May 23, 2023
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The Dow Jones Industrial Average (DJI) fell 0.4% or 140.05 points to close at 33,286.58. Twenty-one components of the 30-stock index ended in negative territory, while nine ended in positive.
The S&P 500 remained virtually flat at 4,192.63. Six of the 11 broad sectors of the benchmark index ended in positive territory. The Communication Services Select Sector SPDR (XLC), the Real Estate Select Sector SPDR (XLRE) and the Technology Select Sector SPDR (XLK) gained 0.9%, 0.7% and 0.2%, respectively, while the Consumer Staples Select Sector SPDR (XLP) lost 1.5%.
The tech-heavy Nasdaq advanced 62.88 points, or 0.5%, to finish at 12,720.78.
The fear-gauge CBOE Volatility Index (VIX) was up 2.4% at 17.21. A total of 9.6 billion shares were traded on Monday, lower than the last 20-session average of 10.6 billion. Advancers outnumbered decliners on the NYSE by a 1.54-to-1 ratio. On the Nasdaq, a 1.74-to-1 ratio favored advancing issues.
JMP Securities analyst Devin Ryan downgrades Greenhill & Co (NYSE:GHL) from Market Outperform to Market Perform.
Piper Sandler analyst Joseph Catanzaro downgrades Rain Oncology (NASDAQ:RAIN) from Overweight to Neutral and lowers the price target from $15 to $1.75.
Credit Suisse analyst Tiago Fauth downgrades VectivBio Holding (NASDAQ:VECT) from Outperform to Neutral and lowers the price target from $22 to $17.
Credit Suisse analyst Dan Leonard downgrades Maravai LifeSciences (NASDAQ:MRVI) from Outperform to Neutral and lowers the price target from $18 to $14.
SVB Leerink analyst Thomas Smith downgrades VectivBio Holding (NASDAQ:VECT) from Outperform to Market Perform and lowers the price target from $30 to $17.
Evercore ISI Group analyst Steve Sakwa upgrades Empire State Realty Trust (NYSE:ESRT) from In-Line to Outperform and raises the price target from $7 to $8.
MoffettNathanson analyst Sterling Auty upgrades Zoom Video Comms (NASDAQ:ZM) from Underperform to Market Perform and announces $85 price target.
HSBC analyst Gordon Gray upgrades Chevron (NYSE:CVX) from Hold to Buy and announces $189 price target.
Goldman Sachs analyst Matthew Sykes upgrades Quanterix (NASDAQ:QTRX) from Neutral to Buy and raises the price target from $13 to $27.
Goldman Sachs analyst Matthew Sykes upgrades Myriad Genetics (NASDAQ:MYGN) from Sell to Buy and raises the price target from $18 to $25.
May 24, 2023
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The Dow Jones Industrial Average (DJI) fell 0.7% or 231.07 points to close at 33,055.51. Twenty-two components of the 30-stock index ended in negative territory, while eight ended in positive.
The S&P 500 lost 1.1%, or 47.05 points, to close at 4,145.58. Ten of the 11 broad sectors of the benchmark index ended in negative territory. The Materials Select Sector SPDR (XLB), the Technology Select Sector SPDR (XLK) and the Communication Services Select Sector SPDR (XLC) dropped 1.6%, 1.5% and 1.2%, respectively, while the Energy Select Sector SPDR (XLE) gained 1.1%.
The tech-heavy Nasdaq declined 160.53 points, or 1.3%, to finish at 12,560.25.
The fear-gauge CBOE Volatility Index (VIX) was up 7.7% at 18.53. A total of 10.3 billion shares were traded on Tuesday, lower than the last 20-session average of 10.6 billion. Decliners outnumbered advancers on the S&P 500 by a 3.5-to-1 ratio. The S&P 500 recorded three new highs and one new low, while the Nasdaq posted 90 new highs and 70 new lows.
Exane BNP Paribas analyst Stefan Slowinski downgrades Shopify (NYSE:SHOP) from Neutral to Underperform.
JP Morgan analyst Robbie Marcus downgrades Integra Lifesciences (NASDAQ:IART) from Neutral to Underweight and lowers the price target from $56 to $43.
Mizuho analyst Nitin Kumar downgrades PDC Energy (NASDAQ:PDCE) from Buy to Neutral and lowers the price target from $93 to $72.
Barclays analyst Matthew Bouley downgrades SiteOne Landscape Supply (NYSE:SITE) from Equal-Weight to Underweight and lowers the price target from $146 to $144.
Keybanc analyst Paul Knight downgrades Agilent Technologies (NYSE:A) from Overweight to Sector Weight.
BMO Capital analyst Gerrick Johnson upgrades Camping World Holdings (NYSE:CWH) from Market Perform to Outperform and raises the price target from $26 to $35.
B of A Securities analyst Michael Cherny upgrades Accolade (NASDAQ:ACCD) from Neutral to Buy and announces $16.5 price target.
Exane BNP Paribas analyst Stefan Slowinski upgrades Workday (NASDAQ:WDAY) from Neutral to Outperform and announces $235 price target.
Jefferies analyst Laurence Alexander upgrades Sherwin-Williams (NYSE:SHW) from Hold to Buy and raises the price target from $240 to $275.
Barclays analyst Adrienne Yih upgrades Urban Outfitters (NASDAQ:URBN) from Equal-Weight to Overweight and announces $38 price target.
May 22, 2023
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JPMorgan Chase raised a key performance target on the heels of its government-brokered takeover of First Republic earlier this month.
The bank will generate about $84 billion in net interest income this year, New York-based JPMorgan said Monday in slides for an all-day investor presentation.
That’s $3 billion higher than guidance given in April. At the time, JPMorgan raised its net interest income outlook by $7 billion, a move that spurred JPMorgan’s biggest earnings day stock bump in 20 years.
The bank added that “sources of uncertainty” around deposits and the economy could impact its forecast. Net interest income is the difference between what banks earn from loans and investments and what they pay to depositors.
JPMorgan, the biggest U.S. bank by assets, has emerged as a beneficiary of the recent regional banking tumult. It was one of the only banks to see deposits climb in the first quarter as panicked customers sought safety at big institutions; then it won a weekend auction for First Republic, a move expected to boost earnings and advance its push for wealthy clients.
Williams Trading downgraded the previous rating for Hibbett Inc (NASDAQ:HIBB) from Buy to Hold. Hibbett earned $2.91 in the fourth quarter, compared to $1.25 in the year-ago quarter. At the moment, the stock has a 52-week-high of $75.38 and a 52-week-low of $39.59. Hibbett closed at $47.53 at the end of the last trading period.
For Foot Locker Inc (NYSE:FL), Citigroup downgraded the previous rating of Buy to Neutral. Foot Locker earned $0.70 in the first quarter, compared to $1.60 in the year-ago quarter. The stock has a 52-week-high of $47.22 and a 52-week-low of $23.86. At the end of the last trading period, Foot Locker closed at $30.21.
Loop Capital downgraded the previous rating for Apple Inc (NASDAQ:AAPL) from Buy to Hold. Apple earned $1.52 in the second quarter, compared to $1.52 in the year-ago quarter. At the moment, the stock has a 52-week-high of $176.39 and a 52-week-low of $124.17. Apple closed at $175.16 at the end of the last trading period.
For Norfolk Southern Corp (NYSE:NSC), Wells Fargo upgraded the previous rating of Equal-Weight to Overweight. For the first quarter, Norfolk Southern had an EPS of $3.32, compared to year-ago quarter EPS of $2.93. The stock has a 52-week-high of $264.17 and a 52-week-low of $196.33. At the end of the last trading period, Norfolk Southern closed at $217.74.
For Union Pacific Corp (NYSE:UNP), Citigroup upgraded the previous rating of Neutral to Buy. In the first quarter, Union Pacific showed an EPS of $2.54, compared to $2.57 from the year-ago quarter. The current stock performance of Union Pacific shows a 52-week-high of $242.35 and a 52-week-low of $183.69. Moreover, at the end of the last trading period, the closing price was at $198.97.
UBS upgraded the previous rating for DraftKings Inc (NASDAQ:DKNG) from Neutral to Buy. In the first quarter, DraftKings showed an EPS of $0.87, compared to $1.14 from the year-ago quarter. At the moment, the stock has a 52-week-high of $25.34 and a 52-week-low of $10.52. DraftKings closed at $24.11 at the end of the last trading period.
May 19, 2023
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So far, at least five retailers — Target, Walmart, Tapestry, Bath & Body Works and Foot Locker — have spoken about sales trends across the country getting worse.
As the three-month period went on, shoppers spent less, especially on discretionary merchandise, Target CEO Brian Cornell said on a call with investors. Walmart noticed the same pattern.
Both big-box retailers reported a sharp sales drop after February.
Walmart’s Chief Financial Officer John David Rainey attributed the decline, in part, to the end of pandemic-related SNAP benefits and a decrease in tax refunds.
Cornell said headline-grabbing events could have shaken consumer confidence too. He pointed to the March banking crisis. Silicon Valley Bank collapsed that month, sparking fears of broader economic woes.
Bath & Body Works saw sales fall off in March. Yet, sales recovered in April as the retailer turned to a common playbook: promotions. It got a boost as customers spent money at sales events toward the end of the quarter, CFO Wendy Arlin said on a Thursday earnings call.
According to Benchmark, the prior rating for Curaleaf Holdings Inc (OTC:CURLF) was changed from Buy to Hold. In the first quarter, Curaleaf Holdings showed an EPS of $0.05, compared to $0.04 from the year-ago quarter. The stock has a 52-week-high of $7.90 and a 52-week-low of $2.19. At the end of the last trading period, Curaleaf Holdings closed at $2.88.
For SciPlay Corp (NASDAQ:SCPL), Deutsche Bank downgraded the previous rating of Buy to Hold. SciPlay earned $0.24 in the first quarter, compared to $0.18 in the year-ago quarter. The current stock performance of SciPlay shows a 52-week-high of $19.87 and a 52-week-low of $10.69. Moreover, at the end of the last trading period, the closing price was at $19.66.
According to Macquarie, the prior rating for The Walt Disney Co (NYSE:DIS) was changed from Outperform to Neutral. In the second quarter, Walt Disney showed an EPS of $0.93, compared to $1.08 from the year-ago quarter. The current stock performance of Walt Disney shows a 52-week-high of $126.48 and a 52-week-low of $84.08. Moreover, at the end of the last trading period, the closing price was at $93.76.
Morgan Stanley upgraded the previous rating for Shake Shack Inc (NYSE:SHAK) from Underweight to Equal-Weight. In the first quarter, Shake Shack showed an EPS of $0.01, compared to $0.19 from the year-ago quarter. The stock has a 52-week-high of $71.94 and a 52-week-low of $37.72. At the end of the last trading period, Shake Shack closed at $66.72.
JP Morgan upgraded the previous rating for Bloom Energy Corp (NYSE:BE) from Neutral to Overweight. In the first quarter, Bloom Energy showed an EPS of $0.22, compared to $0.32 from the year-ago quarter. The current stock performance of Bloom Energy shows a 52-week-high of $31.47 and a 52-week-low of $12.33. Moreover, at the end of the last trading period, the closing price was at $13.65.
Mizuho upgraded the previous rating for EOG Resources Inc (NYSE:EOG) from Neutral to Buy. In the first quarter, EOG Resources showed an EPS of $2.69, compared to $4.00 from the year-ago quarter. At the moment, the stock has a 52-week-high of $150.78 and a 52-week-low of $92.22. EOG Resources closed at $112.02 at the end of the last trading period.
May 18, 2023
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Netflix saw its stock rise more than 9% Thursday soon after unveiling details about its new ad-supported tier that suggested the business model is starting to pay off.
The streaming service this week said it had five million monthly active users for its cheaper, ad-supported option and 25% of its new subscribers were signing up for the tier in areas where it’s available.
The update came at Netflix’s inaugural pitch to advertisers Wednesday, the first time Netflix took part in the industry’s so-called Upfront presentations. This year, top media companies including Comcast’s NBCUniversal and Warner Bros. Discovery highlighted ad-supported streaming options at their presentations.
Netflix launched its ad-based option late 2022, following quarters of stagnating subscriber growth that sent its stock tumbling.
The company posted mixed financial results in its most recent quarter, but said it added 1.75 million subscribers. Netflix is also preparing for the broader rollout of its password-sharing crackdown, another move to boost its revenue.
According to Truist Securities, the prior rating for Procter & Gamble Co (NYSE:PG) was changed from Buy to Hold. In the third quarter, Procter & Gamble showed an EPS of $1.37, compared to $1.33 from the year-ago quarter. The current stock performance of Procter & Gamble shows a 52-week-high of $158.11 and a 52-week-low of $122.19. Moreover, at the end of the last trading period, the closing price was at $155.08.
Morgan Stanley downgraded the previous rating for Futu Holdings Ltd (NASDAQ:FUTU) from Equal-Weight to Underweight. For the fourth quarter, Futu Hldgs had an EPS of $0.92, compared to year-ago quarter EPS of $0.45. The current stock performance of Futu Hldgs shows a 52-week-high of $72.20 and a 52-week-low of $28.01. Moreover, at the end of the last trading period, the closing price was at $41.42.
According to Jefferies, the prior rating for Amyris Inc (NASDAQ:AMRS) was changed from Buy to Hold. In the first quarter, Amyris showed an EPS of $0.34, compared to $0.37 from the year-ago quarter. At the moment, the stock has a 52-week-high of $4.86 and a 52-week-low of $0.55. Amyris closed at $0.66 at the end of the last trading period.
According to CIBC, the prior rating for BlackBerry Ltd (NYSE:BB) was changed from Underperformer to Neutral. In the fourth quarter, BlackBerry showed an EPS of $0.02, compared to $0.01 from the year-ago quarter. The stock has a 52-week-high of $7.20 and a 52-week-low of $3.17. At the end of the last trading period, BlackBerry closed at $5.38.
Evercore ISI Group upgraded the previous rating for Teva Pharmaceutical Industries Ltd (NYSE:TEVA) from In-Line to Outperform. In the first quarter, Teva Pharmaceutical Indus showed an EPS of $0.40, compared to $0.55 from the year-ago quarter. The current stock performance of Teva Pharmaceutical Indus shows a 52-week-high of $11.45 and a 52-week-low of $6.78. Moreover, at the end of the last trading period, the closing price was at $8.13.
According to B of A Securities, the prior rating for Cincinnati Financial Corp (NASDAQ:CINF) was changed from Neutral to Buy. Cincinnati Financial earned $0.89 in the first quarter, compared to $1.58 in the year-ago quarter. The current stock performance of Cincinnati Financial shows a 52-week-high of $130.66 and a 52-week-low of $88.67. Moreover, at the end of the last trading period, the closing price was at $102.69.
May 15, 2023
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The Dow Jones Industrial Average closed below its 50-day average for the first time since March 30. The 30-stock index dropped 336.46 points, or 1.01%, to 33,012.14. The S&P 500 fell 0.64% to 4,109.90. The Nasdaq Composite declined 0.18% to 12,343.05.
Dow member Home Depot pulled back by 2.15% after the retailer reported disappointing quarterly revenue and cut its full-year guidance, as consumers postponed large home improvement projects.
April retail sales came in weaker than expected, rising 0.4% last month. That was lower than the 0.8% increase anticipated by economists polled by Dow Jones.
For Essex Property Trust Inc (NYSE:ESS), Wolfe Research downgraded the previous rating of Peer Perform to Underperform. For the first quarter, Essex Property Trust had an EPS of $3.65, compared to year-ago quarter EPS of $3.37. The stock has a 52-week-high of $300.31 and a 52-week-low of $195.03. At the end of the last trading period, Essex Property Trust closed at $215.32.
According to Wolfe Research, the prior rating for Mid-America Apartment Communities Inc (NYSE:MAA) was changed from Peer Perform to Underperform. In the first quarter, Mid-America Apartment showed an EPS of $2.28, compared to $1.97 from the year-ago quarter. The stock has a 52-week-high of $190.17 and a 52-week-low of $138.68. At the end of the last trading period, Mid-America Apartment closed at $153.39.
For Silk Road Medical Inc (NASDAQ:SILK), Wolfe Research downgraded the previous rating of Peer Perform to Underperform. Silk Road Medical earned $0.43 in the first quarter, compared to $0.48 in the year-ago quarter. At the moment, the stock has a 52-week-high of $58.04 and a 52-week-low of $27.32. Silk Road Medical closed at $36.56 at the end of the last trading period.
ccording to Baird, the prior rating for Albemarle Corp (NYSE:ALB) was changed from Neutral to Outperform. For the first quarter, Albemarle had an EPS of $10.32, compared to year-ago quarter EPS of $2.38. At the moment, the stock has a 52-week-high of $334.20 and a 52-week-low of $171.82. Albemarle closed at $195.79 at the end of the last trading period.
For DuPont de Nemours Inc (NYSE:DD), Deutsche Bank upgraded the previous rating of Hold to Buy. For the first quarter, DuPont de Nemours had an EPS of $0.84, compared to year-ago quarter EPS of $0.82. The current stock performance of DuPont de Nemours shows a 52-week-high of $78.40 and a 52-week-low of $49.52. Moreover, at the end of the last trading period, the closing price was at $63.77.
According to Keybanc, the prior rating for LXP Industrial Trust (NYSE:LXP) was changed from Sector Weight to Overweight. For the first quarter, LXP Industrial Trust had an EPS of $0.17, compared to year-ago quarter EPS of $0.16. The current stock performance of LXP Industrial Trust shows a 52-week-high of $11.92 and a 52-week-low of $8.81. Moreover, at the end of the last trading period, the closing price was at $9.82.