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Dollar General 's latest leadership change could help re-stabilize the company and put it on track toward growth again, according to research firm Gordon Haskett. Analyst Chuck Grom upgraded shares to buy from hold in a Friday note. He also established a price target to $140, which implies shares could rally 37% over the next 12 months. Following Thursday's close, Dollar General announced former CEO Todd Vasos would be returning and replacing Jeff Owen as chief executive, effective immediately. "Taking these factors into consideration, we think Dollar General should undertake a significant margin re-set in 2024 to pave the way for a return to both comp and EBIT dollar growth in FY25 (and beyond).
Persons: Gordon Haskett, Chuck Grom, Thursday's, Todd Vasos, Jeff Owen, Owen, Grom, Vasos, — CNBC's Michael Bloom Organizations: Dollar General, DG
Here are Monday's biggest calls on Wall Street: Goldman Sachs adds Nvidia to the conviction buy list Goldman said the stock is well positioned to benefit for AI. UBS initiates Sunnova as buy UBS said the solar company is best positioned to take share. Morgan Stanley upgrades U.S. Steel to overweight from equal weight Morgan Stanley said in its upgrade of the steel stock that the transformation continues. UBS reiterates Amazon as buy UBS raised its price target on Amazon to $180 per share from $175 and says it's bullish on ads in Prime video content. Morgan Stanley reiterates TJX Companies as overweight Morgan Stanley said it's sticking with its overweight rating after a meeting with company management.
Persons: Goldman Sachs, Goldman, bullish, Evercore, RIVN, Gordon Haskett, Piper Sandler, Piper, Jefferies, Truist, Wells, ROY, SolarEdge, Morgan Stanley, Davidson, CLX, it's Organizations: Nvidia, UFC, WWE, UBS, NOVA, Susquehanna, FedEx, Meta Connect, Microsoft, Barclays, JPMorgan, Apple, Steel, Bank of America, NSC, Amazon, TJX Companies Locations: PODD, GLP, 3Q23, 2Q23, 1Q23, 4Q23, Europe, Bank of America downgrades Norfolk Southern
Check out the companies making headlines in midday trading. Sphere Entertainment — Shares of the media and entertainment company climbed 11.1% in midday trading after a U2 show debuted its Las Vegas Sphere venue Friday night. Bitcoin stocks — Stocks tied to digital currency trading advanced in lockstep with a rally in crypto prices. Instacart — Maplebear, the food delivery company doing business as Instacart, fell 9.2% in midday trading. The Wall Street bank said investors should buy the dip after the stock's underperformance in the first half of 2023.
Persons: — Stocks, MicroStrategy, , — Maplebear, Gordon Haskett, Insulet, Jefferies, Goldman Sachs, Goldman, Truist, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox, Sarah Min, Scott Schnipper Organizations: Madison Square Garden, , Riot, Marathon, Discover Financial, U.S . Securities, Exchange, Federal Deposit Insurance Corporation, Coeur Mining, Hecla Mining, Harmony, Mining, Gold Resource, Barclays, Norfolk Southern, Bank of America, Nvidia —, Nvidia, Apple, JPMorgan, UBS Locations: Las Vegas, lockstep, Coeur, Wall
The conglomerate sold 4.8 million HP shares for $129.2 million last week, it disclosed in a filing late Friday . It marks the second consecutive week that Berkshire has reduced its stake in the personal computer and printer maker. Still, Berkshire's remaining 110.7 million HP shares have a market value of almost $3 billion , making it HP's largest shareholder . HPQ YTD mountain HP In August, HP reported revenue in its fiscal third quarter that missed analysts' expectations. After Buffett's first sale was disclosed Sept. 13, some argued that Berkshire was "just doing a little trimming," of its HP stake, Bilson wrote.
Persons: Warren, Berkshire Hathaway, Buffett, Don Bilson, Gordon Haskett, Haskett, hasn't, HPQ, Buffett's, Bilson, we'd Organizations: HP Inc, Hewlett, Packard, HP, Berkshire Locations: Berkshire
Occidental, which is a top holding of Warren Buffett 's Berkshire Hathaway , is one of a handful of companies eyeing the capture, use and storage of carbon as a long-term business venture. The company expects to align the Canadian air capture company with the work of 1PointFive, the Occidental-owned business already working on the technology. Bilson said the acquisition should help speed up Occidental's timeline for releasing a global carbon removal offering. Wall Street firms are also watching a handful of other companies such as Baker Hughes , Weyerhaeuser and Bloom Energy as potential winners amid the growing focus on carbon technology. Interested in learning more about carbon capture and the major stocks in the space?
Persons: Warren Buffett, Berkshire Hathaway, Gordon Haskett, Don Bilson, Bilson, CCUS, Wood MacKenzie, Goldman Sachs, Baker Hughes Organizations: Occidental Petroleum, Carbon Engineering, Occidental, Wall, Weyerhaeuser, Bloom Energy, CNBC Pro Locations: America, Occidental
"On the size of the opportunity, I think, it's a little too early to say," said GE Healthcare CEO Peter Arduini. GEHC YTD mountain GE Healthcare shares are up 31% year to date. So what's the takeaway for GE Healthcare, Quest and others in the diagnostics space? Zimmerman reiterated a neutral rating on GE Healthcare on Wednesday, saying it was fairly valued relative to its peers. Both stocks have had a down week, but GE Healthcare shares are up 31% in 2023.
Persons: Peter Arduini, it's, Gordon Haskett, Don Bilson, Bilson, Eli Lilly, Ryan Zimmerman, Zimmerman, FactSet Organizations: GE Healthcare, Quest Diagnostics, Drug Administration, Biogen, FDA, ARIA, Quest Locations: U.S
The opening weekend success of Warner Bros. Warner Bros. Discovery, Comcast and Paramount in 2023 Wolfe Research managing director Peter Supino said Warner Bros. Given the box office numbers, Nispel said the weekend will likely be positive for Warner Bros. B. Riley's Eric Wold noted IMAX screens were able to "completely dominate" this weekend for "Oppenheimer" showings.
Persons: Oppenheimer, Rosenblatt, Steve Frankel, WBD, Peter Supino, Brandon Nispel, Nispel, Barbie, Gordon Haskett, Don Bilson, They're, Roth, David Bellinger, Bellinger, it's, Eric Wold, It's, Wold, Alicia Reese, — CNBC's Michael Bloom, NBCUniversal Organizations: Warner Bros, Discovery, Universal, Comcast, Paramount, Wolfe Research, Mattel, Hollywood, MAT, AMC Entertainment, AMC, CNBC Locations: Delaware, NBCUniversal
But can the same be said for Mattel shares? Mattel stock is up more about 19% on a year to date basis after a mixed start to the year. Into the Barbie release, the stock reflects the growing buzz. Mattel shares moved from $17.59 on June 1 to breaking into the $20 range for the first time since February. Though Barbie is not a typical film in the space given its adult audience, Jefferies analyst Andrew Uerkwitz said, it can still help Mattel sales incrementally.
Persons: Gordon Haskett, Don Bilson, Greta Gerwig, Margot Robbie, Ryan Gosling, Bilson, Goldman Sachs, Stephen Laszczyk, Davidson, Linda Bolton Weiser, Bolton Weiser, Barbie, Brett Feldman, Jefferies, Andrew Uerkwitz, Roth, David Bellinger, Bellinger, Mario, Morgan Stanley, Benjamin Swinburne, ramped, Oppenheimer, Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Mattel, Warner Bros, Lions, Lions Gate, Hasbro, MAT, Analysts, Universal Pictures, Mario Bros, Hollywood, JPMorgan, CNBC, Alliance, Television Producers, Guild of America Locations: 2H23
In 2021, Gorillas, Buyk, and Gopuff opened dozens of rapid-delivery warehouses in Manhattan. Amid a collapse in the sector, DoorDash has ceased its ultrafast delivery operation in Chelsea. DoorDash's exit comes as the ultrafast grocery delivery space has collapsed over the past year after growing wildly in spring 2021. Many had spread throughout New York City, Chicago, Boston, and San Francisco. Neighborhoods in New York City also balked at the dark store operations, accusing them of ruining retail enclaves and taking away business from local bodegas.
Persons: Gopuff, DoorDash, , York DashMart, Fuad Hannon, they're, Hannon, Robert Mollins, Gordon, Getir Organizations: Investors, Service, The Locations: Manhattan, Chelsea, New York City, Chicago, Boston, San Francisco, York
Pioneer Natural bought Parsley Energy at an 8% premium. Devon Energy bought WPX Energy at a 3% premium. Bilson points to Yellen last week highlighting a likely decline in earnings when banks report second-quarter earnings next month. That's already reflected in plenty of well-known banks "now trading with mid-single digit forward EPS multiples" as they are suddenly forced to pay more for their deposits, Bilson wrote. There are other hurdles standing in the way of bank deals, Bank of America analysts led by Ebrahim Poonawala said Monday.
Persons: Janet Yellen, there'll, Don Bilson, Gordon Haskett, Bilson, Ebrahim Poonawala, dealmaking, Poonawala, — CNBC's Michael Bloom Organizations: Silicon Valley Bank, Signature Bank, First, Federal Reserve, Dominion, Chevron, Noble Energy, ConocoPhillips, Concho Resources, Energy, Devon Energy, WPX Energy, Yellen, Bank of America, Regulators, U.S . Department of Justice, Federal Trade Commission, MTM Locations: U.S, Wall, Silicon, Toronto, Concho
Piper Sandler initiates Domino's as overweight Piper said it sees an attractive risk/reward for Domino's shares. Piper Sandler reiterates Meta as outperform Piper Sandler raised its price target on the stock to $310 per share from $270 and said ad spend is "holding up." Citi downgrades Logitech to neutral from buy Citi downgraded the stock due to the unexpected departure of CEO Bracken Darrell. Citi reiterates Accenture as buy Citi said the Dublin-based IT company is an AI beneficiary. Piper Sandler initiates Bentley Systems as overweight Piper said the company is a "high quality industrial software franchise operating with scale."
Persons: Piper Sandler, Piper, Wolfe, it's bullish, Bernstein, Gordon Haskett downgrades, Gordon Haskett, Needham, ServiceNow, Bracken Darrell, Guy Gecht, Raymond James, Dave, Buster's, Riley downgrades Cinemark, Riley, Li, Morgan Stanley, Tesla, Splunk, TD Cowen, Wingstop, Cowen, it's, Estée Lauder, Berenberg, Roth, Morgan, Bud Light Organizations: Barclays, Netflix, FedEx, Apple, TAM, Citi, Logitech, Materials, SVB Securities, PayPal, Linde, LIN, Bank of America, Oculis, Dave, Cinemark Holdings, Inc, Accenture, IT Services, Li Auto Citi, China, Li, SSS, Bentley Systems, Photonics, Technologies, AMD Data Center, JPMorgan, DG, Anheuser, Busch InBev, Molson Coors, & $ Locations: 3Q22, 4Q22, 2H23, Latin America, Dublin, Bergamo
Logitech — Shares tumbled 12.3% after the company announced president and CEO Bracken Darrell is departing. Toyota — The Japan-based automaker's shares gained 4.5% Wednesday. Lumen Technologies — The telecommunications stock gained 6% during midday trading Wednesday, adding to the 16% advance that was made Tuesday. Earlier in the week, the company announced a new partnership with electric vehicle software charging company ev.energy. Advanced Micro Devices — The chip stock gained nearly 2% in midday trading, a day after the company announced its latest artificial intelligence chips.
Persons: Bracken Darrell, UnitedHealth — UnitedHealth, John Franklin Rex, Akio Toyoda, Lumen, Roth MKM, Goldman Sachs, Bernstein, Bud, Raymond James, Buster's, Cinemark, Riley, Li Auto, Morgan Stanley, Wolfe, it's bullish, Gordon Haskett, SVB, — SoFi, Estée Lauder —, — CNBC's Michelle Fox, Yun Li, Sarah Min, Hakyung Kim Organizations: Logitech, Swiss Federal Institute of Technology of, Citi, Goldman, Global Healthcare, Toyota, Lumen Technologies, Google, Microsoft, Maxeon, Technologies, Reuters, Services, AMD, Anheuser, Busch InBev —, Netflix, Wolfe Research, Barclays, SVB Securities, Berenberg Locations: Swiss Federal Institute of Technology of Lausanne, Lausanne, Switzerland, Japan, Latin America
National Amusements, Paramount's majority voting shareholder, announced Thursday afternoon that it has entered into an agreement for a $125 million preferred equity investment from BDT Capital Partners, an affiliate of BDT & MSD Partners. Paramount Global shares jumped nearly 6% on Friday after an investor known as Warren Buffett's favorite banker piled into the media company's controlling shareholder. BDT & MSD Partners' chairman and co-CEO is Byron Trott, who has long been known as Buffett's preferred and trusted banker. "It's not good news when any company passes its dividend, or cuts its dividend dramatically," Buffett said. Upgrade from LoopLoop Capital on Friday upgraded Paramount to a hold rating from a sell in light of the BDT investment.
Western Alliance Bancorp — Western Alliance shares jumped 3.6% after Bank of America reinstated coverage on the stock with a buy rating. Home Depot , Lowe's — Shares of home improvement retailers Home Depot and Lowe's lost 1.4% and 1% in midday trading Tuesday. On Monday, Daniel Welch, a director at Seagen, disclosed the sale of 1,864 shares, a stake worth more than $370,000. GE HealthCare — The medtech company's shares gained nearly 3% after Oppenheimer initiated coverage with an outperform rating on Monday. GE HealthCare separated from parent company General Electric earlier in 2023 and began publicly trading on the Nasdaq Jan. 4.
Here are Tuesday's biggest calls on Wall Street: JPMorgan reiterates Netflix as overweight JPMorgan said paid password sharing should be a financial tailwind for Netflix. Mizuho reiterates SoFi as buy Mizuho said it's standing by shares of SoFi. Citi reiterates Deere as buy Citi said it's standing by its buy rating on shares of Deere. Citi upgrades Williams Companies to buy from neutral Citi said the petroleum stock is oversold. Citi reiterates FedEx as buy Citi said it's standing by its buy rating FedEx shares.
New York CNN —First Republic Bank has been teetering on the edge for weeks. The San Francisco-based lender could be next in the line to collapse, following in the footsteps of former competitors Silicon Valley Bank and Signature Bank. The FDIC, Federal Reserve, White House and First Republic did not respond to requests for comment about those reports. The stock’s trading was halted numerous times both days as its rapid decline triggered volatility-triggered timeouts by the New York Stock Exchange. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday.
New York CNN —First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. First Republic said in its latest earnings call that is exploring its strategic options, Wall Street code for searching for a white knight. First Republic CEO Michael Roffler attempted to assure investors in an earnings call Monday that the bank had enough liquidity to do that. That’s what happened to Silicon Valley Bank on March 10 when the California Department of Financial Protection and Innovation took possession of and closed Silicon Valley Bank and on March 12 Signature Bank was closed by the New York State Department of Financial Services.
With the market experiencing outsized swings, investors may want to stay away from stocks disliked by analysts, at least in the near term. The Dow Jones Industrial Average gained 1.2% last week. .DJI 5D mountain Wild week for the Dow Given this backdrop, CNBC Pro set out to find the most disliked Dow stocks by analysts. The average price target on the stock implies upside of roughly 15%, but the stock has fallen 15.7% year to date and is the worst-performing Dow stock in 2023. Analysts on average rate the stock a hold, with more than 12% of them assigning it a sell rating.
Apple — Shares advanced more than 3% after Goldman Sachs initiated coverage of the big technology stock as a buy. Credit Suisse — Shares were down about 1% after former top shareholder Harris Associates sold its entire stake in Credit Suisse, according to a Financial Times report. The Wall Street firm said the luxury housing market is struggling to stabilize, which will impact RH's business. The Wall Street firm said the derating of Emerson Electric is overdone. Domino's Pizza — Domino's Pizza shares advanced more than 4%.
Here are Friday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as a top pick Morgan Stanley said it sees a "catalyst rich event path" for the tech giant. Morgan Stanley names Alphabet, Amazon and Meta top AI picks Morgan Stanley named Alphabet, Amazon and Alphabet as top picks and said AI is at an inflection point. Barclays reiterates Alphabet as overweight Barclays said it's standing by its overweight rating on the stock but sees it range-bound for the foreseeable future. Morgan Stanley reiterates Eaton as a top pick Morgan Stanley said it sees several cyclical growth drivers for the multination power management company. Morgan Stanley names Eli Lilly as a catalyst driven idea Morgan Stanley named Eli Lilly as a catalyst driven idea, saying that the stock "levered" to a likely positive outcome from upcoming obesity drug trials.
They also have at 10% or more upside to the average analyst price target, per FactSet. Five-star rated Citigroup is up 11% for the year and has almost 12% upside to the average analyst price target. Shares are up more than 10% year to date and have another 5% upside to the average analyst price target. TFC YTD mountain Truist Financial's year-to-date performance Truist can rally nearly 11% upside over the next 12 months, based on the average analyst price target. Ford Motor shares could also rally almost 11%, according to the average analyst price target.
Here are Wednesday's biggest calls on Wall Street: Evercore ISI downgrades Marriott to in line from outperform Evercore downgraded the hotel giant mainly on valuation. UBS reiterates Apple as buy UBS said that a foldable iPhone remains possible for Apple after the tech giant filed a recent patent. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's standing by its bullish thesis on shares of the e-commerce giant. Wells Fargo reiterates Goldman Sachs as overweight Wells said it's standing by its overweight rating on the stock but that it's cautious heading into the company's investor day later this month. " Evercore ISI reiterates Salesforce as outperform Evercore raised its price target on the stock to $200 per share from $175 and said it's sticking with its outperform rating.
In August 2020, DoorDash launched retail delivery with chains like 7-Eleven and Walgreens. Editor's note: On Sunday, DoorDash is airing its second Super Bowl commercial to promote its grocery delivery business. Lately, DoorDash has its sights set on a new prize — dominance in retail and grocery delivery. "We have more retail stores, grocery included, than any other platform in North America today." DoorDashDoubleDashA year after launching grocery delivery, DoorDash introduced DoubleDash.
Wells Fargo upgrades Spotify to overweight from equal weight Wells said the stock is coming off of "margin probation." Bernstein upgrades Diageo to outperform from market perform Bernstein said shares of the spirits company are compelling at current levels. " Wells Fargo reiterates Tesla as equal weight Wells said the industry dynamic surrounding EV pricing remains "challenged." Raymond James downgrades PayPal to market perform from outperform Raymond James said in its downgrade of PayPal that market share losses are growing. Cowen initiates Dick's as outperform Cowen said its survey checks show that Dick's continues to gain market share.
Tyson Foods – Shares of the food processing giant suffered a 6% drop in premarket trading after the company reported weaker-than-expected results for the first quarter. Analysts expected $1.34 per share in earnings and revenue of $13.52 billion, according to Refinitiv. PayPal — Shares of the payments company fell 2.6% in premarket after Raymond James downgraded the stock to market perform from outperform. Lyft — Shares of the ride-hailing company fell about 2% in premarket trading after Lyft was downgraded to hold from buy at research firm Gordon Haskett. Energizer Holdings — The battery maker's stock fell 6% after revenue and earnings for the recent quarter fell short of expectations, according to analysts surveyed by FactSet.
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