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Citi price target raised to $70 from $67 at Piper Sandler
Piper Sandler analyst R. Scott Siefers raised the firm's price target on Citi to $70 from $67 and keeps an Overweight rating on the shares. The firm is also bumping up its EPS estimates following the company's Q1 2024 earnings and updated guidance.
Largest decreases in stock option open interest $META $CCJ $PLTR $INTC $NVDA $GOOGL $HOOD $TSLA $AGNC $AMD
Tesla FSD price cut a 'sensible move,' says Citi
Citi views Tesla's (TSLA) decision on Friday to reduce the monthly subscription price of its supervised full-self driving to $99 from $199 as a "sensible move" that could drive higher installed-base software revenue and perhaps boost vehicle demand. The firm says Tesla's new pricing aligns with its own view of the value proposition at this stage. It believes the price cut has a positive-read to advanced driver-assistance systems suppliers Mobileye (MBLY), Aptiv (APTV) and Magna (MGA). If Tesla were to experience a major uptick in full-self driving attach-rates, that could accelerate industry adoption of competing systems, most notably Mobileye SuperVision, the analyst tells investors in a research note.
Good morning!
Last Friday in AHs. SOXL had a $23 million buy and few large sub million buys well above the ask when the chips were down.
Lots of $$ out there investing for their future.
AMD META NVDA GOOG AVGO
It's been a lucrative year for those chips. Dip buying is wise.
SOXL
mb
Reddit initiated with a Buy at Loop Capital
Loop Capital analyst Alan Gould initiated coverage of Reddit with a Buy rating and $55 price target.
Piedmont Lithium receives approvals for proposed Carolina Lithium project
Piedmont Lithium announced that the North Carolina Department of Environmental Quality's, or NCDEQ, Division of Energy, Mineral, and Land Resources, or DEMLR, has issued an approval of our mining permit for the construction, operation, and reclamation of the proposed Carolina Lithium project in Gaston County, North Carolina. DEMLR provided the permit approval following a thorough review of the application submitted by Piedmont on August 30, 2021. The mining permit is subject to conditions both customary and specific to our type of project. "Carolina Lithium is a highly strategic project," said Piedmont Lithium President and CEO Keith Phillips. "Located within both the renowned Carolina Tin-Spodumene Belt and the U.S. Battery Belt, the Project is being designed as a fully integrated mining, spodumene concentrate, and lithium hydroxide manufacturing operation. There are currently no such integrated sites operating anywhere in the world, and the economic and environmental advantages of this strategy are compelling.
Reddit initiated with a Neutral at JPMorgan
JPMorgan analyst Doug Anmuth initiated coverage of Reddit with a Neutral rating and $47 price target. The analyst believes Reddit's digital city comprising 100,000 subreddits represents a differentiated platform to share information, learn, and engage around specific topics. The firm believes there is likely upside to near-term numbers, but remains on the sidelines as it looks for greater confidence in the company's daily active user trajectory over time and greater traction in the highly competitive online ad space. The firm believes the stock's current valuation is "healthy."
MultiSensor AI initiated with a Buy at Roth MKM
Roth MKM initiated coverage of MultiSensor AI with a Buy rating and $8 price target. The analyst believes MultiSensor AI's predictive asset management platform is highly differentiated with its integrated IR video sensing and predictive management software. Tests have shown high returns on investment for customers driving adoption led by leading global e-tailer, the analyst tells investors in a research note. Roth believes distribution, manufacturing, utilities and other industries create an estimated $14B total addressable market for the company.
gooooooooooooooooooooooooood morning bobber
Have a few 15 day trials to https://optionmillionaires.com - for information send an email to optionmillionaires@gmail.com with ‘trial’ in the header - first come basis
My rant if you missed -> https://www.optionmillionaires.com/jb-afternoon-rant-april-12th-2024/
Morning Watch List : https://www.optionmillionaires.com/april-12th-2024-watch-list/
RBC Lifts Price Target on Constellation Brands to $308 From $295 After 'Strong Quarter in Beer,' Notes 'Exceptionally Strong' Fundamentals; Outperform Kept
--Jefferies Adjusts Constellation Brands' Price Target to $314 From $292
JB Rant if you missed -> https://www.optionmillionaires.com/jb-afternoon-rant-april-11th-2024/
RBC sees buying opportunity following Regeneron's 'overdone DOJ downside'
RBC Capital notes that the Department of Justice has filed a complaint against Regeneron, accusing the company of fraudulently inflating Medicare reimbursement rates for Eylea. While the firm does not know what the exact damages would be in case of potential settlement, given the complaint highlighting $250M in reimbursement for potentially the largest of the five distributors during 2012-2021, it thinks treble damages across distributors + $10k fine per claim could be sizable -- possibly in the multi-billion-dollar range. Shares had already been coming down to increasingly attractive levels of late, notes the firm, which views the underperformance as a buying opportunity as the stock continues to look undervalued on strong dupi fundamentals and cancer/obesity pipeline optionality. RBC has an Outperform rating on Regeneron with a price target of $1,189 on the shares.
Sweetgreen price target raised to $22 from $17 at TD Cowen
TD Cowen analyst Andrew Charles raised the firm's price target on Sweetgreen to $22 from $17 and keeps a Hold rating on the shares. A panel of casual dining executives suggests a favorable Q1 for fast casual sales and the margin environment, which increases TD's conviction in the sub-sector, the analyst tells investors in a research note. At current valuation levels, the firm sees a greater importance on raising 2024 adjusted EBITDA guidance to sustain the recent runs. TD has greatest confidence this will be done at Shake Shack (SHAK), Sweetgreen (SG) and Cava Group (CAVA).
Chipotle price target raised to $3,400
Stocks Drift as PPI Shows Bumpy Path to Fed’s Goal: Markets Wrap
With yesterday's CPI report, the four-year change in inflation reached 20.9%, the highest since January 1991.
— Bespoke (@bespokeinvest) April 11, 2024
After next month's report, the four-year rate of change will be the largest since December 1984. pic.twitter.com/Mcjc5HQh5r
Marvell sees FY25 AI revenue over $1.5B, FY26 AI revenue over $2.5B
Comments taken from Investor Day presentation slides.
Marvell sees FY25 AI revenue over $1.5B, FY26 AI revenue over $2.5B
Comments taken from Investor Day presentation slides.
Freshpet, Meghan Trainor enter long-term partnership
Freshpet announced a long-term partnership with Meghan Trainor, the pop hitmaker behind "All About That Bass," as its first Freshpet Ambassador, on National Pet Day. As part of the Freshpet campaign, Trainor wrote and recorded a new song, specifically highlighting her love of being a dog mom and the importance she places on feeding real, healthy food to pets. Trainor will appear in a wide-reaching online and social media campaign along with a personal appearance, and more, throughout the partnership
Freshpet, Meghan Trainor enter long-term partnership
Freshpet announced a long-term partnership with Meghan Trainor, the pop hitmaker behind "All About That Bass," as its first Freshpet Ambassador, on National Pet Day. As part of the Freshpet campaign, Trainor wrote and recorded a new song, specifically highlighting her love of being a dog mom and the importance she places on feeding real, healthy food to pets. Trainor will appear in a wide-reaching online and social media campaign along with a personal appearance, and more, throughout the partnership
$AAPL +0.5%: Warned users of a spyware attack
$AMZN +0.5%: Ordered to pay $525mln patent violation fine; Elsewhere, as they look towards 2024 are not done lowering cost to serve
$COST +1%: Boosts Q div. to $1.16/shr (prev. 1.02)
$X -0.5%: DoJ is probing Nippon Steel's acquisition of X
$KMX -8.5%: EPS & rev. missed w/ downbeat comms
$STZ +0.5%: EPS & rev. beat, raised Q div. & FY EPS outlook surpassed exp.
$FAST -5.5%: Earnings disappointed which were affected by adverse weather
$ALPN +36.5%: To be acquired by $VRTX for $4.9bln in cash or $65/shr; Closed Wed. at 47.04
$NKE +2%: Upgraded at BofA w/ expectations rebased
$HOOD -3%: Downgraded at Citi
$AAPL +0.5%: Warned users of a spyware attack
$AMZN +0.5%: Ordered to pay $525mln patent violation fine; Elsewhere, as they look towards 2024 are not done lowering cost to serve
$COST +1%: Boosts Q div. to $1.16/shr (prev. 1.02)
$X -0.5%: DoJ is probing Nippon Steel's acquisition of X
$KMX -8.5%: EPS & rev. missed w/ downbeat comms
$STZ +0.5%: EPS & rev. beat, raised Q div. & FY EPS outlook surpassed exp.
$FAST -5.5%: Earnings disappointed which were affected by adverse weather
$ALPN +36.5%: To be acquired by $VRTX for $4.9bln in cash or $65/shr; Closed Wed. at 47.04
$NKE +2%: Upgraded at BofA w/ expectations rebased
$HOOD -3%: Downgraded at Citi
? Boeing Finds Executives Got an Extra $500,000 in Perks From Private Jets, Filing Says --WSJ
MARCH PPI REPORT:
1) Much to the dismay of Fed Chair Powell, PPI comes in hot.
2) Headline U.S. PPI rose 2.1% Y/Y, accelerating from 1.6% in February.
3) At 2.1%, annual PPI is now back at the highest level since September 2023.
4) U.S. core PPI rose 2.4% on an annual basis, compared to estimates for an increase of 2.3%, and up from 2.1% in February.
5) Taking that into consideration, the Fed will be in no rush to cut rates after another hot inflation report.
Riddled with rates
What goes on six in the morning, three at midday, one in the evening, and possibly none at night? Traders trying to play the legendary Oedipus are up against that riddle posed by the Federal Reserve as rate cut predictions continue to dwindle for 2024. The latest Consumer Price Index has reinforced more hawkish expectations after accelerating to an annualized 3.5% in March, or an amplified 0.4% M/M, while elevated core figures are also a cause for concern.
Decipher me or be devoured: Each successive number is adding to the picture being assessed by the data-dependent Federal Reserve. It's now looking increasingly likely that the "last mile" of the inflation fight will be the most challenging, with a higher for longer theme coming into view due to "sticky" inflation. Economic growth is also strong at the moment, so the central bank doesn't feel intense pressure to cut rates. However, policymakers also don't want to risk falling behind the curve again, like they did at the beginning of the latest cycle, and may have to act earlier than expected to pull off a so-called soft landing.
Some Fed officials even warned that recent increases in inflation "had been relatively broad-based and therefore should not be discounted as merely statistical aberrations," according to the minutes of the last FOMC meeting on March 19-20. That indicates there were at least some policymakers who didn't hold the view that the hot January and February inflation data was a "bump" on the path to the Fed's 2% inflation goal. With regards to quantitative tightening, officials also started discussing a process to slow the balance sheet runoff, which the Fed has indicated would be "fairly soon."
Market movement: As inflation continues to run hot and rate cut expectations get pushed further out, Treasuries all over the curve made some big moves on Wednesday. The yield on the 2-year note soared more than 22 basis points to trade near 4.97%, while the 10-year yield climbed 19 bps to top 4.55%. Stock market indices fell back, with the Dow Jones Industrial Average shedding over 400 points, as well as losses for the S&P 500 and Nasdaq. It can also mean some choppy trading for the near future, just as the first-quarter earnings season kicks off on Friday. Check out the latest SA commentary on the CPI report here.
Water standard
Compliance with the first-ever U.S. rule to limit "forever chemicals" in drinking water is expected to cost about $1.5B annually, according to the EPA, although an industry body expects the cost to be more than three times the amount. While American Water Works (AWK) and California Water Service (CWT) are prepared to meet the new standards, they are both pursuing government funding to mitigate compliance costs. Also a great call by Investing Group Leader Courage & Conviction Investing, who flagged Arq (ARQ) last August and how it can benefit from the proposed framework. Since then, the stock has returned over 250%. (3 comments)
Swipe away
Credit card delinquency rates reached their highest level on record in Q4 2023, according to the Federal Reserve Bank of Philadelphia. "Firms recording the worst 30+, 60+, and 90+ account-based days past due levels," the report said, warning that stress among cardholders was underscored in payment behavior and further performance deterioration could be on the horizon. Meanwhile, mortgage originations declined to a series low as market headwinds continued to stifle demand, including housing affordability. (14 comments)
Mideast tensions
Barreling through the $80-level only two weeks ago, WTI crude oil (CL1:COM) is on watch as it heads closer to $90/bbl. The upward march was sparked in part by reports that an attack on Israel by Iran and its proxies was imminent, though things got a little wobbly after a hot CPI and a build in U.S. crude oil stockpiles. The head of the U.S. Central Command, General Michael Kurilla, will land in Israel today to hold consultations with Defense Minister Yoav Gallant. Yesterday, President Biden said the U.S. commitment to "Israel's security against these threats from Iran and its proxies is ironclad." (42 comments)
Today's Markets
In Asia, Japan -0.4%. Hong Kong -0.3%. China +0.2%. India closed.
In Europe, at midday, London -0.3%. Paris -0.2%. Frankfurt -0.6%.
Futures at 7:00, Dow -0.3%. S&P -0.3%. Nasdaq -0.2%. Crude -0.7% to $85.60. Gold +0.3% to $2,354.90. Bitcoin +2.1% to $70,362.
Ten-year Treasury Yield +2 bps to 4.56%.
Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Producer Price Index
8:45 Fed's Williams Speech
10:30 EIA Natural Gas Inventory
12:00 PM Fed's Collins Speech
1:00 PM Results of $22B, 30-Year Bond Auction
1:30 PM Fed's Bostic Speech
4:30 PM Fed Balance Sheet
Companies reporting earnings today »
What else is happening...
President Biden still expects a rate cut before the end of the year.
Report: DOJ opens probe into Nippon's deal for U.S. Steel (X).
Meta (META) unveils latest custom-made chips for AI workloads.
TikTok's divestiture timeline may undergo extension in Senate.
Jack Ma backs Alibaba (BABA) restructuring efforts in rare memo.
Safety officials interview Boeing (BA) again on 737 door plug blowout.
Fitch flags Medicare utilization trends ahead of managed care earnings.
DOJ files complaint against Regeneron over Eylea Medicare pricing.
Paramount (PARA) directors to exit the board amid merger talks.
Big boost: Costco (COST) raises quarterly dividend by 13.7%
Largest increases in stock option open interest $PFE $CCJ $AAPL $CLF $GILD $DAL $JBLU $TSLA $WYNN $AMZN $NVDA
Stock markets are struggling as yields rise. Bonds continued to sell off across Asia and Europe, as markets readjusted rate cut expectations. 10-year rates jumped 13 bp and 14 bp in New Zealand and Australia respectively, the 10-year JGB rate lifted 8.8 bp, while 10-year Bund and Gilt yields are up 1.5 bp and 5.4 bp respectively. Hawkish comments from BoE's Greene added to pressure on Gilts, while Bunds benefited from intro-Eurozone safe haven flows, as peripherals sold off. The ECB is still expected to deliver a dovish hold today, but if the Fed delays the start of the easing cycle, it will complicate the decision for the ECB given the impact on bonds and the currency. EUR-USD underperformed today, as the DXY stabilized above the 105 mark. Dollar strength has capped the ascent of the oil price for now, and the front end WTI contract is at USD 85.64 per barrel.
Constellation Brands CFO expects to deliver additional shareholder value in 2025
"Our enterprise results in Fiscal 24 exceeded our top-line growth outlook and delivered strong operating income growth. We also generated strong operating cash flow, which enabled continued execution of our capital allocation priorities including: reducing our net leverage ration from 3.6x to 3.2x, returning over $900M to shareholders in dividends and share repurchases, and deploying approximately $900M to modular brewery capacity additions to support the growth of our Beer Business. We believe this momentum will continue and we expect to deliver additional shareholder value in Fiscal 25."
Village Farms reports eight consecutive months of national share growth
Village Farms International has gained national market share for eight consecutive months, making it the fastest growing producer among the top five licensed producers in Canada.1 According to provincial data, the Company has also regained the #1 licensed producer position in Ontario, Canada's largest provincial market, for the first time since 2022. Village Farms leads in Ontario with the top-three-selling ounces: Big Pleasures, D. Burger and Pure Sunfarms' iconic Pink Kush, reinforcing its consistent dominance in the large format category for the past two years. Super Toast, the company's most recent launch by Pure Sunfarms has also notably emerged as one of the fastest-growing brands in Ontario in just six months taking a significant 20% share of the milled category. This new brand continues to gain momentum nationally as well, as a top-growth brand in Canada.
goooooooooooooooooooooooooood morning bobber
JB Rant if you missed -> https://www.optionmillionaires.com/jb-afternoon-rant-april-10th-2024/
YTOOOOOOOOOOOOOOO BUENOS TARDES!
FOMC Minutes: "...almost all participants judged that it would be appropriate to move policy to a less restrictive stance at some point this year if the economy evolved broadly as they expected# pic.twitter.com/7cNSRBquEt
— The Transcript (@TheTranscript_) April 10, 2024
Meta unveils second generation AI chip, Barron's reports
Meta Platforms (META) on Wednesday unveiled a new chip for artificial intelligence workloads, in particular to power the company's ranking and recommendations ad models, Eric J. Savitz of Barron's reports. The chip is the second generation of a chip called MTIA, an acronym for Meta Training and Inference Accelerator, the author notes. Meta's announcement follows one day after new processor announcements from both Alphabet (GOOGL) and Intel (INTC), as more companies step up their efforts to meet the growing hunger for AI computing resources. While Nvidia (NVDA) remains the dominant player in the market, cloud-computing vendors like Amazon (AMZN), Google, and Meta are increasingly designing some of their own chips to supplement Nvidia's graphics processing units, or GPUs - and, in some cases, to provide more efficient alternatives, the publication add
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FOSL | jimmybob | 02/14/2012 09:54:12 AM |
FOSL and SODA ~ WATCH!!! | jimmybob | 02/14/2012 09:50:52 AM |
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