AAL Share Price
Anglo American’s mining portfolio spans many commodities and continents. Like other large diversified miners, Anglo has significant exposure to copper, coal, and iron ore, but is unique in its significant platinum production. The company accounts for about a third of the world’s platinum supply and just over 20% of the palladium supply. Anglo also owns 85% of De Beers, for most years the world’s largest supplier and seller of rough diamonds. Anglo American PLC is a global mining company with assets including precious, basic and bulk commodities. Its core business is the exploration of metals and minerals such as platinum, diamonds and coal.
From a technical standpoint, AAL’s stock price had bottomed out in December when Omicron fears hit the market hard. As a result, a bullish trend has formed to keep an eye on the key $20 level should the market embrace the Q4 gains. On the upside, any upcoming selling pressure will bring the price back to its 20-day moving average and explain the inability to close the gap between $18.29 and $19.07. In this case, the gap level will continue to serve as a key resistance for AAL’s stock price.
LONDON MARKET CLOSE: Stocks directionless as investors mull ECB hike
Equities in London were mixed on Thursday as investors worked out the latest interest rate hike from the European Central Bank and better-than-expected economic data from the US.
On Thursday, the FTSE 100 index closed at 17.62 points, or 0.3% at 7,073.69 points. The FTSE 250 closed at 23.97 points or down 0.1% to 18,081.92. The AIM All-Share closed down by just 0.21 points to 809.46.
The Cboe UK 100 closed with 0.4% at 707.04, the Cboe UK 250 closed with 0.2% at 15,534.37 and the Cboe Small Companies closed with 0.3% at 12,385.01 . As expected, the European Central Bank raised its key rate by 75 basis points on Thursday.
The Frankfurt institute wants to contain inflation, which is «still much too high». Inflation will remain above its 2% target «for an extended period», warned the ECB.
Thursday’s three-quarter point increase brings main refinancing rates and marginal lending facility rates and deposit line rates to 2.00%, 2.25% and 1.50%, respectively.
The ECB said it plans to raise interest rates further to ensure a «timely» return to an inflation rate in line with its 2% target.
In European equities, Paris’s CAC 40 closed 0.5% on Thursday, while Frankfurt’s DAX 40 closed 0.1%.
The euro settled at USD 0.9984 at the close of European stocks on Thursday, up from USD 1.0064 at the same time on Wednesday.
New York stocks were mixed at the closing price of London stocks: the Dow Jones Industrial Average rose 1.0%, the S&P 500 index fell 0.2%, and the Nasdaq Composite fell by 10%. 1.0%. The U.S. economy grew faster than expected in the third quarter, according to the latest estimate from the U.S. National Bureau of Economic Research on Thursday.
Gross domestic product grew 2.6% annually in the third quarter of 2022, with growth beating the consensus of 2.4% cited by FXStreet. The chart shows that the US economy is more resilient to high interest rates than the market expected and supports further interest rate hikes by the US Federal Reserve.
The pound was trading at $1.1573 at the close of London stocks on Thursday, down from $1.1612 at Wednesday’s close.
Against the yen, the dollar was trading at 145.90 JPY on Thursday evening, against 146.50 JPY on Wednesday evening.
In the FTSE 100, Shell rose 5.2% to finish as the blue chip performer on Thursday. The oil major posted a net profit in the third quarter of the year, but said profit was lower in the second quarter as it warned of volatility in global energy markets.
Net income was $ 6.74 billion in the third quarter after rising oil prices, an improvement from an after-tax loss of $ 447 million in the prior year.
However, earnings were much lower than the second quarter net profit of $ 18.04 billion. Shell attributes the decline to a decline in refining margins.
With a positive read-across, BP and Harbor Energy increased by 3.3% and 2.6% respectively.
Airtel Africa fell to the bottom of the FTSE 100, plummeting 15%. The African-focused telecom company said its profits were held back by the devaluation of some African currencies.
Pre-tax income decreased 9.1% to $ 516 million from $ 567 million as the company recognized $ 358 million in net financial costs, up from $ 169 million a year earlier.
Net finance costs included foreign exchange and derivative losses of US $ 184 million, compared with US $ 24 million a year earlier.
Anglo American fell 2.1% after reporting a mixed quarterly manufacturing performance, with most commodities falling due to difficult economic conditions.
For the third quarter ended September 30, rough diamond production increased by 4% and coal production by 28%.
However, copper production decreased by 6% and nickel production decreased by 4%. Production of platinum group metals fell 6% due to power outages in South Africa, infrastructure closures in Amandelbult and lower quality in Mogalakwena.
Mining colleagues Rio Tinto and Glencore fell 4.0% and 2.5% respectively in a negative read-across.
In the FTSE 250, Renishaw fell 3.5% despite being confident in its long-term strategy after posting revenue growth across all business segments in the first financial quarter.
Reinshaw is a Gloucestershire, England-based supplier of manufacturing technologies, analytical instruments and medical devices.
For the three months ended September 30, the company reported a pre-tax profit of 38.6 million pounds, down 2.0% from the 39.3 million pounds of the previous year. Total sales for the period were £ 179.9 million, up 14% from £ 157.8 million.
However, Renishaw noted that general market sentiment was becoming more cautious, reflected by a slowdown in orders in the semiconductor and electronics sectors.
Brent oil was trading at $94.75 a barrel at the London close on Thursday, down from $93.93 on Wednesday evening.
Gold was trading at $1,662.60 an ounce at the London close on Thursday, down from $1,665.70 at Wednesday’s close.
Glencore and International Consolidated Airlines report third quarter results in Friday’s UK Business Calendar.
The economic calendar includes Germany’s GDP readings at 09:00 BST, ahead of the US personal consumption expenditures inflation reading at 13:30 BST. The Core PCE is the Fed’s preferred inflation measure.
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Palantir Technologies Inc. (PLTR) closed at $8.57 last trading session, a -1.04% move the previous day. This move lagged the S&P 500’s 0.74% decline on the day. Meanwhile, the Dow Jones gained 0.01% and the Nasdaq, a technology-heavy index, fell 0.01%.
To date, the company’s shares are up 13.5% over the past month. Over the same period, the business services sector gained 1.47%, while the S&P 500 gained 4.58%.
Wall Street will be awaiting positivity from Palantir Technologies Inc. closer to the date of the next earnings report. It is expected to be November 7, 2022. In this report, analysts expect Palantir Technologies Inc. post a profit of $0.02 per share. That would mean a 50% drop from last year. Meanwhile, Zacks Consensus estimate for revenue calls for net sales of $474.58 million, up 21.02% from the prior year period.
Zacks Consensus estimates for the full year of PLTR call for earnings per share of $0.06 on sales of $1.9 billion. These results would represent annual variations of -53.85% and +23.3%, respectively.
Any recent changes in analyst estimates for Palantir Technologies Inc. should also be noted by investors. These revisions generally reflect the latest short-term trading trends, which may change frequently. Therefore, positive revisions to estimates reflect analysts’ optimism about the company’s operations and profitability.
Research shows that these revisions to estimates are directly correlated to near-term stock price dynamics. Investors can benefit from this by using the Zacks ranking. This model accounts for these estimation changes and provides a simple and actionable scoring system.
The Zacks ranking system goes from #1 (Strong Buy) to #5 (Strong Sell). It has a notable third-party audited track record, with the #1 stocks delivering an average annual return of +25% since 1988. Zack’s earnings per share estimate has remained stable over the past month. Palantir Technologies Inc. currently has a Zacks grade of # 3 (Hold).
As for valuation, Palantir Technologies Inc. currently has a forward P/E of 152.82. Its industry has an average forward P/E of 22.26, so we could conclude that Palantir Technologies Inc. is trading at a premium in comparison.
It should also be noted that PLTR currently has a PEG ratio of 4.94. This popular measure is similar to the well-known P/E ratio, except that the PEG ratio also takes into account the company’s expected earnings growth rate. Technology services held an average PEG ratio of 2.08 at yesterday’s close.
The technology services industry is part of the business services sector. This industry currently has a Zacks Industry Rank of 132, which places it in the bottom 48% of all 250+ industries.
The Zacks Industry Ranking measures the strength of each of our industry groups by measuring the average Zacks Ranking of each stock within the groups. Our research shows that the top 50% of industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to track all of these stock movement metrics and more in future trading sessions.
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