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☆ Shares of Wynn Resorts rise after another great quarter but are still cheap
▼ + stars: | 2024-05-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Shares of Wynn Resorts popped 2% in after-hours trading Tuesday after the casino operator reported stronger-than-expected quarterly results, driven by the Super Bowl in Las Vegas and the recovery in China's Macao region. Macao It was a double beat in Macao, with both properties (Wynn Palace and Wynn Macao) reporting revenue and profit results better than Street expectations. Las Vegas Las Vegas put up a record first quarter of adjusted property EBITDAR. The Wynn Las Vegas resort and casino at dusk in Las Vegas, Nevada, US, on Monday, May 8, 2023. Wynn Resorts Ltd. is scheduled to release earnings figures on May 10.

Persons: We're, —, DraftKings, Wynn, Jim Cramer's, WYNN, Jim Cramer, Jim, Bridgett Bennett Organizations: Wynn Resorts, Super, LSEG, Vegas Sands, MGM Resorts International, Wynn, Vegas Las, Super Bowl, Management, CNBC, Wynn Resorts Ltd, Bloomberg, Getty Locations: Las Vegas, China's Macao, Las Vegas , Boston, Macao, China, Vegas, Wynn Macao, Vegas Las Vegas, Boston, UAE, Las Vegas , Nevada

☆ Wynn is almost back in Macao and crushing it in Vegas even before Super Bowl, Chinese New Year
▼ + stars: | 2024-02-07 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

It appears the strength in the fourth quarter has carried over into the current (first) quarter in all three locations. Macao We're happy to see the strong top-line performance in both Macao locations, even if Wynn Palace's adjusted EBITDAR came up a tad bit short. Total adjusted EBITDAR of $297 million (Wynn Palace and Wynn Macao added together) represents about 85% of Wynn's pre-Covid fourth quarter 2019 level of $348 million in the Chinese special administrative region. Breaking that down, Wynn Palace was still a bit further ahead in its recovery but Wynn Macao is quickly gaining ground. In 2019, Wynn Macao generated $170 million in fourth quarter adjusted EBITDAR.

Persons: —, WYNN, Wynn Al Marjan, Wynn, Al Marjan, Wynn Palace's, EBITDAR, Jim Cramer's, Jim Cramer, Jim, Pual Yeung Organizations: Wynn Resorts, Vegas, Boston, Club, LSEG, Super Bowl, United Arab Emirates, Wynn, Wynn Macao, Las Vegas, Bowl, Super, Wynn Interactive, Capital, CNBC, Bloomberg, Getty Locations: Macao, Las Vegas, Boston, United Arab, UAE, China, Wynn Macao, EBITDAR, Vegas Las Vegas, Las, Vegas, New York, Michigan

☆ The market unfairly docks Wynn after a strong quarter. But we see a buying opportunity
▼ + stars: | 2023-11-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

But investor concerns over an unevenness to the Macao recovery sparked selling in afterhours trading, sending Wynn stock down more than 5% — and creating a potential buying opportunity. Despite these positives, Thursday evening's sell-off brought Wynn stock to about $40 below the level at which was trading in 2019. However, the company's two properties in the region – Wynn Palace and Wynn Macao – are not enjoying an equal pace of recovery. In the third quarter of 2023, Wynn Macao generated about $78 million in profits, which when annualized is only $312 million. The weakness at Wynn Macao has the market concerned Thursday about a loss of market share.

Persons: Wynn, —, we're, management's, Wynn Al, There's, annualized, Craig Billings, Jim Cramer's, WYNN, Jim Cramer, Jim, Pual Yeung Organizations: Wynn Resorts, WYNN, LSEG, Wynn Macao, Wynn, United Arab Emirates, Vegas, Management, Prix, NFL, Wynn Interactive, CNBC, Bloomberg, Getty Locations: Las, Macao, China, Las Vegas, Boston, Wynn Al Marjan, EBITDAR, Wynn Macao, Vegas, RevPar

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsOct 26 (Reuters) - Europe's biggest hotel group Accor on Thursday raised its core profit target for 2023 for the second time this year, citing positive business momentum in all of its markets after another strong post-pandemic summer. The sector continues to benefit from the leisure travel boom despite inflation and the resurgence of recession fears in Europe. It was also boosted by the Rugby World Cup, particularly in cities where hotel supply is more limited, such as Lille and Nantes, Accor said. The group now expects core earnings (EBITDA) of between 955 million euros and 985 million euros for 2023, up from a previous forecast of between 930 million euros and 970 million euros, which was already upgraded in July. It also raised its forecast for growth in RevPAR in 2023 and now expects it to slightly exceed 20%.

Persons: Sarah Meyssonnier, Novotel, Accor, Martine Gerow, Diana Mandiá, Susan Fenton, David Holmes, Sharon Singleton Organizations: REUTERS, Rugby, Lille, Thomson Locations: Issy, Paris, France, Europe, That's, Nantes, Jerusalem, Tel Aviv, RevPAR

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 25 (Reuters) - Hilton Worldwide Holdings (HLT.N) beat Wall Street estimates for third-quarter revenue and lifted its annual forecast on Wednesday, as record lodging prices and higher occupancy levels boosted results. Hotel and resort operators are benefiting from the global rebound in travel as consumers continue to plan vacations despite inflation and the higher cost of travel compared to pre-pandemic. Hilton's revenue per available room in the third quarter saw significant recovery in Asia, up 65.5% compared to the year earlier. The company's third-quarter revenue rose to $2.67 billion, exceeding the average Wall Street estimate of $2.64 billion, according to LSEG data. It expects full-year revenue per room to increase between 12.0% and 12.5% compared to 2022.

Persons: Brendan McDermid, Christopher Nassetta, Hilton, Priyamvada, Shounak Dasgupta, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Hilton Worldwide Holdings, Hilton, Waldorf Astoria Hotels & Resorts, Marriott International, Thomson Locations: New York, U.S, Asia, Bengaluru, Doyinsola

☆ Revenge travel is over — even in China, says CEO of InterContinental Hotels Group
▼ + stars: | 2023-10-24 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +3 min

In this article IHG-GBIHG Follow your favorite stocks CREATE FREE ACCOUNTPent-up travel demand — which drove global travel recovery following the Covid-19 pandemic — is over, said Intercontinental Hotels Group CEO Elie Maalouf. "So we're really past revenge travel — even in China." The company's latest quarterly update showed travel demand remained strong during the close of the summer travel season. Elie Maalouf CEO of Intercontinental Hotels GroupThe company currently operates more than 6,200 hotels worldwide and has another 1,978 in the pipeline. "In the United States, there are about 9,000 hotels that we think are interested in joining a system.

Persons: Elie Maalouf, Maalouf, We're, —, it's, IHG, Garner Organizations: Intercontinental Hotels, CNBC, Hotels, Resorts, Dubai —, Holiday Locations: China, Greater China, Beijing, Shanghai, Guangzhou, Shenzhen, Americas, Europe, Middle East, Africa, Asia, —, Spanish, Dubai, ., Southeast Asia, Central Asia, United States

☆ China's big 'Golden Week' is here. Three hot destinations for spending — and a stock with 95% upside
▼ + stars: | 2023-10-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Whether it's by train or by car, hundreds of millions of people are traveling around mainland China for a holiday called Golden Week. From the Mid-Autumn Festival on Friday, Sept. 29, to the following Friday, the break runs for an entire week to celebrate China's National Day. Morgan Stanley analysts like Hong Kong-listed CTG Duty Free , China's state-owned duty-free retail giant. Within China, domestic hotel room rates are still above 2019 levels, Morgan Stanley analysts said. On the macro front, if tourism pans out as expected this Golden Week, it will give a much-needed lift to China's the economy overall.

Persons: Morgan Stanley, They're, Oliver Wyman, Oliver Wyman's, BlackPink, Atour, — CNBC's Michael Bloom Organizations: Bank of America, Hong, Golden, MGM China, Wynn Macau Locations: China, Hong Kong, Hainan, Macau, U.S

☆ Business travel spending is recovering quicker than expected. These are the stocks to buy right now
▼ + stars: | 2023-09-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

There have been some encouraging signs that business travel is rebounding to pre-Covid spending levels sooner than anticipated, according to the Global Business Travel Association . Business travel was essentially shut down during the Covid pandemic, with many predicting a slow slog to revive sales and a landscape that would be permanently changed. Now the organization is predicting global business travel spending will surpass its 2019 spending level of $1.4 trillion in 2024, compared with its earlier forecast of 2026. Some 28% of those who make the business travel decisions and 32% of those in charge of company travel budgets said their workplace will increase business travel in the coming year, Morning Consult found. Of course, the recovery in business travel can also shift if there are changes in the economic environment.

Persons: Lindsey Roeschke, Roeschke, That's, Michael Linenberg, Linenberg, Patrick Scholes, Scholes, — CNBC's Michael Bloom Organizations: Global Business Travel Association . Business, Morning, Deutsche Bank, CNBC, American Airlines, Delta Air Lines, United Airlines, Ryman Hospitality Properties, Ole Opry, Hospitality, Hyatt Hotels Locations: Delta

☆ Fight the market malaise with these ‘attractive’ stocks, Bank of America and Goldman say
▼ + stars: | 2023-09-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs and Bank of America named an assortment of companies this week that they say have upside in the weeks ahead. NextEra Energy Buy the dip in shares of the renewable energy company, Goldman analyst Carley Davenport says. Endeavor Group Bank of America analyst Jessica Reif Ehrlich said earlier this week that shares of the media company offer "striking value." Endeavor Group- Bank of America, buy rating "An entourage of highly attractive assets. ... .We continue to believe that valuation is attractive..." H World Group Limited- Bank of America, buy rating "Shares weak despite solid results = attractive opportunity.

Persons: Goldman Sachs, Goldman, Carley Davenport, Davenport, she's, Jessica Reif Ehrlich, Reif Ehrlich, BofA, Neil Mehta, Mehta Organizations: Bank of America, CNBC, Marathon Petroleum, Endeavor, H, NextEra, Florida, Endeavor Group Bank of America, WWE, UFC, Media, Entertainment, MPC, Petroleum, ~$ Locations: China

☆ 'Revenge travel' could be here to stay - Irish hotel chief
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Aug 29 (Reuters) - The post-pandemic trend of people prioritising travel could be a more permanent change in consumers' spending habits, the head of Ireland's largest hotel group Dalata (DHG.I) said on Tuesday. "Certainly 2, 3, 4 years before COVID people in their 20s would have been prioritizing travel and experiences over buying things. Crowley said there also seemed to be a lasting change in corporate bookings where travellers take fewer trips but stay longer and with Ireland's large multinationals spending far less on business travel than they did pre-COVID. The Dublin-based group said it had 750 million euros available to spend on adding more hotels. ($1 = 0.9248 euros)Reporting by Padraic Halpin Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Clayton, Dermot Crowley, Crowley, Dalata, Padraic Halpin, Mark Potter Organizations: DUBLIN, Reuters, Thomson Locations: United Kingdom, Dublin, London

☆ Merch, vinyl, hotels and credit cards: Taylor Swift's Eras Tour helped a bunch of companies – but hurt others
▼ + stars: | 2023-08-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Taylor Swift's Eras Tour had a significant impact on several public companies this summer. "Knowing how our guests can't get enough of Taylor Swift, we proactively secured an exclusive vinyl offering that Swifties bought in droves." "In July, Taylor Swift launched her Eras Tour merch shop with us experiencing unprecedented volume sales and site visitors on launch day, and we were ready for it." "Folks aren't buying as much patio furniture when they're spending hundreds or thousands of dollars to go to Taylor Swift. Rolling Stones, U2, Madonna, Prince, and this Taylor Swift performance was at a whole different level.

Persons: Taylor, Taylor Swift, Swifties, Christina Hennington, — Harvey Finkelstein, — Boyd Muir, — Leslie Hale, Raymond Martz, Jon Bortz, Wee Ee Cheong, Thomson Leighton, James Conroy, It's, Jonathan Johnson, Tom Schmitt Organizations: Service, AlphaSense, Merchandising, Universal Music, Lodging, Overseas Bank, Bot, Akamai, Forward Locations: Wall, Silicon, Chicago

☆ Accor plans to add more than 1,200 hotels
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Accor (ACCP.PA) plans to open more than 1,200 hotels in the next five years, increasing the number of its resorts by more than one-fifth, Europe's biggest hotel group said on Tuesday. Accor also raised its outlook at its capital markets day, forecasting its 2023 revenue per room (RevPAR) to grow by 15% to 20% amid reorganisation plans that were implemented in January. Accor said it plans to return around 3 billion euros to shareholders in that period via dividends and share buybacks. "We expect a positive share price performance today and we will probably upgrade our recommendation on Accor as the updated mid-term guidance is stronger than expected," said analyst Yi Zhong at AlphaValue. ($1 = 0.9153 euros)Reporting by Tristan Veyet and Gaëlle Sheehan in Gdansk; editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Accor, Sébastien Bazin, Yi Zhong, Tristan Veyet, Gaëlle Sheehan, Sherry Jacob, Phillips Organizations: Europe's, Barclays, Thomson Locations: Accor, AlphaValue, Gdansk

☆ Despite all odds, consumers are still traveling this summer. Here are the stocks you need to own
▼ + stars: | 2023-05-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +11 min

Yet despite all odds, 61% of those surveyed said they plan to travel this summer, up from the 49% who said the same in summer 2021. Some 56% of adults are more likely to stay in a hotel this summer than they were in 2022, according to the AHLA/Morning Consult survey. Booking Holdings is also an analyst favorite, with an average rating of overweight and 10% upside to the average price target, per FactSet. While prices are still high, the latest consumer price index for April showed the airline fares index fell 2.6% month over month, after rising in February and March. Airlines are essentially sold out for summer travel, according to TD Cowen analyst Helane Becker.

Persons: Matt Kramer, They're, You've, Sylvia Jablonski, Kramer, Freed, Bernstein, David Vernon, Price, Robin Farley, Farley, James Hardiman, Hardiman, Josh Weinstein's, RevPar, Tony Capuano, Chris Nassetta, Biden, Hilton, they've, Airbnb, Brian Chesky, it's, Evercore, Mark Mahaney, amortization, Mahaney, Cowen, Helane Becker, Becker, — CNBC's Michael Bloom, Ashley Capoot Organizations: KPMG, KPMG Consumer, Survey, Cruise ETF, Royal, Holdings, Marriott, United Airlines, Morning, American, & Lodging Association, Cruises, UBS, Citi, CCL, CNBC, Hilton Worldwide, U.S . Travel Association, State Department, Booking Holdings, Booking, Airlines, Delta Air Lines, Copa Holdings, Panamanian, Copa Airlines Locations: United States, Royal Caribbean, United, Caribbean, CocoCay, Thursday's, China, North America, Asia, Europe

U.S. hotel operators who have been grappling over the past year with an uneven recovery in Chinese demand are now benefiting from pent-up-demand throughout Asia Pacific, particularly in Greater China. "While macroeconomic uncertainty persists, it has not weighed on travel demand to date. In fact, demand continued to rise across all customer segments in the quarter," Marriott CEO Anthony Capuano said on a call with investors. In the Greater China region RevPAR rebounded to 95% of pre-pandemic levels during the quarter while Mainland China RevPar fully recovered to 2019 levels. "First quarter hotel performance came in a bit better than expected and will likely be the high-water mark for the year," said CoStar Group National Director of Hospitality Analytics Jan Freitag.

☆ Barclays upgrades Hilton, says hotel chain can weather macro challenges better than peers
▼ + stars: | 2023-03-09 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Analyst Brandt Montour upgraded shares of Hilton to overweight from equal weight, saying the hotel chain can weather macro challenges better than its peers. We shift our preference to HLT for its underappreciated net unit growth prospects amidst a slowing macro backdrop," Montour wrote in a Thursday note. Hilton is a "best-in-class" lodging company that has the strongest net unit growth among its competitors, according to the analyst. Hilton shares are 16% higher this year, while Hyatt shares are up even more, advancing 32%. The analyst's $168 price target for Hilton shares, raised from $151 previously, implies about 13% upside from Wednesday's closing price.

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday forecast higher revenue per available room (RevPAR) for 2023 as Chinese travelers are expected to return, after its annual core profit beat expectations on strong December activity. Hotel chains were hit hard by China's strict pandemic restrictions and are now hoping for a recovery in the Asia-Pacific region, Accor's second biggest market pre-pandemic. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. Accor's RevPAR, a key gauge of performance for the hotel industry, last year exceeded the 2019 pre-pandemic level by 2%. It posted core profit of 675 million euros ($716.72 million) for 2022, while analysts in a Refinitiv poll had expected 640.3 million euros.

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday forecast higher revenue per available room (RevPAR) for 2023 as Chinese travelers are expected to return, after its annual core profit beat expectations on strong December activity. Hotel chains were hit hard by China's strict pandemic restrictions and are now hoping for a recovery in the Asia-Pacific region, Accor's second biggest market pre-pandemic. The group, which runs chains such as Sofitel, Pullman and Ibis, said it expected 2023 RevPAR to increase by between 5% and 9% from the previous year. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. It posted core profit of 675 million euros ($716.72 million) for 2022, while analysts in a Refinitiv poll had expected 640.3 million euros.

☆ Hotel group Accor beats profit estimates on strong December activity
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday reported annual core profit ahead of market expectations and its own guidance, citing "very good" activity in December. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. The group, which runs chains such as Sofitel, Pullman and Ibis, posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 675 million euros ($716.72 million) for 2022, above its outlook range of 610 million to 640 million euros. Analysts on average had forecast EBITDA of 640.3 million euros in a Refinitiv poll. Accor's revenue per available room (RevPAR), a key gauge of performance for the hotel industry, came 2% above the 2019 pre-pandemic level.

☆ Holiday Inn-owner IHG profit jumps on holiday demand, higher room rates
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Holiday Inn-owner IHG Plc (IHG.L) reported higher full-year profit on Tuesday, helped by strong occupancy demand during the holidays and higher room prices, and said it would buyback shares worth an additional $750 million in 2023. The Crowne Plaza, Regent and Hualuxe owner said the Americas market saw the strongest recovery, with RevPAR in the year up 3.3% from 2019, while Greater China was down 38% as travel restrictions were still in place. Hotel chains were affected by uneven recovery in China as a rise in COVID-19 infections led to indefinite lockdowns. The latest additional buyback comes after the company said in August it would back shares worth $500 million. Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Travel demand is hot, but some prices may cool: These are the stocks for spring break and beyond
▼ + stars: | 2023-02-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +9 min

Last week, Hilton Worldwide CEO Chris Nassetta said, "The demand trends here and now are really strong." In the home-rental space, Airbnb also said it was seeing continued strong demand at the start of 2023. China's reopening from its Covid lockdown is also helping propel travel demand, as well as the tick up in business travel, she said. "The trends have been really strong since January," he said. Airlines like Delta, American Airlines and United Airlines cited strong travel demand and higher fares for fueling their strong fourth-quarter earnings — as well as for forecasts for this year.

☆ Hilton misses 2022 room growth view on China COVID curbs; Q4 profit jumps
▼ + stars: | 2023-02-09 | by ( Priyamvada C | ) www.reuters.com time to read: +2 min

Hilton, which owns brands including Waldorf Astoria Hotels & Resorts, reported a net unit growth of 4.7% in 2022, below its earlier forecast of about 5% growth. China's strict COVID-19 curbs, which have now been lifted, had halted construction of some luxury properties and impeded travel to a key global tourism markets. "They probably for the first time in quite a while missed on unit growth blaming on China so that obviously one of the reasons that their unit growth has been a bit softer," Bernstein analyst Richard Clarke said. Hilton expects annual net unit growth between 5.0% and 5.5%. Capital returns are projected to be between $1.7 billion and $2.1 billion, compared with $1.7 billion last year.

☆ Hilton profit, revenue beat on high room tariff, travel demand
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] People enter a Hilton hotel in Manhattan, New York City, U.S., March 23, 2022. REUTERS/Andrew Kelly/File PhotoFeb 9 (Reuters) - Hilton Worldwide Holdings Inc (HLT.N) reported better-than-expected quarterly profit and revenue on Thursday, as the hotel operator sold rooms at higher prices benefiting from strong travel demand. Hilton, which owns brands including Waldorf Astoria Hotels & Resorts, expects to post an adjusted profit per share between $5.42 and $5.68 per share for this year. For the fourth quarter, Hilton said revenue per available room, or RevPAR - a key metric for investors - rose 24.8% on a currency neutral basis from a year earlier. Excluding items, Hilton earned $1.59 per share for the quarter ended Dec. 31, beating analyst expectations of $1.22 per share.

☆ Morgan Stanley reveals its 8 favorite stocks ahead of Europe's earnings season
▼ + stars: | 2023-01-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Morgan Stanley has named eight stocks to buy ahead of a hotly anticipated earnings season in Europe. Morgan Stanley says: "We expect the stock to rally into earnings, due in early March. Morgan Stanley says: "Teleperformance shares have been under scrutiny since November following the outbreak of negative news flow around its Content Moderation in Colombia. More importantly none of this news flow alters the fundamental growth and earnings profile of the company." Morgan Stanley says: "Elis offers resilient GDP+ growth through the cycle, which is expected to be structurally higher post COVID (driven by increased demand for hygiene, reliability, accountability and ESG)."

☆ A weak economy will test consumers' wanderlust, but these stocks could prove resilient in 2023
▼ + stars: | 2022-12-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +8 min

The U.S. Travel Association anticipates domestic leisure travel demand will hold up, although growth may be a bit slower in 2023. The stock has an average analyst rating of buy and 47% upside to the average price target, according to FactSet. Marriott has an average analyst rating of overweight and 13.5% upside to the average analyst price target, per FactSet. Norwegian has an average analyst rating of overweight and nearly 27% upside to the average analyst price target, while Royal Caribbean has an average analyst rating of overweight and about 24% upside to its average price target. However, Carnival has an average analyst rating of hold and 24% upside to the average price target.

☆ Here are Wednesday's biggest analyst calls: Tesla, Apple, Amazon, Exxon Mobil, Nike, Best Buy & more
▼ + stars: | 2022-12-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Morgan Stanley names Exxon Mobil a top 2023 pick Morgan Stanley said Exxon Mobil is one of the best-positioned stocks heading into 2023. Morgan Stanley reiterates Apple as overweight Morgan Stanley said concerns about App Store competition are overdone. Bank of America downgrades Best Buy to underperform from neutral Bank of America said the environment is too challenging right now for Best Buy. Bank of America reiterates Nike as neutral Bank of America said it's cautious going into Nike earnings next week. Bank of America reiterates Alphabet as buy Bank of America said it's sticking with its buy rating on Alphabet but that investors need to hear more about the Google parent's cost-cutting initiatives.

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