Wall Street ends a rocky September in red
All the three major U.S. indexes fell in September
Wall Street ended a volatile week, month and the third quarter on a negative note on Friday as investors remained worried about the gloomy macroeconomic environment. Earnings season will soon kick in and all eyes will be set on any signs of optimism from the corporate.
- Elon Musk unveils Tesla Robot
- Nike posts upbeat quarterly results
- Biogen shares jump 40%, Alzheimer’s drug shows positive results
Elon Musk unveils Tesla robot
Elon Musk unveiled a prototype of Tesla’s (TSLA) humanoid robot Optimus at its 2022 artificial intelligence event on Friday. The robot, which is still under development, will be able to walk, talk and lift heavy objects.
- Analyst consensus: Based on 29 analysts offering recommendations for Tesla stock in the last 3 months, the overall consensus is “Moderate buy”, with an average price target of $311.19.
- Future outlook: As per Musk, customers will be able to buy Optimus in 3 to 5 years. The bot is expected to cost less than a car, below $20,000.
Nike posts upbeat quarterly results
Nike (NKE) posted quarterly results that topped Wall Street expectations on revenue and net income, despite supply chain constraints and headwinds from a stronger dollar. While sales grew 4%, the world’s largest sportswear maker saw its gross margin decrease due to higher logistics costs and discounts.
- Analyst consensus: Based on 24 analysts offering recommendations for Nike stock in the last 3 months, the overall consensus is “Moderate buy”, with an average price target of $112.91.
- Future outlook: Nike expects revenue in the current fiscal quarter to rise low double digits on the back of strong consumer demand.
Biogen shares jump 40%, Alzheimer’s drug shows positive results
American biotechnology giant Biogen (BIIB), in partnership with a Japanese pharmaceutical company Eisai, is developing an Alzheimer’s drug that has shown positive results in an experimental study. The news sent Biogen shares up 40% on Wednesday.
- Analyst consensus: Based on 24 analysts offering recommendations for Biogen stock in the last 3 months, the overall consensus is “Moderate buy”, with an average price target of $268.05.
- Future outlook: The makers are eyeing full approval and commercialisation of the drug in the United States, Europe and Japan by 2023-end.