The ASX is expected to open lower on Friday after Wall Street ended its day red, with Tesla stock falling nearly 10 per cent.

Elon Musk announced price cuts to his Teslas in a bid to drive up demand, but it could come at a cost to the giant’s balance sheet.

Nonetheless, here on some stocks to keep an eye on during Friday’s trade:

Invex Therapeutics (IXC) has received regulatory approval in France to begin its IIH EVOLVE phase three trial for patients with Idiopathic Intracranial Hypertension (IIH).

The company also received an approved application to the Ethics Committee CPP.

“This approval from the ANSM/CPP in France completes our competent authority strategy in Europe, where IIH patients across Germany and France will be participating in this important Phase III clinical trial,” Invex Executive Director and Chief Scientific Officer Professor Alex Sinclair said.

Shares in IXC last traded at 44 cents.

Equatorial Resources (EQX) has entered an agreement to acquire the Nimab Alliance iron ore project in Guinea, West Africa.

The company said the acquisition aligned with its focus on the large-scale exploration and development of iron ore assets.

The Nimab Alliance project has one of the largest landholdings in Guinea’s prolific Nimaba Iron Ore Corridor.

Shares in EQX last traded at 14 cents.

Meanwhile, Macro Metals (M4M) has reported “high-grade” rock chip samples of up to 33 per cent copper from four samples taken during an initial site trip to the Mogul VMS project in Western Australia.

The company confirmed the results were consistent with rock chip samples of up to 36 per cent copper and 11 per cent zinc reported by previous operators.

Macro Metals has now called on induced polarisation (IP) and gravity geophysical contractors to define the extent of the “highly prospective” target.

Shares in M4M last traded at 0.5 cents.

Piedmont Lithium (PLL) has completed a definitive feasibility study (DFS) of the company’s proposed Tennessee lithium project in the United States.

The study uncovered robust project economics and the positive impact of America’s Inflation Reduct Act.

Piedmont President and CEO Keith Phillips said the project was “positioned to be a key resource for EV and battery manufacturers”.

Shares in PLL last traded at 84 cents.

Torque Metals (TOR) has uncovered multiple mineralised zones at its Paris project in Western Australia.

A recently-completed diamond drill program intersected highly altered fault zones, with sulphides and quartz veining over 30 metres in one hole and 32 and 23 metres in other holes, with assays pending.

The company also commenced a 43-hole reverse circulation (RC) drilling program for 5000 metres on Friday, including extensional and in-fill drilling at its Observation, Paris and HHH prospects.

Shares in TOR last traded at 14 cents.

AbbVie Inc. (ABBV), a Drug Manufacturers—General business, was a bullish stock in the prior market session. AbbVie Inc. (ABBV) shares opened at $90.00 and closed the day at $90.46 with positive move of +2.91%. The increase move in AbbVie Inc. (ABBV) beat the move in the S&P 500 for the day which losed -2.05% in prior market session.

AbbVie Inc. (ABBV) is focused on the Drug Manufacturers—General sector. This market sector has seen some action from day traders in recent months. Bullish day traders of AbbVie Inc. (ABBV) will be looking for positive upcoming earnings whereas bearish day traders of AbbVie Inc. (ABBV) will be looking for negative earnings. The last time AbbVie Inc. (ABBV) had an earnings surprise was on Qtr Ending 03/20 when they reported $2.42 compared to an estimate of $2.27 which was a difference of $+0.15 resulting in a change of +6.61%. Current earnings estimates are to be released for Current Qtr 06/2020 on AbbVie Inc. (ABBV) and out of 4 Wall Street estimates the average is saying $2.19. The high estimate is saying $2.27 whereas the low estimate is saying $2.11 and the prior year AbbVie Inc. (ABBV) announced earnings at $2.26 a growth rate est. (year over year) of -3.10%.

The market performance of AbbVie Inc. (ABBV) has varied recently. Year to date AbbVie Inc. (ABBV)’s shares are down -0.72%. Over the past 12 weeks AbbVie Inc. (ABBV) is down -6.54% and over the last 4 weeks AbbVie Inc. (ABBV) is up 9.46%. AbbVie Inc. (ABBV) current income statement shows revenue (ttm) of $34.06B. Gross Profit is $25.83B. This puts the current EBITDA of AbbVie Inc. (ABBV) at $16.02B.

Wall street day traders might also notice recent changes to stock analyst estimates for AbbVie Inc. (ABBV). The stock is trading with an RSI (relative strength index) of 64.66 indicating AbbVie Inc. (ABBV) is neither overbought nor oversold. Technically, ABBV’s short term support levels are around $14.51, $13.98 and $13.01 on the downside. ABBVs short term resistance levels are $23.50, $22.70 and $22.24 on the upside. The market cap of AbbVie Inc. (ABBV) is $159.421B and institutions hold 76.76% of the stock. The outstanding share count stands at 1.48B while the short float (shares short) stands at 5.74%.

Research indicates that these financial estimate changes look to be directly correlated with short-term shares prices. The day traders can look to capitalize on the basis of ranking. Based on technical analysis, ABBV has short term rating of Bullish (0.25), Intermediate rating of Neutral (0.02) and the long-term rating of Bullish (0.31) giving it an overall rating of Neutral (0.19).

The EPS growth this year on AbbVie Inc. (ABBV) is increased 42.30% and is expected to increase 7.41% next year. However, quarterly earnings (EPS) growth year over year on AbbVie Inc. (ABBV) has increased by 22.50% and quarterly revenue (Sales) growth year over year stands at 10.10%. Gross margin is detected at 77.10% that represents the percent of total sales revenue that the company retains after direct cost of goods sold. Net profit margin (ttm) is 25.20% while return on equity (ttm) is -103.70%.

Recent Developments:

2020-05-08 – Abbvie Says Borrowed $3.0 Bln Under Term Loan Credit Agreement.
2020-05-06 – Abbvie Says Allergan CEO Brent Saunders Has Elected Not To Join Abbvie Board.
2020-05-01 – Abbvie Says Saw Modest Impact To New Patient Starts For Some Drugs Due To COVID-19 Restrictions: Q1 Conf Call.
2020-05-01 – Abbvie Reports Qtrly Adjusted Earnings Per Share $2.42.
2020-04-21 – FDA approves ibrutinib plus rituximab for chronic lymphocytic leukemia.

The new executive director of the International Monetary Fund, Kristalina Georgieva, gave her first public speech in her position and made reference to countries that have programs with the organization, such as Argentina. She said the IMF comes in “very desperate situations,” with a wallet, but with a brain and “a beating heart.

Georgieva, a Bulgarian economist, and sociologist who formally replaced Christine Lagarde on Oct. 1, delivered her message days before the IMF’s annual meeting, which begins next week in Washington, where finance ministers and central bank presidents from around the world, including Hernán Lacunza and Guido Sandleris, will meet.

The executive director gave a message about the global economic outlook, but in a later talk with Bloomberg editor Tom Keene, she referred to countries that have IMF programs, including Argentina.

“The Fund comes at a time when there are very desperate situations, there are risks, and it works with the country to reverse that moment. My country (Bulgaria) was one of them. Of course it’s hard, but we must think what would happen if the Fund were not there, what would be the devastation of a completely ruined economy, with no hope of being rebuilt. What I would like to do in countries with programs is what Christine Lagarde defined in her exit from the IMF: a wallet, a brain, but above all a beating heart.

Georgieva is well aware of the case of Argentina, as it will have to renegotiate the 57 billion loan it granted to the country, the largest in the history of the organization. As soon as she was voted by the executive board, the official met on Sept. 25 with Minister Lacunza, who was in Washington for negotiations on the standby loan. In fact, although with a protocol tone, it was the first meeting of his administration. Georgieva then told the minister that Argentina was at the top of the IMF’s priorities and that they would work together to understand the country’s economic and political difficulties.

In her public debut in her new position, Georgieva set the guidelines for the issues to be discussed at the annual meeting of the IMF and the World Bank, which will begin next week in Washington.

Georgieva said that two years ago the world economy was in a period of “synchronized boom”, since almost 75% of the world was in a phase of acceleration. However, he said the IMF predicts that by 2019, growth will slow in nearly 90 percent of the world. So, he said, “the world economy is now in a period of synchronized slowdown.

He explained that while unemployment in the United States and Germany is at an all-time low, advanced economies, including the United States, Japan, and, especially, the euro zone, are still seeing a moderation in economic activity.

“In some of the major emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year,” he added. And he also noted that growth in China is gradually slowing from the rapid pace it has been for many years.

“In a trade war, everyone loses. For the global economy, the cumulative effect of trade conflicts could mean a loss of about US$ 700 billion by 2020, about 0.8% of GDP,” he said, urging world leaders: “We must work together now and find a lasting solution to trade.

The Bulgarian-born official added a personal note to her speech: “When it comes to improving people’s lives, hard work starts at home. I learned this lesson firsthand as I grew up behind the Iron Curtain. I was a witness, I felt the high cost of inappropriate policies,” she said. She explained what the IMF considers economic policy priorities that countries should adopt to achieve “more vigorous and resilient growth:

2) Use of fiscal tools. “Now is the time for countries with a margin in their budgets to make use of their fiscal capacity or prepare to do so,” he said. He warned that, in any case, in all countries, debt and deficit reduction must always be carried out in a way that protects education, health and employment.

3) Implement structural reforms for future growth. Georgieva mentioned the challenge of labor automation, anti-corruption legislation, reduction of bureaucracy, but also the empowerment of women as a structural change. He cited as an example the case of Chile, where childcare programs increased women’s participation in the labor force and stimulated economic activity.