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Morgan Stanley reiterates Apple as overweight Morgan Stanley lowered its price target on the stock to $210 per share from $220 but says it's sticking with Apple. Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon earnings next week. Bank of America reiterates Tesla as neutral Bank of America said it's sticking with its neutral rating on Tesla shares. Morgan Stanley upgrades Alcoa to equal weight from underweight Morgan Stanley said it sees a more balanced risk/reward for shares of Alcoa. Bank of America reiterates Apple as buy Bank of America says Apple is a top pick at the firm.
Persons: Goldman Sachs, Goldman, Morgan Stanley, it's, Piper Sandler, Piper, Apple, Q, Q revs, Papa, Stifel, Papa John's, Jefferies, Mizuho, JPMorgan, Raymond James downgrades, Raymond James, TD Cowen, BRBR, BMO downgrades, Tesla, Oppenheimer Organizations: Nvidia, NVIDIA, RBC, Apple, Microsoft, Meta, Bank of America, JPMorgan, Cisco, Deutsche Bank, Realty Trust, Deutsche, Brands, BMO, of America, Alcoa, Kymera Therapeutics, " Bank of America Locations: Singapore, Asia, Brazil
The rise in power demand for data centers — which are booming from the need to support a new world of AI technologies — is also fueling demand for the providers of data center parts. "Expected power usage for U.S. data centers under construction is equivalent to more than 50% of the power currently used by U.S. data centers. Several years out, even after these data centers are constructed, some expect data center power consumption to double again," analyst Thomas Thornton wrote in a Wednesday note. Management is raising its own capital expenditures for the first time in a decade to meet the power demand for data centers, BofA added. To be sure, analysts mentioned that data center demand will likely exceed supply.
Persons: Thomas Thornton, Thornton, BofA, David Barden, Barden, Equinix, Eaton Organizations: Bank of America, Caterpillar, Management, Realty Trust, Digital Realty, Software, Aspen Tech, Constellation Energy, Dominion Energy
And now, a multi-billion-dollar tower featuring floor-to-ceiling glass will add another dimension to the cityscape, according to new details unveiled by New York City Mayor Eric Adams this week. Stretching up 62 stories, a planned office tower at 350 Park Avenue will provide space for more than 6,000 jobs, plus 1.8 million square feet of commercial office space, according to a press release. White columns will frame a new public concourse at the base of the new building on Park Avenue, complete with green space, seating and art displays, images show. Building this new office space comes at a fraught time for the commercial real estate market as businesses struggle to entice workers back to the office after years of working from home. The project will begin the city’s public review process early next year and the tower is expected to be completed by 2032, according to the release.
Persons: Eric Adams, Kenneth Griffin, Rudin, White, Foster, Partners Adams, , , Adams, Meera Joshi, ” Joshi Organizations: CNN, Chrysler, Trade Center, Empire, New York City, Vornado Realty Trust, Citadel, Citadel Securities, Partners, Midtown, Rockefeller Center, St, Grand Central, Midtown —, Central Park Locations: New York, Midtown Manhattan, Patrick’s, York, Fifth, Central
Schwarzman said QTS was now "the largest data center company in North America" and that data centers were one of Blackstone's "highest conviction investment themes today." Jon Gray, Blackstone's president, suggested Blackstone's data center portfolio would continue to grow. The size of Blackstone's investments in data centers reflect an astonishing rise for a once-obscure industry that's gaining importance in the race to develop and commercialize artificial intelligence. Around the country, there has been a boom of data center construction. Late last year, QTS won local approval to build one of the country's largest new data center projects in Virginia.
Persons: Steve Schwarzman, Schwarzman, Blackstone's, Blackstone, QTS, Jon Gray, Gray, Michael Chae, We've Organizations: Business, Blackstone, Google, Income Trust, Digital Realty Trust Locations: North America, QTS, Virginia, Frankfurt, Paris
Citadel's Ken Griffin filed plans alongside Vornado and Rudin for a 62-story NYC skyscraper. The mayor's office said the building would bolster an ongoing revitalization of midtown. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Real estate developers Vornado Realty Trust and Rudin Management filed plans for the project alongside Griffin (whose Citadel and Citadel Securities will serve as anchor tenants), the mayor's office said Tuesday. The prices they paid will fund upkeep for both churches, the Mayor's office said, to the tune of $150 million.
Persons: Citadel's Ken Griffin, Rudin, Griffin, , Ken Griffin, Adams, Griffin doesn't Organizations: Vornado, Service, Realty, Rudin Management, Citadel Securities, Saint Bartholomew's, Midtown, Bloomberg, Citadel, Business, Miami Locations: Miami, New York, St, Patrick's, Midtown Manhattan, Chicago, United States
Barclays downgrades American Express to equal weight from overweight Barclays sees "limited upside" on valuation for the stock. Compass Point downgrades Wells Fargo to neutral from buy Compass sees a more balanced risk/reward for shares of Wells Fargo. Bank of America reiterates Apple as buy Bank of America says its survey checks show App Store growth increasing. Bank of America upgrades Ally Financial to buy from neutral Bank of America said the bank holding company has "credit leverage." Bank of America initiates Frontier a buy Bank of America said the wirelines and cable telecom company has "meaningful potential to outperform."
Persons: Morgan Stanley, Raymond James, Goldman Sachs, Tesla, Goldman, Wells, Wells Fargo, Jefferies, MNDY, Rosenblatt, TeraWulf, TD Cowen, William Blair, Cowen, it's, Wolfe, KBW, DA Davidson, Davidson Organizations: Cisco, Colgate Energy, Resource, Bank of America, Infosys, of America, Barclays downgrades, Express, Barclays, BMO, Realty Trust, Compass, LPL, Nasdaq, Jefferies, RBC, Molson Coors, TAP, Distributors, Google, GE Aerospace, GE, General Electric Company, Apple, Netflix, Frontier Communications, JPMorgan, Eagle Outfitters, Technologies, Steel, Japan's Nippon Steel, Nippon Steel, GOP, Trump, Nvidia Locations: Midland , Texas, Wells Fargo, Freeport, Pittsburgh
Walgreens Boots Alliance — Shares dipped 1.6% after the company's fiscal second quarter report was released. Walgreens generated $37.05 billion in revenue for the quarter, topping the LSEG forecast of $35.86 billon. Estee Lauder — Shares rose more than 3% after a Bank of America upgrade to buy from neutral. Management is guiding for full-year revenue growth to fall between 8% to 10%, while analysts polled by FactSet had forecasted 6.4%. Vornado Realty Trust — Shares gained 1.2% after Morgan Stanley upgraded the office building REIT to equal weight from underweight.
Persons: Estee Lauder, Vikram Gandhi, RH, FactSet, Morgan Stanley, Vornado, , Jesse Pound, Sarah Min, Michelle Fox Organizations: Walgreens, Bank of America, Allstate, HSBC, Management, Apollo Global Management, Securities and Exchange Commission, U.S, Attorney's, Vornado Realty Locations: New York, West Coast
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. "They need to be in this" business, Cramer said, noting that Builders FirstSource has been one of the best stocks in the S & P 500 lately. Cramer's CNBC Investing Club owns consumer-products giant Procter & Gamble . "This whole story about commercial real estate being in trouble, other than in San Jose, we're seeing improvement everywhere," Cramer said. Within banks, the CNBC Investing Club owns shares of Wells Fargo and Morgan Stanley .
Persons: Jim Cramer's, Jim Cramer, it's, Cramer, You've, Clark, They've, Morgan Stanley, Vornado Organizations: CNBC, Club, Walgreens Boots Alliance, Walgreens, Home Depot, Procter & Gamble, Vornado Realty Locations: San Jose, Wells Fargo
Tuesday's CPI report shows slightly higher-than-expected inflation, suggesting that the Federal Reserve is likely to delay potential rate cuts. This could pressure interest rate-sensitive sectors like real estate and set up a potential profitable options trade. The trade The trade structure I am using here is called a "bear put spread". You may find trading platforms using other names like "put debit spread" or "long put spread" too. NOTE: With DLR trading around $146, I am looking to buy an ATM (at-the-money) put spread.
Persons: I've, Fibonacci, Nishant Pant Organizations: CPI, Federal Reserve, Digital Realty Trust, Realty Trust
Goldman Sachs reiterates Salesforce as buy Goldman said it's standing by its buy rating following the company's robust earnings report on Wednesday. "Multiple high-profile catalysts should double revs by FY28 & support an Outperform rating with a $54 PT." "We initiate coverage of Gates Industrial (GTES) with a Buy rating and $21 price target. The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance." Goldman Sachs reiterates Microsoft as buy Goldman said it's standing by its buy rating after a meeting with Microsoft investor relations.
Persons: Jefferies, Roth, Roth MKM, Morgan Stanley downgrades Snowflake, Morgan Stanley, Goldman Sachs, Salesforce, Goldman, it's, TD Cowen downgrades Macy's, Telsey, TD Cowen, Wells, Needham, " Jefferies, Tesla, Coupang, Baird, Cantor Fitzgerald, Cantor, Gates, Piper Sandler, Piper, Raymond James, William Blair, Gordon Haskett downgrades, Haskett, Frank Slootman's Organizations: Jefferies, Barrick Gold, NEM, UBS, Apple, Mar, Bitdeer Technologies, BTC, Citi, United Airlines, Delta, Delta Air Lines Inc, DAL, Deere & Company, American Airlines Citi, Catalyst Watch, Reliance, Star India, JV, UBS downgrades Republic Services, Downside, RBC, Xenia Hotels, Resorts, Deutsche Bank, Deutsche, Products, Gates, NTR, LXU, UW, Bank of America, underperform Bank of America, Realty Trust, Fidelity, Korn, Microsoft, Macquarie Locations: U.S, China, American's, DIS's, Xenia, Federal, Korea
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEmpire State Realty Trust CEO on commercial real estate, NYC office trends and big name tenantsTony Malkin, Empire State Realty Trust CEO, joins 'The Exchange' to discuss the state of commercial real estate and New York City office space.
Persons: Tony Malkin Organizations: Realty, Realty Trust Locations: New York City
Vornado Realty Trust is contemplating turning a prime New York City plot into a giant billboard. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNew York City-based developer Vornado Realty Trust is considering using a plot of land near Madison Square Garden and the Empire State Building to house a 150-foot tall billboard, among other options. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Realty, Service, Vornado Realty, Garden, Empire, Business Locations: New York, Hotel Pennsylvania, York City, Madison
Wall Street wrapped up another positive week, with the S & P 500 closing Friday above 5,000 for the first time ever. It was a pretty light week in terms of economic data releases, though we did get a favorable ISM Services number on Monday. Things will pick up next week with several closely watched macroeconomic updates, including two key government inflation reports. While no Club earnings are scheduled to report earnings in the week ahead, 61 companies in the S & P 500 will deliver their latest quarterly results. Consumer inflation: The main event of the week will come on Tuesday when the January consumer price index (CPI) is released.
Persons: Estee Lauder, Eli Lilly, Price, Bausch, Trimble, Krispy Kreme, Topgolf, Kraft Heinz, Martin Marietta, Owens Corning, WEN, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Club, GE Healthcare, DuPont, Linde, Ford, Disney, Wynn Resorts, CPI, PPI, Palo Alto Networks, Nvidia, Bausch Health, Arista Networks, WM, Cadence Design Systems, ZoomInfo Technologies, Avis Budget, Brighthouse, Goodyear Tire &, Vornado Realty, Marriott International, Hasbro, Restaurant Brands, Molson Coors Beverage, Holdings, MGM Resorts, MGM, Akamai Technologies, American International Group, AIG, Topgolf Callaway Brands, CME Group, Sony, SONY, Blackstone Mortgage Trust, Martin Marietta Materials, Ryder, Occidental Petroleum, Cisco Systems, Deere, Penn Entertainment, Southern Company, Coinbase, Trade, Materials, Rand, Texas, Housing, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Albemarle, ALB, Ingersoll, New York City
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Bill Baruch buys Tesla and Josh Brown sells Empire State RealtyBill Baruch and Josh Brown join CNBC's 'Halftime Report' to break down their Tesla and Empire State Realty Trust trades.
Persons: Bill Baruch, Tesla, Josh Brown, Realty Bill Baruch, CNBC's Organizations: Realty, Empire, Realty Trust
The firm pointed to recent data from the International Energy Agency, which forecasted that electricity consumption from data centers, artificial intelligence and the cryptocurrency sector could double by 2026. "The latest IEA electricity forecasts paint an even more alarming outlook for data center consumption," analyst Hiral Patel wrote in a Monday note. Barclays said it is looking at three investment areas that are a key part of the trend: data center operators, data center suppliers and data center grid infrastructure builders. After successfully using lithium-ion batteries at a Dublin data center , Microsoft wants to expand grid-interactive battery storage in other areas. That includes nine data centers in Ireland, which is a data center hotspot in Europe that's also under increased risk given its soaring electricity consumption, Barclays said.
Persons: Hiral Patel, Morgan Stanley's, Europe that's, Stifel Nicolaus, Eaton Organizations: Barclays, International Energy Agency, CNBC, Microsoft, Electricity, Constellation, Digital Realty Trust, Digital, European Union, Blackstone, Digital Realty, Devices, AMD, Tech Locations: Japan, U.S, Dublin, Ireland, Europe, European, Frankfurt, Paris, Virginia
Read previewA corner of the internet believes "The Color Purple" star Taraji P. Henson and Oprah Winfrey are feuding, even though they've never spoken ill of each other publicly. Danielle Brooks, Blitz Bazawule, Fantasia Barrino, Taraji P. Henson, and Oprah Winfrey on December 12, 2023, in New York City. Taraji should have waited until after the Color Purple hype was over to speak publicly on her pay being too low. pic.twitter.com/afrWpc7vTD — James Jones (@jamesjonesesq) December 21, 2023"I haven't seen a raise in my income since 'Proud Mary' and almost had to walk away from 'The Color Purple,'" Henson said. Henson called out the frustrations of working on 'The Color Purple' in a New York Times interviewTaraji P. Henson as Shug Avery in "The Color Purple."
Persons: , Henson, Oprah Winfrey, they've, Winfrey, Gayle King, Danielle Brooks, Oprah, Taraji P, Arturo Holmes, Brooks, Sofia, O, Danielle Brookes, Winfrey's, Fantasia Barrino, Fantasia, Dimitrios Kambouris, Realty Trust Henson, Mary, Shug Avery, afrWpc7vTD — James Jones, Instagram, OPRAH, Taraji, Lynsey Weatherspoon, Henson Oprah Winfrey, Tommaso Boddi, I've, Barrino, Toby Emmerich Organizations: Service, Business, Warner Bros, CBS, Hotel, Hollywood, The Hollywood, Empire, Oprah, Getty, Realty Trust, New York Times, 81st Golden Globe, Beverly Hilton Hotel, Entertainment, Globes Locations: New York City, Atlanta, Beverly Hills , California
The S & P 500 rose 24% in 2023, ending the year just shy of a record closing high. The highest S & P 500 target on the Street calls for 8.7% upside from Thursday's close. A fund with exposure to small and midcap semiconductor stocks is the SPDR S & P Semiconductor ETF (XSD) . Exposure to this space can be obtained through the SPDR S & P Health Care Equipment ETF (XHE) . For these investors, Bailey likes Berkshire Hathaway , calling it a counter-cyclical sitting on a ton of cash.
Persons: Larry Adam, Raymond James, Robert Kaplan, Steven Wieting, Wieting, there's, Mike Bailey, — Bailey, Bailey, They're, Berkshire Hathaway, Eli Lilly, they're, Jack Ablin, Ablin, Rowe Price Organizations: Nasdaq, Dow Jones Industrial, CNBC Pro's, Survey, National Association for Business Economics, Dallas Federal, CNBC, Bank of America, Fed, CNBC Pro, Citi Global Wealth, Nvidia, Meta, Microsoft, P Semiconductor, P Health Care, FBB Capital Partners, Corporate, Aggregate Bond, Berkshire, Essex Property Trust, Federal Realty Trust, Rowe Price Group Locations: Essex
Stock purchases by corporate insiders are tracked by many fund managers as a potential signal of company quality. For example, shares of Spectrum Brands are down about 17% over the past three months, but its top executive just stepped in. Spectrum Brands is a conglomerate of different home and pet products, including George Foreman cooking grills and the Wild Harvest pet food line. Here are the top five insider buys revealed in the final week of November, according to VerityData and securities filings. Spectrum Brands: Maura bought 40,000 shares at an aggregate price of $2.67 million.
Persons: David Maura, Maura, George Foreman, Kayne, John Frey, Ivan Kaufman, Paul Elenio, Walden Rhines, Dentsply Sirona, Gregory Lucier, Gregory Lucier's Organizations: Stock, Investors, Spectrum Brands, Brands, Kayne Anderson Energy Infrastructure Fund, Arbor Realty Trust Locations: Arbor
Legendary short seller Jim Chanos, who has decided to convert his hedge funds to a family office after nearly four decades, said he remains a firm believer in short-selling in this era of rampant corporate wrongdoings. In his final message to investors, the short seller best known for his bet against Enron before its bankruptcy in 2001, said there are still more than enough short opportunities for investors. Chanos has also bet against Tesla and Coinbase in recent years, but these positions turned out to be volatile and tough at times. The founder of Chanos & Co. said Coinbase runs an unsustainable model as it makes money from increased commission rates for retail investors. "It is no secret that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned," Chanos wrote in the letter.
Persons: Jim Chanos, Chanos, , Tesla, Coinbase, — CNBC's Scott Wapner Organizations: Enron, Digital Realty Trust, Big Tech, Chanos, Wall Street Locations: China
Stock Chart Icon Stock chart icon SolarEdge's year-to-date stock performance. Stock Chart Icon Stock chart icon Arbor Realty's year-to-date stock performance. Stock Chart Icon Stock chart icon Liberty Media's year-to-date stock performance. Stock Chart Icon Stock chart icon Square-parent Block's year-to-date stock performance. Stock Chart Icon Stock chart icon Becton Dickinson's year-to-date stock performance.
Persons: Archer Aviation's, I've, Arbor, We're, Philip Morris International's, Philip Morris, Becton, Becton Dickinson Organizations: Archer Aviation, SolarEdge Technologies, Arbor Realty Trust, Liberty, Philip Morris International
And those workouts are becoming mathematically untenable even for private lenders. Borrowing costs for the CRE market have risen more than income, a situation prompted by the steepest jump in interest rates in decades. NO REAL OPTIONRising caution among private lenders will worsen the paucity of liquidity for property owners who have no real exit option. Some private lenders faced the risk of ending up paring their portfolios that were expensive to manage, he added. But the firm's head of commercial real estate economics Thomas LaSalvia said probability of a contagion effect was low.
Persons: Mike Comparato, Jeff Holzmann, Razmig Boladian, Claudia Faust, Alex Horn, Horn, Jay Hiemenz, Thomas LaSalvia, Shankar Ramakrishnan, Anna Driver Organizations: Realty Trust, RREAF Holdings, Rubicon Point Partners, Hawkeye Partners, Thomson Locations: Franklin, Texas
The firm estimates fair value based on its projection of a company's future cash flows and the predictability of those flows. The best opportunities are now in value stocks that are trading at about a 22% discount to fair value, Sekara noted. Currently, the real estate sector is the most undervalued sector, with REITs trading at a 26% discount to fair value, Sekara said. Finally, American Tower (AMT), which owns and operates wireless and broadcast communications infrastructure, trades at a 24% discount to fair value. Two other five-star stocks that remain significantly undervalued are AT&T and Verizon, trading at a 35% discount to fair value.
Persons: Morningstar's Preston Caldwell, Caldwell, Dave Sekara, Sekara, Wells Organizations: Treasury, Morningstar, Simon Property Group, Realty Trust, Communications, Verizon, Citigroup, PNC, US Bank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEmpire State Realty Trust CEO: We're outpacing the market with our performanceEmpire State Realty Trust CEO Anthony Malkin joins 'The Exchange' to discuss the resilience of the commercial real estate market, the state of New York City office occupancy, and more.
Persons: We're, Anthony Malkin Organizations: Realty Trust, Realty Locations: New York City
The AI boom has triggered a surge in spending on data centers. The AI boom has supercharged a wave of spending on data centers. AdvertisementAdvertisementThe data center boom is set to double or triple the amount of energy consumed by these data centers. A recent Cowen research report estimated that AI data centers could require more than five times the power of traditional facilities. Amazon does not disclose how many data centers it occupies, where they are located, or how much electricity they consume.
Persons: , ChatGPT, it's, Jonathan Gray, Cowen, Marc Ganzi, Shaolei Ren, Tom Keane, Keane, Bernstein, Mark Moerdler, Jahi, Matt McCollister, Pena Popo, Blackstone, Karla Moran, Moran Organizations: Service, McKinsey, Nvidia, UC Riverside, Microsoft, Washington, Getty, Lincoln Property Company, Harrison Street, Google, Meta, Amazon, Blackstone, Income Trust, QTS Realty Trust, Amazon Web Services, AP, Phoenix Locations: America, Rural America, Loudoun Meadows, Aldie , VA, Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Washington, DC, Virginia, New York City, Salt
Cramer's Lightning Round: Energy Transfer is a buy
  + stars: | 2023-10-13 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Stock Chart Icon Stock chart icon Salesforce's year-to-date stock performance. Stock Chart Icon Stock chart icon Portillo's year-to-date stock performance. Stock Chart Icon Stock chart icon Energy Transfer's year-to-date stock performance. Stock Chart Icon Stock chart icon AbbVie's year-to-date stock performance. Stock Chart Icon Stock chart icon Oracle's year-to-date stock performance.
Persons: Salesforce, I'm, it's, you've, Let's Organizations: Communities, Energy, Realty, Realty Trust, Oracle
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