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Shares of Home Depot (HD) are up about $1.70 in premarket.
Not only are earnings due on May 19, but analysts at Bank of America just reinstated a buy rating on the stock with a $374 price target.
“HD is our preferred stock within the home improvement sector; we think HD’s comp growth will outperform, driven by higher Pro penetration, and expect traffic trends will hold up better than peers as we move past industry-wide price increases in 2H,” said the firm, as quoted by CNBC.
The rollercoaster ride continues.
After a rough start to the week on war concerns and higher oil prices, the major indices are in the green again. The S&P 500 is up 0.38%, or by 27 points. The SPDR S&P 500 ETF (SPY | SPY Price Prediction) is up about 0.5%, or by $3.56. The Dow is up 0.33%, or by 158 points. The Nasdaq is up 0.58%, or by 160 points. Oil is now down $2.45 at $104. Gold is up by $40 at $4,564. And Bitcoin is back above $81,107, which is great news for crypto traders, miners, and stocks like Strategy.
Just yesterday, the Dow dropped 550 points as oil prices gushed higher on fears the Iran war could intensify. Today, even though those war fears are still present, oil is down, and markets are rising in pre-market, which is driving traders and investors a bit mad at the moment.
Market Movers: Palantir Beats Top and Bottom Line
Shares of Palantir (NASDAQ: PLTR) are down this morning, even after the company’s first-quarter results beat expectations. Adjusted EPS of 33 cents was well above estimates of 28 cents. Revenue of $1.63 billion also came in above estimates of $1.54 billion.
RBC Capital Markets analyst Rishi Jaluria added that the results were “solid,” even if there was some concern about a slowdown in U.S. commercial growth, as noted by Seeking Alpha. “Stepping back, Q1 was solid, but we continue to have concerns around the sustainability of growth/growing competition.”
Analysts at Bank of America reiterated a buy rating on Palantir following the results.
“The market is moving from AI curiosity to AI consequence, and Palantir is the leader in this transition without engaging in a race to the bottom. We reiterate our Buy rating and PO of $255,” said the firm, as quoted by CNBC.
Shares of Intel (NASDAQ: INTC) are up about $3.67 a share on a Bloomberg report that Apple held early-stage talks with the tech giant about using its chipmaking services.
Pfizer (NYSE: PFE) is up slightly in premarket after posting stronger-than-expected earnings and revenue. The EPS of 75 cents was higher than the 72 cents expected. Revenue of $14.45 billion was above estimates of 13.79 billion.
Big earnings on deck after the closing bell
As we noted just yesterday, Advanced Micro Devices (NASDAQ: AMD) will post earnings after the closing bell. Analysts are looking to $9.88 billion and adjusted EPS of $1.27 a share, each up about 33% year over year. Ahead of the report, Susquehanna raised its price target on the tech giant to $375.
“The new target reflects confidence that server CPU share gains and an artificial intelligence (AI) accelerator ramp can extend the rally,” added 247WallSt.com.
The firm also expects revenue growth for the MI350 data center GPU to continue in the second half with a potentially “sharper ramp” with the launch of MI450.
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