 million, while market expected a positive $881 million.

Texas Instruments (TXN.US) launched today's trading with a big bullish price gap. While the company reported results that were weaker than a year ago, they were better than expected. Stock broke above resistance zone ranging around $175 mark and reached the highest level in almost 9 months. Source: xStation5

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