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Delayed Nasdaq  -  04:00:00 2023-01-27 pm EST
247.26 USD   -1.31%
04:44pS&P 500 Posts 2.5% Weekly Gain Led by Consumer Discretionary, Technology as Q4 GDP, Some Earnings Top Expectations
01/26Raymond James Adjusts Intuitive Surgical's Price Target to $270 From $255, Keeps Outperform Rating
01/25Intuitive Surgical, Trustmark fall; AT&T, Progressive rise
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Marketmind: Tech tonic, recession rethink

01/24/2023 | 06:03am EST
A person walks past Microsoft signage at the headquarters in Redmond

A look at the day ahead in U.S. and global markets from Mike Dolan.

Pumped-up hopes for U.S. tech sector earnings in a heavy week for corporate updates generally have twinned with the latest sign Europe may have dodged a winter recession.

With Microsoft topping the U.S. company reports on Tuesday and Tesla due later this week, Monday's impressive Wall St <S&P500> rally was driven by a combination of chip sector ebullience and confidence the Federal Reserve will dial down the size of its interest rate hikes again next week.

Philadelphia SE semiconductor index jumped 5% on Monday as analysts upgraded the industry, making it the biggest one-day gain since November. The S&P500 jumped 1.2% and futures held nearly all those gains ahead of busy Tuesday.

With Microsoft in view, attention will be on the extent for cost cutting and job shedding in the tech and digital space. Music-streamer Spotify rose 2% on Monday as it joined a growing list of tech firms to announce staff cuts, shedding 6% of its workforce.

Reports of Ford's plan to cut 3,200 workers in Europe shows job attrition may not be confined to tech sector.

But Microsoft stock gained too on Monday too after it announced another multibillion dollar investment in OpenAI, deepening ties with the startup behind the chatbot sensation ChatGPT.

Tesla jumped 7.7 % ahead of its earnings on Wednesday and as Chief Executive Elon Musk took the stand in a fraud trial related to tweets saying he had backed taking the electric automaker private.

After a year of conflict in Ukraine and military tensions surrounding Taiwan, 2022's outperforming U.S. defence stocks will also grab the spotlight on Tuesday as Lockheed Martin and Raytheon report fourth quarter figures.

More broadly, the latest earnings season is still expected to show decline of about 3% over the previous year for S&P500 firms overall - even though beats are slightly ahead of forecast so far.

Even though net downgrades to U.S. 2023 earnings outlooks still dominate and the expected growth rate has halved again to just 2.4% since early November, the fact it's still positive despite widespread recession fears is remarkable.

Whether that's just too rosy and markets have yet to price a full-blown earnings recession is this year's big question.

But hopes for the fabled 'soft landing' persist - with the Fed likely to downsize rate hikes to just 25 basis points, China's economy reopening and a relatively warm winter and falling energy prices helping the euro zone skirt recession.

Euro zone business surveys for January showed the composite reading for both manufacturing and service sector activity back in expansion mode again for the first time since June.

Whether that's good news for markets or a signal that the European Central Bank will have to stamp even harder to get double digit inflation back to target is a moot point.

Equivalent U.S. business soundings for this month are due out later.

With China's markets closed for the new year holiday, Japan's shares outperformed as long-term borrowing rates fell back further there. Europe's stocks were little changed.

The euro was a little lower, but the dollar was broadly unchanged overall and U.S. Treasury yields were a touch easier.

Key developments that may provide direction to U.S. markets later on Tuesday:

* January business surveys for the United States and from around the world. U.S. Jan Richmond Fed manufacturing index, Philadelphia Fed's non-manufacturing business survey.

* European Central Bank President Christine Lagarde, Dutch central bank chief Klaus Knot both speak. Bank of England Executive Director for Financial Stability Strategy and Risk Sarah Breeden speaks

* U.S. corp earnings: Microsoft, Texas Instruments, Verizon, Raytheon, Lockheed Martin, General Electric, Halliburton, Union Pacific, Johnson & Johnson, Danaher, 3M, Capital One, Invesco, Travelers, DR Horton, Paccar, F5, Intuitive Surgical.

(By Mike Dolan, editing by Ed Osmond mike.dolan@thomsonreuters.com. Twitter: @reutersMikeD)

ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.11% 0.6535 Delayed Quote.2.22%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.14% 0.7103 Delayed Quote.4.30%
BRITISH POUND / EURO (GBP/EUR) 0.08% 1.1404 Delayed Quote.0.59%
BRITISH POUND / US DOLLAR (GBP/USD) -0.13% 1.2397 Delayed Quote.2.60%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.31% 0.691606 Delayed Quote.-0.79%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7508 Delayed Quote.1.24%
EURO / US DOLLAR (EUR/USD) -0.25% 1.08649 Delayed Quote.2.04%
GENERAL ELECTRIC COMPANY 2.58% 83.23 Delayed Quote.24.11%
INDIAN RUPEE / EURO (INR/EUR) 0.08% 0.011289 Delayed Quote.-0.49%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.50%
INTUITIVE SURGICAL, INC. -1.31% 247.26 Delayed Quote.-5.58%
INVESCO LTD. -0.92% 18.3 Delayed Quote.0.06%
LOCKHEED MARTIN CORPORATION -0.05% 459.6 Delayed Quote.-5.48%
MICROSOFT CORPORATION 0.06% 248.16 Delayed Quote.3.41%
MSCI TAIWAN (STRD) 0.00% 547.775 Real-time Quote.8.83%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.04% 0.6492 Delayed Quote.2.06%
PACCAR, INC. -1.43% 110.63 Delayed Quote.11.96%
SPOTIFY TECHNOLOGY S.A. 0.93% 102.24 Delayed Quote.28.31%
TESLA, INC. 11.00% 177.9 Delayed Quote.30.11%
TEXAS INSTRUMENTS 0.65% 175.24 Delayed Quote.5.94%
US DOLLAR / EURO (USD/EUR) 0.25% 0.920395 Delayed Quote.-2.00%
VERIZON COMMUNICATIONS 0.92% 40.64 Delayed Quote.2.36%
04:44pS&P 500 Posts 2.5% Weekly Gain Led by Consumer Discretionary, Technology as Q4 GDP, Som..
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01/25BTIG Adjusts Intuitive Surgical's Price Target to $279 From $316, Keeps Buy Rating
More news
Analyst Recommendations on INTUITIVE SURGICAL, INC.
More recommendations
Financials (USD)
Sales 2022 6 209 M - -
Net income 2022 1 367 M - -
Net cash 2022 1 065 M - -
P/E ratio 2022 65,1x
Yield 2022 -
Capitalization 87 378 M 87 378 M -
EV / Sales 2022 13,9x
EV / Sales 2023 12,3x
Nbr of Employees 9 793
Free-Float 99,5%
Duration : Period :
Intuitive Surgical, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends INTUITIVE SURGICAL, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 247,26 $
Average target price 273,80 $
Spread / Average Target 10,7%
EPS Revisions
Managers and Directors
Gary S. Guthart Chief Executive Officer & Director
Jamie E. Samath Chief Financial Officer & Senior Vice President
Craig H. Barratt Chairman
Myriam J. Curet Chief Medical Officer & Executive Vice President
Kara Andersen Reiter Assistant General Counsel