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Here are the biggest calls on Wall Street on Monday: Morgan Stanley initiates EHang Holdings as overweight Morgan Stanley said it's bullish on shares of the Asia autonomous aerial vehicle company. Morgan Stanley downgrades Victoria's Secret to underweight from equal weight Morgan Stanley said it sees "underappreciated downside" for the lingerie company. Citi downgrades Peloton to neutral from buy Citi said in its downgrade of the stock that it has "limited visibility." Morgan Stanley upgrades U.S. Steel to overweight from equal weight Morgan Stanley said in its upgrade of U.S. Steel that it likes the company's "transformational investments." Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's sticking with its overweight rating on Apple after analyzing the company's quarterly 10-Q report.
Persons: Morgan Stanley, it's, Baird, Morgan Stanley downgrades, Wells, Bausch, Lomb, Apple, Johnson, MLCO, Moffett, Melius, inferencing, JPMorgan Organizations: EHang Holdings, EH, Deutsche Bank, Disney, Deutsche, Micron, Citi, Comerica, CMA, Steel, U.S . Steel, Apple, Services, UBS, JCI, Barclays, Resorts, Nvidia, Broadcom, AMD, Microsoft, JPMorgan, Group, Bank of America, Santander Brasil, of America Locations: Asia, U.S
Dow Jones Industrial Average futures rose 66 points, or around 0.2%. Last week, the Dow and Nasdaq gained 1.1% and 1.4% each, while the S&P 500 gained 0.5%. But the April jobs report helps clear a path to that destination," said Comerica Bank chief economist Bill Adams. While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday. On the economic front, Richmond Fed president Tom Barkin and New York Fed president John Williams are both scheduled to speak on Monday.
Persons: Dow, Bill Adams, Warren Buffett's Berkshire Hathaway, Uber, Emmanuel Cau, Tom Barkin, John Williams Organizations: New York Stock Exchange, U.S ., Federal Reserve, Dow Jones Industrial, Nasdaq, Dow, Traders, Comerica Bank, Apple, Disney, Barclays, Richmond Fed, New York Fed Locations: New York City, U.S, U.S . U.S
New York CNN —Wednesday’s Federal Reserve policy decision will likely be pretty boring for investors — officials are widely expected to keep interest rates the same, just as they have since July 2023. They think that the Fed may curtail its quantitative tightening (QT) program — that’s the selling off of its assets to decrease money supply and increase interest rates — by as much as half. Those purchases ended up pushing down interest rates in certain parts of the economy, like housing and auto sales. That led to a “repo crisis”, where the interest rates for overnight loans between banks spiked unusually high. That’s because a taper should send bond prices higher, and interest rates lower.
Persons: there’s, Jamie Dimon, Jerome Powell doesn’t, Krishna Guha, Marco Casiraghi, , Bill Adams, Biden, reclassify, General Merrick Garland, Xochitl Hinojosa, , Nancy Mace, Earl Blumenauer, ” Read, Zhao, Allison Morrow, ” Binance Organizations: CNN Business, Bell, New York CNN, Fed, JPMorgan Chase, Comerica Bank, Bank of America, CNN, US Department of Justice, Federal Register, Congress, Associated Press, Republican, CZ, Binance, Bloomberg Locations: New York, South Carolina, Oregon, Seattle
Stocks dropped sharply as investors readjusted rate cut expectations ahead of the latest FOMC meeting. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks plunged on Tuesday as investors got another dose of inflationary data ahead of the Federal Reserve's next policy decision. For the Fed, that adds even more restraint on its ability to cut interest rates this year, and futures markets now expect only one rate cut in December. AdvertisementThe equity decline that followed only deepened April's market losses, making it the first month of 2024 to end in the red.
Persons: Stocks, , Bill Adams, Brent Organizations: Service, Federal, of Labor Statistics, Comerica Bank Locations: McDonald's, Israel, Here's
Stock futures rose in overnight trading Thursday as Big Tech names Alphabet and Microsoft saw shares rally on strong earnings. S&P 500 futures climbed 0.9% and Nasdaq 100 futures popped 1.2%. The blue-chip Dow slid 375 points Thursday, while the S&P 500 and the Nasdaq Composite dropped 0.5% and 0.6%, respectively. The S&P 500 is up 1.6% week to date, on pace to break a three-week losing streak. So far, about 38% of the S&P 500 companies have reported quarterly results, and nearly 80% of those beat earnings expectations.
Persons: Dow, Thursday's, Dow Jones, Bill Adams Organizations: New York Stock Exchange, Big Tech, Microsoft, Dow Jones Industrial, Nasdaq, Gross, Dow, Comerica Bank, Chevron, Exxon Mobil
"What we've seen is deposit pressures escalate more than previously anticipated," said Alexander Yokum, analyst at CFRA Research, who has a neutral view on regional banks. "A lot of these regional banks, they have less deposits, so if they lose deposits, it can really impact their operating results," Yokum said. "So, higher for longer, I think for a lot of regional banks, would be negative." Here's what Wall Street analysts expect from regional banks this season. Other regional banks reporting this week include Fifth Third Bancorp .
Persons: Alexander Yokum, Yokum, Goldman Sachs, Ryan M, Nash, America's Ebrahim H, Poonawala, CFRA's Yokum, Citi's Keith Horowitz, " Horowitz, Huntington Bancshares Huntington Bancshares Organizations: Regional Banking, U.S . Bancorp, New York Community, CFRA Research, JPMorgan Chase, T Bank, PNC, " Bank, America's, U.S . Bancorp U.S . Bancorp, U.S . Bank, Bank of America, Huntington, Comerica KeyCorp, Comerica, Fifth Third Bancorp Locations: U.S, New, Ohio
Stock market volatility is ramping up, and some companies slated to report earnings this week could see some sharp moves. Overall, nearly 40 S & P 500 names will have reported earnings by the end of the week, according to FactSet. Amid an uncertain market environment, investors may want to buckle up ahead of certain earnings reports this week. Some semiconductor names also made the cut. Financial heavyweight Blackstone and regional bank names Citizens Financial , Fifth Third and Comerica could also make significant post-earnings moves this week.
Persons: Dow, Bryan Kraft, ASML, Vijay Shilpiekandula Organizations: CNBC Pro, Netflix, United Airlines, Deutsche Bank, TAM, Taiwan Semiconductor, Blackstone, Financial, Third, Comerica
Instead, the veteran wealth manager is now looking for stocks in growth sectors that look "reasonably valued." He said the pharmaceutical, real estate, energy and financial sectors were on his radar, and named four stocks that stand out. Pfizer Pharmaceutical company Pfizer — well known for its Covid-19 vaccine — is betting on cancer drugs , following its $43 billion acquisition of Seagen last year . Over the last 12 months, shares of Comerica are up around 28%, although they are down 7.5% year-to-date. According to Factset data, analysts' average price target on the stock is $59.45, giving it around 15% potential upside.
Persons: David Dietze, Dietze, , Schlumberger —, Dietze's, SLB Organizations: Nvidia, Wealth Management, Pfizer Pharmaceutical, Pfizer, CNBC Pro, Schlumberger, Comerica Locations: Seagen, U.S, SLB, Canada
Peopleimages | Istock | Getty ImagesEarly estimates for the 2025 Social Security COLANew government data points to a 2.4% Social Security cost-of-living adjustment for 2025, The Senior Citizens League estimates, based on new government inflation data released this week. The Social Security Administration typically announces the cost-of-living adjustment for the following year in October. In the meantime, experts say there are steps retirees can take to help compensate for the prospect of lower benefit increases. Annuities, which provide fixed income in retirement in exchange for a lump-sum investment, can be one way to supplement a retiree's income, LaVigne said. Consult with a financial advisorBefore purchasing an annuity or other retirement income strategy, it helps to consult with a professional.
Persons: " Johnson, Johnson, Lisa Featherngill, Featherngill, Kelly LaVigne, You've, LaVigne Organizations: Istock, Getty, Security COLA, Social Security, Senior Citizens League, Urban, Clerical Workers, CPI, Comerica Wealth Management, Social, Allianz Life Locations: Winston, Salem , North Carolina
Stock futures rose slightly in overnight trading Monday as investors await a key inflation report that could inform the path of the Federal Reserve's monetary policy. S&P 500 futures and Nasdaq 100 futures both inched up 0.2%. All eyes are on the February reading of the consumer price index, which is set to be released on Tuesday at 8:30 a.m. "The CPI index likely ran hot in February on higher gasoline prices, but core inflation likely slowed further as car prices fell and rent increases moderated," said Bill Adams, chief economist at Comerica Bank. The technology-led market rally has lost momentum as of late as some of the biggest winners this year continued to retreat.
Persons: Dow Jones, Bill Adams, Tesla, Mark Hackett, Nationwide's Organizations: New York Stock Exchange, Federal, Dow Jones Industrial, Nasdaq, Dow, CPI, Fed, Comerica Bank, Nvidia, Apple, Microsoft
Citi reiterates Snowflake as a top pick Citi said Snowflake remains a top pick at the firm. Citi reiterates Micron as buy Citi said concerns about the stock underperformance is overdone and investors should buy the dip in top pick Micron. "We reiterate our Buy rating on Micron and maintain our price target of $95.00, above its historical average given the DRAM upturn and continued upside." "We are initiating coverage of Duolingo with a Buy rating and $222 price target (12x 2025 revenues)." Citi reiterates Nvidia as a top pick Citi said it's staying long shares of Nvidia.
Persons: Morgan Stanley, Rivian, Snowflake, Berenberg, Eli Lilly, Unilever, Edward Jones, Goldman Sachs, Piper Sandler, Piper, Datadog, Yuka Broderick, Janney, Argus, Wells, VZIO, MGY, Bernstein, it's, Evercore, Davidson Organizations: Citi, US pharma, Staples, Fractyl Health, Investor Relations, Strategic Finance, American Eagle Citi, Watch, Micron, UBS, Netflix, SUN, Kroger, Industry, Deutsche Bank, Deutsche, Seaport, Bank of America, Gas, Semiconductors, Nvidia, AMD, Seagate, Bank of, underperform Bank of America, JPMorgan, Comerica, CMA
AdvertisementThat means the strong job numbers of recent months have largely been due to immigrants , specifically foreign-born workers, entering the workforce in large numbers. “Foreign-born labor force participants have accounted for all of the job growth over the last year,” Bill Adams, an economist at Comerica Bank, told The New York Times. AdvertisementAdditionally, he said these job gains haven’t come at the expense of US-born workers either. As of 2022, foreign-born workers were more likely than US-born workers to be in service, natural resources, construction, and maintenance jobs, according to the Bureau of Labor Statistics. As of January, 65.7% of foreign-born workers were working or looking for work, compared to 61.4% of US-born workers.
Persons: , ” Bill Adams, Paul Krugman, “ They're, , Louis, Miguel Faria, Castro, Donald Trump Organizations: Service, Business, Comerica Bank, New York Times, Bureau of Labor Statistics, Immigrants, Congressional, Office, St, Louis Fed
Consumers remained largely sanguine about the economy and inflation in February, according to the latest sentiment survey from the University of Michigan released Friday. The February index rose 0.6 points to 79.6 after posting strong gains in the prior two months. The index of consumer expectations, a forecast of how Americans see the economy in the coming months, is now up 21.6% from a year ago. Expectations for inflation did tick up slightly, with the 12-month level now at 3%, up from 2.9% in January. “The upside surprise in the January PPI report echoes the month’s CPI report,” said Bill Adams, chief economist for Comerica Bank.
Persons: , Joanne Hsu, “ Consumers, Hsu, Jerome Powell’s, Ken Tjonasam, Powell, Bill Adams Organizations: University of Michigan, , PPI, Global, CPI, Comerica Bank, “ Labor
Washington, DC CNN —Spending at US retailers tumbled much more than expected in January as cold weather across the United States kept shoppers at home after a robust holiday spending season. Retail sales, which captures spending on all goods and food services, fell 0.8% in January, the Commerce Department reported Thursday, breaking a two-month streak of increases. Spending declined across various categories last month, including at gas stations and home improvement stores, likely due to the cold weather, falling 1.7% and 4.1%, respectively. January’s Arctic chill also reversed course later in the month in some parts of the country and it’s possible that retail spending could come roaring back in February. “The Fed is likely to look through one month’s weak retail sales report, especially since there is an obvious explanation from a clearly temporary issue,” he said.
Persons: it’s, Bill Adams, , Organizations: DC CNN, Commerce Department, Comerica Bank Locations: Washington, United States
The most common measure of inflation, the CPI is expected to have fallen to 2.9% annually from 3.4% while the core CPI, excluding food and energy costs, is forecast to have declined to a 3.7% rate from 3.9% in December. Year-end revisions to 2023 CPI data, released last Friday, showed inflation was actually slightly lower on a monthly basis in December than earlier estimated. “But ‘generally’ doesn’t necessarily mean linear or consistent – there could very well be bumps ahead.”“Core inflation today is being primarily driven by shelter and wage-sensitive core services,” Lin added. Headier growth could mean prices will take longer to revert back to the 2% annual inflation target set by the Federal Reserve. The day also brings the first reading on consumer sentiment for February from the University of Michigan’s key index.
Persons: , BeiChen Lin, ” Lin, Jerome Powell, David Andolfatto, Louis, , Bill Adams, Waran Organizations: Russell Investments, Economic, Federal Reserve Bank, Atlanta’s, Federal Reserve, Research, Miami Herbert Business School, University of Miami, Federal Reserve Bank of St, University of, Comerica Bank, Locations: U.S
As the S & P 500 notches all-time highs, some big names like Lululemon Athletica and Comerica are among more than a dozen stocks trading below their 50-day moving averages. A stock's 50-day moving average is the mean of its 50 most recent closing prices at any given point. We searched the index for stocks that fell below their 50-day moving averages in the past five days and that remain below that level, according to FactSet. Comerica is another name trading below its 50-day moving average of $52.68 per share. Other stocks trading below their 50-day moving average include manufacturer Honeywell and transportation company C.H.
Persons: Lululemon, Raymond James, , FactSet, Wells Fargo, Robinson Organizations: Comerica, Investment, Nike, Analysts, Honeywell Locations: Dallas
Official figures show that growth is solid, jobs are plentiful and wages are climbing, and yet voters are mostly feeling down and giving President Biden little credit. Friday’s jobs data is adding to that split-screen view, with economists pointing out red flags in an otherwise sterling report. Employers added 353,000 jobs last month, almost double economists’ forecasts, and an additional 100,000 via revisions in previous months. Average hourly wages rose, too. For a start, wintry weather shrank the average workweek to 34.1 hours in January.
Persons: Biden, Bill Adams Organizations: Employers, Comerica Bank Locations: U.S
What Now for the Economy?
  + stars: | 2024-02-05 | by ( Tim Smart | Feb. | At A.M. | ) www.usnews.com   time to read: +4 min
Where does the economy go from here? Consumers are feeling better, expecting that the economy will do well and inflation will subside in the coming 12 months. While the economy ended last year on a strong note, the expectation was that it would cool down as the calendar turned to 2024. Last week, the International Monetary Fund boosted its projection for global growth to 3.1% from its October estimate of 2.9%, citing “greater-than-expected resilience” in the U.S. economy. The Federal Reserve Bank of Atlanta’s GDPNow forecast has the U.S economy growing at a 4.2% clip in the first quarter.
Persons: , Jerome Powell, Powell, ” Powell, Lightcast, Rachel Sederberg, , That’s Organizations: Federal, Labor Department, ” Comerica Bank, Fed, CBS, International Monetary Fund, Federal Reserve Bank, Atlanta’s, Santander Bank, Locations: U.S, ” Santander
Between the hot dogs, the beers and probably during Usher’s greatest hits, the Super Bowl spectators will likely visit one of Allegiant’s 297 restrooms. The high cost of long linesLong lines for the restroom are what architects call a “friction point,” and, potentially, a costly one. The average price for a Super Bowl ticket is currently hovering around $9,800. So what’s the new science of stadium restrooms? Many theaters, airports and public buildings are famous for long lines around women’s restrooms but none by the men’s.
Persons: Taylor Swift, Scott Taetsch, Jonathan Emmett, , Emmett, , they’re, Scott W . Grau, it’s, you’re, Taylor, Kathryn Anthony, that’s, Anthony, “ There’s, Mark Mulligan, Cintas, Jo Schneider, Schneider “ It’s, Schneider, Julie Amacker Organizations: New, New York CNN, Super, Architects, Lincoln Financial, Getty, Premier League That’s, Philadelphia Eagles, Major League Baseball, Comerica, Arena, University of Illinois, American, Association, University of Houston Downtown, Houston Chronicle, Toilet College, Organization, Baltimore / Washington International Airport, Maryland Aviation Administration, Washington, Marshall, Thurgood Marshall Airport, Kansas Chiefs, San Francisco 49ers, CAA Locations: New York, Las Vegas, Nevada, Philadelphia , Pennsylvania, Detroit , Michigan, University of Illinois Urbana, Champaign, Baltimore
Goldman Sachs reiterates Amazon as buy Goldman said it's sticking with its buy rating after the company's robust earnings report on Thursday. " Bank of America reiterates Apple as buy Bank of America said investors should keep buying shares of Apple after its earnings report on Thursday. "We are downgrading the shares to HOLD and lowering our price target to $7." Bank of America reiterates Roblox as buy Bank of America said it's bullish on the stock heading into earnings next week. " Citi reiterates Disney as buy Citi said it's standing by the stock heading into earnings next week. "
Persons: Morgan Stanley, Meta, Goldman Sachs, Goldman, Evercore, Oppenheimer, Baird, Wells, Roblox, it's bullish, Chipotle, it's Organizations: North America, Bank of America, Apple, Nvidia, Global Payments, Costco, Citi, Sea, Deutsche Bank downgrades New York Community Bancorp, Deutsche, New, Community Bancorp, Comerica, CMA, TFC, Barclays, Nike, Disney, UBS, ~$ $ Locations: North, China, Singapore, KeyCorp, F1Q23
Three-Stock Lunch: Meta, Comerica and McDonald's
  + stars: | 2024-02-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: Meta, Comerica and McDonald'sScott Nations, Nations Indexes founder, joins 'Power Lunch' to discuss three stocks; Meta, Comerica and McDonald's.
Persons: McDonald's Scott Organizations: Comerica, McDonald's, McDonald's Scott Nations, Meta Locations: McDonald's
U.S. regional banking shares tumble for second straight day
  + stars: | 2024-02-01 | by ( ) www.cnbc.com   time to read: +2 min
The KBW Regional Banking Index slipped 4.8% after seeing its biggest single-day decline since the collapse of Signature Bank in March last year. NYCB shares lost another 13.4% of their value and were last trading at $5.60. The frenzied selling in banking shares has rekindled fears about regional lenders, even as many analysts and investors said the problems at NYCB were mostly unique. Western Alliance Bancorp's shares fell nearly 11%, while those of Valley National Bancorp dropped 8.8%. Comerica's shares fell 5.8%.
Persons: NYCB, Martin Rauchenwald, Arthur D, Steven Alexopoulos, Alexopoulos, Moody's, Western Alliance Bancorp's Organizations: New York Community Bank, U.S, New York Community Bancorp, Signature Bank, Flagstar Bank, Jefferies, Western Alliance, National Bancorp Locations: Yonkers , New York, U.S, NYCB
The latest S&P Case-Shiller national home price index data published Tuesday — which offers the three-month average for September, October, and November closing prices — showed a moderate slowdown in price gains. "The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months." However, each saw annual gains of 5.4% and 6.2%, respectively. The biggest annual price gains came in Detroit and San Diego, at 8.2% and 8%, respectively. "The rate has since fallen over 1%, which could support further annual gains in home prices."
Persons: , Brian D, Luke, Freddie Mac, Bill Adams Organizations: Service, Business, Federal Reserve, Comerica Bank Locations: Detroit, San Diego, Miami, Tampa, Atlanta, Charlotte , New York, Cleveland, Portland
Microsoft, Alphabet (Google), Meta, Amazon and Apple are all due to report this week. A few hours after the Treasury announces, the Fed will also conclude its two-day meeting, the first of 2024, and issue a statement on interest rates. “They are determined to avoid making the same mistake twice.”The week ends with Friday’s monthly jobs number for January. Rounding out the week will be a report on consumer sentiment from the University of Michigan. The final reading for January is expected to show consumers feeling happier about the state of the economy and inflation.
Persons: , Richard de Chazal, William Blair, Jerome Powell, , Powell, Bill Adams, ” Adams Organizations: Microsoft, Federal Reserve, Conference Board, Consumers, Labor Department, Treasury, Reserve, Comerica Bank, Fed, University of Michigan
New York CNN —Stocks of small US lenders are still in the doldrums nearly a year after the regional banking crisis. The KBW Nasdaq Regional Banking index, which tracks the performance of regional lenders and thrifts, has fallen more than 2.4% this year compared to the benchmark S&P 500’s 2.6% gain. “This development is likely to … challenge the health of regional banks,” wrote José Torres, senior economist at Interactive Brokers, in a note on Thursday. Regional bank stocks struggled for much of 2023 after the collapses of Silicon Valley Bank and Signature Bank sparked a flight on deposits and sent shockwaves through the stock and bond markets. High interest rates threatened to put pressure on regional banks’ bond portfolios and squeeze their bottom lines, creating a good old-fashioned bank run.
Persons: Huntington, PNC Financial Service’s, , José Torres, Alex McGrath, , McGrath, Samantha Murphy Kelly, David McQueen, ” Read, Bryan Mena Organizations: CNN Business, Bell, New York CNN, Nasdaq, PNC Financial Services, PNC, Comerica Inc, US Bancorp, Citizens, PNC Financial, Federal Reserve, Interactive Brokers, Valley Bank, Signature Bank, First, Bank, Microsoft, Apple, ABI Research, Gross, Commerce Department Locations: New York, China
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