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Calling it the "best fundamental story" among U.S. large caps, UBS analyst Colin Bristow on Friday lifted his price target to $612 from $526. The stock has already gained 47% year to date, mostly on the back of lofty expectations for weight loss drug sales. Bristow also expects data for its Crohn's disease treatment by year-end, as well as readouts on Verzenio for prostate cancer. Then by 2024, Lilly is expected to submit data for a cell therapy for type 1 diabetes. And there's potential for even more upside if the drug adds other indications such as renal treatment, he said.
Persons: Eli Lilly, Colin Bristow, Bristow, Lilly, Jaypirca, Novo's, — CNBC's Michael Bloom Organizations: UBS, Food, Drug, European Union, Novo Locations: U.S
Stock Market Today: Dow Futures Edge Up; WeWork Stock Tumbles
  + stars: | 2023-08-09 | by ( ) www.wsj.com   time to read: +1 min
Stock futures were muted in early trading Wednesday, suggesting U.S. markets could stabilize after a pullback in the previous session . European shares were more buoyant, with Italian banks clawing back losses after Rome watered down a planned windfall tax. Stock futures edged higher. Oil prices rose. Italian banks recouped some of the previous day’s big losses, after Rome partially walked back plans for a windfall tax.
Persons: Rome, Brent Organizations: Nasdaq, Dow, Treasury, CSI Locations: Government, Europe, Rome
Morning Bid: Bank of Japan excites, Dow unlucky, Intel jumps
  + stars: | 2023-07-28 | by ( ) www.reuters.com   time to read: +4 min
Specifically, the central bank said it would offer to buy 10-year JGBs at 1.0% in fixed-rate operations, instead of the previous rate of 0.5% - tolerating the wider band for bond market borrowing rates. With July core inflation in Tokyo falling back to a 10-month low, the need for tightening may be ebbing anyway. Friday's data is expected to show another drop in the Fed's favoured core PCE inflation gauge in June. For markets more broadly, Friday seems a little scattergun so far after a heavy week of macro policy and corporate news. U.S. Treasury yields fell back from two-week highs hit after the punchy U.S. economy readouts and central bank moves, with the 2-to-10 year yield curve steepening as recession fears abate.
Persons: Mike Dolan, Dow Jones bluechips, T Rowe Price, Nick Macfie Organizations: Bank of Japan, Dow, Nikkei, Federal Reserve, European Central Bank, Treasury, ECB, Intel, U.S, Exxon Mobil, Chevron, Proctor, Gamble, Colgate Palmolive, Franklin Resources, Newell Brands, Church, Dwight, Charter Communications, Dallas Fed, University of Michigan, Reuters, Thomson Locations: U.S, Wall St, Tokyo, Wall, Asia, Centene, Franklin
He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. The EPA said all the changes to Tesla’s range estimates were made before the company used the figures on window stickers. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.
Persons: Alexandre Ponsin, , Tesla, Elon Musk, “ Elon, Scott Case, Case, Gregory Pannone, Pannone, “ They've, carmaker, Ford, I’m, ” Pannone, ” Jonathan Elfalan, Edmunds, Elfalan, ” Elfalan, Santa Clara –, Ponsin, ” Ponsin, , Steve Stecklow, Norihiko, Heekyong Yang, Peter Henderson, Eve Watling, Lucy Ha, Ilan Rubens, Brian Thevenot Organizations: Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Virtual Service, Santa, San Francisco Art Locations: AUSTIN, Texas, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah, Santa Clara, London, Austin, Seoul, San Francisco
He expected to get something close to the electric sport sedan's advertised driving range: 353 miles on a fully charged battery. The directive to present the optimistic range estimates came from Tesla Chief Executive Elon Musk, this person said. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.
Persons: Daniel Acker, Alexandre Ponsin, Tesla, Elon Musk, Elon, Scott Case, Case, Gregory Pannone, Pannone, carmaker, Ford, Jonathan Elfalan, Edmunds, Elfalan, They've Organizations: Tesla Motors Inc, North American, Bloomberg, Getty, Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Service Locations: Detroit , Michigan, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah
Morning Bid: Big Tech litmus test as Fed gather
  + stars: | 2023-07-25 | by ( ) www.reuters.com   time to read: +4 min
The wider blue-chip CSI 300 Index (.CSI300) snapped a six-day losing streak to pop 3% and buying from state banks propped the yuan. Both oil and Treasury yields gave back some of those gains again today, however, with year-on-year crude price declines still tracking more than 21%. There was little ostensible reaction to the formal rebalancing of the Nasdaq 100 (.NDX) index that pared weightings of several of the big caps to reduce "over-concentration". The approach of Wednesday's Fed decision may limit market moves until then. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Mike Dolan, sagged, Dow Jones bluechips, Alphabet's, Clark, Chubb, Paccar, Sherwin, Williams, Archer, Ed Osmond Organizations: Big Tech, Microsoft, Federal Reserve, European Central Bank, ebbing, Nasdaq, Google, Texas, NextEra Energy, Visa, GE, GM, Dow, Verizon, Universal Health, Daniels, Richmond Fed, Philadelphia Fed, Federal, Market, Monetary Fund, Treasury, Reuters, Thomson Locations: U.S, Hong, Europe, China, Danaher, Corning, Kimberly, Biogen, Dover, Nucor, Midland
Morning Bid: Euro biz ebbs, China property and rate peaks?
  + stars: | 2023-07-24 | by ( ) www.reuters.com   time to read: +4 min
Arguments for calling a halt to the credit tightening were strengthened on Monday as early July business surveys for the euro area came in well below forecasts, showing a deepening contraction in overall activity this month. The euro dropped more than half a percent against the dollar as euro government debt yields fell back, with an indecisive weekend election result in Spain adding pressure. With the ongoing slide in manufacturing still the biggest drag and due in large part to China's spluttering post-Covid recovery, further turbulence in China's property markets will only increase the anxiety. For Wall St, the looming Fed decision dominates this week - with a check on U.S. July business surveys topping the data on Monday's calendar in another huge corporate earnings week. U.S. Treasury yields fell back, but the dollar (.DXY) climbed against the euro, yuan and sterling - also hit by disappointing UK business readings for July.
Persons: Mike Dolan, China's, readouts, Dow Jones, Brown Organizations: Futures, Bank of, Dalian, Japan's Nikkei, Tech, Microsoft, Dow, Nasdaq, Treasury, Chicago Fed, Whirlpool, Packaging Corp of America, Cadence, Trade Organization, Reuters, Thomson Locations: U.S, China, Bank of Japan, Spain, United States, Alexandria, Geneva
Morning Bid: Data-hit bond markets end summer lull
  + stars: | 2023-07-07 | by ( ) www.reuters.com   time to read: +4 min
On top of that, there were signs that activity at dominant U.S. service sector firms picked up steam again last month too. Friday's release of the Labor Department's monthly national payrolls report will seal the picture. U.S. Treasury yields hit 16-year highs above 5%, German equivalents hit their highest in 15 years and British gilt yields scaled 2008 peaks. The VIX (.VIX) gauge of implied Wall St volatility - which had been peculiarly subdued right through last month - jumped to its highest since June 1. Crucially, 2-year Treasury yields edged back below 5%.
Persons: Mike Dolan, Lorie Logan, payrolls, HSI, Janet Yellen's, Elon, Lorrie Logan, Christine Lagarde, Joachim Nagel, Bank of England policymaker Catherine Mann, Emelia Sithole Organizations: readouts, Federal, Labor, Dallas Fed, Fed, Treasury, Nikkei, Twitter, Meta, Dallas Federal, Central Bank, Bank of England, NATO, Vilnius Reuters Graphics, Reuters Graphics Reuters, PMI Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, China, Canada, New York, Vilnius Reuters
Morning Bid: Markets labor on China, three jobs gauges
  + stars: | 2023-07-06 | by ( ) www.reuters.com   time to read: +4 min
A look at the day ahead in U.S. and global markets from Mike DolanWorld markets have taken a hit from a deepening selloff in China as they await critical health checks on U.S. employment over the next two days. Although Fed futures pricing for the year ahead changed little overnight, two-year U.S. Treasury yields edged up closer to 5%. ADP's June take on private sector payrolls, the latest weekly jobless claims numbers and details of May job openings all hit the slate later. Consensus forecasts have ADP reporting another 228,000 jobs last month, jobless claims ticking higher last week and vacancies falling in May. Events to watch for later on Thursday:* U.S. June ADP private sector jobs report, weekly jobless claims and May JOLTS job openings data.
Persons: Mike Dolan, Janet Yellen, Goldman Sachs, restating, John Williams, Elon Musk, Lorrie Logan, Elaine Organizations: U.S, Treasury, Goldman, Federal, New York Fed, Labor Department's, Dallas Federal, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, China, Beijing, Hong Kong, Shanghai, Tokyo, Seoul, British, Europe
Morning Bid: Fed turns screw, Micron pops
  + stars: | 2023-06-29 | by ( ) www.reuters.com   time to read: +3 min
But as investors hit the half-year mark tomorrow, the tightening credit environment tempered fresh risk-taking. Two-year Treasury yields crept higher to 4.77% on Thursday after all the news, with the dollar (.DXY) firmer too and S&P500 futures marginally positive - helped by Micron. The VIX (.VIX) volatility gauge remains subdued at 13.6. Powell's relative hawkishness was mostly matched by counterparts at the European Central Bank and Bank of England yesterday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Mike Dolan, Jerome Powell's, Powell, Riksbank, Jerome Powell, Raphael Bostic, Paychex, Elaine Hardcastle Organizations: Federal Reserve, Micron, European Central Bank and Bank of England, Atlanta Fed, Nike, McCormick, Paychex Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Asia, Europe, Japan, China, Madrid, Dublin, Brussels
Morning Bid: World markets calm after Russia drama
  + stars: | 2023-06-26 | by ( ) www.reuters.com   time to read: +5 min
More perplexed by events than anything else, world markets stayed relatively calm on Monday after a dramatic Russian military mutiny at the weekend was uneasily quelled. For Russian markets themselves, the rouble slipped to 15-month lows - but it too had been falling last week as oil prices ebbed. Largely now isolated from western investment, Russian stocks fell about 1%. U.S. Treasury yields slipped lower, perhaps with a smidgen of a safety bid from the weekend events helping too. Turkey's lira slid again to record lows after the central bank took steps to simplify rules governing lenders' holdings and foreign deposits after a sharp but underwhelming interest rate rise last week.
Persons: Mike Dolan, uneasily, Vladimir Putin, Leonardo, Raphael Bostic, James Bullard, Loretta Mester, Ed Osmond Organizations: Wall, Saab, Rheinmetall, Brent, . U.S, Treasury, Bank for International Settlements, HSBC, Dallas Federal, Central Bank, Central Banking, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, PMI, Thomson, Reuters Locations: U.S, Ukraine, Moscow, Shanghai, Europe, United States, ., Canary Wharf, London, Sintra, Portugal
Leah Millis | Afp | Getty ImagesU.S. President Joe Biden said Secretary of State Antony Blinken "did a hell of a job" in Beijing. His comments came after Blinken's high-profile diplomatic mission to China, aimed at soothing strained ties with Beijing. In a surprise meeting, Blinken met Chinese President Xi Jinping for a 35-minute meeting toward the end of his two-day visit. He is the highest-level American official to visit China in nearly five years. Here are other takeaways from Blinken's trip to China:Progress madeBiden wasn't the only one who saw progress in the talks.
Persons: Antony Blinken, Xi Jinping, Leah Millis, Joe Biden, Biden, Blinken, Wang Yi, Qin Gang, Xi, Blinken's, Qin, Mark Hannah, Hannah, Bonnie Gasler, Gasler, Wang, Robert Daly, Wilson, Daly, Taiwan Blinken, CNBC's Organizations: of, People, Afp, Getty, Beijing, U.S, U.S . State Department, State Department, Eurasia Group Foundation, CNBC, German Marshall Fund, Tech, China, Institute, East China, Taiwan, Taiwan Relations Locations: Beijing, China, U.S, Bali, Washington, Taiwan, South, East
China’s readout of the call was noticeably more pointed, underscoring the deep distrust that lingers between Beijing and Washington. Qin told Blinken the US should “show respect” on China’s core concerns such as the Taiwan issue. Blinken originally planned to visit China in February as the two countries attempted to stabilize ties following an in-person meeting between their leaders in Indonesia last November. But the high-stakes trip was postponed over a suspected Chinese spy balloon that flew over the continental US and was later shot down. In a veiled criticism, Qin appeared to blame the US for the heightened tensions in recent months in his call with Blinken, according to the Chinese readout.
Persons: Antony Blinken, Qin Gang, Blinken, Matthew Miller, Washington . Qin, Qin, , Joe Biden’s, , Xi Jinping Organizations: Hong Kong CNN, Qin, US State Department, China’s Foreign Ministry, Foreign Ministry, CNN, China’s Communist Party Locations: Hong Kong, Beijing, China, Washington, Taiwan, Indonesia, South, South China
Morning Bid: China factory fright, dollar surges
  + stars: | 2023-05-31 | by ( ) www.reuters.com   time to read: +4 min
The yuan , now down more than 3% from its early May peaks, skidded to its lowest level of the year against the dollar as investors considered the possibility of further credit easing by the Chinese central bank. The dollar index hit its highest level since mid-March, with the European inflation news and China demand picture knocking the euro to its lowest in two months too. German import prices fell at an annual rate of 7% in April and the ECB's financial stability report warned about a "disorderly" hit to house prices from higher mortgage rates. The House Rules Committee voted 7-6 on Tuesday to approve the rules allowing a debate and vote by the full chamber. Overall, stock markets slipped back slightly - with Hong Kong's Hang Seng index the big underperformer after the Chinese factory release.
Persons: Mike Dolan, Loretta Mester, Philip Jefferson, Susan Collins, Patrick Harker, Christine Lagarde, Jane Merriman Organizations: Federal Reserve, Cleveland Fed, Wednesday's Financial, European Central Bank, Dallas Fed, Boston, Philadelphia Fed, Consumer, Thomson, Reuters Locations: U.S, Europe, China, Italy, Chicago
Optimism for J & J, Kenvue The news : Investors should buy shares of Johnson & Johnson for its "world-leading medical technology and pharmaceutical franchises," Citigroup analysts wrote in a research note Tuesday. The firm, after a period of restriction, resumed its J & J coverage with a buy rating and $185-per-share price target. Jim said Tuesday he could see J & J jumping to around $170 per share, if plaintiffs were to approve the company's proposed settlement . J & J has long rejected plaintiffs' claims that its baby powder and other talc products caused cancer. In any case, we like Kevnue as a standalone company and will keep a close eye on its performance as we await more information from J & J management on finalizing the divestiture.
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But Li’s trip has also laid bare the divisions between China and Europe when it comes to how peace can be reached — and served to underline Beijing’s close alignment with Moscow. As such, that’s “not on the table for China,” Tsang said. That stance has horrified much of Europe, and Li’s tour comes as China has been attempting to repair relations there. “No one will do anything against us behind Ukraine’s back, because we have built trusting relationships with all our key partners,” he added. “The crucial question is what message from Europe — Kyiv, Warsaw, Berlin, Paris, and Brussels — Li will deliver in Moscow and Beijing,” he said.
Ukraine's ambassador to the US, Oksana Markarova, greets Ukrainian President Volodymyr Zelensky as he arrives in Washington on December 21, 2022. From the start, our president has been very vocal, saying that we need to liberate Ukraine within its internationally recognized borders. We heard it also from our strategic partners here, and even at the recent phone call of our president with President Xi. Andelman: So why did President Zelensky recently have a long conversation with Xi Jinping? Andelman: You know President Zelensky very well personally.
With a wry nod to the weekend coronation of King Charles, Goldman Sachs' currency team labelled an upgrade of its sterling recommendation from neutral to 'Long (live) Sterling' - nudging a 3-month forecast for sterling 3% stronger to 0.86 per euro. "Headwinds on sterling in 2022 - mostly natural gas prices and the relative stance of BoE policy - have turned to tailwinds." Economic surprise indexes compiled by Citi show incoming UK readouts more positive relative to expectations than at any time since October 2020. But the FTSE 250 is mostly holding its own so far in 2023 as they have both advanced 3%-4%. UK Economic Surprises surge vs rest of the westG3 Terminal RatesFTSE100 vs FTSE250The opinions expressed here are those of the author, a columnist for Reuters.
Morning Bid: Apple comforts as payrolls loom
  + stars: | 2023-05-05 | by ( ) www.reuters.com   time to read: +5 min
Apple upped its dividend and authorized another $90 billion share repurchase program, same as a year ago. Apple's stock has outperformed most of Wall Street in 2023, up 28% year-to-date. After a torrid 2022, that narrow index is up 35% so far this year - far outstripping the Nasdaq 100's (.NDX) 18% gain and accounting for the bulk of the more modest 6% rise in the S&P500 <.S&P500>. And after three hefty daily retreats in a row for the S&P500 this week, futures are up 0.4% ahead of Friday's open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Morning Bid: Amazon cools, Intel warms, Japan hesitates
  + stars: | 2023-04-28 | by ( ) www.reuters.com   time to read: +5 min
[1/2] A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. But the dramatic re-acceleration of Big Tech stocks this week - where the NYFANG+TM (.NYFANG) index of the top 10 Big Tech stocks is now up 37% so far this year - is competing with multiple macro narratives that are increasingly hard to read. With the Fed meeting in view, the release of March PCE price inflation data later on Friday tops the diary. Wall St stock futures fell back 0.4% after a wild ride in Amazon.com shares overnight. With much of Europe and Asia closed on Monday for the May Day bank holiday, Asia bourses advanced in Wall St's slipstream but Europe retreated sharply on some jarring corporate updates.
What it was like to pilot the supersonic Concorde jet
  + stars: | 2023-04-27 | by ( Francesca Street | ) edition.cnn.com   time to read: +28 min
It’s said that during the aircraft’s 27 years of service, there were more qualified American astronauts than there were British Airways Concorde pilots. Supersonic flyingA photo of Concorde pilot Barbara Harmer, Concorde at the controls for a London to New York flight in 1993. Concorde: When supersonic travel was a reality 02:32 - Source: CNNThe small pool of Concorde pilots also meant everyone knew everyone. It would take him back to the day he stood at Heathrow, watching the first commercial Concorde flight take off. Future of supersonic flightAlmost two decades since Concorde’s final flight, the allure of supersonic flight hasn’t waned, with companies such as Boom Supersonic plotting plans for Concorde’s successor.
But the election of his successor, Ferdinand Marcos Jr, last year has returned relations to a more even keel, in part because Manila has become wary of a more assertive China. Last year the US granted $100 million to boost the Southeast Asian country’s defense capabilities and military modernization. Heydarian added that China has to rethink its strategy towards the Philippines, as the Marcos Jr administration is openly more aligned with the US. China remains one of the top trade partners of the Philippines, while Marcos Jr also continues to negotiate energy and agriculture investments from Beijing. Some worry Marcos Jr might be giving too much access to the US, especially when it comes to bases and facilities close to Taiwan, Heydarian said.
Here are Wednesday's biggest calls on Wall Street: Needham upgrades TransUnion to buy from hold Needham upgraded the stock after its earnings report Tuesday. Deutsche Bank reiterates Apple as buy Deutsche said it's standing by its buy rating heading into earnings next week. Bank of America downgrades Danaher to neutral from buy Bank of America downgraded the commercial products company after a "disappointing" earnings report. Bank of America reiterates General Motors as buy Bank of America said it's standing by its buy rating after the company's earnings on Tuesday. " Bank of America reiterates Roku as buy Bank of America said it's bullish heading into Roku earnings after the bell on Wednesday.
Paris CNN —Air France and Airbus have been found not guilty of involuntary homicide in a criminal trial over the 2009 crash of a flight from Rio de Janeiro to Paris that killed 228 passengers and crew. The acquittal was confirmed in an abstract of the court’s ruling provided by the Paris prosecutor’s office. The court did find Airbus and Air France both liable for civil damages for certain failings, though they lacked a “tie of certain causality” with the accident. The 2009 crashMystery initially surrounded the crash of Air France flight 447, in part because it occurred while the plane was flying over the Atlantic Ocean. Problems with pitot tubes had affected Airbus aircraft in the past, but the company had not corrected the problem.
Morning Bid: Banks calm the horses
  + stars: | 2023-04-17 | by ( ) www.reuters.com   time to read: +5 min
As U.S. banking giants calm the horses, global investors are now concentrated on world growth and earnings signals more than interest rate rises for direction - with an assumption the latter are near an end anyway. Somewhat relieved analysts marginally brightened their dim outlook for first-quarter U.S. results compared with a week ago. Futures markets now see a more than 80% chance the Fed will execute one final quarter point rate rise next month - reversing it by September. That rate rise would bring the real Fed policy rate - adjusted by headline consumer price inflation - into positive territory for the first time in three years. The dollar extended Friday's rebound as the May rate rise pricing hardened.
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