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Raytheon Technologies Corp. Market Update

2/1/2023 2:35 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.

Last week, another quarterly report was published, which the market took quite positively. First of all, the company noted an increase in adjusted net earnings per share of 1.27 dollars, which is higher than analysts' estimates of 1.24 dollars. Although revenue for the quarter fell short of the projected 18.19B dollars, amounting to 18.09B dollars, it still significantly exceeded the previous quarter's figure of 16.95B dollars.

In an accompanying statement, the corporation noted that revenue and profit growth became possible due to the faster-than-expected recovery of the air transportation sector. In 2022, high demand for travel and disruptions in supply chains forced the use of outdated vehicles more often, which need repairs. Due to the sale of components for jet engines Raytheon Technologies Corp. achieved positive results. The best dynamics, in turn, was demonstrated by the missile sales and production sector, which added 6.2%, increasing to 4.1B dollars.

The company also confirmed its intention to increase the volume of the share repurchase program to 3.0B dollars in 2023, along with the annual indexation of dividends, which have not yet been determined.

On the daily chart, quotes continue to move in the global correction channel, approaching the highs of December last year.

The trend alligator indicator continues to hold a weak buy signal, expanding the range of the EMA fluctuations, and the AO oscillator has just moved into the buy zone and has not yet formed a single bar above the transition level.      

Support levels: 97.00, 93.00. | Resistance levels: 101.00, 105.60.

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