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 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 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 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.
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