Raytheon, Toro
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It’s the high sales volume of these large-cap stocks that stands out. These New York Stock Exchange-listed names don’t get nearly as much attention in the financial media as some tech and social media favorites. It would be easy to overlook how far back some former leaders have come.
Price chart analysis:
Chewy, an online retailer that primarily sells pet food, suffered from lower-than-expected consumer sentiment this week as well as the displeasure of CNBC “analyst” Jim Cramer, who bad-mouthed the company on the show this week. The daily price chart now looks like this:
Chewy daily price chart, 9 16 23.
stockcharts.com
Since peaking at $52 in early February, Chewy has trended steadily downward to its current price of $20.15, a 59% decline in less than a year. Note the large red sell bars (below the price chart) in late August and September. It’s probably safe to say that the stock is no longer one of the favorites of online retailers. The market capitalization is $8.89 billion.
Pfizer PFE is a large biopharmaceutical company with operations around the world. One of its products (along with Moderna) is Covid booster vaccinations. The market capitalization is $192.53 billion.
In mid-July, JP Morgan “reiterated” its “neutral” rating on the stock with a price target of $45 to $41. Credit Suisse downgraded Pfizer from Outperform to Neutral in late June with a price target of $47 to $40.
The daily price chart can be found here:
Pfizer daily price chart, 9 16 23.
stockcharts.com
The price has fallen from $49 in January to $34 in September – a 30% loss for those who bought earlier in the year. Last week’s sales increased, as shown by the large red volume bar below the price chart. The Relative Strength Indicator (RSI) suggests a positive divergence in the price movement.
Raytheon is a major aerospace and defense company with a market capitalization of $111.45 billion. The company has reportedly ended a multibillion-dollar agreement with Saudi private individuals over concerns about their possible ties to Russian and Chinese agents.
Raytheon Technologies daily price chart, 9 16 23.
stockcharts.com
The price drop is from $106 in January to $74 in September – a drop of 30%. The 50-day moving average (the blue line) crossed the 200-day moving average (the red line) when the stock fell in July.
Take a look at Raytheon’s weekly price chart:
Raytheon Technologies Weekly Price Chart, 9 16 23.
stockcharts.com
Note that the price in the area circled in red is now below the 200-week moving average, an important factor that will likely be picked up by Wall Street algorithms and the people writing the code.
Toro TTC Company manufactures and sells tools under brand names such as Ditch Witch, Exmark and Spartan Mowers. Headquartered in Bloomington, Minnesota, the company has a market capitalization of $9.05 billion. Less-than-expected earnings in September caused stocks to sell off:
Toro Co Daily Price Chart, 9 16 23.
stockcharts.com
An astute price chart analyst might have seen a recurrence of problems in early June when the 50-day moving average crossed below the 200-day moving average.
Source : www.forbes.com