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The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsSept 1 (Reuters) - Shares in Dell Technologies Inc (DELL.N) rose 22.2% and hit a record high on Friday after it raised full-year financial forecasts with boosts from artificial intelligence (AI) and stabilizing demand for computer hardware after a months-long slump. Dell, on track for its biggest ever daily percentage gain, is up more than 70% for the year-to-date. Servers and networking revenue rose 11% from the first quarter to $4.27 billion, driven by higher demand for AI-optimized servers, Dell said. At least 10 analysts raised their target prices for Dell's shares after the report with several including Credit Suisse and Evercore ISI citing its position to benefit from AI.
Persons: Brendan McDermid, Samik Chatterjee, Dell, JPMorgan's Chatterjee, Wells, Sinéad Carew, Lance Tupper Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell, CDW, Cisco Systems, Hewlett Packard Enterprises, Credit Suisse, ISI, JPMorgan, Thomson Locations: New York, U.S
Our top 10 things to watch Thursday, Aug. 31 1. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. Marlena Sloss | Bloomberg | Getty ImagesOur top 10 things to watch Thursday, Aug. 31
Persons: we're, OKTA, CRWD, Stanley Black, Decker, Nvidia's, Jim Cramer's, Jim Cramer, Jim, Jan, Marlena Sloss Organizations: Broadcom, Dollar, Costco, UBS, Management, Nvidia, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: Washington, San Francisco
J.P. Morgan is removing Salesforce from its list of top stock picks after the stock's AI-driven boom so far this year. He pointed to sequential degradation in the company's software-as-a-service earnings and muted second-quarter bookings expectations, based on a proprietary vendor survey by J.P. Morgan. Salesforce's stock price has skyrocketed this year, gaining nearly 60%. Analysts surveyed by FactSet are calling for earnings per share of $1.90 and revenue of $8.53 billion when the company reports quarterly figures Wednesday. Correction: This story has been updated to reflect that Salesforce's guidance suggests its revenue will range between $8.51 billion and $8.53 billion.
Persons: Morgan, Mark Murphy, Murphy, Salesforce, — CNBC's Michael Bloom Organizations: Dow Jones Industrial, Morgan, Oracle, Microsoft Locations: Morgan, Monday's, Tuesday's
But while Palo Alto's share price may be seesawing, the company's underlying business fundamentals and its future growth prospects remain intact. Shares of Palo Alto were up more than 1.4% in afternoon trading Friday, at roughly $230.70 apiece. Palo Alto "is winning business from everybody, and it was one of the most impressive, albeit long, conference calls that I've ever been on." UBS lifted its price target on Palo Alto stock to $260 a share, from $220, while maintaining a neutral rating. Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
Persons: Palo, CNBC Jim Cramer, Fortinet, Jim, Roger Boyd, Jim Cramer's, Jim Cramer, David Paul Morris Organizations: Palo Alto Networks, Palo, CNBC, Palo Alto, Sales, ISI, Bank of America, Deutsche Bank, RBC Capital Markets, UBS, RBC, Alto Networks, Bloomberg, Getty Locations: Palo Alto, Palo, Santa Clara , California, U.S
The firm raised its price target from $800 to $1,100 — a new high among Wall Street analysts — after the chipmaker beat second-quarter estimates and issue optimistic guidance. Rosenblatt had already hiked its price target heading into this week . The new price target implies more than 133% upside from Wednesday's close. Analyst Hans Mosemann described Nvidia's AI growth story as "the mother of all cycles." However, he forecasts constraints lifting in 2025, which would then raise the company's earnings per share power to a degree not reflected in the current valuation — and justifying the price target increase.
Persons: Rosenblatt, , Hans Mosemann, Mosemann, Hopper, L40S, Michael Bloom Organizations: Wall Street, Nvidia
New York CNN —Dick’s Sporting Goods warned Tuesday that retail theft is damaging its business and would lead to lower annual profits. Retail “shrink” is a term that refers to merchandise that goes missing due to theft, fraud, damage, accounting errors or other reasons. The retailer reported a large number of incidents of shoplifting and organized retail crime in its stores nationwide. Need and opportunity become forceful catalysts for driving up incidents of retail crime, experts said. According to the National Retail Federation, the industry’s biggest trade group, large-scale store theft is becoming a bigger part of retail shrink.
Persons: Lauren Hobart, can’t, , Read Hayes, criminologist, Gucci, Organizations: New, New York CNN —, Goods, Walgreens, University of Florida, Prevention Research Council, Walmart, Target, National Retail Federation, eBay, Facebook, Westfield, Westfield Topanga Shopping, Nordstrom, FBI, New York Police Department, New York State, Police Locations: New York, Pittsburgh, Los Angeles, Chicago, Westfield Topanga, Burbank , Glendale, Beverly Hills, Santa Monica, New York City
Palo Alto Networks (PANW) defied the doubters with its late Friday quarterly results and strong guidance. In the nervous run-up to the earnings release, Palo Alto's stock had fallen about 16% in August. Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, owns shares of Palo Alto Networks. On Monday, he praised Palo Alto Networks' ability to gain market share in the increasingly important cybersecurity industry. The magnitude of Palo Alto's jump Monday is due, in part, to short-sellers covering their bets against the stock, Cramer said.
Persons: It's, CNBC's Jim Cramer, Nikesh Arora, Cramer, Palo, Jim Cramer's Organizations: Palo Alto Networks, Charitable Trust, CNBC, Club Locations: Palo Alto
But on Tuesday, J & J was ordered to pay $18.8 million after jurors found in favor of 24-year-old Emory Hernandez Valadez who claimed in his lawsuit that he developed mesothelioma, a deadly cancer linked to asbestos, from exposure to J & J talc products. J & J has said that over 60,000 claimants support its latest $8.9 billion settlement to be paid out over 25 years. Johnson & Johnson issued an official statement following the verdict in favor of Valdez, intending to appeal. Even so, J & J got a few of price target increases on Wall Street on Friday. The higher growth pharmaceuticals and medical technology businesses are remaining as the new J & J.
Persons: Johnson, J's, Jim Cramer, Jim, J, Emory Hernandez Valadez, we're, there's, Moshe Maimon, Levy, Maimon, Michael Kaplan, Kaplan, Erik Haas, Thursday's, Haas, Jim Cramer's, Justin Sullivan Organizations: Johnson, LTL Management, J, Credit Suisse, AAA, CNBC, & ' $, & $ Locations: California, American, Levy Konigsberg, Valdez, Stifel, Kenvue, San Anselmo , California
Wall Street kicked off the week with bullish takes on several high-flying tech stocks in the portfolio — validating our decision to stick with these mega-caps heading into quarterly earnings. It's also important to understand that some price target raises are just chasing a big move, and that the price reaction to an earnings release has less to do with the results and much more to do with expectations. It's also why Citigroup also put AMD on a "negative catalyst watch," meaning it is negative on the stock heading into earnings. In the analysts' view, Apple has an opportunity to grow its revenue by seven times in the U.S. over the next decade to about $40 billion, while adding 170 million new users. Microsoft What the analysts say: Analysts at Mizuho reiterated their buy rating on Microsoft while taking up their price target to $390 from $360.
Persons: bullish, Meta, It's, CUDA, Morgan Stanley, we're, , Jim Cramer, monetize, Jim Cramer's, Jim, Jensen Huang, Sam Yeh Organizations: Nvidia, Apple, Microsoft, Devices, Citigroup, AMD, Intel, Mizuho, Activision Blizzard, JMP Securities, Jim Cramer's Charitable, CNBC, Afp, Getty Locations: U.S, China, India, Taipei
Credit Suisse thinks this year's market run has more to go, raising its S & P 500 forecast to the highest on Wall Street. Jonathan Golub, the bank's head of U.S. equity strategy, hiked his S & P 500 year-end target to 4,700 from 4,050. Stocks have been on a surprising tear in 2023, with the S & P 500 climbing about 18% despite concerns over inflation, rising interest rates and a potential U.S. economic recession. The run has left many Wall Street strategists flat-footed. The next highest target on the Street besides Golub is CFRA at 4,575.
Persons: Jonathan Golub, Golub, Stocks, Michael Bloom Organizations: Suisse Locations: Monday's, Golub, CFRA, China
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Big Tech keeps getting price target hikes Watch for earnings from three Club names Not all semis are liked as much as Nvidia 1. Big Tech gets price target hikes Stocks look like they're trying for gains Monday after strong weekly performances for the Dow , the S & P 500 and the Nasdaq . THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, MSFT, Morgan Stanley, Wells Fargo, Johnson, Jim Cramer's, Jim Organizations: CNBC, Big Tech, Nvidia, Dow, Nasdaq, Microsoft, Wall Street, Halliburton, HAL, Nvidia Citi, Citi, Devices, Jim Cramer's Charitable Locations: India, Wells
Cook officially opened Apple Inc.'s first company-owned store in India, betting the iPhone maker's retail outlets will help accelerate sales growth. Photographer: Indranil Aditya/Bloomberg via Getty ImagesIndia will likely be a major driver of Apple's five-year revenue and installed base growth, Morgan Stanley analysts said in a note Monday, citing Apple's investment in manufacturing in India and the country's "economic boom." Morgan Stanley analysts forecast that over the next five years, the country could account for 15% of Apple's revenue growth — in contrast to 2% in the past five years and $6 billion today — and 20% of the company's installed base growth. The revenue growth, which Morgan Stanley forecasts at $40 billion over the next 10 years, would be the "equivalent to Apple ramping an entirely new product category." A survey commissioned by Morgan Stanley suggested Indian consumers have an increased desire and ability to purchase iPhones.
Persons: Tim Cook, Cook, Indranil Aditya, Morgan Stanley, Morgan Organizations: Apple Inc, Apple, Bloomberg, Getty Images Locations: Mumbai, India, Getty Images India, China
Analysts at Morgan Stanley published the results of their second-quarter CIO survey, providing valuable insight into information technology budget expectations. Cloud and cybersecurity Digging a bit deeper, the survey reveals that cloud computing and security software remain the top two priorities for CIOs followed by artificial intelligence/machine learning. The analysts singled out Microsoft as the most exposed to the two major themes of the survey — generative AI via ChatGPT and cloud consumption via Azure. Cloud and AI enablers All of this also bodes well for the names that make cloud computing, generative AI, and LLMs possible. Importantly, the demand is not only coming from cloud service providers (CSPs) but also from enterprise players and AI startups.
Persons: Morgan Stanley, Bard, Dell, Salesforce, Jim Cramer's, Jim Cramer, Jim, Bing, Jonathan Raa Organizations: Microsoft, Google, Web Services, Club, Software, Hewlett Packard Enterprise, Palo Alto Networks, Alto, Nvidia, Devices, AMD, CNBC, Nurphoto, Getty
NVDA YTD mountain Nvidia shares in 2023 The new price target suggests shares could gain another 16.5% from Friday's close on top of nearly tripling this year. Key to Goldman Sachs' target increase is the stronger compute power and greater numbers of graphics processing units needed to train growing large language models. From training alone, the analyst forecasts a $13 billion base case three-year revenue opportunity and a $316 billion bull case scenario. Social media could yield one of the strongest revenue opportunities, with a base case scenario calling for $1.9 billion in revenue. Along with its target increase on Nvidia, Goldman Sachs upped its price objective on overseas shares of Taiwan Semiconductor Manufacturing .
Persons: Goldman Sachs, Toshiya Hari, Hari, Bruce Lu, — CNBC's Michael Bloom Organizations: Nvidia, company's Data, Wall, Social, Taiwan Semiconductor Manufacturing Locations: Friday's
Wall Street praised Constellation Brands (STZ) in a series of price target hikes to start the new week and quarter. We boosted our Club price target on Constellation on Friday to $270 per share from $260. BMO Capital increased price target to $290 from $263 Wells Fargo increased price target to $280 from $275 Bernstein increased price target to $287 from $280 JPMorgan raised price target to $276 from $273 Goldman Sachs raised price target to $275 from $264 Wedbush increased price target to $275 to $270 TD Cowen increased price target to $240 from $220 Truist raised price target to $240 from $220 The common theme, as we also pointed out, is the company's unrelenting beer momentum as the main factor that should drive the company's future growth. Constellation delivered resilient beer depletions, also known as the number of cases that are sold to retailers by a distributor. We were glad to see Wall Street analysts follow our price target increase.
Persons: That's, Bernstein, Goldman Sachs, Cowen, Bud Light, Bud, Jim Cramer's, Jim Cramer, Jim Organizations: Constellation Brands, Corona, Modelo, Constellation, BMO Capital, Wells, JPMorgan, Modelo Especial, Pacifico, Management, Wall, CNBC, Getty Locations: Pacifico, Corona, America, California, U.S
Citi initiates coverage with a buy rating and a $240-per-share price target, which puts the stock at 30 times fiscal year 2025 earnings-per-share (EPS) estimates. Jefferies upgrades Carnival (CCL) to a buy rating and increases its price target to $25 per share from $9. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Dow, it's, Bausch, Brent Saunders, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Dow, Apple, Citi, Nike, JPMorgan, Nice, Modelo, Constellation Brands, Jefferies, Novartis, Troubled, Bausch Health, Mastercard, Jim Cramer's Charitable, CNBC Locations: Corona
Wall Street analysts continued to favor Meta Platforms (META) over Alphabet (GOOGL), sending shares of META up more than 3% and GOOGL shares just slightly higher Tuesday. Analysts at both firms expressed concern over how the implementation of generative AI might hurt search-related ad revenues and boost expenses. That said, Bernstein and UBS both also acknowledge that longer-term generative AI may very well prove a tailwind for Alphabet. META YTD mountain Meta Platforms YTD performance Meta Platforms, meanwhile, has been getting better reviews. Bottom line Both Meta and Alphabet are likely to benefit from generative AI in the long-term — even if Meta has more clearcut benefits in the near term.
Persons: Bernstein, Bard, MAUs, Instagram, chatbots, Meta, Jim Cramer's, Jim Cramer, Jim, Beata Zawrzel Organizations: Street, UBS, Citi, Google, Meta, Cannes Lions, Creativity, Instagram, CNBC, Nurphoto, Getty Locations:
Higher rates for longer could benefit WSFS Financial , the Delaware-based parent of Wilmington Savings Fund Society, according to D.A. The firm upgraded the regional bank to buy from neutral Monday with a $45 per share price target, representing about 28% upside from Friday's $35.17 close. WSFS YTD mountain Shares of WSFS Bank have slipped more than 18% in 2023. But analyst Manuel Navas says WSFS Financial could post stronger growth compared with peers due to a higher net interest margin . At the same time, he says WSFS Financial is trading at a discount that doesn't accurately capture the bank's position.
Persons: Davidson, Manuel Navas, Navas, 1Q23 NIM, Michael Bloom Organizations: Wilmington Savings Fund Society, WSFS Bank Locations: Delaware, Wilmington
Carnival and Norwegian Cruise Line hit 52-week highs Wednesday, while Royal Caribbean did so Tuesday. RCL YTD mountain Royal Caribbean year to date For Farley, Royal Caribbean stands out because it has about 64% of its cruises in the Caribbean, a strong market. Investors now may be waiting to see if there will be more price target increases from analysts after the latest run up. Royal Caribbean has 3% downside to the average analyst price target of $92.77 as of Tuesday's close, per FactSet. Carnival has 21% downside to its average price target of $12.11, and Norwegian has 15% downside to its $16.60 average price target.
Persons: It's, Jason Liberty, Patrick Scholes, Robin Farley, Matthew Boss, Bank of America's Andrew Didora, Josh, Didora, Farley, Truist's Scholes, James Hardiman, Greg Badishkanian, Scholes, Managements, Boss, CNBC's Michael Bloom, Josh Weinstein Organizations: shutdowns, Wall Street, Cruise Line, Royal, CNBC, Royal Caribbean, JPMorgan Chase, Bank of America, CCL, Bank of America's, UBS, Argus Research, Citi, Wolfe Research, JPMorgan, Investors Locations: Royal Caribbean, U.S, Miami, Tuesday's, Caribbean, Norwegian
It's time to buy InterDigital after its strong first-quarter results , according to Bank of America. InterDigital is up by more than 61% this year, but the analyst's price target increase suggests that shares can climb another 30% from Tuesday's closing price. "The company already recognizes these revenues, though at a conservative level, and could see some upside once the cases finalize. InterDigital also has ongoing cases with Oppo and Vivo, which should each add $40- 60mn in recurring revenues per year." "Without Lenovo, total revenues would have still beaten estimates by ~7%."
Consumers across all income levels are pulling back on spending, according to a Barclays Capital promotions tracker, prompting analyst Adrienne Yih to downgrade a host of retail stocks. However, Yih said, the pace of sales and discounting suggests that this scenario — a V-shaped recovery — is now less likely. FIGS 6M mountain Barclays downgraded Figs shares to underweight from equal weight. Figs shares shed 6%, Canada Goose fell more than 5% and Victoria's Secret was down more than 3%. CPRI YTD mountain Capri shares have fall 31% since the year started.
The Asia, Africa and Middle East-focused bank had previously set a 2030 target to reduce the emissions 'intensity' of loans to the sector by 30% from 2020 levels. Emissions intensity measures carbon emissions as a percentage of business activity, such as revenue. As a result, carbon emissions can increase in absolute terms even when emissions intensity goes down, because businesses can become more efficient in reducing emissions and still emit more in total when their activity goes up. Banking peers that have adopted an absolute emissions reduction target include HSBC(HSBA.L) and Citi (C.N), as well as a number of smaller banks. "Setting this absolute sector target and supporting our clients in their transition journey are critical sustainability priorities for Standard Chartered," Chief Sustainability Officer Marisa Drew said.
The proposal aims to increase both demand for and supply of sustainable aviation fuels (SAF), which have net-zero CO2 emissions or low carbon emissions. The proposal sets binding targets for aviation fuel suppliers to ensure that all fuel made available to aircraft operators at EU airports contains a minimum share of SAFs from 2025, with the target increasing to 2050. In the nearer term, sustainable fuel is one of the few options to reduce air travel's carbon footprint. Airlines are set to receive around 2 billion euros in funding from the EU carbon market to help them switch to SAF. Biofuels can count towards the main SAF targets, so long as they comply with the EU's biomass sustainability criteria.
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stocks rise Stocks climbed Thursday after U.S. wholesale inflation in March came in cooler than expected . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
As Wall Street gears up for another earnings season, analysts see some stocks better positioned than others for gains. Against this backdrop, CNBC Pro used FactSet data to screen for stocks that Wall Street analysts think have the largest potential upside heading into a new earnings season. And more than half of analysts covering Booking Holdings still rate it a strong buy or buy, according to Refinitiv data. BKNG YTD mountain Shares of Booking Holdings Another stock expected to outperform during earnings season is Paccar . Salesforce's earnings per share are estimated to climb by 24% over the next six months.
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