ADVFN News | The most important events from Wall Street on Monday (24.10.22): Tesla, Alibaba, Royal Philips, Medtronic and others

This is Highlight Wall Street days October 24 from 2022with everything you need to know about US publicly traded companies!

Main topics of the day

For a well-informed start to the day, read our Good Morning ADVFN – US Industrial & Services Activity Data, China’s Economy Grows 3.9%, Focus Bulletin and more

U.S. stock futures rose on Monday as investors sought to build on last week’s strong gains.

At 8:57 a.m., Dow futures were up 264 points, or 0.85%. S&P 500 and Nasdaq 100 futures gained 0.83% and 0.61%, respectively.

The moves come after another volatile week for stocks as the third-quarter earnings season heats up. Major indexes posted their biggest weekly gains since June, with the Dow Jones industrial average up 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2%, respectively.

Some of those gains came on Friday, when the Dow rose more than 700 points, while the S&P 500 and Nasdaq rose about 2.3%.

Investors will be looking to profit from tech giants like Apple, Alphabet, Amazon and Microsoft this week. Wall Street will also be watching for more inflation data, with manufacturing and services indexes for October due on Monday.

“The S&P 500 rose +4.7% on the week, with energy/materials and technology outperforming and defensive sectors underperforming in an essential broad-based reversal since early August,” Tavis McCourt, an analyst at Raymond James, said in a Sunday note. “Whether the increase is sustainable or to what degree remains to be seen, but it appears that the reasons for the EPS revision, which so far appear to be better than expected (similar to Q2), along with the expectation that The front-end-heavy Fed cycle could come to an end in early 2023.

So far, earnings reports have had mixed results for the stock. Shares of Goldman Sachs and JPMorgan Chase gained more than 4% after the results were announced. But not all of the results were solid — Snap is down 28% after reporting lower-than-expected revenue.

The most important events from Wall Street for today

Tesla (TSLA, TSLA34) – Tesla is down 2.5% after cutting the prices of the Model 3 and Model Y in China by as much as 9%. The price cut comes amid signs of slowing demand in China. Chinese electric vehicle makers are also seeing their shares under pressure, with Nio (NIO), a drop of 10.4%, XPeng (XPEV), losing 11.3% and Li Auto (LI), with a drop of 10.3%.

Alibaba (BABA, BABA34) – Alibaba fell 12.3% in premarket trading after the release of weaker-than-expected Chinese GDP data. The Chinese e-commerce giant saw the price of its US ADRs fall below its 2014 IPO level of $68 a share.

China Tech Stocks – China’s tech stocks came under pressure after President Xi secured a third term in office, leading to speculation of an ongoing crackdown on the country’s tech sector. Among US-traded stocks, JD.com (JD, JDCO34) down 15.9% before the market, Baidu (WILL BE, WILL BE34) fell 12.7% and The Tencent Music (TME) fell 11%.

Royal Philips (PHG, PHGN34) – Royal Philips fell 2.2% in premarket shares after it reported a bigger-than-expected loss, and the Dutch medical equipment maker also said it would cut 4,000 jobs, or about 5% of its workforce. Their results were hampered by supply chain issues, as well as a significant recall of sleep apnea devices.

ServiceNow (NOW, N1OW34) – ServiceNow rose 2.5% in premarket trading after Guggenheim raised the stock to “Buy” from “Neutral.” The company says the digital workflow software company has admirable profit margins and a reliable customer base.

Medtronic (MDT, MDTC34) – The medical equipment manufacturer has announced plans to spin off its patient monitoring and respiratory intervention unit into a separate company. Medtronic rose 1% in premarket trading.

Williams-Sonoma (WSM) – Shares in the home goods retailer were downgraded to “underperform” from “hold” at Jefferies, which sees the stock underperform in a tougher economic environment. Williams-Sonoma is down 2.5% before the market.

We work (ME) – The office-sharing company’s shares rose 3.8% premarket after Cantor Fitzgerald labeled it “overweight” on the new penthouse. Cantor notes that $2.7 billion in costs have already been eliminated through cost reductions and optimization of the company’s real estate portfolio.

Myovant Sciences (MYOV) – Myovant jumped 8.1% in premarket trading after the drugmaker agreed to be acquired by an affiliate of majority shareholder Sumitomo Pharma for $27 a share. That price is 10 percent higher than Sumitomo’s previous offer, which already owns 52 percent of Myovant.

with CNBC

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