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Morning Bid: Rates buzz sustained before Fed loan data
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: +5 min
A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Ten-year U.S. Treasury yields have fallen about 50bps from October's peaks and the drop last week was the biggest recoil since March. For now, S&P500 futures are pointing to further slight gains on Monday - which if realized on the cash market later would make for the sixth straight gain and the longest daily run since June. Undermined by the retreat in Treasury yields, the dollar (.DXY) slipped back to the lowest since Sept 20. The backdrop of an easier dollar and Treasury yields provides significant relief for emerging markets, with MSCI's emerging market stock index (.MSCIEF) hitting its highest since Sept 20 too.
Persons: Brendan McDermid, Mike Dolan, Jerome Powell, underscoring, Janet Yellen, Lisa Cook, Huw Pill, Bernadette Organizations: Wall, REUTERS, Federal Reserve, Treasury, U.S, Pacific Rim, South, Ryanair, Europe's, Goodyear Tire &, Aspen, Conterra Energy, Constellation Energy, Diamondback Energy, Vertex Pharmaceuticals, NXP Semiconductors, Bank of England, Reuters, Reuters Graphics Reuters, Thomson Locations: New York, U.S, Gaza, China, Western, San Francisco, South Korean, Asia, Europe, Telesat
Tripadvisor reported adjusted earnings of 52 cents per share on $533 million in revenue, while analysts polled by LSEG forecast 47 cents per share and $505 million. Separately, IFF posted third-quarter adjusted earnings and revenue that beat analysts' estimates. Coterra Energy posted adjusted earnings of 50 cents per share in the third quarter, while analysts called for 44 cents a share, per FactSet. The company also raised its expectations for full-year adjusted earnings before interest, taxes, depreciation and amortization. Fabrinet posted adjusted earnings of $2 per share on $685.5 million in revenue, while analysts polled by FactSet anticipated $1.85 per share in earnings and $659.2 million of revenue.
Persons: Tripadvisor, who's, Sanmina, headwinds, Fabrinet, FactSet, Darla Mercado Organizations: LSEG, Vertex Pharmaceuticals, Icahn Capital, Coterra Energy, Management, FactSet
The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)
Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho
[1/2] A sign hangs in front of the world headquarters of Vertex Pharmaceuticals in Boston, Massachusetts, U.S., October 23, 2019. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsOct 31 (Reuters) - A panel of advisers to the U.S. health regulator said on Tuesday Vertex Pharmaceuticals (VRTX.O) and CRISPR Therapeutics (CRSP.BN) could assess potential safety risks of their sickle cell disease gene therapy after approval. If the therapy is approved, Vertex has proposed a 15-year follow up of patients to evaluate the safety outcomes of the therapy. Patients who were treated with the therapy were free from severe vaso-occlusive crisis for 12 months from the infusion of exa-cel. "It was made pretty clear that any theoretical off-target editing concerns do not outweigh the benefits of drug approval," said Salim Syed, analyst at Mizuho.
Persons: Brian Snyder, Scot Wolfe, Salim Syed, Sriparna Roy, Krishna Chandra Organizations: Vertex Pharmaceuticals, REUTERS, CRISPR Therapeutics, Staff, U.S . Food, Drug Administration, UMass Chan Medical, Analysts, FDA, Mizuho, Thomson Locations: Boston , Massachusetts, U.S, Bengaluru
And though comprehensive sickle cell care — at dedicated centers with expert hematologists, social workers and pain management specialists — reduces hospitalizations, and is the standard for diseases like cystic fibrosis and hemophilia, which do not disproportionately affect Black people, these centers are few and far between for sickle cell. Into this complicated landscape enters the possibility of gene therapy. It’s important to note that this isn’t the first cure for sickle cell. is expected to review another gene therapy from the company Bluebird Bio that targets sickle cell disease but does not use CRISPR; this was the therapy Mr. Holmes received as part of the N.I.H. When she was 17 and hospitalized, facing the reality of her chronic illness, she told her mother that she was ready to pursue gene therapy.
Persons: Holmes, Elizabeth Ford, Ford Organizations: Vertex Pharmaceuticals, CRISPR Therapeutics, Bluebird
CNBC Pro looked for stocks that are within 5% of a 52-week high and are up more than 1% so far this month. That is, the consensus price target on these stocks call for a gain of at least 5%. Shares are currently 3.3% off from the 52-week high. Wall Street sees further gains for the name, as analysts' consensus price target suggests upside of 8% from here. Other names on the verge of a breakout include drug wholesale company Cencora , Vertex Pharmaceuticals and natural gas company Targa Resources .
Persons: FANG, Scott Gruber, — CNBC's Michael Bloom Organizations: Google, Microsoft, Amazon, Intel, CNBC, Big Tech, Investors, Diamondback Energy, Analysts, Citi, Diamondback, Citi Research, Vertex Pharmaceuticals, Targa Resources
Despite a recent hiccup, growth stocks are in style as concerns about the US economy persist. Growth stocks may generate earnings quickly, but that doesn't mean stock-pickers should rush to sell them — even after letdowns like a disappointing quarter. Every stock in the 52-year-old growth fund has tailwinds like sustainable earnings growth and defendable competitive advantages, Humphrey said. Valuation is an afterthought for some growth managers, but not those on Humphrey's team. Along with Meta Platforms (META), the USAA Victory Growth Fund's top holdings include streaming media titan Netflix (NFLX) and communications conglomerate Alphabet (GOOGL).
Persons: It's, Lance Humphrey, Humphrey Organizations: Growth, Victory Capital Management, Companies, Federal Reserve, Meta, Netflix, Biotech, Vertex Pharmaceuticals
CNBC's Jim Cramer on Monday suggested that investors keep an eye on Vertex Pharmaceuticals (VRTX), a biotechnology company developing a drug to treat acute pain that is not an opioid. They have a plan — Vertex," Cramer said on "Squawk on the Street." Vertex — which makes most of its revenue from cystic fibrosis treatment Trikafta — has late-stage trials underway for the pain drug, known as VX-548. "I do believe that if they have something, it would be the largest market opportunity in the world," Cramer said, adding that late-stage study results for VX-548 are expected "within the year." The firm, which has a buy-equivalent rating on Vertex shares, said it sees similarities between the current pain market and the obesity market one to two years ago.
Persons: CNBC's Jim Cramer, Cramer, , Jim Cramer's, Eli Lilly, Mounjaro, Lilly Organizations: Vertex Pharmaceuticals, VX, Leerink Partners, Charitable Trust, CNBC, Club, U.S
All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.
Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho
July 20 (Reuters) - Vir Biotechnology's (VIR.O) shares plunged 45% to a more than three-year low on Thursday after the company's experimental antibody therapy to prevent a type of flu failed to meet its goals in a mid-stage trial. The biotechnology firm, which came into prominence through its COVID-19 antibody therapy sotrovimab developed in partnership with GSK plc (GSK.L), lost over $1 billion in market capitalization in early trade hit by the therapy's failure. The company said it will conduct further analyses on the trial data to "better understand these outcomes", but TD Cowen analyst Phil Nadeau does not expect the therapy to undergo further development. The company is developing antibody therapies against hepatitis B and D, for which data is expected later this year, and also has development programs for COVID-19, HIV and influenza. Reporting by Leroy Leo in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
Persons: Vir Biotechnology's, sotrovimab, Cowen, Phil Nadeau, Nadeau, Leroy Leo, Shailesh Organizations: GSK plc, COVID, Alnylam Pharmaceuticals, Vertex Pharmaceuticals, Thomson Locations: Bengaluru
Recessions haven't always resulted in declining stock markets, and good opportunities can be found amid them. Sectors for recession naysayersThe best sectors for recession disbelievers are the most economically sensitive ones: industrials, materials and financials. Well-positioned companies with good growth prospects currently include: Corteva, Dow Chemical, Ecolab, Linde plc, Martin Marietta Materials, Nucor Corp., PPG Industries and Sherwin-Williams. Currently buyable names include: Campbell Soup Co., General Mills, The Hershey Co., Kellogg's, Kimberly-Clark Corp., Kroger, Procter & Gamble and Walmart. Sector names with reasonable risk levels and good growth prospects include: Vertex Pharmaceuticals, IDEXX Laboratories, DaVita Inc., Veeva Systems Inc., IQVIA Holdings Inc., Cigna Group and Zoetis Inc.
Persons: Sherwin, Williams, Mayur, Martin Marietta, JPMorgan Chase, Rowe Price, Willis Towers Watson, Campbell, General Mills, Clark, Willie B, Thomas, Digitalvision Organizations: Westend61, University of Michigan Consumer, Investors, Westinghouse Air Brake Co, Cummins Inc, CSX, Emerson Electric, Otis Worldwide, Carrier, Caterpillar, Honeywell, Illinois Tool, Lockheed Martin Corp, Dow Chemical, Ecolab, Linde plc, Martin, Martin Marietta Materials, Nucor Corp, PPG Industries, XLF, JPMorgan, Rowe Price Group Inc, American International Group, Allstate, The, McLennan, Sectors, Co, Hershey Co, Clark Corp, Kroger, Procter, Gamble, Walmart, Getty Images Health, iShares U.S, Medical Devices, Vertex Pharmaceuticals, IDEXX Laboratories, DaVita Inc, Veeva Systems Inc, IQVIA Holdings Inc, Cigna, Zoetis Inc Locations: American, The Hartford, Marsh, Kimberly
An easy way to harness the power of AI quant models is to look at top holdings of ETFs, he said. But it's a tall task for individual investors — let alone institutions — to develop AI models for stock picking, Oh said. Oh said that the Qraft's momentum fund's top two holdings right now are Amazon (AMZN) and Meta (META). While it was the model that picked Amazon and Meta, Oh said they're solid fundamental plays. As for Meta, Oh said it's well-positioned for the AI boom as is one of the leaders in the space.
Persons: Francis Oh, , ChatGPT, I'm, Google's Bard, Oh Organizations: Vanguard's Hong, Qraft Technologies, Apple, Nvidia, AI, Equity, BTD, Fund, Vertex Pharmaceuticals, Gamestop, Dow, Industrial, SolarEdge Technologies, Dow Inc, Enphase Energy, Meta Locations: Asia, Pacific, Vanguard's, Vanguard's Hong Kong
Key beneficiaries Analysts recently flagged cash-rich companies as a beneficiary of higher interest rates. It said that consumer services, software and semiconductor companies are among those likeliest to profit the most from higher interest. "With higher interest rates, companies with robust balance sheets may be able to generate substantial amounts of interest income and surprise to the upside." The higher the free cash flow yield, the better a company's position to meet its debt obligations. A company with a high free cash flow is also able to access cash more quickly in the event of an emergency or opportunity.
Persons: James Demmert, Jefferies, Morgan Stanley, BofA, — CNBC's Michael Bloom Organizations: Main, Research, Companies, ", CNBC Pro, Vertex Pharmaceuticals, Broadcom, German, Lufthansa, Honda Motor, Renault Locations: U.S
As biopharma investors follow the latest buzz around advancements in clinical research, they may be under-appreciating opportunities in neurology, psychiatry and genetic medicine, according to a report from Oppenheimer. "Valuation multiples across disease areas show CNS [ or central nervous system] and Genetic Medicine at relative low points." In July, the Food and Drug Administration could grant full approval to Leqembi , its Alzheimer's Disease treatment. As a very new area of medicine, gene therapy has greatest potential to accelerate sales growth as treatments come to market. He described immunology multiples as "generally stable" and genetic medicine multiples as highly volatile.
Bank of America says healthcare stocks are usually strong performers in economic downturns. Their solid earnings and low valuations should help healthcare stocks going forward. The firm named 16 favorite stocks in the sector, including 3 that it thinks could double in price. Healthcare stocks aren't having a great year, but Bank of America says it sees signs that the tide is going to turn. Bank of America says the following 16 names are the best defensive and high-upside small- and mid-cap stocks in healthcare.
The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Occidental is Warren Buffett's favorite, it's not my favoriteMad Money host Jim Cramer weighs in on all manner of stocks, including Barrick Gold, Occidental, Lumentum Holdings, Nordic American Tanker, Petrobras, Vertex Pharmaceuticals, Dana Inc. and Catalyst Pharmaceuticals.
Stocks with strong balance sheets are gaining favor as the broader market whipsaws amid the ongoing bank crisis. Goldman Sachs' basket of 50 S & P 500 companies with strong balance sheets has outperformed its weak balance sheet basket by six percentage points since March 8, the day Silicon Valley Bank's downward spiral began , according to an analysis of performance released Friday by analyst David Kostin. The outperformance of stocks with stronger balance sheets has marked a "sharp rotation," Kostin said. Technology and other growth stocks are considered particularly interest rate sensitive and are expected to do better during periods with lower interest rates. Nvidia , another technology stock in the basket, has also rallied this year in tandem with growing interest in artificial intelligence.
Morning Bid: Powell's state of the union
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +4 min
Jerome Powell makes his first speech since the Fed's latest quarter-point interest rate rise last week. More importantly, it's his first chance to comment on Friday's seemingly blockbuster U.S. employment report for January. Perhaps just as significantly, they now price year-end Fed rates higher than the 4.5-4.75% range they are at right now. Atlanta Federal Reserve Bank President Raphael Bostic on Monday said of the jobs readout: "It'll probably mean we have to do a little more work." Investors will watch Biden's State of the Union with one eye on the potentially destabilising debt ceiling standoff with Congress.
The biotech halted the trial while it investigates the case, which may impact other CRISPR companies. The small biotech company Graphite Bio said Thursday afternoon that it paused a study testing an experimental gene-editing therapy after the first treated patient suffered a serious side effect. The safety scare raises more questions than answers as Graphite's scientists investigate what exactly may have caused the side effect. Lehrer said it's too early to say whether this safety scare could have implications for the broader gene-editing field. Its next-closest product, a gene-editing therapy for beta-thalassemia, isn't expected to start initial human testing until 2024 at the earliest.
I noted last week that there is an unusual divergence in thinking among Wall Street strategists for earnings and prices in 2023. Yet, in 2023, strategists do not seem to agree on this. A survey of 22 strategists indicated the average price target for the S & P 500 for year-end 2023 was 4,078. That would be about 7% higher than where the S & P is now. It means "patient accumulation" of what seems like odd choices, including China ADRs and what Emanuel calls "Misperceived Value" stocks.
On Nov. 19, 2021, the Nasdaq-100 index — which is made up of the 100-largest Nasdaq Composite stocks — hit a record closing high of 16,573.34. DocuSign and Zoom Video have fallen more than 80% and 67%, respectively, since the Nasdaq-100 reached its record high. Megacap stocks such as Meta Platforms , Tesla and Amazon have also plunged over the past 12 months, in part due to their high valuations. Vertex Pharmaceuticals has rallied 69.5% since the Nasdaq-100 closed at a record. O'Reilly Automotive, T-Mobile and Gilead Sciences are also among the big Nasdaq-100 winners over the year since the Nasdaq closed at an all-time high.
Apple — Apple share fell as much as about 4% following its quarterly financial report, which included weaker-than-expected iPhone revenue. Apple still beat Wall Street estimates for its earnings and revenue, however, and the shares pared their losses. Pinterest — The social media platform's shares climbed 15% postmarket after it third-quarter earnings and revenue both topped estimates. Gilead Sciences — The pharma company added about 4% after third quarter earnings beat analyst estimates, according to FactSet. Earnings and revenue for the third quarter beat analysts' estimates, according to FactSet.
Cramer's lightning round: Stay with Vertex Pharmaceuticals
  + stars: | 2022-10-27 | by ( Krystal Hur | ) www.cnbc.com   time to read: 1 min
Loading chart...Warner Bros Discovery Inc : "I need to see them make some money. I'm not recommending stocks that are losing money." Loading chart...Getty Images Holdings Inc : "I think down here at $4, I'm not a SPAC guy, okay, but this one may be actually worth looking at." Loading chart...Cleveland-Cliffs Inc : "I continue to prefer Nucor . Loading chart...Vertex Pharmaceuticals Inc : "I say stay with it, I think it's a really, really well-run company."
CRISPR companies are faring better by producing faster and more dramatic clinical results. A layoff tracker from Fierce Biotech counts at least 90 drug companies that have laid off staff in 2022. Gene-editing biotechs have avoided the brunt of the downturn because of fast clinical successIntellia Therapeutics is developing CRISPR-based gene-editing medicines that could cure diseases. Just in the past month, CRISPR Therapeutics moved into a swanky new headquarters in Boston that can house up to 1,000 people. BeamTo be sure, 2022 hasn't been smooth sailing for the CRISPR companies.
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