🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Asml Sees Surge in Chip Orders Amid U.S.. Restrictions On Semi Tech Sales

EditorVenkatesh Jartarkar
Published 25-10-2023, 10:28 pm
© Reuters.
BA
-
GM
-
MSFT
-
KO
-
DBKGn
-
AAPL
-
XOM
-
TMO
-
TXN
-
CME
-
ASML
-
SPOT
-

Chip manufacturer ASML reported a significant rise in orders, with China accounting for 46% of Q3 sales, in the wake of restrictions on semi-technology sales imposed by the Biden administration. This news comes as Apple (NASDAQ:AAPL)'s price target was reduced to $200 by Deutsche Bank (ETR:DBKGn) due to overestimated Q1 revenue predictions while retaining its buy rating.

Spotify (NYSE:SPOT) enjoyed multiple price target increases following a strong Q3 performance. However, Exxon Mobil (NYSE:XOM)'s price target was lowered to $134 by JPMorgan (NYSE:JPM) due to the dilutive effect of the Pioneer Natural Resources (NYSE:PXD) acquisition. Despite exceeding Q3 expectations, GM faced numerous price target reductions largely due to an ongoing auto workers' strike.

Boeing (NYSE:BA) revised its 737 Max delivery forecast downwards due to production issues but remained steadfast on its 2023 cash flow expectations. Meanwhile, Coca-Cola (NYSE:KO)'s price target was raised by Wells Fargo (NYSE:WFC) and T-Mobile reported an earnings beat, despite a decrease in total net customers.

In other market news, U.S. stock futures fluctuated based on earnings reports from influential tech firms. Microsoft (NASDAQ:MSFT)'s stock rose by 3.7% after strong Q1 results, primarily driven by Azure's growth. Alphabet (NASDAQ:GOOGL)'s shares fell by 5.9% due to lackluster cloud computing revenue gains.

Despite reducing its 737 delivery forecast because of supplier Spirit AeroSystems (NYSE:SPR)' troubles, Boeing's shares increased by 3.7% as it maintained its annual free cash flow target. Texas Instruments (NASDAQ:TXN) experienced a 6.1% share drop after reporting disappointing Q3 revenue and Q4 guidance due to declining industrial chip demand.

Deutsche Bank's stock surged by 7.1% following promises of more share buybacks and potentially larger investor capital returns next year. Thermo Fisher (NYSE:TMO)'s shares fell by 0.8% after it cut its annual profit forecast due to weak demand for services used to make therapies and vaccines, coupled with rising raw material costs.

T-Mobile US (NASDAQ:TMUS) saw a 1.4% stock rise after raising its annual free cash flow forecast following surpassing quarterly subscriber additions and earnings estimates. General Dynamics (NYSE:GD), the Gulfstream jet maker, enjoyed a 2.2% share increase amid robust military equipment demand despite lower profits due to higher expenses. CME Group (NASDAQ:CME), a derivatives marketplace, saw a 2.5% share drop despite reporting increased Q3 profit as market volatility persisted.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.