For Friday, stocks will open with the major indices at all-time highs. Bullish markets are ignoring the impact that the closed Strait of Hormuz will have on the global economy.
Qualcomm (QCOM), which gained 15.78% on Thursday, will look to add to those gains. Unfortunately, selling pressure accelerates whenever the stock nears $180. QcoM stock will open at around $177.50.
Teradyne (TER) bounced sharply from the $300 support zone to close at $344.47. On April 29, the firm posted Q2 non-GAAP EPS of $2.56. Revenue increased by 86.6% Y/Y to $1.28 billion.
Willis Towers Watson (WTW) fell by 11.69% on Thursday after posting Q1 results. Organic growth was 3%, while adjusted operating margin was 22.3%. The company set a 100 bps annual average adjusted operating margin expansion rate for the next two years. The bad news is that the firm has around $1 billion of business exposure in the Middle East. Still, it is one of Willis Towers’s smallest geographies.
Meta Platforms (META) dropped sharply after posting Q2 results. CEO Mark Zuckerberg blamed the cost cuts on increased capital spending for AI. Reuters reported that Meta did not rule out more job cuts. Still, the median salary at Meta is $379,000.
In the resource sector, look out below for International Paper (IP). IP stock fell to a new low after issuing weak Q2 guidance. It blamed higher costs. LyondellBasell Industries (LYB) posted strong Q1 EPS of $0.49. Revenue of $7.19 billion is down by 6.3% Y/Y.
