Earnings Avalanche Dominates as Analysts Hit Boeing and BSX

Busiest Earnings Day of the Season

Friday is one of the heaviest reporting days of the year. Over 1,900 companies post results globally. In the S&P 500, AbbVie ($514B pharma), ExxonMobil, and Chevron all report today. The two oil majors together account for more than $1.2 trillion in market cap. Regeneron and Colgate-Palmolive also drop numbers this morning. In Europe, Safran and Air Liquide both report, alongside Swiss skincare group Galderma.

Analysts Hit Boston Scientific and Boeing

Boston Scientific took the hardest analyst fire. Jefferies downgraded from Buy to Hold and cut its target from $60 to $46. Canaccord slashed its own target from $66 to $48. The street average fell to $52.0 from $57.3, a 9% drop. Boeing saw Bernstein cut its target by $55 to $223, though the analyst held a Buy rating. Bears are already positioned in BA, with the stock down 23% year-to-date and options skewing negative. On the brighter side, Macquarie lifted its Visa target from $420 to $465.

Autos in Focus: Ferrari's Weak Lead Signal

The auto sector shapes up as next week's centrepiece. Ferrari reports Monday 3 November. ORTEX Austrian car registration data, which leads Ferrari revenue by 22 days, is running 75% below the same quarter last year. That is a weak leading signal for the print. Polestar reports 5 November. ORTEX Dutch car data, a strong-fit leading indicator for Polestar revenue, is running 37% below last year.

Index Plumbing: Russell Deletions Trade Today

LXP Industrial Trust and CBIZ are deleted from the Russell 2000 and Russell 3000 today, with effect from 2 November. Both exits are driven by cash acquisitions. Past Russell deletions of this type traded at 9.1 times normal volume on trade day. Meanwhile, the Rivian CEO flagged autonomy as a direct threat to Tesla, adding options interest into the November 6 expiry.