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North Reading, Massachusetts-based Teradyne, Inc. designs, develops, manufactures, and sells automated test systems and robotics products worldwide. With a market cap of $20.3 billion, Teradyne operates through Semiconductor Test, System Test, Robotics, and Wireless Test segments.
Companies worth $10 billion or more are generally described as "large-cap stocks," Teradyne fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the semiconductor equipment & materials industry. It serves several high-profile customers, including Samsung, Qualcomm , Intel , Analog Devices , and Texas Instruments .
Teradyne touched its 52-week high of $163.21 on July 16 and is currently trading 21.7% below that peak. TER has dipped 15.7% over the past three months lagging behind the Nasdaq Composite’s ($NASX) 1.6% decline during the same time frame.
However, over the longer term, Teradyne has outperformed NASX. TER gained 32.1% over the past 52 weeks and 17.8% in 2024, outpacing NASX’s 28.2% gains over the past year and 17.1% returns on a YTD basis.
To confirm the longer-term bullish trend and recent downturn, TER has traded above its 200-day moving average since mid-December with slight fluctuations and below its 50-day moving average since late July.
TER stock has exhibited significant volatility over the past period and has a 60-month beta of 1.49. The recent decline in TER stock prices can be partly attributed to the broader downturn in tech stocks over the past few weeks.
Nevertheless, Teradyne has consistently delivered better-than-expected results in recent quarters. In the latest quarterly report, the company exceeded both management guidance and Wall Street expectations. Its net revenues for Q2 rose by 6.6% annually to $729.9 million. This growth was primarily driven by a 14% year over year increase in Semiconductor Test revenues, hitting $543 million, fueled by continued strength in memory and a recovery in demand for SoC.
Furthermore, Teradyne’s net income surged by 55.2%, totaling $186.3 million. The company’s adjusted EPS of $0.86 surpassed consensus estimates by 13.2%.
Teradyne’s competitor, Keysight Technologies, Inc. , has underperformed TER over the past year. KEYS gained 13.2% over the past year and has dipped 5.6% on a YTD basis.
Among the 16 analysts covering the TER stock, the consensus rating is a “Moderate Buy.” The mean price target of $146.81 suggests a potential upside of 14.8% from current price levels.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
In the latest trading session, Qualcomm (QCOM) closed at $168.30, marking a -0.24% move from the previous day. This change was narrower than the S&P 500's daily loss of 0.29%. Meanwhile, the Dow lost 0.25%, and the Nasdaq, a tech-heavy index, lost 0.31%.
The chipmaker's stock has dropped by 1.98% in the past month, falling short of the Computer and Technology sector's loss of 1.17% and the S&P 500's gain of 1.57%.
Analysts and investors alike will be keeping a close eye on the performance of Qualcomm in its upcoming earnings disclosure. The company's upcoming EPS is projected at $2.56, signifying a 26.73% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $9.9 billion, up 14.67% from the prior-year quarter.
QCOM's full-year Zacks Consensus Estimates are calling for earnings of $10.03 per share and revenue of $38.6 billion. These results would represent year-over-year changes of +18.98% and +7.78%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for Qualcomm. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.29% upward. Qualcomm is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Qualcomm is currently trading at a Forward P/E ratio of 16.82. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 16.82.
One should further note that QCOM currently holds a PEG ratio of 1.47. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Wireless Equipment industry held an average PEG ratio of 2.5.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 203, which puts it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
The S&P 500 Index Wednesday closed down by -0.29%, the Dow Jones Industrials Index closed down by -0.25%, and the Nasdaq 100 Index closed down by -0.45%.
Stocks on Wednesday gave up mid-session gains and turned lower as hawkish comments from Fed Chair Powell pushed bond yields higher and sparked the selling of chip stocks when he said the Fed was in no rush to ease monetary policy.
Stocks initially rallied Wednesday afternoon, with the S&P 500 and Dow Jones Industrials climbing to new record highs and the Nasdaq 100 climbing to a 3-week high. The FOMC’s decision Wednesday to cut the fed funds target range by -50 bp and project another -50 bp worth of rate cuts by year-end pushed stock prices higher. Also, Wednesday’s US housing starts and building permits reports were better than expected, bolstering the prospects for a soft landing and supporting stocks.
The FOMC voted 11-1 to cut the federal funds target range by -50 bp to 4.75%-5.00% and said the committee is "strongly committed to supporting maximum employment" and returning inflation to its 2% goal.
The FOMC cut its federal funds forecast for the end of 2024 to 4.375% from 5.125% in June, implying another 50 bp of rate cuts by the end of the year.
The FOMC cut its 2024 US GDP forecast to +2.0% from +2.1% in June and cut its 2024 core PCE estimate to +2.6% from +2.8% in June. The FOMC also raised its 2024 unemployment forecast to 4.4% from 4.0% in June.
Fed Chair Powell said, "We made a good, strong start" by cutting rates by 50 bp Wednesday, and the Fed is "squarely focused" on its dual mandate of inflation and employment. He added that the Fed is not in a rush to ease policy and "we will move as fast or as slow" as policymakers consider appropriate based on the data.
US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
The markets are discounting the chances at 100% for a -25 bp rate cut at the November 6-7 FOMC meeting and at 36% for a -50 bp rate cut at that meeting.
Overseas stock markets Wednesday settled mixed. The Euro Stoxx 50 closed down -0.52%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) Wednesday closed down -9.5 ticks. The 10-year T-note yield rose +4.1 bp to 3.687%. Dec T-notes Wednesday fell to a 1-week low, and the 10-year T-note yield rose to a 1-week high of 3.173%. T-notes were under pressure Wednesday on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on Wednesday’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate Wednesday rose to a 2-week high of 2.166%.
T-notes erased their losses and briefly moved higher Wednesday afternoon after the FOMC cut the federal funds target range by -50 bp and projected another -50 bp of rate cuts this year. Also, the action by the FOMC to cut its US 2024 GDP forecast and its core PCE price estimate were bullish for T-notes. However, T-notes gave up their gains and fell to their lows Wednesday afternoon after Fed Chair Powell said the Fed is in no rush to ease monetary policy.
European government bond yields on Wednesday moved higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and finished up +4.7 bp to 2.190%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and finished up +7.9 bp to 3.847%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Weakness in chip stocks weighed on the overall market. Intel closed down more than -3% to lead losers in the Dow Jones Industrials and the Nasdaq 100. Also, Nvidia , Advanced Micro Devices , Marvell Technology , Micron Technology , KLA Corp , Lam Research , Analog Devices , Applied Materials , and ON Semiconductor closed down more than-1%.
ResMed closed down more than -5% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Sysco closed down more than -4% after CEO Hourican said restaurant traffic industrywide had softened a bit in the current quarter.
Cencora closed down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
Incyte Corp closed down more than -1% after Truist Securities downgraded the stock to hold from buy.
Hilton Grand Vacations closed down nearly -1% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
General Motors closed up more than +2% as its customers with electric vehicles (EVs) now have access to 17,800 Tesla Superchargers starting this month, which may boost EV sales for GM as customer concerns ease about charging infrastructure with the expanded charger access.
PayPal Holdings rose more than +1% after announcing a new partnership with Amazon Buy with Prime.
VF Corp closed up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co closed up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare closed up nearly +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel closed up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage closed up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
Earnings Reports (9/19/2024)
Darden Restaurants Inc (DRI), FactSet Research Systems Inc (FDS), FedEx Corp (FDX), Lennar Corp (LEN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Tech stocks were lower late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.8% and the SPDR S&P Semiconductor ETF (XSD) easing 0.2%.
The Philadelphia Semiconductor Index was shedding 1%.
In corporate news, Microsoft will not face any scrutiny in the EU for its acquisition of certain Inflection AI assets after seven member states withdrew their initial referral requests, the European Commission said Wednesday. Microsoft shares were decreasing 0.9%.
Intuitive Machines shares jumped 38% after the company said late Tuesday that it was awarded a communication and navigation services contract from the National Aeronautics and Space Administration. The contract, with a base period of five years and an additional five-year option period, has a maximum potential value of $4.82 billion.
Alphabet unit Google has won its appeal against a 1.49 billion euro ($1.66 billion) fine imposed by the European Commission about five years ago for alleged abusive practices in online advertising. Alphabet shares were adding 0.3%.
Qualcomm's fine over predatory pricing and abuse of its dominant position in the market has been largely upheld by the General Court, the Court of Justice of the EU said Wednesday. Qualcomm shares were shedding 0.2%.
Could this be the resurgence Intel (INTC) shareholders have been looking for? A couple of back-to-back bangers for Intel with two huge announcements. Over the weekend, it was the announcement of a $3 billion award for Secure Enclave to expand the trusted manufacturing of leading-edge semiconductors for the US government. Then after the bell Monday, the company announced a deal with AWS to expand their strategic collaboration. Intel will produce an AI fabric chip for AWS on Intel 18A, as well as a custom Xenon 6 chip on Intel 3.
That shot in the arm had Intel shares up over 6% Monday, and flashing over 7% Tuesday until the broad market sold off, tugging the stock down to a 2.68% gain into the bell. This is the same level Intel shares bumped their head after its latest gap down on earnings. Tons of overhead resistance remains, including the 50-dfay at $24.70 as well as the start of the post-earnings gap at $21.98.
Moving Averages: Bartosiak starts by examining the stock's moving averages, such as the 50-day and 200-day moving averages. He points out the significance of crossovers and divergences between these averages, which can indicate potential trend changes.
Support and Resistance Levels: Bartosiak identifies key support and resistance levels on the chart. These levels act as barriers that the stock price must breach or hold above, providing traders with critical decision points.
Chart Patterns: He discusses chart patterns like head and shoulders, cup and handle, or flags, and their relevance in predicting future price movements. These patterns can offer valuable insights into potential bullish or bearish trends.
Volume Analysis: He emphasizes the importance of volume analysis in confirming price trends. An increase in trading volume during a breakout or breakdown can validate the significance of a price move.
Dave Bartosiak's technical analysis approach adds depth to our understanding Intel’s stock chart. By paying attention to moving averages, support and resistance levels, chart patterns, technical indicators, and volume, he equips investors with a comprehensive toolkit for making well-informed decisions in the stock market. Remember, while technical analysis is a valuable tool, it's important to consider other factors like fundamental analysis and market sentiment before making investment choices.
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