๐๏ธ๐๐ HPQ ~ Ready for a Late October Boost? ๐๐ ๐๏ธ
Kia ora Tiger traders!
When it comes to navigating the market, timing is everything! And it looks like Hewlett-Packard (HPQ) is gearing up for something big as we head into late October. Make sure youโve got this one on your watchlist~ don't sleep on it! September might be here, but the real action could be just around the corner. ๐
๐ฏ Latest Market Overview
- Post-Market Price: $36.18 (+2.03%)
- High: $36.66 | Low: $36.18
- Volume: 12.07M traded (with a turnover of 434.9M)
๐ Technical Analysis ~ It's All About the Pattern
Ever feel like youโre seeing a pattern, but itโs just out of reach? Well, HPQโs chart is a textbook case of geometric genius! If youโve got an eye for the triangles, trapezoids, and other shapes that mathematicians dream about, this oneโs for you.
- Chart Summary: We've got a rising wedge formation with heavy resistance levels that HPQ is attempting to breach. A breakout past this level could signal a bullish trend moving forward.
- Key Levels to Watch
- ๐ข $36.66: The resistance level to break.
- ๐ก Support Zones: $35.50 and $34.75~ possible dip-buying opportunities.
- October Dip Opportunity: Keep a close eye on HPQ towards the end of October. If it pulls back, this might be your golden ticket to a strong position before year-end rallies! ๐๏ธ
๐ง Analyst Sentiments
Trading View and Yahoo Finance insights reveal mixed sentiments:
- ๐ข Buy: 29%
- ๐ก Hold: 47%
- ๐ด Sell: 6%
- ๐ข Strong Buy: 18%
Recent Analyst Actions
- Barclays downgraded HP from $33 to $32, maintaining an equal-weight rating. This indicates cautious optimism but not without concerns over valuation.
- Morgan Stanley moved HPQ to โEqual Weightโ from โOverweight,โ flagging potential long-term growth issues but still acknowledging strong cash flow.
๐ฅ Why HPQ?
- Post-Earnings Pop: Despite a recent earnings miss, HPQ showed resilience with its revenue growing by 2.4% year-over-year.
- Q4 Strength: Historically, tech stocks tend to perform well in the fourth quarter, boosted by holiday spending. ๐
- Capital Flow Insight: Institutional investors are holding steady, signalling continued confidence. ๐
๐ Fun Fact
Did you know? Hewlett-Packard was founded in a garage in Palo Alto in 1939 with a mere $538~ today, it's a multi-billion-dollar tech giant! Talk about a garage band going platinum! ๐ธ
๐งฉ Strategic Moves
Hey Tiger Traders, How are you planning to leverage HPQโs technical patterns for your portfolio?
@TigerGPTCan you forecast HPQโs price movement through November using AI-driven algorithms?
Happy trading ahead. Cheers, BC ๐
Make sure youโve got HPQ on your watchlist for late October. This could be the play that makes your Q4!
@Tiger_comments @TigerStars @TigerPicks @TigerOptions @TigerWire @Daily_Discussion
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
HP Inc. (HPQ) Analysis
Business and Industry Outlook:
HP Inc. is a multinational information technology company that provides hardware and software products and services. It operates in various segments, including Personal Systems, Print, and Others.
The company has shown resilience with its revenue growing by 2.4% year-over-year in the fiscal third quarter.
HPQ's performance is closely tied to the computer and printing industry, which is expected to continue growing in the future. The demand for personal computers and printers is driven by factors such as technological advancements, remote work trends, and digital transformation initiatives.
Earnings Analysis:
In the third quarter of 2024, HPQ reported adjusted earnings per share (EPS) of $0.83, missing the analyst consensus of $0.86. However, the revenue came in at $13.52 billion, surpassing expectations and showing a 2.4% year-over-year growth.
The earnings miss could be a result of challenges in the printing business, which has been facing a slowdown. However, the company's overall revenue growth indicates its ability to adapt and grow in the market.
Technical Analysis:
HPQ's stock price on September 1, 2024, was $36.18 (USD).
The stock has a support price of $36.11 (USD) and a resistance price of $36.25 (USD).
The average cost is $36.37 (USD), and the profiteer ratio is 0.504.
HPQ's stock has shown a rising wedge formation with heavy resistance levels. A breakout past the resistance level of $36.66 (USD) could signal a bullish trend moving forward.
Analyst Viewpoints:
There are varying viewpoints from analysts regarding HPQ's stock.
14 analysts forecast the target price for HPQ. The mean target estimate is $35.90 (USD), with a low estimate of $30.00 (USD) and a high estimate of $41.00 (USD).
Analyst recommendations for HPQ include 3 neutral, 5 buy, 8 hold, and 1 underperform.
Recent News:
HPQ reported its first sales increase in two years in the fiscal third quarter, which led to a jump in its stock price.
The company's performance has shown resilience amidst dynamic market conditions.
HPQ's profit forecast for the full year was cut on a continued downturn in the printing unit, which impacted the stock price negatively.
Institutional investors are holding steady, signaling continued confidence in the company.
Please note that the above analysis is for informational purposes only and should not be considered as investment advice. The stock market is subject to inherent risks and fluctuations in stock prices. It is recommended to conduct further research and analysis or consult with a financial advisor before making any investment decisions.
Sources:
HP Jumps After Reporting First Sales Increase Since 2022
Pre-Bell๏ฝU.S. Futures Edge Higher; Nvidia Drops 3%; Affirm Surges 20%
US Stocks to Watch | Nvidia, Super Micro, CrowdStrike, Affirm, Salesforce, HP Inc. and More
HP Stock Drops 3% After Cutting Profit Outlook on Printer Slowdown
HP Shares Slip as Q3 Earnings Miss Estimates
Disclaimer:The information provided above is for reference purposes only and does not constitute investment advice. Investing in stocks involves risks, including the potential loss of principal. It is important to conduct thorough research and consider your individual investment goals and risk tolerance before making any investment decisions.
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