Stocks Slump as Investors Digest CPI Inflation and Jobs Data Surprises

Boeing Price Levels to Watch as Stock Hits Two Year Low

53 minutes ago

Shares in Boeing (BA) continued falling Thursday, after the airplane maker earlier this week withdrew its contract offer to striking machinists, prompting rating agency S&P Global to issue a downgrade warning on the company’s debt.

The stock has spent most of this year descending within a falling wedge, a chart pattern consisting of downward sloping converging trendlines that indicates a potential bullish trend reversal.

Investors should watch key overhead levels on Boeing’s chart around $192, $234, $268, and $320, while also keeping an eye on an important support level near $121.

The stock was down 1.6% at around $147 late Thursday, trading at its lowest levels since October 2022, in late trading Thursday.

Read the full technical analysis piece here.

–Timothy Smith

First Solar Sinks After Price Target Cut by Jefferies

1 hr 49 min ago

First Solar (FSLR) was the worst performer in the S&P 500 intraday Thursday after securities analysts at Jefferies lowered their price target on concerns that delays will negatively affect its current-quarter results. 

Jefferies dropped its price outlook for First Solar to $266 from $271, while maintaining a “buy” rating. First Solar was down 9% at around $205 in recent trading.

In a note to clients, the analysts said they expect First Solar earnings to slightly miss estimates as product volumes come in lower than anticipated. They pointed to “potential delays for myriad reasons, impact on module pricing from AD/CVD [anti-dumping and countervailing duties] determinations and thoughts on selling excess Indian capacity into US.”

The analysts noted that utility-scale solar-power growth “continues to be challenged by delays due to long interconnection queues, supply-chain, and labor shortages.” They added that this trend will continue into next year “with some level of project push outs as delays extend from weeks to months.”

The Jefferies report also sent shares of other solar companies, such as Enphase Energy (ENPH) and SolarEdge Technologies (SEDG), lower Thursday.

–Bill McColl

Trump Media Shares Jump to Highest Levels Since August

2 hr 11 min ago

Shares of Truth Social’s parent company jumped Thursday, rising as the company announced some product news that helped the stock touch its highest level in months.

Trump Media and Technology Group (DJT) stock recently was up more than 16% to around $24. The move comes as the shares have risen off lows below $12 per share touched last month. 

Today’s move likely was spurred in part by the company’s announcement that a new app for watching its streaming video offering is now available in Google’s Play Store.

But the stock generally has risen in recent weeks, moving off lows driven by investor questions about whether the expiration of lock-up agreements governing some investors’ trades would be followed by widespread selling by former President Donald Trump, its majority owner, or other big investors. That, for the most part, hasn’t happened.

That extended a run of volatility that has lasted nearly as long as the stock, which hit the public markets earlier this year via a merger with a blank-check company, has been publicly traded. The shares—which trade in part on investors’ read on whether Trump might be re-elected—are still well off 2024 highs near $80, though now back at levels last seen in August. 

–David Maricon-Nachison

Tesla Down Ahead of Eagerly Awaited Robotaxi Event

4 hr 28 min ago

Tesla (TSLA) is expected to unveil its autonomous “robotaxi” Thursday evening, after the event was delayed from its original date in August.

Analysts expect to see the vehicle, and hear details on Tesla’s plans on its production, rollout, and operational costs.

They also said that Tesla could show off its rumored new lower-cost model, which is expected to start production next year, and other products.

Tesla shares were down about 1% in recent trading.

Read the full preview here.

Delta Falls as Results and Outlook Disappoint

5 hr 53 min ago

Shares of Delta Air Lines (DAL) declined in early trading Thursday after the carrier’s third-quarter results and fourth-quarter sales outlook came in below analysts’ estimates.

Delta posted third-quarter adjusted earnings per share of $1.50 on revenue of $15.68 billion, and projected fourth-quarter revenue growth of between 2% and 4%.

The carrier also confirmed costs of around $500 million following the CrowdStrike-caused global IT outage in July that resulted in 7,000 Delta flight cancellations over a five-day period.

Delta shares were down 1% in recent trading. The stock has gained 25% so far in 2024, slightly outpacing the S&P 500 over the period.

–Aaron McDade

Oracle Price Levels to Watch as Stock Trades at Record High

7 hr 12 min ago

Oracle shares are trading at record high levels on growing investor enthusiasm for the company’s reach into the artificial intelligence market.

The stock was down 0.1% at $177.78 in recent premarket trading, after gaining 2.3% yesterday.

The stock traded in a three-year rising wedge before staging a decisive volume-backed breakout above the pattern last month, though the RSI indicator warns of overbought conditions.

Investors should monitor important lower levels on Oracle’s chart around $146, $127, and $100, while also watching a bars pattern bullish price target around $250.

Read the full technical analysis piece here.

–Timothy Smith

Major index Stock Futures Lower Ahead of Inflation Data

8 hr 2 min ago

Futures tied to the Dow Jones Industrial Average were down 0.1%.

S&P 500 futures were also down 0.1%.

Nasdaq 100 futures were down 0.2%.