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Futures traded lower as we expect to end a week of big earnings that featured a tech meltdown in which nearly every major tech leader posted dire results and gave very bleak forward guidance . The Dow Jones and Russell 2000 industrials closed lower, while both the Nasdaq and S&P 500 ended lower again after third-quarter gross domestic product numbers came in slightly higher than expected. Several leading economists were quick to point to “government spending” and other one-time items that boosted the figure by 2.4%.
Once again, the big story that provided something of a tailwind for stocks was continued heavy buying in the Treasury complex, with yields moving lower in the five-, 10- and 30-year maturities. The 10-year yield fell back below 4%, closing at 3.94%. That’s a remarkable move, considering the bond traded intraday at 4.34% just 10 days ago. The upside to the two-year note remained in place, as the short closed at 4.34%.
Brent and West Texas Intermediate both finished higher, with the former closing back at $100. Natural gas traded up 3% on the day as prices in Europe fell, a move analysts attributed to unseasonably warm weather. Gold closed lower, while Bitcoin traded lower after a big gain earlier in the week.
24/7 Wall St. reviews dozens of analyst research reports every weekday with the goal of finding new ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as the basis for buying or selling a stock. Consensus analyst target data is from Refinitiv.
These are the top analysts’ upgrades, downgrades and initiations seen on Friday, October 28, 2022.
AGNC Investment Corp. (NASDAQ: AGNC ): Although Barclays upgraded the mortgage real estate investment trust to Overweight from Equal Weight, it cut its price target from $12 to $9. The consensus target is $9.39. The stock ended trading on Thursday at $7.89.
Align Technology Inc. (NASDAQ: ALGN ): Goldman Sachs cut its $250 target price on the stock to $165, rating it a sell. The consensus target is currently $302.70. Shares closed Thursday at $181.53, down a staggering 18% for the day after posting a dismal earnings report.
Arcellx Inc. (NASDAQ: ACLX ): Needham initiated coverage with a Buy rating and a target price of $31. The consensus target is $30.25. The stock closed Thursday at $20.40.
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ARCO Platform Ltd. (NASDAQ: ARCE ): Goldman Sachs downgrade to Neutral from Buy included a price target cut to $12 from $19. The consensus target is $21.23. Thursday’s close was at $11.17.
Biogen Inc. (NASDAQ: BIIB ): Goldman Sachs raised its price target on the stock from $220 to $370, while reiterating a Buy rating on the biotech stock The consensus target is $294.81. Shares closed Thursday at $277.87.
