Hourly Market Review Feb 5,2024 12 PM
Movers of the hour:
Tesla stock declined on 2024-02-02 due to weakening EV demand in China as well as legal issues facing the company. EV sales for Chinese companies like BYD, Li Auto and Nio witnessed steep drops in January. Meanwhile, a Delaware Court ruled against Tesla CEO Elon Musk's $55 billion compensation package and Tesla was sued over hazardous waste disposal.
Estée Lauder (EL) stock gained as the company pre-announced its quarterly earnings results for the fiscal second quarter ending December 2023, which showed organic net sales decline of 8% but adjusted diluted EPS declined less than estimates to $0.88, beating market consensus. Analysts view the results as better than feared due to recession concerns and signs the company is managing costs effectively. Estée Lauder also declared its regular quarterly dividend of $0.66 per share.
ON Semiconductor Corp. (ON) stock rose as the company reported better-than-expected Q4 earnings results with record revenue for 2023 which increased 29% year-over-year. ON also issued upbeat Q1 revenue guidance above analyst estimates as cited in.
Here are the top stocks upgraded by Wall Street analyst:
Amazon.com has received a rating of Buy from Telsey Advisory Group with target price increased to $200 from $185.
Meta has received a rating of Strong Buy from Citigroup with target price increased to $525 from $440.
Merck has received a rating of Buy from Barclays with target price increased to $145 from $135.
Costco Wholesale has received a rating of Buy from Oppenheimer with target price increased to $760 from $695.
Honeywell has received a rating of Neutral from RBC Capital with target price dropped to $209 from $210.