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Wells Fargo — Shares of the bank inched lower by less than 1% after it reported a decline in net interest income during the first quarter. Wells Fargo did beat analyst expectations for its first-quarter adjusted earnings and revenue. Globe Life — The life insurance stock bounced 10% after plummeting more than 50% during Thursday's session. The firm said shares were not worth purchasing ahead of the first quarter earnings report, given the weakness expected. Ciena — Shares slipped nearly 3% after Citi initiated coverage of the software company with a sell rating.
Persons: Jamie Dimon, Wells, LSEG, Corteva, Librela, — CNBC's Michelle Fox, Alex Harring, Tanaya Macheel, Pia Singh Organizations: JPMorgan, Street, Wells Fargo, BlackRock —, BlackRock, Fuzzy Panda Research, Paramount, Skydance Media, Citi, Wall Street, Solensia, Arista Networks, Rosenblatt
If you want to understand how different the human and animal medicine and vaccine industries have historically been, you don't need to look much further than weight loss drugs. When Pfizer spun off its animal health business in 2013 creating Zoetis, about 65% of the company's business was livestock-related. That has flipped now, with 64% of the company's revenue coming from products for companion animals like cats and dogs. Peck credits the Pfizer spinoff for allowing Zoetis to better balance what the company wanted to do in animal health versus the human health side. A similar product was approved for cats, marking the first time that monoclonal antibody treatments, which have become increasingly popular for treating human illnesses, have been used to treat pet osteoarthritis pain.
Persons: Kristin Peck, Eli Lilly, Peck, Zoetis, We've, it's, We'll Organizations: CNBC, Novo Nordisk, Pfizer, AstraZeneca, FDA
A recent survey conducted by Piper Sandler shows most of the 101 veterinarians it polled expect the prices they charge and the volume of patients they see to mostly hold up in the months ahead. While Piper Sandler "modestly" trimmed earnings estimates for 2024 for animal health-care companies Zoetis, Idexx Laboratories and Elanco Animal Health , Westenberg said Zoetis' products performed well in the survey. Solensia rang up $30 million in sales last year, but the opportunity for Librela is even bigger, according to the analyst. ZTS YTD mountain Even with the recent pullback in Zoetis stock, shares are up more than 18% year to date. In the Piper Sandler survey, few vets said they would pick the company's Credelio Quattro as their primary parasiticide when it is released.
Persons: Piper Sandler, David Westenberg, Westenberg, Librela, Solensia, Zoetis, FactSet, Quattro Organizations: Idexx Laboratories, U.S . Food, Drug Administration, Elanco Locations: parasiticides, U.S
Goldman Sachs unveiled a slew of stocks this week that could have major upside throughout 2023. Howmet Aerospace Goldman Sachs is standing by its buy rating on the aerospace products company. "Howmet remains well positioned in the commercial aerospace growth market, delivering critical components, taking market share, generating strong margins and cash flow," he said. Howmet remains well positioned in the commercial aerospace growth market, delivering critical components, taking market share, generating strong margins and cash flow. The quarter was one of progress on multiple fronts, including margins, market share, and cash flow.
With this in mind, CNBC Pro set out to find Wall Street's favorite stable stocks. If a stock has a beta of less than 1, it tends to be less volatile than the broader market. Health care names Bio-Rad Laboratories and Zoetis have the highest potential upside of any stock on the list, FactSet data shows. The tech giant has a five-year beta of 0.94 and has buy ratings from 82% of analysts covering it. The video game maker has a five-year beta of 0.76 and has buy ratings from 55% of analysts covering it.
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