He once visited The Virgin Islands... they are now called The Islands
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Upgrades - Sep 18, 2024
$AMBC: Roth/MKM Upgrades to Buy from Neutral - PT $15 (from $13)
$BAK: UBS Upgrades to Buy from Neutral - PT $10 (from $7.70)
$EXR: Jefferies Upgrades to Buy from Hold - PT $204 (from $162)
$GEHC: BTIG Upgrades to Buy from Neutral - PT $100
$NMIH: RBC Capital Upgrades to Outperform from Sector Perform - PT $48 (from $40)
$SIRI: Guggenheim Upgrades to Buy from Neutral - PT $30
$SLG: Compass Point Upgrades to Neutral from Sell - PT $60 (from $35)
$VFC: Barclays Upgrades to Overweight from Equalweight - PT $22 (from $19)
$VSCO: Barclays Upgrades to Equalweight from Underweight - PT $25 (from $23)
Downgrades - Sep 18, 2024
$COR: BofA Downgrades to Neutral from Buy - PT $245 (from $275)
$EW: Jefferies Downgrades to Hold from Buy - PT $70 (from $85)
$INCY: Truist Securities Downgrades to Hold from Buy - PT $74 (from $83)
$POR: Barclays Downgrades to Equalweight from Overweight - PT $49 (from $48)
$RMD: Wolfe Research Downgrades to Underperform from Peerperform - PT $180
Nike price target raised to $84 from $80 at Barclays
Barclays analyst Adrienne Yih raised the firm's price target on Nike to $84 from $80 and keeps an Equal Weight rating on the shares. The firm expects "meaningful pressure" in Nike's fiscal Q1 due to "franchise lifecycle management" and China deceleration, but says expectations appear "sufficiently de-risked." Data checks indicate the company's North America sales may deliver upside, offset by a weakening macro backdrop in China, the analyst tells investors in a research note. In the near-term, Barclays believes Nike's fiscal 2025 guidance is achievable.
Bernstein says iPhone seasonality could be skewed by delayed rollout of AI
Bernstein analyst Toni Sacconaghi notes that reports suggest that the ramp for both iPhone 16 base and Pro models should be relatively normal/strong this year, but iPhone seasonality might be somewhat skewed by the delayed rollout of Apple Intelligence. The firm suspects Apple's advertising activity to step up significantly as AI features are released, potentially leading to somewhat different seasonality for iPhone 16. Bernstein further points out that initial iPhone lead times have historically had limited correlation with the strength of the cycle. With that said, the firm also highlights that Apple's commentary on its Q4 call about iPhone demand and its revenue guidance for the December quarter have historically not been well correlated with the strength of iPhone cycles. Bernstein has an Outperform rating on the shares with a price target of $240.
Broadcom initiated with an Outperform at William Blair
William Blair analyst Sebastien Naji initiated coverage of Broadcom with an Outperform rating. Broadcom is targeting $12B in AI revenue in FY24 and the firm sees room for continued steady growth into FY25 and FY26 driven by increasing custom chip demand, improved software monetization, recovery in non-AI semi chips and accelerating growth of Ethernet AI network fabrics, the analyst tells investors.
Arm initiated with an Outperform at William Blair
William Blair initiated coverage of Arm with an Outperform rating. The firm says Arm is a "critical vendor" of computing intellectual property with best-in-class" financials. Arm provides critical computing IP that underpins more than $200B in chip value across the mobile, automotive, internet of things and data center markets, the analyst tells investors in a research note. Blair believes Arm's royalty/licensing revenue model drives best-in-class profitability.
Applied DNA Sciences receives Linea DNA follow-on order
Applied DNA Sciences has received a follow-on order valued at more than $500,000 for a quantity of Linea DNA from a global manufacturer of in vitro diagnostics. The follow-on order was placed under a long-standing supply agreement for the bulk manufacture of Linea DNA used in the manufacture of a cancer diagnostic test. Applied DNA expects to deliver on the order over four quarterly shipments in calendar 2025.
SES AI rallies after announcing collaboration with Nvidia, Supermicro
SES AI (SES) announced an initiative to accelerate material discovery in electric transportation. "By mapping the universe of small molecules using a cutting-edge supercomputer optimized for artificial intelligence, this pioneering project aims to revolutionize the understanding of battery chemistry, enhance energy storage solutions, and advance energy efficient technology," the company said in a statement. SES AI will leverage Crusoe's AI cloud platform, powered by Nvidia (NVDA) and Supermicro (SMCI). "By collaborating with Crusoe, Nvidia, and Supermicro, we combine cutting-edge AI with sustainable computing infrastructure to drive breakthroughs in battery innovation. This project embodies our commitment to sustainability and technological advancement," stated Qichao Hu, CEO of SES AI. Shares of SES AI are up 27%, or 27c, to $1.30 in premarket trading.
27k NVIDIA (NVDA) Oct-24 125 calls.
Notable open interest changes for September 17th
Monday's total option volume of 39.0 million contracts resulted in net open interest growth of 4.97 million calls and 3.82 million puts. NVIDIA (NVDA), Intel (INTC), Palantir Technologies (PLTR) and Tesla (TSLA) saw the greatest growth. Top five new positions opened include 83k Intel (INTC) Sep-24 21 calls, 83k NVIDIA (NVDA) Oct-24 107.02 calls, 52k Medical Properties Trust (MPW) Nov-24 5 puts, 31k Palantir Technologies (PLTR) Sep-24 38 calls and 27k NVIDIA (NVDA) Oct-24 125 calls.
readsssssssssssssssssssssssssssss
https://www.optionmillionaires.com/morning-reads-509/
Intel sum of the parts worth $42 per share, says Northland
Northland says that the U.S. military has no alternative to TSMC (TSM) other than Intel (INTC) for advanced logic chips and notes that the Department of Defense requires that the chips they use be manufactured on U.S. soil. For these reasons, the firm believes "the Daddy War Buck (US Government) will continue to provide funding" to the company, as evidenced by the announcements yesterday. While ultimately Northland contends that Intel will "need to be split into pieces," it believes the sum of the parts is worth $42, its price target, and the firm keeps an Outperform rating on Intel shares.
yes
BioMarin price target lowered to $115 from $130 at BofA
BofA analyst Jason Zemansky lowered the firm's price target on BioMarin (BMRN) to $115 from $130 and keeps a Buy rating on the shares after Ascendis Pharma (ASND) announced top-line results from ApproaCH, its pivotal trial of TransCon CNP for achondroplasia. The data were "solid," comparing favorably against BioMarin's Voxzogo, though "somewhat less so" to BridgeBio's (BBIO) infigratinib, the analyst tells investors. Cross-trial comparison are "admittedly challenging here, and there's arguably much to hash out over the regulatory/commercial side of things" before it becomes clear to what extent TransCon CNP can capture share, but once weekly administration is a clear advantage over Voxzogo's daily injectable, especially in young children, of BofA "would not be surprised if it becomes a key part of the discussion between parents and their providers," the analyst said. The firm argues that TransCon CNP's potential impact to BridgeBio "was always likely to be less," given a differing mechanism of action and oral formulation, BofA added.
gooooooooooooooooooooooooooood morning bobber
Raymond James upgrades New York Community into interest rate cuts
Raymond James upgraded New York Community Bancorp to Market Perform from Underperform without a price target. The firm sees "increased merit to owning liability-sensitive" banks or those with beneficial securities and deposit repricing dynamics into the rate cuts from the Federal Reserve. The analyst is more positive on New York Community, saying lower interest rates support a better outlook. Raymond James continues to believe a turnaround "will take an extended period," however, and says New York Community's stock is highly sensitive to changes in rates. The stock in premarket trading is up 1.5% to $11.59.
Decreases in stock option open interest $KSS $WBD $LUMN $CCL $PLTR $NVDA $PARA $SOFI
Increases in stock option open interest $INTC $MPW $PLTR $KSS $GOOGL $OPEN $SOFI $PFE $AAPL
Increases in stock option open interest $INTC $MPW $PLTR $KSS $GOOGL $OPEN $SOFI $PFE $AAPL
Intel news clarification, not incremental changes, says JPMorgan
JPMorgan views Intel's announcements last night as better clarification on previously announced actions and not incremental changes. For the foundry business, Intel has not changed its view of meaningful revenue ramp by external foundry customers until 2027, although the pipeline continues to build, the analyst tells investors in a research note. That said, the company did announce an expanded strategic collaboration with Amazon Web Services, which should add some incremental confidence on its expanding customer pipeline, adds JPMorgan. The firm keeps an Underweight rating on Intel with a $26 price target.
Qualcomm price target lowered to $210 from $230 at JPMorgan
JPMorgan lowered the firm's price target on Qualcomm (QCOM) to $210 from $230 and keeps an Overweight rating on the shares. The firm says the upcoming year is likely to be key for Qualcomm with the likelihood of displacement of revenue from Apple's (AAPL) in-sourcing of the modem increasing. While the growth opportunities for Qualcomm "remain substantial," investors will look for a clearer understanding of earnings power incorporating headwinds from the loss of Apple revenue, which might lead to an overhang on the stock, the analyst tells investors in a research note. JPMorgan believes there are still multiple reasons to like Qualcomm shares from a longer-term position.
Downgrades - Sep 17, 2024
$AGRO: Morgan Stanley Downgrades to Equalweight from Overweight - PT $12.50 (from $14.50)
$FYBR: JPMorgan Downgrades to Neutral from Overweight - PT $38.50 (from $35)
$GOLF: Jefferies Downgrades to Hold from Buy - PT $75 (from $86)
$OSBC: Raymond James Downgrades to Outperform from Strong Buy
$OZK: Raymond James Downgrades to Market Perform from Outperform
$PB: Raymond James Downgrades to Outperform from Strong Buy
$SEDG: Jefferies Downgrades to Underperform from Hold - PT $17 (from $27)
$VSAT: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $29)
Upgrades - Sep 17, 2024
$ALRS: Raymond James Upgrades to Outperform from Market Perform - PT $24
$APP: UBS Upgrades to Buy from Neutral - PT $145 (from $100)
$BANC: Raymond James Upgrades to Outperform from Market Perform - PT $16
$BNTX: Jefferies Upgrades to Buy from Hold - PT $150 (from $96)
$CURV: William Blair Upgrades to Outperform from Market Perform
$DCOM: Raymond James Upgrades to Strong Buy from Outperform - PT $35 (from $29)
$ETR: Barclays Upgrades to Overweight from Equalweight - PT $138 (from $115)
$GCI: Citi Upgrades to Neutral from Sell - PT $5.10
$GEV: BofA Securities Upgrades to Buy from Neutral - PT $300 (from $200)
$HPE: BofA Securities Upgrades to Buy from Neutral - PT $24 (from $21)
$LIVN: Baird Upgrades to Outperform from Neutral - PT $66 (from $55)
$LSCC: Stifel Upgrades to Buy from Hold - PT $55
$NYCB: Raymond James Upgrades to Market Perform from Underperform
$RLMD: Jefferies Upgrades to Buy from Hold - PT $13 (from $3.50)
$SHOP: Redburn-Atlantic Upgrades to Buy from Neutral - PT $99
$SNV: Raymond James Upgrades to Outperform from Market Perform
$TCBI: Raymond James Upgrades to Outperform from Market Perform
$VBTX: Raymond James Upgrades to Strong Buy from Market Perform
CVNA -0---->>>>>>>>>>>>>>>>>>>>>>>
Carvana reinstated with a Buy at BofA
BofA reinstated coverage of Carvana with a Buy rating and $185 price target. The firm thinks the "leading seller of used cars Online" is well positioned for sustained long-term growth in a fragmented market that is recovering as prices normalize, car supply returns, and rates begin to fall, the analyst tells investors. The firm expects Carvana can maintain recent improvement in unit economics as well as leverage with efficiency gains and a relatively large fixed-cost base as growth accelerates, the analyst added.
Shopify upgraded to Buy from Neutral at Redburn Atlantic
Redburn Atlantic upgraded Shopify to Buy from Neutral with a $99 price target, which represents 40% upside. The company's "industry-leading innovation, social media integrations, user-friendly platform and unique Shop Pay button functionality" make it best positioned to capitalize on the structural growth as Generation Z's share of U.S. spending surpasses that of Baby Boomers, and TikTok Shop prompts innovation across Western social media platforms, the analyst tells investors in a research note. The firm says Shopify's ability to continue to win market share is backed by its "extensive" ecosystem and platform capabilities. It anticipates material enterprise merchant wins in 2025.
Palantir, Sempra Energy added to US 1 List at BofA
BofA analysts added Palantir Technologies (PLTR) and Sempra Energy (SRE) to the firm's US 1 List while removing S&P Global (SPGI). The US 1 List is intended to represent BofA's best investment ideas.
Palantir, Sempra Energy added to US 1 List at BofA
BofA analysts added Palantir Technologies (PLTR) and Sempra Energy (SRE) to the firm's US 1 List while removing S&P Global (SPGI). The US 1 List is intended to represent BofA's best investment ideas.
Kairos Pharma opens at $4, IPO priced at $4 per share . The company's common stock has been approved for listing on the NYSE American under the symbol "KAPA." The company intends to use the net proceeds from the offering to fund its Phase 1 trial in lung cancer and Phase 2 trial in prostate cancer for its lead product candidate ENV 105, designed to reverse resistance to standard of care drugs. The proceeds will also advance preclinical candidates, including KROS 101, a small molecule agonist for the GITR ligand, designed to promote T cell growth and cytotoxic function against cancer. Boustead Securities is acting as lead managing underwriter for the offering and EF Hutton is acting as co-managing underwriter for the offering.
good afternoooooooooon
Kairos Pharma opens at $4, IPO priced at $4 per share
Kairos Pharma priced its initial public offering of 1.55M shares of common stock at a public offering price of $4.00 per share. The company's common stock has been approved for listing on the NYSE American under the symbol "KAPA." The company intends to use the net proceeds from the offering to fund its Phase 1 trial in lung cancer and Phase 2 trial in prostate cancer for its lead product candidate ENV 105, designed to reverse resistance to standard of care drugs. The proceeds will also advance preclinical candidates, including KROS 101, a small molecule agonist for the GITR ligand, designed to promote T cell growth and cytotoxic function against cancer. Boustead Securities is acting as lead managing underwriter for the offering and EF Hutton is acting as co-managing underwriter for the offering.
Mercedes-Benz sees increase in Indian buyers opting for luxury EVs, Reuters says
Mercedes-Benz's Santosh Iyer, the car maker's managing director for India, said the company is seeing an increase in the number of Indian buyers choosing electric vehicles as their first luxury car, Reuters' Aditi Shah reports. Sales of luxury vehicles in the South Asian nation are rising, helping Mercedes post record numbers, the author notes
🔸GOLDMAN SACHS SEES S&P 500 AT 6,000 IN 12 MONTHS, GIVES BASKET TO PLAY LOWER RATES - CNBC
🔸NVIDIA DOWN 3.4%, BROADCOM FALLS 2.9%, MICRON TECHNOLOGIES SHARES FALL 4.9%
STM
Environmental Solutions, STMicroelectronics create sustainable bricks
ESGL (ESGL) and STMicroelectronics (STM) marked a significant milestone in their collaborative journey towards sustainability by creating the world's first sustainable brick forged with NEWSPAR, regenerated from Hydrofluoric wastewater sludge and Hydrofluoric Acid. Lawrence Law, Executive Director, Chief Strategy and Sustainability Officer at ESGL echoed the sentiment: "We are thrilled to be one step closer to our mission of advancing a circular economy by collaborating with key industry partners like STMicroelectronics. This achievement is a significant win for the semiconductor industry as a whole. We are now entering an exciting phase of research aimed at expanding the application of circular synthetic fluorite products in concrete production, road building, and other manufacturing processes. Environmental stewardship, combined with visionary partnerships like this, is paving the way for a brighter, more sustainable future."
Coffee Holding reports Q3 EPS 11c vs. (2c) last year
Reports Q3 revenue $18.8M vs. $15.8M last year. "We are pleased to deliver a strong third quarter performance to our shareholders" said Andrew Gordon, President and CEO of Coffee Holding Company. Our efforts over the last several months are now being reflected in our results. The addition of new customers for our private label business along with renewed growth of our flagship Cafe Caribe Brand have led the way to the strong growth in sales which I referred to in the company update which we issued at the beginning of 2024. In addition, we have paid down our line of credit by over $7 million during the last nine months, resulting in a savings of over $150,000 in interest expense. As of today, we have a zero-balance outstanding on our line of credit and I expect we will be able to maintain a similar level of borrowings over the next several periods as I believe we will continue to have positive cash flow from our operations. Annualized, these savings would translate into approximately $.10 a share in pretax earnings. Lastly, with the termination of the Delta transaction, we are determined to see a higher price for our stock that is commensurate with the true value of our company," concluded Mr. Gordon.
morning bobber
HIGHER -
NuCana (NCNA) up 149% after presenting final data from the Phase 2 NuTide:701 study at ESMO
Zentalis (ZNTL) up 40% after the FDA lifted the partial clinical hold on studies of azenosertib
Bausch + Lomb (BLCO) up 17% after Financial Times reported Bausch + Lomb is considering a sale as a strategy to disentangle itself from its parent company
Nuvalent (NUVL) up 21% after the company provided development updates for zidesamtinib and NVL-655
Ascendis Pharma (ASND) up 18% after announcing topline data from the pivotal double-blind placebo-controlled ApproaCH Trial of TransCon CNP
UP AFTER EARNINGS -
ModivCare (MODV) up 2%
DOWN AFTER EARNINGS -
AstroNova (ALOT) down 2%
LOWER -
iTeos Therapeutics (ITOS) down 13% after reporting follow-up interim data from GALAXIES Lung-201
Upstart (UPST) down 8% after announcing offering of $300M of Convertible Senior Notes due 2029
Apple (AAPL) down 2% after analyst Ming Chi-Kuo noted Apple is seeing less demand for iPhone 16 Pro and iPhone 16 Pro Max than expected
U.S. Empire State manufacturing index surged 16.2 points to 11.5 in September
U.S. Empire State manufacturing index surged 16.2 points to 11.5 in September, much stronger than expected, after bouncing 1.9 ticks to -4.7 in August. It is the highest print since April 2022. And it breaks a strong of contractionary readings since December, with the -43.7 the 2024 nadir. The employment component improved to -5.7 after edging up to -6.7 previously, and has not been in positive territory since October. The workweek jumped to 2.9 from -17.8, the highest since November 2022.New orders climbed to 9.4 following the drop to -7.9 previously. It is the best since April 2023. Prices paid were little changed at 23.2 from 23.4 with prices received dipping to 7.4 from 8.5.The 6-month index rose 7.7 points to 30.6 following the -2.9 point August slip to 22.9. The future employment gauge dipped to17.3 from 17.6. New orders jumped to 39.9 from 24.8.Prices paid rose to 44.2 from 37.2 and prices received slipped to 30.5 from 30.9
It's the second assassination attempt on Donald Trump in two months. The incident occurred on Sunday at his golf course in West Palm Beach, Florida, where a man who was wielding an AK-47-style assault rifle hid in shrubbery along the perimeter. Several Secret Service agents fired on the gunman after he was spotted only a few hundred yards from where Trump was playing, prompting him to flee in a vehicle. He was later arrested 40 miles north of the golf course after license plate readers flagged his car on the I-95.
Mugshot: The media identified the suspect as Ryan Routh, 58, of Hawaii. In July, 20-year-old Thomas Crooks tried to assassinate Trump at a campaign rally in Butler, Pennsylvania, grazing his right ear with a bullet before he was killed by a Secret Service sniper. "Nothing will slow me down. I will NEVER SURRENDER!" Trump wrote after the latest incident, while rival Kamala Harris said she was "glad he was safe" and "violence has no place in America."
These two episodes highlight the difficulties and tensions surrounding the 2024 election season. Things are very hot amid charged polarized campaigns, and big developments seem to be coming every other week, like President Biden's withdrawal from the race. To note, there have been similar assassination occurrences in recent U.S. history, like the two attempts made on President Ford in 1975, which took place within 17 days of each other.
Market movement: Trump Media & Technology (DJT), which is known for its meme qualities and can follow Trump-related developments, rose 6% in early trading on Monday, though the gains are starting to fizzle before the market opens. The stock has fallen heavily since March on fears that the end of a lockup period could result in Trump selling a large chunk of his shares, but the former president pledged he wouldn't do that on Friday, leading to somewhat of a rebound. For investors looking to play the elections through other market instruments, check out these politically driven GOP and Democratic funds.
Dragging on
The strike at Boeing (BA) could "go on for a while," machinist union leader Jon Holden told NPR, saying workers have "the most leverage at the most opportune time that we've ever had in our history." As many as 33,000 employees went on strike on Friday after rejecting a new labor contract, with the work stoppage expected to cost Boeing billions of dollars. "Historically, IAM 751 strikes have lasted 60 days on average," Bank of America noted, adding that the planemaker will likely move closer to the union's 40% wage hike demand. (2 comments)
Robo pact
Uber (UBER) and Waymo, the self-driving car company owned by Alphabet (GOOG, GOOGL), are expanding their existing partnership to bring autonomous ride-hailing to Austin, Texas and Atlanta. Paid ride offerings will be available in those locations starting in 2025. Uber and Lyft (LYFT) have ramped up deals with autonomous vehicle makers amid an increased adoption of the technology. Uber also inked a multiyear partnership recently to bring General Motors' (GM) Cruise autonomous vehicles to its platform. (43 comments)
Winning streak
Larry Ellison, Oracle's (ORCL) co-founder and technology chief, briefly overtook Amazon (AMZN) founder Jeff Bezos as the world's second-richest person, after the software giant's shares saw their best week since late 2021. Oracle gained 14.3% last week after its earnings topped expectations and its long-term targets impressed investors. The rally briefly lifted the net worth of Ellison, Oracle's biggest shareholder, to $208.4B on Friday, but it has since come down to $197.7B. Bezos' net worth currently stands at $204.4B, while Tesla (TSLA) CEO Elon Musk is No. 1 with a net worth of $252.8B. Take the WSB survey.
Today's Markets
In Asia, Japan closed. Hong Kong +0.3%. China closed. India +0.1%.
In Europe, at midday, London flat. Paris +0.1%. Frankfurt -0.3%.
Futures at 7:00, Dow +0.2%. S&P flat. Nasdaq -0.2%. Crude +0.5% to $68.99. Gold -0.2% to $2,604.40. Bitcoin -2.2% to $58,713.
Ten-year Treasury Yield -1 bp to 3.65%.
Today's Economic Calendar
8:30 AM Empire State Mfg Survey
Companies reporting earnings today ยป
What else is happening...
Wall Street is alarmed about weaker consumer credit trends.
$150B OpenAI valuation requires change in corporate structure.
Gulf of Mexico drillers slowly resume activity in wake of storm.
Intel (INTC) is said to qualify for $3.5B in military chip grants.
Do queasy side effects mean the end of weight-loss drug hype?
Spacewalk win: Rocket Lab (RKLB) top weekly industrial gainer.
23andMe (ME) agrees to pay $30M to settle data breach lawsuit.
Cruise industry coasts into end of summer on another high note.
Bausch + Lomb (BLCO) exploring sale to handle planned spinoff.
Will U.S. gasoline prices drop below $3/gallon before the election?
Largest increases in stock option open interest today $MSTR $COIN $NGD $MRK $GME $SOFI $hood $MPW $AAPL $NVDA $CVE $PLUG