Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

GLOBALFOUNDRIES INC.

(GFS)
  Report
Real-time Estimate Cboe BZX  -  09:36 2022-09-30 am EDT
50.15 USD   +0.04%
09/19GlobalFoundries Joins PHLX Semiconductor Sector Index Monday
MT
09/19GlobalFoundries Joins the PHLX Semiconductor Sector Index (SOX)
PR
09/19GLOBALFOUNDRIES Inc.(NasdaqGS:GFS) added to PHLX Semiconductor Sector Index
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

S&P 500, Nasdaq close up 4th straight week as optimism grows

08/12/2022 | 04:26pm EDT

* Nasdaq, S&P 500 post longest weekly win streaks since November

* S&P 500 recovers 50% of bear market losses

* S&P 500 is up 17.7% from a mid-June low

NEW YORK, Aug 12 (Reuters) - Wall Street closed higher on Friday as signs that inflation may have peaked in July increased investor confidence that a bull market could be under way and spurred the S&P 500 and the Nasdaq to post their fourth straight week of gains.

The S&P 500 is up 17.7% from a mid-June low, with the latest gains coming from data this week showing a slower-than-expected rise in the consumer price index and a surprise drop in producer prices last month.

The S&P 500 crossed a closely watched technical level of 4,231 points, indicating the benchmark index has recouped half its losses since tumbling from the all-time peak in January. A 50% retracement for some signals a bull market.

"It's really just a number, but it certainly makes investors feel better - at least those who bought near the bottom," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

"I wouldn't declare victory over this bear market yet. There's likely some bad news still out there. But there's a very good chance we've seen the bottom."

The Dow Jones Industrial Average rose 424.38 points, or 1.27%, to 33,761.05, while the S&P 500 gained 72.88 points, or 1.73%, to 4,280.15 and the Nasdaq Composite added 267.27 points, or 2.09%, to 13,047.19.

For the week, the S&P 500 added 3.25%, the Dow rose 2.92% and the Nasdaq gained 3.8%.

Volume on U.S. exchanges was 9.99 billion shares, compared with the 11.04 billion average for the full session over the last 20 trading days.

As the S&P 500 and Nasdaq posted their longest weekly winning streaks since November, analysts noted the Federal Reserve still has its work cut out as it seeks to tame inflation by aggressively raising interest rates without sparking a recession.

"Markets certainly got great news this week on inflation," said Dec Mullarkey, managing director of investment strategy and asset allocation at SLC Management in Boston.

"A victory lap in some respects was in order, but it's not 'mission accomplished' by any means. It's still a very slow grind ahead."

Inflation by year-end might decelerate to 7% or a bit lower, but getting core inflation under 4%, which is double the Fed's target, will be tougher than markets anticipate, Mullarkey said.

Traders are pricing in a less hawkish Fed, with fed fund futures showing a 55.5% chance of Fed policymakers raising rates by 50 basis points when they meet in September, instead of 75 basis points.

It was a sea of green on Wall Street for a second straight day, with all 11 major S&P 500 sectors rising, along with semiconductors, small caps and Dow transports . Growth stocks rose 2.1%, while value advanced 1.4%.

Investors bought $7.1 billion in equities in the week to Wednesday, according to a Bank of America note, with U.S. growth stocks recording their largest weekly inflow since December last year.

Also driving optimism was data showing U.S. consumer sentiment ticked further up in August from a record low this summer and American households' near-term outlook for inflation eased again on softening gasoline prices.

After a rough start to the year, better-than-expected second-quarter earnings from Corporate America have supported the upbeat sentiment for U.S. equities.

Analysts in aggregate believe the S&P 500 posted year-over-year earnings growth of 9.7% in the April to June period, much stronger than the 5.6% predicted at quarter-end, per Refinitiv.

Banks rose 1.4% to extend their rally for a sixth straight week.

GlobalFoundries Inc jumped 11.9% on being added to BofA Global Research's "U.S. 1 list."

Advancing issues outnumbered declining ones on the NYSE by a 4.43-to-1 ratio; on Nasdaq, a 2.76-to-1 ratio favored advancers.

The S&P 500 posted five new 52-week highs and 29 new lows; the Nasdaq Composite recorded 78 new highs and 39 new lows.

(Reporting by Herbert Lash in New York Additional reporting by Bansari Mayur Kamdar and Aniruddha Ghosh in Bengaluru; Editing by Arun Koyyur and Matthew Lewis)


© Reuters 2022
All news about GLOBALFOUNDRIES INC.
09/19GlobalFoundries Joins PHLX Semiconductor Sector Index Monday
MT
09/19GlobalFoundries Joins the PHLX Semiconductor Sector Index (SOX)
PR
09/19GLOBALFOUNDRIES Inc.(NasdaqGS:GFS) added to PHLX Semicondu..
CI
09/08Transcript : GLOBALFOUNDRIES Inc. Presents at Citi’s 2022 Global Technol..
CI
09/05Archer Materials Limited and GlobalFoundries to Advance 12CQ Chip Fabrication
CI
09/01Transcript : GLOBALFOUNDRIES Inc. Presents at Deutsche Bank’s 2022 Techn..
CI
08/25GlobalFoundries Appoints Pradheepa Raman Chief People Officer
MT
08/25GlobalFoundries Names Pradheepa Raman as Chief People Officer
PR
08/25Globalfoundries Inc. Appoints Pradheepa Raman as Chief People Officer, Effective Septem..
CI
08/19Globalfoundries : Notes to Interim Condensed Consolidated Financial Statements - Form 6-K
PU
More news
Analyst Recommendations on GLOBALFOUNDRIES INC.
More recommendations
Financials (USD)
Sales 2022 8 065 M - -
Net income 2022 1 276 M - -
Net cash 2022 364 M - -
P/E ratio 2022 22,1x
Yield 2022 -
Capitalization 27 077 M 27 077 M -
EV / Sales 2022 3,31x
EV / Sales 2023 3,04x
Nbr of Employees 14 600
Free-Float 100%
Chart GLOBALFOUNDRIES INC.
Duration : Period :
GLOBALFOUNDRIES Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GLOBALFOUNDRIES INC.
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 50,13 $
Average target price 66,95 $
Spread / Average Target 33,6%
EPS Revisions
Managers and Directors
Thomas Caulfield President, Chief Executive Officer & Director
David W. Reeder Chief Financial Officer
Ahmed Yahia Al-Idrissi Chairman
Gregory Bartlett SVP-Technology, Engineering & Quality
David Kerko Lead Independent Director
Sector and Competitors