He once visited The Virgin Islands... they are now called The Islands
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Riot Blockchain call volume above normal and directionally bullish
Bullish option flow detected in Riot Blockchain with 30,578 calls trading, 1.2x expected, and implied vol increasing over 1 point to 78.19%. 9/27 weekly 8 calls and 9/27 weekly 7.5 calls are the most active options, with total volume in those strikes near 13,900 contracts. The Put/Call Ratio is 0.13. Earnings are expected on October 30th.
Premium Catering opens at $5.30, IPO priced at $4.75 per share
Premium Catering, a food caterer supplying prepared meals to foreign workers in Singapore as well as operating food stalls and providing buffet catering services, priced its initial public offering of an aggregate 2M ordinary shares at a public offering price of $4.75 per share. The company is offering 1.65M ordinary shares and selling shareholders are offering in aggregate 350,000 ordinary shares. The shares began trading on the Nasdaq Capital Market under the ticker symbol "PC." Bancroft Capital is acting as sole underwriter for the offering.
Premium Catering opens at $5.30, IPO priced at $4.75 per share
Premium Catering, a food caterer supplying prepared meals to foreign workers in Singapore as well as operating food stalls and providing buffet catering services, priced its initial public offering of an aggregate 2M ordinary shares at a public offering price of $4.75 per share. The company is offering 1.65M ordinary shares and selling shareholders are offering in aggregate 350,000 ordinary shares. The shares began trading on the Nasdaq Capital Market under the ticker symbol "PC." Bancroft Capital is acting as sole underwriter for the offering.
the futures market is betting on another jumbo -50 bp rate cut in November with a 50-50 risk. The implied November contract trades at -40 bps, with December at -78 bps, while January 2025 is at -112 bps. However, analysts're remaining cautious on additional front-loading, awaiting more data and Fedspeak. Despite the progress made on inflation that gave policymakers the confidence needed to not only start cutting rates, but to go big, analysts note the dissenting stance from Fed Governor Bowman who favors a more "measured" pace. Upcoming data on claims, income, spending, and the PCE price figures on tap this week will be important, but more crucially the next employment reports on October 4 and November 1 ahead of the November 7 policy decision. Meanwhile, there is plenty more Fedspeak ahead with Governor Kluger later today, along with Williams Thursday. Chair Powell will be speaking to NABE on Monday.
Smartsheet downgraded to Hold from Buy at Truist
Truist downgraded Smartsheet (SMAR) to Hold from Buy with a price target of $56.50, down from $60, after Blackstone (BX) and Vista Equity Partners' agreement to acquire the company in an all-cash transaction that values Smartsheet at $56.50 per share. The firm's downgrade assumes this likely represents the best and final offer with no competitive, higher bids forthcoming, the analyst tells investors.
💥💥💥💥💥💥💥 S&P 500 HITS INTRADAY RECORD HIGH 💥💥💥💥💥💥💥
HP, Wex settle trademark dispute over 'Wex' name, Reuters reports
HP (HPQ) and Wex (WEX) informed the U.S. District Court for the District of Maine that they have settled a trademark dispute over HP's alleged misuse of the "Wex" name to brand its software, Reuters' Blake Brittain reports. HP announced its "HP Wex" information-technology "Workforce Experience Platform" in March and Wex filed the lawsuit in April, arguing that HP's software would cause consumer confusion. U.S. District Judge John Woodcock granted Wex's request to block HP from using the "Wex" name for the duration of the case in July, finding that "the products are similar, the parties use the same marketing terms to promote the products, the plaintiff's marks are strong, and the plaintiff has put forth convincing evidence of actual confusion
HP, Wex settle trademark dispute over 'Wex' name, Reuters reports
HP (HPQ) and Wex (WEX) informed the U.S. District Court for the District of Maine that they have settled a trademark dispute over HP's alleged misuse of the "Wex" name to brand its software, Reuters' Blake Brittain reports. HP announced its "HP Wex" information-technology "Workforce Experience Platform" in March and Wex filed the lawsuit in April, arguing that HP's software would cause consumer confusion. U.S. District Judge John Woodcock granted Wex's request to block HP from using the "Wex" name for the duration of the case in July, finding that "the products are similar, the parties use the same marketing terms to promote the products, the plaintiff's marks are strong, and the plaintiff has put forth convincing evidence of actual confusion
HP, Wex settle trademark dispute over 'Wex' name, Reuters reports
HP (HPQ) and Wex (WEX) informed the U.S. District Court for the District of Maine that they have settled a trademark dispute over HP's alleged misuse of the "Wex" name to brand its software, Reuters' Blake Brittain reports. HP announced its "HP Wex" information-technology "Workforce Experience Platform" in March and Wex filed the lawsuit in April, arguing that HP's software would cause consumer confusion. U.S. District Judge John Woodcock granted Wex's request to block HP from using the "Wex" name for the duration of the case in July, finding that "the products are similar, the parties use the same marketing terms to promote the products, the plaintiff's marks are strong, and the plaintiff has put forth convincing evidence of actual confusion
Monday.com price target raised to $300 from $250 at DA Davidson
DA Davidson raised the firm's price target on Monday.com (MNDY) to $300 from $250 and keeps a Neutral rating on the shares. The firm's recent checks were "overwhelmingly positive" on the flexibility of monday.com's platform and the company's recent product innovation, with the new Dev and CRM products providing a high value proposition for small and medium sized customers, the analyst tells investors in a research note. The takeout of Smartsheet (SMAR) also creates an opportunity for monday.com to win more enterprise market share, though DA Davidson's checks were "somewhat subdued" on the prospects of consolidation of work management tools, the firm added.
Nvidia CEO Huang completed share sale plan, Barron's reported
Nvidia CEO Jensen Huang completed a trading plan adopted earlier in the year, Ed Lin of Barron's reported yesterday. Huang grossed $713M through stock sales executed by his Rule 10b5-1 trading plan, an average price of $118.83 per share, according to Lin. The plan was set to be effective through March 2025, but it sold all of the allotted shares six months before expiration, Barron's notes. Huang could adopt another plan to sell more shares, it added.
HIGHER -
Eightco Holdings (OCTO) up 62% after regaining compliance with Nasdaq, giving a balance sheet update and providing FY25 guidance
Flutter Entertainment (FLUT) up 7% after introducing FY27 outlook and authorizing an up to $5B share repurchase program
Seelos Therapeutics (SEEL) up 4% after announcing that its board of directors approved a 1-for-16 reverse stock split
DoorDash (DASH) up 2% after KeyBanc upgraded the stock to Overweight from Sector Weight with a $177 price target
HP Enterprise (HPE) up 3% after Barclays upgraded shares to Overweight from Equal Weight with a price target of $24, up from $20
UP AFTER EARNINGS -
Cintas (CTAS) up 3%
DOWN AFTER EARNINGS -
Stitch Fix (SFIX) down 28%
KB Home (KBH) down 6%
LOWER -
Vertex Energy (VTNR) down 56% after entering into a restructuring support agreement that includes exploration of a sale transaction and commencing Chapter 11 in the United States Bankruptcy Court
General Motors (GM) down 4% after Morgan Stanley downgraded the stock to Underweight from Equal Weight with a price target of $42, down from $47
Stitch Fix shares to remain range-bound in near-term, says Truist
Truist keeps a Hold rating on Stitch Fix after the company's Q4 results. The company's ongoing turnaround strategy of strengthening its operational and financial foundations while improving the client experience is showing green shoots, but this progress is being more than offset by the on-going client losses, the analyst tells investors in a research note. Truist adds that with revenue and active clients not likely to show y/y growth until the end of FY26, the firm remains on the sidelines, believing the stock will be range-bound over near-to-medium term.
Meta Platforms' (META) Connect 2024 conference is here and investors will be watching CEO Mark Zuckerberg's keynote speech starting at 1 PM ET. He'll share his vision for AI and the metaverse, as well as the newest product announcements ahead of third-quarter results due next month. Meta has been spending big time on the technologies of the future, with its capex for 2024 likely to hit a record high of $37B-$40B.
Zoom in: Tech fans will be looking for updates to the Ray-Ban Meta smart glasses, with a third-generation model that'll include a viewfinder for basic text and images. However, the real focus will be on the new augmented reality glasses dubbed "Orion," which are expected to mate the high-powered AR tech found in the Meta Quest Pro headset with the Wayfarer type of Ray-ban frame. A less-expensive version of the Quest 3 is additionally anticipated, while there might be broader comments on the coming Quest 4 and broader Metaverse.
Meta is also expected to disclose deals it has signed with celebrities Judi Dench, Kristen Bell, and John Cena to give their voice to the company's Llama large-language model. This feature will provide users with the option to select a voice for the tech giant's digital assistant from a list of five celebrities, which also features Awkwafina and Keegan-Michael Key. Note that Meta just confirmed that it would not immediately join the EU's AI agreement.
Outlook: Meta shares have soared close to 60% since the start of the year, and it has been one of the few companies whose billions of dollars poured into AI have resulted in tangible returns. As a result, what Meta might say or showcase can carry weight for the technology industry at large. "Meta Platforms is recommended as a buy due to its AI success, attractive valuation, clean balance sheet, and potential in VR technology," Perseus Perspectives noted in Meta Platforms: Compelling Story With A Reasonable Valuation.
Peak oil?
Eyeing growth in India, Africa and the Middle East, as well as a slower adoption of EVs and greener fuels, OPEC sees global oil demand rising into 2050 and holding a nearly 30% share of the energy mix with other sources. "There is no peak oil demand on the horizon," OPEC commented, and "over the past year, there has been further recognition that the world can only phase in new energy sources at scale when they are genuinely ready." The group expects oil demand to reach 120.1M bbl/day in 2050 compared to 102.2M bbl/day consumed last year. (26 comments)
Intel the sole decliner
AI risks
Compliance officers, beware. The U.S. Department of Justice has tweaked the guidance that prosecutors use when evaluating a company's compliance program during an investigation to include artificial intelligence risks. Under this, prosecutors would see whether a firm has done a risk assessment of the AI technology it's using and steps taken to mitigate any dangers involved. The updated guidance also looks at how companies are encouraging employees to speak up and report misconduct, and whether they employ practices that suppress whistleblowing.
To prison
Former CEO of Alameda Research Caroline Ellison has been sentenced to two years behind bars with three years probation for her role in the fraud that led to the collapse of cryptocurrency exchange FTX. Along with the jail time, she would also have to forfeit about $11B, according to a ruling from U.S. District Judge Lewis Kaplan. Ellison received a more lenient punishment due to her cooperation with investigators, which included testifying against the founder of FTX, Sam Bankman-Fried, who had been convicted and sentenced to 25 years in prison. (8 comments)
Today's Markets
In Asia, Japan -0.2%. Hong Kong +0.7%. China +1.2%. India +0.3%.
In Europe, at midday, London +0.4%. Paris -0.2%. Frankfurt -0.4%.
Futures at 7:00, Dow +0.1%. S&P flat. Nasdaq -0.2%. Crude -0.7% at $71.08. Gold +0.2% to $2,680.70. Bitcoin +0.3% to $63,585.80.
Ten-year Treasury Yield +3 bps to 3.76%.
Today's Economic Calendar
07:00 AM MBA Mortgage Applications
10:00 AM New Home Sales
10:30 AM EIA Petroleum Status Report
11:00 AM Treasury Buyback Announcement
11:00 AM Survey of Business Uncertainty
11:30 AM Results of $28B, 2-Year FRN Auction
01:00 PM Results of $70B, 5-Year Note Auction
02:00 PM Treasury Buyback Results
04:00 PM Fed Governor Kugler's Speech
Companies reporting earnings today »
What else is happening...
Hurricane Helene: U-Haul (UHAL) offers 30 days free self-storage.
Boeing's changes to safety culture are long-term effort - FAA head.
Mexico will expropriate Vulcan Materials' (VMC) port and quarry.
Gold climbs to new records on dovish Fed comments, Middle East woes.
Coca-Cola (KO) pulls the plug on another flavor: Coke Spiced.
U.S. consumer confidence slides in August to below consensus.
Colorado cannabis tax revenue drops on declining marijuana tourism.
More stimulus? China cuts another interest rate to bolster economy.
GE Vernova extends rally as Guggenheim sets Buy with $300 PT.
Moody's dissects impact of presidential race on U.S. credit ratings.
Big Tech IT Distributor Carahsoft Raided by FBI in Virginia
$GOOGL $MSFT - GOOGLE FILES COMPLAINT WITH EUROPEAN COMMISSION OVER MICROSOFT'S LICENSING PRACTICES FOR CLOUD COMPUTING
GOOGLE SAYS MICROSOFT LOCKS IN CUSTOMERS TO USE ITS AZURE CLOUD PLATFORM OVER RIVALS
PRGS
Progress Software price target raised to $70 from $64 at Guggenheim
Guggenheim raised the firm's price target on Progress Software to $70 from $64 and keeps a Buy rating on the shares after Progress exceeded Q3 consensus expectations and raised implied Q4 estimates excluding effects from the anticipated ShareFile acquisition. The "unique opportunity here" is to increase the margin and ultimately free cash flow at a greater scale and although "nothing is a given and there's always risk in such endeavors," if history is a gauge, "we like the potential here," the analyst tells investors in a post-earnings note.
Largest decreases in stock option open interest $LUMN $MPW $CARR $CHPT $PLTR $NVDA $U $ETSY
$TSLA: Baird analyst Ben Kallo reiterated an Outperform rating and $280 price target on Tesla
US Investigating SAP, Carahsoft for Potential Price-Fixing
Upgrades - Sep 25, 2024
$ABG: Morgan Stanley Upgrades to Equalweight from Underweight - PT $240 (from $190)
$AN: Morgan Stanley Upgrades to Overweight from Equalweight - PT $200 (from $145)
$DASH: KeyBanc Upgrades to Overweight from Sector Weight - PT $177
$GPI: Morgan Stanley Upgrades to Overweight from Equalweight - PT $430 (from $285)
$HPE: Barclays Upgrades to Overweight from Equalweight - PT $24 (from $20)
$LAD: Morgan Stanley Upgrades to Equalweight from Underweight - PT $310 (from $225)
$LNW: UBS Upgrades to Buy from Neutral - PT $166 (from $169)
$PAG: Morgan Stanley Upgrades to Overweight from Equalweight - PT $180 (from $115)
$PBR: JPMorgan Upgrades to Overweight from Neutral - PT $19 (from $16.50)
$SAH: Morgan Stanley Upgrades to Equalweight from Underweight - PT $58 (from $40)
Downgrades - Sep 25, 2024
$EC: JPMorgan Downgrades to Underweight from Neutral - PT $8.50 (from $12)
$EXPE: TD Cowen Downgrades to Hold from Buy - PT $150
$F: Morgan Stanley Downgrades to Equalweight from Overweight - PT $12 (from $16)
$FOXA: CFRA Downgrades to Sell from Hold - PT $38
$FTRE: Jefferies Downgrades to Hold from Buy - PT $21 (from $25)
$GM: Morgan Stanley Downgrades to Underweight from Equalweight - PT $42 (from $47)
$GPN: BTIG Downgrades to Neutral from Buy
$GPN: Seaport Global Securities Downgrades to Neutral from Buy
$HBT: DA Davidson Downgrades to Neutral from Buy - PT $24 (from $26)
$MEDP: Jefferies Downgrades to Hold from Buy - PT $345 (from $415)
$MGA: Morgan Stanley Downgrades to Equalweight from Overweight
$MNSO: DBS Group Downgrades to Hold from Buy - PT $13.30
$MNSO: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $27)
$NOV: Wells Fargo Downgrades to Underweight from Equal Weight - PT $16 (from $20)
$OSBC: DA Davidson Downgrades to Neutral from Buy - PT $17 (from $19)
$PHIN: Morgan Stanley Downgrades to Equalweight from Overweight
$RIVN: Morgan Stanley Downgrades to Equalweight from Overweight - PT $13 (from $16)
$SMAR: BMO Capital Downgrades to Market Perform from Outperform - PT $56.50 (from $59)
$SMAR: Canaccord Genuity Downgrades to Hold from Buy - PT $56.50 (from $60)
$SMAR: Canaccord Genuity Downgrades to Hold from Buy - PT $56.50 (from $60)
$SMAR: DA Davidson Downgrades to Neutral from Buy - PT $56.50 (from $55)
$SMAR: William Blair Downgrades to Market Perform from Outperform
$TSN: Piper Sandler Downgrades to Underweight from Neutral - PT $50 (from $57)
$TXT: TD Cowen Downgrades to Hold from Buy - PT $95 (from $103)
$UNP: Evercore ISI Downgrades to In Line from Outperform - PT $247 (from $254)
HP Enterprise upgraded to Overweight from Equal Weight at Barclays
Barclays upgraded HP Enterprise (HPE) to Overweight from Equal Weight with a price target of $24, up from $20. The firm believes the company will continue to grow its artificial intelligence server revenues, improve in storage, and it likes the accretion from the Juniper Networks (JNPR) deal. Barclays is seeing early signs of an enterprise recovery and believes HP Enterprise is one of the best ways to invest in this emerging trend "since the stock lacks an AI premium" versus other hardware names, the analyst tells investors in a research note.
$MARA Mara gets an Outperform rating and $22 price target from Macquarie
$MARA Mara gets an Outperform rating and $22 price target from Macquarie
Baidu call volume above normal and directionally bullish
Bullish option flow detected in Baidu with 36,485 calls trading, 7x expected, and implied vol increasing over 2 points to 35.59%. 9/27 weekly 94 calls and 9/27 weekly 95 calls are the most active options, with total volume in those strikes near 11,500 contracts. The Put/Call Ratio is 0.10. Earnings are expected on November 26th.
Chinese central bank policymakers have come out swinging. The PBOC on Tuesday slashed its reserve requirement ratio to the lowest level since at least 2020, as well as trimming its main short-term interest rate. The package also targeted the nation's beleaguered property market, with measures to lower overall mortgage costs and a de-stocking program that eased rules for second-home purchases.
Looking for a revival: It's all being aimed at getting the country's growth trajectory back on track. A series of downbeat data has revealed a weak consumer and long deflationary streak amid mounting debt problems and a spiraling property crisis. A strong post-COVID pandemic bounce has never materialized, with worries about job security and much attention shifting to exports given the weaker domestic economy.
It's also important to note the timing of the monetary stimulus package, which is aimed at restoring confidence and may help China approach its full-year growth target of "around 5%." A week ago, the Federal Reserve initiated a new easing cycle with a jumbo 50-basis point rate cut, potentially giving the PBOC room to ease in the face of deflationary pressure. It had likely been hesitant until now as higher American interest rates generally weaken foreign currencies, and if going at easing alone, China could have witnessed capital flight to the U.S.
Market movement: Chinese investors applauded the latest stimulus blitz, which included 800B yuan ($114B) of stock market liquidity and allowed funds and brokers to tap central bank facilities to buy equities. China's blue-chip CSI 300 Index (SHSZ300) soared 4.3% on the news, after falling to a five-year low earlier this month. The broader Shanghai Composite (SHCOMP) and Hang Seng Index (HSI) also advanced significantly, each climbing 4.1% by the end of the session.
Game of monopoly
The Department of Justice is reportedly planning to file an antitrust lawsuit against Visa (V), alleging that the company illegally monopolized the U.S. debit card market. The news sent its shares down 2% premarket on Tuesday. The lawsuit from the DOJ's antitrust division also claims that Visa entered into exclusive contracts to hinder the growth of rival payment processors and block technology firms from entering the market. The case is the result of a sweeping DOJ investigation, launched over three years ago, into potential anticompetitive practices in Visa debit card transactions. (6 comments)
Price isn't right
A Senate committee hearing scheduled this morning has all the makings of a showdown as Novo Nordisk (NVO) CEO Lars Fruergaard Jørgensen will be the sole witness to testify on the prices of diabetes and weight loss drugs Ozempic and Wegovy. The committee is chaired by Sen. Bernie Sanders (I-Vt.), a well-known critic of Big Pharma who has contended that Ozempic could be sold for $100 per month with Novo still making a profit. Jørgensen, however, is set to argue that Novo is not the problem, and will place the blame on pharmacy benefit managers. (5 comments)
Rejected
Boeing's (BA) "best and final contract offer" will not be put to a vote by its largest union this week, as negotiators claim the proposal was made public without any discussion and does not go far enough to address workers' concerns. The planemaker sweetened its offer to include a 30% pay hike, a $6,000 ratification bonus and the reinstatement of a performance-linked bonus. "Your negotiating committee did not have any input on this offer," the union told its members. Separately, nearly 5,000 workers at Textron's (TXT) aviation unit have gone on strike after rejecting its contract offer. (4 comments)
Today's Markets
In Asia, Japan +0.6%. Hong Kong +4.1%. China +4.2%. India flat.
In Europe, at midday, London +0.4%. Paris +1.6%. Frankfurt +0.8%.
Futures at 6:30, Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude +2.8% to $72.33. Gold +0.2% to $2,658.10. Bitcoin +0.2% to $63,691.
Ten-year Treasury Yield +4 bps to 3.79%.
Today's Economic Calendar
09:00 AM Case-Shiller Home Price Index
09:00 AM Fed's Bowman Speech
09:00 AM FHFA House Price Index
10:00 AM Consumer Confidence
10:00 AM Richmond Fed Mfg. Index
11:00 AM Treasury Buyback Announcement
01:00 PM Results of $69B, 2-Year Note Auction
01:00 PM Money Supply
02:00 PM Treasury Buyback Results
Companies reporting earnings today »
What else is happening...
The latest SA Sentiment Survey is still open; See the results here.
Trump warns Deere of huge tariffs if production moves to Mexico.
Chicago Fed's Goolsbee sees 'many more' rate cuts over next year.
Report: FTC expected to greenlight Chevron (CVX)-Hess (HES) deal.
BGC's FMX Futures Exchange launches in challenge to CME (CME).
Amazon-backed Anthropic in talks to raise money at $40B valuation:
Exxon (XOM) sued for allegedly misleading public on plastic recyclability.
Nike (NKE) on J.P. Morgan's Negative Catalyst Watch ahead of earnings.
Coinbase (COIN) asks court to overturn SEC's crypto rulemaking denial.
GameStop (GME) adds to hefty cash position after $400M equity offering.
Largest decreases in stock option open interest $NXE $CHPT $CCJ $SOFI $CVNA $NVDA $TSLA $INTC
Todays largest increases in stock option open interest $TSLA $NVDA $APLD $UBER $ETSY $NYCB
Todays largest increases in stock option open interest $TSLA $NVDA $APLD $UBER $ETSY $NYCB
Upgrades - Sep 24, 2024
$BANC: Wedbush Upgrades to Outperform from Neutral - PT $18 (from $14)
$BNTX: Morgan Stanley Upgrades to Overweight from Equalweight - PT $145 (from $93)
$CMA: Wedbush Upgrades to Outperform from Neutral - PT $75 (from $52)
$CNH: Raymond James Upgrades to Outperform from Market Perform - PT $14
$COLB: Wedbush Upgrades to Outperform from Neutral - PT $31 (from $28)
$CRM: Piper Sandler Upgrades to Overweight from Neutral - PT $325 (from $268)
$LOW: Oppenheimer Upgrades to Outperform from Perform - PT $305 (from $230)
$PB: Wedbush Upgrades to Outperform from Neutral - PT $90 (from $75)
$RF: Wedbush Upgrades to Outperform from Neutral - PT $28 (from $23)
$RYAN: BMO Capital Upgrades to Outperform from Market Perform - PT $75 (from $65)
$WMT: Truist Securities Upgrades to Buy from Hold - PT $89 (from $76)
Downgrades - Sep 24, 2024
$BIDU: HSBC Downgrades to Hold from Buy - PT $100
$COST: Truist Securities Downgrades to Hold from Buy - PT $873
$CTLT: Baird Downgrades to Neutral from Outperform - PT $63.50
$CUBI: Wedbush Downgrades to Neutral from Outperform - PT $53 (from $79)
$DOYU: HSBC Downgrades to Hold from Buy - PT $6.60
$DRS: BofA Securities Downgrades to Neutral from Buy - PT $30 (from $26)
$EQR: BofA Securities Downgrades to Neutral from Buy - PT $82 (from $78)
$ESS: BofA Securities Downgrades to Neutral from Buy - PT $321 (from $307)
$FCNCA: Wedbush Downgrades to Neutral from Outperform - PT $2,150 (from $2,450)
$FHN: Wedbush Downgrades to Neutral from Outperform - PT $17 (from $20)
$INVH: BofA Securities Downgrades to Neutral from Buy - PT $37 (from $39)
$KVUE: RBC Capital Downgrades to Sector Perform from Outperform - PT $24
$MCK: Baird Downgrades to Neutral from Outperform - PT $531 (from $603)
$MNSO: Jefferies Downgrades to Hold from Buy - PT $14.91
$NTR: Wells Fargo Downgrades to Equal Weight from Overweight - PT $50 (from $62)
$NSP: William Blair Downgrades to Market Perform from Outperform
$PRGO: Jefferies Downgrades to Hold from Buy - PT $30 (from $50)
$REGN: Leerink Partners Downgrades to Market Perform from Outperform - PT $1,077 (from $1,175)
$SBUX: Jefferies Downgrades to Underperform from Hold - PT $76 (from $80)
$TGI: BofA Securities Downgrades to Underperform from Buy - PT $12 (from $17)
$XOM: Redburn-Atlantic Downgrades to Neutral from Buy - PT $120 (from $119)
AutoZone reports Q4 EPS $51.58, consensus $53.53
Reports Q4 revenue $6.2B, consensus $6.22B. Reports Q4 SSS up 1.3%. "I want to thank our AutoZoners for their contributions during fiscal 2024 that resulted in our solid performance. We delivered total sales growth of 5.9% for the fiscal year while earnings per share increased 13.0%. Our AutoZoners' commitment to providing Wow! Customer Service continues to allow us to deliver these impressive results. Domestically, our business continues to be challenged by deferrals across our discretionary merchandise categories, but we were pleased to see accelerating Commercial sales performance. We are also happy to report our international businesses continued to perform well, up roughly 10% on a constant currency basis. While currency rate moves slowed sales and earnings growth, our performance remains strong. We are excited about the initiatives we have in place to improve inventory availability, continue to accelerate our domestic commercial business, grow our international businesses and remain focused on delivering great customer service. As we continue to invest in our business, we will remain committed to our disciplined approach of increasing earnings and cash flow, all while delivering strong shareholder value," said Phil Daniele, President and Chief Executive Officer.
Wells Fargo downgrades Nutrien on risk from lower crop prices
Wells Fargo analyst Richard Garchitorena downgraded Nutrien to Equal Weight from Overweight with a price target of $50, down from $62. Ahead of the Q3 results for the chemicals group, the firm see risks of lower crop prices setting the stage for "muted" earnings growth in 2025, with "significant bifurcation within the sector." The downgrade of Nutrien reflects increased risks across its segments from lower crop prices, the analyst tells investors in a research note. Wells says tighter farm budgets increase the potential for reduced fertilizer demand as farmers look to reduce costs, most impacting potash. It also sees risks of lower spend impacting Nutrien's retail segment. Given a lack of catalysts until Brazil demand returns in November and December, the shares will be range-bound, contends the firm.
Fedspeak is heavy this week
Fedspeak is heavy this week. Analysts're already seen several officials out on the wires explaining their views on last week's jumbo rate cut. And there are plenty more policymakers ahead who will give added perspective and help suggested what's in store for November. Note Chair Powell will give pre-recorded opening remarks at the 10th annual Treasury Market Conference (Thursday) but is unlikely to say much. Williams and Barr (voters) also speak at a the Treasury Conference (Thursday). Additionally, Collins (2025 voter) and Kugler (voter) participate in a fireside chat (Thursday). And Kashkari holds a fireside chat with Barr (Thursday). Collins and Kugler speak (Friday). Of note, Fed Chair Powell will speak at the NABE on September 30.
Biohaven jumps 19% to $48 after spinocerebellar ataxia study hits endpoints
hmmmmmmmmmmmmm
When the S&P 500 makes a new high in September (like '24) it appears Q4 does even better.
— Ryan Detrick, CMT (@RyanDetrick) September 22, 2024
In fact, higher 19 out of 21 times (90.4%) and up nearly 5% on avg.
New highs in Sept of election year? Q4 higher 6 out of 6 and up nearly 6% on avg.