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Companies cut earnings estimates and penalize Wall Street

by ace
Companies cut earnings estimates and penalize Wall Street

US stocks opened lower on Wednesday, October 23, penalized by cut earnings estimates by several companies, which revived fears over the global slowdown and the impact of the Sino-US trade war.

Technological Nasdaq lost 0.18% to 8,088.79 points while the S & P500 devalued 0.03% to 2,995.14 points. The Dow Jones countered, with a 0.17% rise to 26,832.54 points.

Texas Instruments sinks 8.38% to $ 117.80 after cutting fourth-quarter revenue estimates, negatively affecting the chipmaker's entire industry. Intel loses 1.06% to $ 51.46, Analog Devices drops 3.61% to $ 106.88 and Nvidia depreciates 2.30% to $ 191.12.

Caterpillar has also cut its earnings estimates, based on the forecast that demand from China will be lower than expected. Still, the bonds advance 0.8% to $ 134.20.

Falling short of expectations were also Boeing's numbers, which revealed Wednesday a drop of more than 50% of profits in the third quarter of this year. However, the aircraft maker said it expects a return to service of its 737 Max in the last three months of the year, which is contributing to a 2.43% rise in shares to $ 345.20.

Although so far most S & P500 companies that have submitted their accounts have exceeded projections, analysts expect the first profit contraction since 2016.

On Wednesday, on the upside, are some health-care companies such as Alexion Pharmaceuticals, which is up 4.07% to $ 103.32.

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