MICROSOFT CORPORATION

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Bargain-hunting buoys Wall Street after Nasdaq correction

01/20/2022 | 02:13pm EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Peloton tumbles after report co is pausing production

* Travelers up after reporting record quarterly profit

* Baker Hughes jumps on posting Q4 profit

* Indexes up: Dow 0.76%, S&P 0.9%, Nasdaq 1.23% (Updates with mid-afternoon trading)

Jan 20 (Reuters) - Wall Street's main indexes rebounded on Thursday with solid gains for technology and growth shares as Treasury yields steadied and investors sought bargains a day after the Nasdaq fell into correction territory.

All 11 major S&P 500 sectors were higher. Megacap stocks gave the biggest individual boosts to the S&P 500, with Microsoft up 1.7% and Tesla up 3.8%.

Stocks were regaining some ground after a steep sell-off to start the week, with the Nasdaq on Wednesday closing 10.7% below its November all-time high, confirming it was in a correction.

“The fact that the Nasdaq had dipped into correction territory probably brought in some buyers who felt as though it had gotten overdone,” said David Joy, chief market strategist at Ameriprise Financial.

The Dow Jones Industrial Average rose 267.62 points, or 0.76%, to 35,296.27, the S&P 500 gained 40.77 points, or 0.90%, to 4,573.53 and the Nasdaq Composite added 175.69 points, or 1.23%, to 14,515.94.

Putting a damper on Thursday's rebound for growth stocks, shares of Peloton Interactive https://www.reuters.com/business/retail-consumer/peloton-pause-production-bikes-treadmills-demand-wanes-cnbc-2022-01-20 tumbled 15% after CNBC reported that the exercise bike maker is pausing production of its connected fitness products as demand wanes and the company looks to control costs. Peloton was one of the mainstays of the stay-at-home trade in 2020.

Stocks have gotten off to a rocky start in 2022, as a fast rise in Treasury yields amid concerns the Federal Reserve will become aggressive in controlling inflation has particularly hit tech and growth shares. The benchmark S&P 500 is down about 4% so far this year.

Treasury yields were relatively steady on Thursday, after dropping from two-year highs on Wednesday.

“Just the fact that they have not gone any higher... at least for the day it's a welcome reprieve from the steady march higher that we have experienced,” Joy said.

Investors are also turning to fourth-quarter earnings reports as they start to roll in.

Shares of Travelers Cos https://www.reuters.com/business/finance/us-insurer-travelers-posts-record-profit-investment-returns-2022-01-20 rose 4.9% after the property and casualty insurer reported a record quarterly profit.

Baker Hughes https://www.reuters.com/business/energy/baker-hughes-posts-q4-profit-higher-oil-prices-spur-drilling-demand-2022-01-20 shares rose 4.5% after the company reported an adjusted quarterly profit and topped analysts' earnings expectations as higher energy prices fuel demand for its equipment and services.

Streaming giant Netflix was set to report after market close on Thursday, in one of the early reports for big growth companies.

Data on Thursday showed the number of Americans filing new claims for unemployment https://www.reuters.com/world/us/us-weekly-jobless-claims-increase-amid-omicron-surge-2022-01-20 benefits unexpectedly rose last week, likely as a winter wave of COVID-19 infections disrupted business activity.

Advancing issues outnumbered declining ones on the NYSE by a 2.41-to-1 ratio; on Nasdaq, a 2.05-to-1 ratio favored advancers.

The S&P 500 posted 11 new 52-week highs and one new low; the Nasdaq Composite recorded 15 new highs and 162 new lows.

(Reporting by Lewis Krauskopf in New York, Bansari Mayur Kamdar and Shreyashi Sanyal in Bengaluru; Editing by Aditya Soni and Lisa Shumaker)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BAKER HUGHES COMPANY 2.10% 34.92 Delayed Quote.41.77%
DJ INDUSTRIAL 0.03% 32224.01 Real-time Quote.-11.40%
LONDON BRENT OIL 0.44% 112.617 Delayed Quote.41.60%
MICROSOFT CORPORATION -0.44% 261.755 Delayed Quote.-22.36%
NASDAQ COMP. -0.88% 11662.79 Real-time Quote.-24.54%
NETFLIX, INC. 1.10% 186.23 Delayed Quote.-68.85%
PELOTON INTERACTIVE, INC. -2.08% 15.42 Delayed Quote.-55.62%
S&P 500 -0.29% 4008.36 Real-time Quote.-15.57%
TESLA, INC. -3.90% 720.89 Delayed Quote.-27.18%
WTI 1.11% 113.515 Delayed Quote.44.13%
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Financials (USD)
Sales 2022 199 B - -
Net income 2022 73 216 M - -
Net cash 2022 63 054 M - -
P/E ratio 2022 26,8x
Yield 2022 0,93%
Capitalization 1 953 B 1 953 B -
EV / Sales 2022 9,49x
EV / Sales 2023 8,18x
Nbr of Employees 181 000
Free-Float 99,7%
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Mean consensus BUY
Number of Analysts 48
Last Close Price 261,12 $
Average target price 364,20 $
Spread / Average Target 39,5%
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Managers and Directors
Satya Nadella Chairman & Chief Executive Officer
Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
James Kevin Scott Chief Technology Officer & Executive VP
Matthias Troyer Partner Research Manager
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