Oil markets are entering a potential correction phase. Since the mid-term elections, WTI crude and brent crude prices fell.
Oil prices weakened for two reasons. First, the Iranian Regime met its goal of raising gas prices to weaken the Republicans during the elections. Second, reports that the U.S. would not attack Iran sank oil prices. Watch out for BP plc (BP), ExxonMobil Holdings (XOM), and Conoco Phillips (COP) at risk of breaking down well below its 50-day simple moving averages. The next support zone is at the 200-day moving average.
Lucid Motors (LCID) gained over 9% on Monday. Watch the stock give back most off those gains. The firm posted a $2.30 EPS loss in Q3. Revenue of $350.32 million is up by 4.1% Y/Y. The firm said it will get a $1.75 billion increase in a loan facility. PIF, or Saudi Arabia’s Public Investment Fund, will provide the loan.
Pepsi (PEP) will reportedly cut 1,000 jobs across North America. It is streamlining its operations. Additionally, it is seeking ways to strengthen sales in the region. The firm will announce cuts over the next week. CEO Ram Krishnan said “The goal is to move faster, execute better, and invest behind the opportunities that will drive our growth.”
Boeing (BA) will cut 5% of its commercial aircraft workforce. It planned to slow is aerospace manufacturing activity whilst increasing airplane production. BA stock lost 19.1% YTD. Its peers include Northrop Grumman (NOC), RTX (RTX), and General Dynamics (GD).
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