Wall Street opened on the last trading day of the week a clear decline, financial data better than expected


The general index S&P 500 opened 0.5 percent and the Nasdaq 0.4 percent. The Dow Jones was a 0.7 percent minus.

The results of yesterday’s IBM and Intel, which reported their results, were not enough for investors.

Shares in technology company IBM opened more than 10 percent. The company’s earnings per share in the fourth half of the year were better than analysts’ expectations, but net sales fell short of forecasts.

Shares of chip company Intel closed a clear rise yesterday with a profit surplus, but opened on Friday at about 6 percent.

However, most analysts were positive about the earnings announcement. Mizuho raised Intel’s target price from $ 60.00 to $ 68.00 due to favorable developments in the PC segment.

Cowen raised the target price from $ 75.00 to $ 79.00. The “outperform” recommendation remained unchanged. According to analyst Matthew Ramsey, the turnaround in the company has now begun.

Intel’s new CEO Pat Geisinger told about the company’s plans for chip manufacturing. According to Geisinger, Intel plans to manufacture most of its chips itself in 2023. The market has wondered if the company would outsource its production to Taiwanese TSMC, for example.

Geisinger will take up the post on February 15th.

Financial data better than expected

Before five Finnish times, new economic data were received from the USA in January, which was better than expected overall.

The Markit Purchasing Managers’ Index score, which describes the development of the service sectors, was 57.5 in January. News agency Bloombergin the consensus of economists ’forecasts collected by the team expected the score to be 53.4. In December, the figure was 54.8.

Correspondingly, for industry, the score was 59.1, while expectations were 56.5. In the previous month, the score was 57.1.

The sale of old homes also performed better than expected. According to annualized and seasonally adjusted figures, 6.76 million dwellings were sold in December, compared with 6.56 million dwellings expected by economists.


Source: Arvopaperi by www.arvopaperi.fi.

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