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MICROSOFT CORPORATION

(MSFT)
  Report
Delayed Nasdaq  -  04:00 2022-12-09 pm EST
245.42 USD   -0.80%
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S&P 500, Dow jump over 2% to kick-start fourth quarter

10/03/2022 | 12:37pm EST

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

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Tesla down as Q3 deliveries miss market estimates

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U.S. factory activity slowest in ~2.5 years in Sept -ISM

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Credit Suisse, Citi cut 2022 year-end target for S&P 500

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Indexes up: Dow 2.22%, S&P 2.02%, Nasdaq 1.54%

Oct 3 (Reuters) - U.S. stock indexes rose on Monday at the start of the final quarter of a tumultuous year in which investors fretted about aggressive interest rate hikes against the backdrop of historically hot inflation and fears of slowing economic growth.

Ten of the 11 major S&P 500 sectors advanced in mid-day trading, with the energy sector heading for its best day in more than three months.

Oil majors Exxon Mobil and Chevron Corp rose more than 4%, tracking a jump in crude prices as sources said the Organization of the Petroleum Exporting Countries and its allies are considering their biggest output cut since the start of the COVID-19 pandemic.

Megacap growth and technology companies such as Apple and Microsoft advanced 2% each, while banks gained 2.8%.

Data showed manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September as new orders contracted, likely as rising interest rates to tame inflation cooled demand for goods.

The Institute for Supply Management said its manufacturing PMI dropped to 50.9 this month, missing estimates but still above 50 indicating an expansion in manufacturing.

"U.S. stocks are driving higher due to the weaker-than-expected manufacturing data as traders are taking the view that bad news for the economy is good news for the stock market," said David Madden, market analyst at Equiti Capital.

"In some pockets of the markets, there is speculation the Fed might 'pivot', meaning the bank might look to hike interest rates at a slower pace."

Further supporting rate-sensitive growth stocks, the benchmark U.S. 10-year Treasury yield fell after British Prime Minister Liz Truss was forced to reverse course on a tax cut for the highest rate.

All three major indexes ended a volatile third quarter lower on Friday on growing fears that the Federal Reserve's aggressive monetary policy will tip the economy into recession.

Tesla Inc fell 8.4% after it sold fewer-than-expected vehicles in the third quarter as deliveries lagged way behind production due to logistic hurdles. Peers Lucid Group slid 2% and Rivian Automotive 4%.

Major automakers are expected to report modest declines in U.S. new vehicle sales, but analysts and investors are concerned that a darkening economic picture, not inventory shortages, will lead to a drop in future car sales.

Citigroup and Credit Suisse became the latest brokerages to bring down their 2022 year-end targets for the S&P 500 index, as U.S. equity markets bear the heat of aggressive central bank actions to tamp down inflation.

Credit Suisse also set a 2023 year-end price target for the benchmark index at 4,050 points, adding that 2023 would be a "year of weak, non-recessionary growth and falling inflation."

Advancing issues outnumbered decliners by a 5.48-to-1 ratio on the NYSE and a 2.24-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week highs and 23 new lows, while the Nasdaq recorded 45 new highs and 225 new lows. (Reporting by Ankika Biswas and Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.34% 142.16 Delayed Quote.-19.67%
LUCID GROUP, INC. 0.00% 8.68 Delayed Quote.-77.19%
MICROSOFT CORPORATION -0.80% 245.42 Delayed Quote.-26.44%
RIVIAN AUTOMOTIVE, INC. -4.51% 27.29 Delayed Quote.-73.05%
TESLA, INC. 3.23% 179.05 Delayed Quote.-50.76%
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Analyst Recommendations on MICROSOFT CORPORATION
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Financials (USD)
Sales 2023 213 B - -
Net income 2023 71 624 M - -
Net cash 2023 68 362 M - -
P/E ratio 2023 25,7x
Yield 2023 1,10%
Capitalization 1 829 B 1 829 B -
EV / Sales 2023 8,27x
EV / Sales 2024 7,12x
Nbr of Employees 221 000
Free-Float 99,9%
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Technical analysis trends MICROSOFT CORPORATION
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Mean consensus BUY
Number of Analysts 50
Last Close Price 245,42 $
Average target price 296,98 $
Spread / Average Target 21,0%
EPS Revisions
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
Hemma Prafullchandra CTO
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