Markets will make an effort to continue the buying momentum in airline stocks. After Spirit Airlines (SAVE) dragged the sector lower, American Airlines (AAL) and Southwest Airlines (LUV) found strong buying support at the moving average yesterday.
Bank of America’s analyst upgrade for Magnificent 7 leader Apple (AAPL) helped the stock gain 3.26% on Thursday. The firm cited new generative AI features for the iPhone, along with the multi-year upgrade cycle as the two catalysts.
Intuitive Surgical (ISRG), ServiceNow (NOW), and Fasternal (FAST) are today’s market movers. The three firms traded at 52-week highs yesterday. Conversely, Discover Financial Services (DFS), which fell yesterday after posting quarterly results, will try to rally back to the $100 - $110 level.
Managed care provider Humira (HUM) may rebound from the previous day’s 7.99% loss. The stock traded at lows not seen since February 2022, after the firm cited higher medical costs for its lowered annual profit outlook. Humira cut its adjusted EPS to $26.09, compared to analysts expecting at least $28 a share.
In the broader market, Ford (F), Tesla (TSLA), Pfizer (PFE), and Bank of America (BAC) will need to bounce back from daily losses. Speculators bought AI chip companies including Nvidia (NVDA) and Advanced Micro Devices (AMD). Taiwan Semiconductor (TSM) set an impressive 20% revenue growth forecast for 2024.
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