The futures traded lower, as we look to end a big earnings week that featured a tech-wreck, in which almost every big technology leader posted horrible results and gave very gloomy forward guidance. The Dow Jones industrials and the Russell 2000 closed up, while both the Nasdaq and S&P 500 ended lower again, after the third-quarter gross domestic product numbers came in slightly higher than anticipated. Some top economists were quick to point out “government outlays” and other one-time items that increased the figure by 2.4%.
Once again, the big story that provided something of a tailwind for stocks was the continued big buying across the Treasury complex, with yields moving lower on the five-, 10- and 30-year maturities. The 10-year yield slipped back below 4%, closing at 3.94%. That is a remarkable move, considering the bond traded intraday at 4.34% just 10 days ago. The inversion with the two-year note stayed in place, as the short paper closed at 4.34%.
Brent and West Texas Intermediate crude both ended higher, with the former closing back in on the $100 level. Natural gas traded down 3% on the day, as prices in Europe slumped, a move that analysts attributed to unseasonably warm weather. Gold closed flat, while Bitcoin traded lower after a big gain earlier in the week.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh 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 a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Friday, October 28, 2022.
AGNC Investment Corp. (NASDAQ: AGNC): Though Barclays upgraded the mortgage real estate investment trust to Overweight from Equal Weight, it lowered its $12 target price to $9. The consensus target is $9.39. The stock ended Thursday trading at $7.89.
Align Technology Inc. (NASDAQ: ALGN): Goldman Sachs slashed its $250 target price on the Sell-rated shares to $165. The consensus target is $302.70 for now. The shares closed on Thursday at $181.53, down a stunning 18% for the day after posting a dismal earnings report.
Arcellx Inc. (NASDAQ: ACLX): Needham started coverage with a Buy rating and a $31 target price. The consensus target is $30.25. The stock closed on Thursday at $20.40.
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