Wall Street in disarray, the results still surprise favorably

(New York) The New York Stock Exchange opened in disorganized order on Wednesday, but remained well oriented thanks to a series of company publications which, overall, favorably surprised the market.

Around 1:55 p.m., the Dow Jones was close to balance (-0.04%), the NASDAQ index gained 0.77% and the broader S&P 500 index gained 0.30%.

“We are seeing the appetite for stocks return, with the relief of not seeing the conflict between Israel and Iran expand,” Patrick O’Hare of Briefing.com commented in a note.

Furthermore, “it seems that the forecasts of the companies that published today remain positive,” noted Peter Cardillo of Spartan Capital. “These publications are giving momentum to the market, and I think that will continue. »

Like the day before, the results revealed by several big names in the stock market were, overall, better than expected.

Although in the midst of turbulence, Boeing (+1.29%) capitalized on its financial results, which were less bad than expected by analysts. The defense and aerospace division partially offset the setbacks in commercial aviation.

Another praised publication, that of the Biogen laboratory (+5.62%), which said it was optimistic about the rise of new treatments, in particular Zuruvae against postpartum depression or Leqembi, which slows the progression of Alzheimer’s disease.

The cable operator AT&T (+0.09%) exceeded expectations in terms of net profit, new telephone subscribers and cash flow, which put it in the green.

Although its results were disappointing, Tesla passed the second (+12.70%), investors being more interested in the prospect of a new model at a more accessible price, planned for 2025. “The impression is that (the boss Elon) Musk has firmly taken back the reins,” wrote analysts at Wedbush Securities.

The aeronautics and defense group General Dynamics fell (-4.36%) after publishing a net profit lower than projections. The manufacturer of the famous Abrams tanks nevertheless achieved a turnover higher than estimates, thanks in particular to the strong growth of its defense systems division (+20% over one year).

The Hilton hotel group was showing signs of improvement (+5.64%), despite a net profit lower than expected. The McLean (Virginia) group has seen its occupancy rate increase, as well as its average rate, and plans to add several tens of thousands of rooms to its portfolio.

After making a correction last week, the technology sector continued its rebound.

Meta was in high spirits (+0.59%), many considering the group as the first beneficiary of a possible disappearance of TikTok. The US Senate adopted a text on Tuesday requiring the social network’s Chinese parent company, ByteDance, to sell TikTok under penalty of being banned in the United States.

Another sought-after stock in the technology sector, Texas Instruments rose 5.92% after the Dallas group said it was counting on a rebound in demand for semiconductors in the second half of the year, which would extend into 2025.

This optimistic message benefited competitors AMD (+2.24%), Broadcom (+2.07%) or Qualcomm (+2.31%).

Investors favored toy manufacturer Hasbro (+12.30%), which published sharply declining results, but reported a drastic reduction in its stocks and saw video game turnover increase.