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Raytheon Technologies Corp. Market Update

12/6/2022 2:38 PM

The stocks of one of the largest financial and industrial groups in the USA Raytheon Technologies Corp. continue to be in a corrective trend and are trading near the 100.00 mark.

The company continues to expand its presence in the market, and after receiving a contract from the Pentagon for the development of a cruise hypersonic missile in the amount of 985.0M dollars, it became known that the US State Department approved the sale of AIM 9X Block II tactical missiles and related equipment to Finland for a total amount exceeding 323.3M dollars, and Raytheon Technologies Corp. will perform as the main contractor for the implementation of this order.

As for the financial component, the report for Q3 2022 indicated that there are still problems with supplies, which provoke a slowdown in the growth rate of production and sales of products. Thus, sales of 17.0B dollars were reported, which was 5.0% higher than last year, and adjusted earnings per share amounted to 1.21 dollars, which is lower than last year's figure by 4.0%.

In its forecast for the end of the year, the company expects sales in the range of 67.0–67.3B dollars, which is lower than earlier expectations of 67.75–68.75B dollars. The forecast of earnings per share was slightly raised and now stands at 4.70–4.80 dollars instead of 4.60–4.80 dollars earlier. 

In addition, Raytheon Technologies Corp. confirmed its intention to complete the repurchase of shares totaling 2.5B dollars, as well as to send quarterly dividends of 0.55 dollars per share on December 15.

On the daily chart, the quotes continue to move in the global correction channel, approaching the maximum line of this spring.

The trend indicator "alligator" holds the buy signal, expanding the range of fluctuations of the EMA, and the AO oscillator, being in the buy zone, still forms bars above the transition level.         

Support levels: 98.00, 93.00. | Resistance levels: 102.00, 105.50.

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