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Boeing Soars on Improved Price Target, GameStop Rebounds Ahead of Earnings

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Improving confidence in the ability of supply chains to support strong demand in the aviation industry has led to a positive outlook for Boeing (NYSE: BA). RBC Capital Markets analyst Ken Herbert increased Boeing’s price target to $275, citing growing demand and improving sentiment in the stock. With forecasts of $5.5 billion in free cash flow for 2024 and potentially $8.5 billion in 2025, Boeing is showing signs of a strong financial future, especially when compared to the $3.54 billion dollars generated this year. Herbert noted that Boeing has moved from a “tradable but non-investable” company to one with better visibility into free cash flow growth, which could lead to multiple expansion.

Ahead of its earnings release next week, GameStop (NYSE:GME) saw a significant rally, with shares jumping 11.05%. Investors are bracing for the video game retailer’s financial update, which is expected to post revenue of $1.1 billion and an EPS loss of $0.08. It will be the first earnings report since Ryan Cohen took over as CEO, and analysts are speculating on possible strategic moves, including investments in cloud gaming and virtual reality, as well as partnerships within Despite recent losses, there is optimism that Cohen’s expertise could help GameStop navigate the evolving gaming landscape.

US Steel (NYSE:X) saw its shares rise 1.8% as several parties, including Cleveland-Cliffs (NYSE:CLF) and ArcelorMittal (NYSE:MT), are expected to make bids for the steelmaker. With final bids expected soon, the sales process is expected to continue through next week, with potential interest from other bidders such as Nucor (NYSE:NUE) and Steel Dynamics (NASDAQ:STLD).

Shares of Farfetch (NYSE:FTCH) soared 25% following reports that founder Jose Neves was considering taking the luxury fashion site private. With discussions involving high-profile bankers and shareholders like Richemont (CFRHF), an announcement could be imminent. Despite a significant drop in share price since its IPO, Farfetch is expected to announce its third-quarter results, and the possible privatization has attracted investor interest.

Intuit (NASDAQ:INTU) reported its first quarter results, beating expectations with non-GAAP EPS of $2.47 and revenue of $3 billion. The company reiterated its full-year 2024 guidance, projecting revenue growth of 11% to 12% and GAAP operating profit growth of approximately 15% to 18%. Intuit’s strong performance and positive outlook reflect its strong market position.

Illumina (NASDAQ: ILMN) has received interest from parties looking to purchase or invest in its Grail cancer test detection unit. Following a directive from European regulators to divest the unit, Illumina is preparing to file a Form 10 to facilitate discussions with potential buyers, which could include an outright sale.

Crown Castle (NYSE: CCI) is reportedly considering selling its fiber business, which could be valued at between $11 billion and $15 billion. Under pressure from activist investor Elliott, the company’s shares have risen as potential buyers, including corporations and private equity firms, express interest in the fiber optic network market.

Redfin (NASDAQ: RDFN) introduced a new home price index, the Redfin Home Price Index (RHPI), which showed a 1% month-over-month increase in home prices. The RHPI aims to provide a more current measure of U.S. housing prices, with the latest data showing a 6.1% year-over-year increase.

Merck (NYSE:MRK) announced a 5.5% increase in its quarterly dividend, bringing it to $0.77 per share. The move reflects the company’s commitment to delivering value to its shareholders and its confidence in sustainable financial performance.

Diamond Offshore Drilling (NYSE:DO) received an Overweight rating from Capital One, with a $20 price target. The analyst believes the company could benefit from the tightening market for harsh environment semi-trailers and forecasts positive free cash flow in 2024, which would make it an attractive investment or acquisition target.

Tesla (NASDAQ:TSLA) is set to enter the electric pickup truck market with the launch of the Cybertruck. The company has scheduled a delivery event to distribute the first batch of these highly anticipated EV pickup trucks. The Cybertruck will compete with other electric models in the lucrative full-size pickup truck market.

An incident involving a liquefied natural gas tanker at an export terminal in Australia, operated by ConocoPhillips (NYSE: COP) and co-owned by Origin Energy (OGFGF), could disrupt shipments and affect global LNG prices as winter approaches in the Northern Hemisphere.

AtriCure (NASDAQ:ATRC) maintained its Buy rating on Needham despite Medtronics (NYSE:MDT) launching a competing product. Needham believes that AtriCures AtriClip has a strong track record and market penetration, which could soften the impact of Medtronics’ new release.

Piper Sandler chief investment strategist Michael Kantrowitz advised investors to focus on profitable, high-quality companies to navigate macroeconomic volatility and uncertainty. He set a price target of 3,800 for the S&P 500 for the end of 2023, highlighting the significant influence of major technology stocks on the index’s performance.

Microsoft (NASDAQ: MSFT) is expected to continue its strong performance in cloud computing and artificial intelligence, according to Tigress Financial. The company raised its price target on Microsoft, citing the company’s growth in Azure and AI products as key drivers.

Coherus BioSciences (NASDAQ: CHRS) announced the pricing of its cancer drug, Loqtorzi, at a lower price than Merck’s (NYSE: MRK) Keytruda. The competitive pricing strategy could position Loqtorzi favorably in the nasopharyngeal carcinoma treatment market.

Workday (NASDAQ: WDAY) reported third-quarter earnings that beat expectations, with non-GAAP EPS of $1.53 and revenue of $1.87 billion. The company also raised its subscription revenue guidance for fiscal 2024, reflecting its strong business momentum and market adoption of its cloud solutions.

Shares of PDD (NASDAQ: PDD) rose after the company reported third-quarter results that beat estimates, with significant year-over-year earnings and revenue growth. The Chinese e-commerce giant’s performance was boosted by its online marketing and transaction services.

This article was first published on GuruFocus.

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