In the initial hours of the U.S. evening trading session, equity futures made significant advances, extending the gains observed during regular trading on Tuesday. The S&P 500 futures increased by 1.6%, climbing above 5,400, while the Nasdaq 100 rose by 2% to surpass 18,700. The Dow Industrials also saw a 1.4% rise, nearing the 40,000 mark. Positive sentiment was bolstered by President Trump's comments affirming his support for Fed Chairman Powell, indicating no plans to dismiss him but rather urging him to expedite rate cuts. This contributed to alleviating worries regarding tensions between the White House and the Federal Reserve.
Earlier in the day, the Financials and Consumer Discretionary sectors were the top performers on major indices. Equifax stood out in the S&P 500, achieving the best performance following an impressive Q1 earnings report and the announcement of a $3 billion stock buyback.
In corporate earnings, Tesla (TSLA) was the first of the MAG-7 group of companies to disclose its Q1 financial results. Despite missing earnings expectations and experiencing a 20% decline in revenue from its Auto segment compared to last year, the stock, which had already fallen over 40% year-to-date, showed resilience. The shares rose notably as CEO Elon Musk indicated a "significant" reduction in his engagement with DOGE starting next month.
Other notable movements included Pegasystems (PEGA) with a 24.8% rise, SAP SE (SAP) up by 9.9%, and Manhattan Associates (MANH) gaining 6.0%. Conversely, Enphase (ENPH) dropped 11.1%, and Oklo (OKLO) saw a 5.5% decrease following news of Chairman Sam Altman's departure.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 23 analysts, the average target price for Baker Hughes Co (BKR, Financial) is $49.74 with a high estimate of $58.00 and a low estimate of $40.00. The average target implies an upside of 29.68% from the current price of $38.36. More detailed estimate data can be found on the Baker Hughes Co (BKR) Forecast page.
Based on the consensus recommendation from 26 brokerage firms, Baker Hughes Co's (BKR, Financial) average brokerage recommendation is currently 1.9, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Baker Hughes Co (BKR, Financial) in one year is $38.03, suggesting a downside of 0.86% from the current price of $38.36. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Baker Hughes Co (BKR) Summary page.
