ABB Stock Bullish Option Flow Detected

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Bullish option flow occurred in ABB stock on November 4, 2022.

Make sure to review this lesson on option flow so that you understand the image above.

ABB downgraded at Goldman Sachs

On October 31, 2022, Daniela Costa of Goldman Sachs downgraded ABB to Buy and set a price target of CHF 37. The analyst still sees a favorable mix of late cycle capex exposures for the stock, but her estimates are no longer above consensus after the Q3 results.

ABB to expand presence in Canada

On September 28, 2022, ABB said that it is spending $13 million to increase production capacity and set up a research and development facility at its global center of excellence for cable tray manufacturing. It is the second multimillion dollar investment in a Canadian site in the last 12 months, and it will support rising global demand in the data center segment.

The Iberville facility has 300 employees who design and make cable trays for the North American market and for customers around the world. Integrating new automated equipment, ABB robotics technology, and an advanced design lab is expected to boost the total production capacity of the 102,000 square-foot site by over 30 percent. Iberville manufactures a range of products, including Microlectric meter sockets and Superstrut metal framing. Joslyn hi-voltage switches are also assembled for electric utility customers.

“ABB’s latest investment is part of a five-year strategy to advance our digital capabilities and foster continued innovation,” said Matthias Heilmann, President of ABB Electrification’s Installation Products division. “Expanding production, integrating new technology, and bringing together our product design and engineering teams further strengthens our ability to deliver smart, safe and sustainable solutions to Canadian and global customers.”

“This investment marks the next stage of our commitment to growth in Canada,” says Alain Quintal, Vice President and General Manager of ABB Electrification’s Installation Products division in Canada. “Building on our heritage and team’s expertise enables us to continue to deliver for our customers and to offer flexible career opportunities to be an employer of choice in the community where we’ve operated for over a century.”

ABB & CGNX: Investing In E-Commerce Robotics

ABB Stock Technical Analysis

ABB stock is in a technical weak downtrend. The money flow just went positive on the stock with could take the price back up to test $29.37 resistance.

ABB stock chart on November 5, 2022, in a uptrend channel with a positive MACD and positive money flow.
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