- US stocks open mixed
- Snap (SNAP.US) stock plunges 20%, drags other social media giants
- Intel (INTC.US) stock tumbled 10% despite upbeat quarterly earnings
US indices launched today's session in mixed moods, with Dow Jones and S&P 500 at new all-time highs, while the Nasdaq is trading lower. Investors continue to digest fresh corporate results, with earnings from Honeywell beating forecasts while the company cut its 2021 guidance. American Express topped estimates on both earnings and revenues. Social media stocks dropped after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sank more than 20%. Facebook and Twitter each pulled back more than 3% after hours. Still, 84% of the companies that have so far reported results for Q3 surprised on the upside, according to Refinitiv.
US500 is still trading slightly below its record peak. Should we see a break to a fresh record, the next potential resistance to watch can be found near the 127.2% exterior retracement of recent correction 4,626 pts. However if sellers will manage to regain control, then support at 4490 pts may be at risk. Source: xStation5
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Intel (INTC.US) stock plunged 10% in premarket after the chip maker predicted lower profit margins over the next few years due to ongoing investments in new technology. Company also hinted that component shortages are impacting its chip output. Intel reported Q3 revenue at $18.1 billion (exp. $18.24 billion) and Q3 EPS at $1.71 (exp. 1.11).
Intel (INTC.US) stock launched today’s session with a massive bearish price gap, below the major support zone around $51.85. If current sentiment prevails, downward move may accelerate towards next support at $48.65 which is marked with previous price reactions. Source: xStation5
Mattel (MAT.US) jumped more than 7.0% in premarket after the toy maker announced that supply chain disruptions would not prevent it from having a strong holiday season. Mattel also beat estimates on the top and bottom lines, reporting an adjusted quarterly profit of 84 cents per share compared to a 74 cent consensus estimate.
Zoom Video Communications (ZM.US) shares rose nearly 3% in premarket after J.P. Morgan Securities upgraded the stock to “overweight” from “neutral,” as current price already reflects a post-pandemic slowdown in remote video communication. Investment bank expects that Zoom growth will bottom this quarter and then accelerate due to increasing adoption by businesses.
Whirlpool (WHR.US) stock dropped over 3.0% in the premarket, following a warning of “elevated” supply constraints. The appliance maker posted mixed quarterly figures. Company earned $6.68 per share, well above analysts' expectations of $6.12, but revenue figures came in below market projections.
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