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☆ Stocks making the biggest moves midday: Kroger, DocuSign, Planet Labs, First Solar and more
▼ + stars: | 2023-09-08 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Kroger earned an adjusted 96 cents per share, beating an LSEG estimate of 91 cents per share. Planet Labs lost an adjusted 14 cents per share on revenue of $53.8 million. Analysts polled by LSEG expected a loss of 8 cents per share on revenue of $54.1 million. DocuSign reported an adjusted 72 cents per share and $688 million in revenue, while analysts polled by LSEG forecast an adjusted 66 cents and $678 million, respectively. First Solar — Shares of the solar panel maker gained 1.4% after Deutsche Bank upgraded the First Solar to buy from hold, citing the company's strong ongoing demand.

Persons: Victor Coleman, Kroger, LSEG, DocuSign, Davidson, Gary Friedman, Gilead, — CNBC's Pia Singh Organizations: Kroger Co, Albertsons Cos Inc, New York Stock Exchange, Hudson Pacific Properties, Hollywood, Avid, Labs, Planet Labs, LSEG, Deutsche Bank, Gilead Sciences, Bank of America Locations: New York City, California

☆ Deutsche Bank upgrades this solar stock poised to rally 30%
▼ + stars: | 2023-09-08 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Analyst Corinne Blanchard upgraded the solar panel maker to buy from hold. She also raised her price target to $235 from $220, implying shares stand to gain 30.2% in the next 12 months. First Solar is the nation's largest solar panel manufacturer. First Solar is also at an "attractive entry point" compared to the firm's price target, the analyst said. The company is the nation's largest solar panel manufacturer.

Persons: Corinne Blanchard, Blanchard, — Michael Bloom Organizations: Deutsche Bank, Management Locations: U.S

☆ Car deals just came back, but they will dry up if auto workers go on strike
▼ + stars: | 2023-09-07 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +6 min

A strike could impact the inventory and deals that car buyers get from Ford, GM, and Stellantis. But a looming strike by the United Auto Workers could throw the market back into some disarray, automotive industry and manufacturing experts told Insider. AdvertisementAdvertisementExperts say a potential strike would mean sinking levels of inventory and fewer deals car buyers could get in the fourth quarter — especially if the strike goes on for a while. What customers should look out for if there's a strikeThe amount of vehicle supply at dealerships across the country this year has been interesting to watch. It wasn't until the months leading up to the 2020 Covid pandemic that GM dealers started running low.

Persons: Stellantis, isn't, there's, Ford, Sam Fiorani, Fiorani Organizations: United Auto Workers, Detroit, Ford, GM, Service, Deutsche Bank, Cox Automotive, UAW, Detroit automakers, AutoForecast Solutions, Toyota, Honda Locations: Wall, Silicon, Detroit

☆ Singapore’s wealth boom hits most sensitive phase
▼ + stars: | 2023-09-06 | by ( Anshuman Daga | ) www.reuters.com time to read: +5 min

REUTERS/Edgar Su Acquire Licensing RightsSINGAPORE, Sept 6 (Reuters Breakingviews) - Singapore’s wealth boom may be set for a pause. The amount involved has almost doubled and banks, realtors and jewellery dealers have been caught up in the ring. It is the most eye-catching saga since 2015 when Singapore’s banks were involved in the 1MDB Malaysian sovereign fund mess. As Singapore’s success as a financial centre grows, so too does its vulnerability to dirty money. A thornier problem is Singapore’s desire to avoid perceptions it is capitalising on the troubles of China, its top trade partner.

Persons: Edgar Su, Una Galani, Katrina Hamlin, Pranav Kiran Organizations: REUTERS, Rights, Reuters, realtors, DBS, Deutsche Bank, Bloomberg, Reuters Graphics Reuters, Monetary Authority of, U.S, Police, Thomson Locations: Marina Bay, Singapore, Rights SINGAPORE, China, Malaysian, Hong Kong, Monetary Authority of Singapore

☆ Possible Fed overtightening makes recession more likely than not, Deutsche Bank says
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Sept 6 (Reuters) - Despite recent optimism around the U.S. economy, a recession remains a more likely scenario than a so-called "soft landing" as the Federal Reserve seeks to curb inflation by tightening monetary conditions, Deutsche Bank said on Wednesday. "Given that inflation peaked significantly above target, the Fed should err on the side of tightening too much, rather than too little," Deutsche Bank analysts said in a note. "A US recession remains more likely than not." In contrast to Deutsche Bank's forecasts, several banks have in recent months revised or pushed out their earlier recession calls. Goldman Sachs analysts on Monday said they had further reduced their 12-month U.S. recession probability to 15% from a previous 20% estimate.

Persons: Goldman Sachs, Davide Barbuscia, Paul Simao Organizations: Federal, Deutsche Bank, Deutsche, Thomson Locations: U.S

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Tesla, Nio, SoFi, Amgen, Chewy, Toast and more
▼ + stars: | 2023-09-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Wednesday's biggest calls on Wall Street: UBS upgrades Toast to buy from neutral UBS said the restaurant tech company "continues to prove itself as a top provider" for the restaurant industry. " UBS downgrades Block to neutral from buy UBS said it sees slowing profit growth for Square's parent company. Deutsche Bank reiterates Nio as buy Deutsche Bank said it's concerned about the company's growth trajectory but that it's sticking with its buy rating. " Deutsche Bank reiterates Tesla as buy Deutsche Bank said it's standing by its buy rating on the auto giant. Bank of America reiterates SoFi as neutral The firm said SoFi is a key beneficiary of student loan refinances.

Persons: Baird, Goldman Sachs, William Blair, Argus, Russell, CFRA, it's, TD Cowen, Cowen, Morgan Stanley, Needham, Nio, Tesla, SoFi, refinances Organizations: UBS, omni, Nvidia, Technology, HSBC, Apple, Constellation Brands, Bloom Energy, Deutsche Bank, Bank of America

☆ Biocredits Could Help Save the Earth. But a Market Is Some Way Off.
▼ + stars: | 2023-09-05 | by ( Joshua Kirby | ) www.wsj.com time to read: +7 min

Biodiversity credits could be key to funding the conservation of the Earth’s ecosystems, but setting up a functioning market to buy and sell these payment tokens won’t be easy. The World Economic Forum is working on bringing together stakeholders, but admits that a scaled-up market is still some way in the future. It follows the lead of so-called voluntary carbon credits that allow firms to buy credits to offset their own emissions. Those global carbon credit markets are now worth some $2 billion, up from $200 million five years ago, according to environmental-finance data provider Ecosystem Marketplace. “I feel a bit of ‘carbon envy’ when I look at the carbon markets,” Cornell’s Tobin said, noting that biodiversity markets lack a universal metric that can apply to every project, unlike carbon markets where each credit represents one metric ton of carbon dioxide.

Persons: John Tobin, de la Puente, Tobin, don’t, Cornell’s Tobin, ” Tobin, JULIAN HABER, Zoe Balmforth, ‘, ’ ”, Balmforth, ”, ” Nestlé, Nestlé, biocredits, Markus Mueller, ” Mueller, Joshua Kirby, joshua.kirby@wsj.com Organizations: Economic, Paulson Institute, Cornell University, Credit Suisse, Companies, UN, REUTERS, Sustainable Business, Unilever, Deutsche Locations: Australia, Switzerland, biocredits

☆ Recent pullback creating a buying opportunity in certain airline stocks, says Deutsche Bank
▼ + stars: | 2023-09-05 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

A recent sell-off in airline stocks has created an attractive entry point — but investors should be careful about which names they buy, according to Deutsche Bank. Airline stocks have pulled back about 15% since peaking in mid-July, analyst Michael Linenberg told clients in a note released Monday. That comes as investors attempt to gauge how rising fuel prices, increases in domestic capacity and macro economic uncertainty will impact these companies. AAL DAL,UAL YTD mountain The three airlines this year Airline stocks, he said, are discounting a hard economic landing unlike the broader market. High fuel prices have also been a key driver of downward pressure on these stocks, he said.

Persons: Michael Linenberg, Linenberg, AAL DAL, — CNBC's Michael Bloom Organizations: Deutsche Bank . Airline, NYSE Arca, nab, International, Sun Locations: Delta, United, China, Alaska, Allegiant, SkyWest

☆ Here's how a union strike could impact Ford — and what Jim Cramer thinks about the stock
▼ + stars: | 2023-09-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Jim Cramer's advice: He would not look to buy more Ford on weakness nor would he look to sell Ford stock at this point. Club name Ford, which employs the most UAW members at 57,000, has seen its stock drop more than 6% in the past month. The cost of the union demands for Ford could be a "meaningful chunk of their profits," Jim added but maintained that a UAW strike is "definitely not a reason to sell" Ford stock. "Production and the EV roadmap could be pushed out into 2024 and delays would be on the horizon at this crucial period for GM, Ford, and Stellantis," Wedbush analysts wrote. Jim Cramer has said the tensions between the UAW and Ford are in part keeping Ford stock from achieving the Club's price target of $16.

Persons: Jim Cramer's, Jim, Stellantis, Shawn Fain, Fain, Ford, Jim Cramer, Biden, Fain jawboning, Joe Biden, I'm, Wells, Morgan Stanley, Jeff Kowalsky Organizations: United Auto Workers, Detroit, Ford Motor, General Motors, Chrysler, Dodge, Big, Ford, UAW, GM, Workers, Labor, Detroit automaker, Deutsche Bank, Tesla, CNBC, Ford Motor Co, AFP, Getty Locations: Philadelphia, Detroit, Dearborn , Michigan

☆ Shares, commodities rise as sentiment towards China brightens
▼ + stars: | 2023-09-04 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 1.1%, having climbed 2.3% last week, thanks in large part to a 1.3% rise in Chinese blue chips (.CSI300). S&P 500 futures and Nasdaq futures rose between 0.2%-0.3%, while European stocks neared one-month highs. At least seven Fed officials are due to speak this week ahead of the next policy meeting on Sept. 19-20. In commodities, gold benefited from the diminished risk of a U.S. rate rise to stand at $1,940 an ounce . Brent crude futures rose 0.2% to $88.75 a barrel, as did U.S. futures , reaching $85.73.

Persons: Ron Temple, Jim Reid, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore, Sonia Cheema Organizations: Federal Reserve, Country Garden, Lazard, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, Deutsche Bank, European Central Bank, Brent, Thomson Locations: China, United States, Beijing, Asia, Pacific, Japan, drugmaker Novo, Canada, Australia, U.S, Saudi Arabia

"Whether this bounce will continue remains to be seen, but it has given China equities a shot in the arm." S&P 500 futures and Nasdaq futures both edged up 0.1%, while stocks in Europe opened on a strong footing. "The soft landing crowd will be pleased that the labour market is softening without much stress at the moment," Deutsche Bank strategist Jim Reid. Any path to a hard landing, outside of a shock, has to go via signs of a soft landing first," he said. Brent crude futures were steady on the day at $88.50 a barrel, while U.S. futures were also flat at $85.55.

Persons: Jim Reid, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: Federal Reserve, Country Garden, RBC Capital Markets, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, Deutsche Bank, European Central Bank, Brent, Thomson Locations: U.S, China, SYDNEY, United States, Beijing, Shanghai, Asia, Pacific, Japan, Europe, drugmaker Novo, Canada, Australia, Saudi Arabia

☆ Top Wall Street analysts pick these 5 stocks for compelling returns, including Nvidia
▼ + stars: | 2023-09-03 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Nvidia | via ReutersThe macro backdrop is looking challenging as September begins, but analysts have highlighted several stocks that they feel confident about for the long term. Here are five attractive stocks, according to Wall Street's top experts, as rated by TipRanks, a platform that ranks analysts based on their past performance. The company recently reported its fiscal second-quarter results, which crushed Wall Street's expectations, as revenue more than doubled compared to the prior-year quarter. Management expects sequential revenue growth to accelerate in the fiscal third quarter, fueled by AI and cloud infrastructure. He expects the company's AI initiatives to create value for small business owners, consumers, and taxpayers, driving long-term growth and improved profitability.

Persons: INTU PANW, Wall, Harlan Sur, Sur, Ross Seymore, MRVL, Seymore, Keith Bachman, billings, Bachman, Brad Zelnick, Zelnick Organizations: Nvidia, TipRanks, JPMorgan, Marvell Technology, Management, Deutsche Bank, Automotive, Marvell, Palo Alto, Palo Alto Networks, BMO Capital, Palo, Intuit Financial, Intuit Locations: Santa Clara , California, Palo, billings, Palo Alto

☆ Trump's Top 5 defenses in his massive NY financial fraud case, in his own words
▼ + stars: | 2023-09-03 | by ( Laura Italiano | ) www.businessinsider.com time to read: +17 min

AdvertisementAdvertisementHere are Trump's top five business fraud defenses – in his own words – as revealed in a recently-unsealed deposition transcript. New York attorney general's officeTrying to pass the blame won't work, two attorneys who used to work for previous New York attorneys general told Insider. And you're suing them instead of going after violent criminals," he scolded the attorney general and her lawyers. Then there's the $250 million Trump allegedly pocketed by lying about the size of his collateral. 3: his math is "worthless"At the center of the attorney general's case are a decade's worth of Trump's Statements of Financial Condition.

Persons: Trump, Donald Trump, Letitia James, James, Andrew S, Amer, Kevin C, Wallace, Brittainy Newman, Eric, I've, Mazars, We're, I'm, general's, Kenneth Foard McCallion, Tristan Snell, –, Susan Watts, they'd, Snell, McCallion, Donald Trump's, Laura Italiano, Kathy Willens, Jennifer S, Altman, Carlo Allegri, John Minchillo, Drew Angerer, George Washington, Jack Nicklaus, Tom Watson, He's Organizations: Trump Org, Service, York, New York State, New York, AP Trump, Trump Organization, New, Trump University, Trump, Deutsche Bank, NY Daily, Getty, Associated Press Deutsche Bank, McCallion, Associates, Washington, MSNBC, Reuters, U.S, Marriott Marquis Locations: NY, Wall, Silicon, Manhattan, New York, Trump's, Trump Tower, Manhattan , NY, . New York, Trump, New York City, Springs, Westchester County , New York, Mount Kisco, N.Y, Washington ,, Miami

☆ RBA to hold rates at 4.10% on Tuesday, but will hike again next quarter: Reuters poll
▼ + stars: | 2023-09-01 | by ( Devayani Sathyan | ) www.reuters.com time to read: +3 min

Two respondents in the Aug 30-Sept 1 poll expected a 25 basis point (bps) hike. Among major local banks, ANZ, CBA, and Westpac expected rates to remain unchanged until at least end-2023, while NAB predicted one more rate hike to 4.35% in November. Three economists expected two more 25 bps hikes in the fourth quarter. While BlackRock and Deutsche Bank expected hikes in November and December, Citi expected moves in October and November. "We think they'll maintain the tightening bias and there may be further risk of a rate hike later in the year," said Benjamin Picton, senior strategist at Rabobank.

Persons: Daniel Munoz, Taylor Nugent, Michele Bullock's, Benjamin Picton, Devayani Sathyan, Susobhan Sarkar, Anant Chandak, Ross Finley, Kim Coghill Organizations: Reserve Bank of Australia, REUTERS, Rights, NAB, ANZ, CBA, Westpac, BlackRock, Deutsche Bank, Citi, Rabobank, Thomson Locations: Sydney, Australia

☆ Rosalind Brewer Steps Down as Walgreens Chief After a Short Tenure
▼ + stars: | 2023-09-01 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +3 min

Walgreens has been shifting away from pharmacy and retail to focus more on health care services, with mixed results. “While the wisdom of this move is debatable, health care is not Ms. Brewer’s forte.”Before joining Walgreens, Ms. Brewer was the chief operating officer of Starbucks and previously served as chief executive of Sam’s Club, a division of Walmart. As Walgreens leans more into the health care business, it faces several hurdles, industry experts said. It is rare for a woman to replace another female chief executive.

Persons: ” Neil Saunders, GlobalData, Brewer, Brewer’s, ”, James Kehoe, “, Walgreens, Stefano Pessina, Graham, Ms, Eli Lilly Organizations: Walgreens, Starbucks, Sam’s, Walmart, Deutsche, Deutsche Bank analysts, Amylin Pharmaceuticals, Guidant Corporation

☆ JPMorgan processed more than $1 bln for Epstein, US Virgin Islands says
▼ + stars: | 2023-09-01 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

REUTERS/Caitlin Ochs//File Photo Acquire Licensing RightsNEW YORK, Aug 31 (Reuters) - A lawyer for the U.S. Virgin Islands said on Thursday that JPMorgan Chase (JPM.N) told U.S. authorities it processed more than $1 billion for Jeffrey Epstein over 16 years. The U.S. Virgin Islands, where Epstein owned two private islands, is suing JPMorgan for at least $190 million and likely much more, saying it ignored red flags that Epstein was running a sex trafficking operation because he was a lucrative client. JPMorgan has denied knowing that Epstein was running a sex trafficking operation, and has faulted the territory for having a cozy relationship with him. "JPMorgan was a full service bank for Jeffrey Epstein's sex trafficking," Liu said. Ellsworth also disputed the U.S. Virgin Islands' claim that JPMorgan obstructed investigations into Epstein, saying the bank had asked federal authorities about their own probes into his conduct.

Persons: Caitlin Ochs, U.S . Virgin Islands, JPMorgan Chase, Jeffrey Epstein, Mimi Liu, Epstein, Liu, Jed Rakoff, Jeffrey Epstein's, Felicia Ellsworth, Ellsworth, Rakoff, Rakoff preliminarily, Luc Cohen, Noeleen Walder, Grant McCool Organizations: JPMorgan Chase Bank, REUTERS, U.S . Virgin, JPMorgan, U.S, U.S . Treasury Department, Reuters, Treasury, U.S ., Department, Deutsche Bank, Thomson Locations: New York City, U.S, U.S . Virgin Islands, Manhattan, New York

In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London

☆ Shares in Swiss bank UBS hit highest since late 2008
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland February 28, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Aug 31 (Reuters) - Shares in UBS (UBSG.S) hit their highest level since October 2008 on Thursday, extending a strong run that has put the Swiss bank well ahead of its European rivals following the takeover in March of its struggling rival Credit Suisse. UBS rallied more than 6% early in Zurich, set for its biggest one-day gain since March, after the group said it would fully absorb Credit Suisse's domestic bank and that it was increasing its ambitions for cost savings to over $10 billion. The stock has risen 36% so far in 2023 against a 13.5% gain for the broader European banking index (.SX7P). (This story has been refiled to change the dateline to Aug. 31, and not Aug. 30)Reporting by Danilo Masoni Editing by Amanda Cooper and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Danilo Masoni, Amanda Cooper, David Goodman Organizations: Swiss, UBS, REUTERS, Credit Suisse, Deutsche Bank, Thomson Locations: Zurich, Switzerland, Swiss

☆ CNBC Daily Open: Fewer jobs, higher stocks
▼ + stars: | 2023-08-31 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big bond losses for BoEThe Bank of England is facing heavy losses on its bond purchases, according to Deutsche Bank. The losses are largely because of rapidly rising interest rates, which drive up bond yields and, conversely, push down bond prices. Investors are hoping the ruling will open the floodgates to bitcoin ETFs from companies like BlackRock, Fidelity and Invesco.

Persons: downwardly, BoE, Salesforce, it's Organizations: CNBC, ADP, BoE The Bank of England, Deutsche Bank, Treasury, Securities and Exchange Commission, Investors, Fidelity Locations: U.S, Europe, Germany, BlackRock

According to the median forecast (INGDPQ=ECI) in a Reuters poll of economists, India's gross domestic product (GDP) grew 7.7% in the past quarter, up from 6.1% growth in the previous quarter and its fastest expansion since April-June 2022. Reuters GraphicsStrong growth in India's services sector, which makes up more than half of its economic output, has helped Asia's third-largest economy buck the global slowdown that has left many major economies, including China, stuttering. S&P Global India services Purchasing Managers' Index (INPMIS=ECI) has remained firmly above the 50-mark separating growth from contraction for nearly two years, the longest stretch since August 2011. To support growth, Indian government has been front-loading its annual spending on infrastructure. Additionally, slowing global growth and exports and a comparison with higher growth rates a year ago will also weigh on growth in quarters ahead.

Persons: Manoj Kumar, Suvodeep Rakshit, Kaushik Das, Rahul Bajoria, Aftab Ahmed, Tomasz Janowski Organizations: REUTERS, DELHI, P Global, Deutsche Bank's, Barclays, Thomson Locations: Faridabad, New Delhi, India, China, P Global India

That was unchanged from the annual rate of inflation in July. Core inflation, which excludes volatile food and energy prices, eased to 5.3%, from 5.5% in July. Food, alcohol, tobacco and services were the biggest drivers of inflation in August, although those prices rose at a slower annual pace than the previous month. Compared with July, energy prices increased by 3.2%, tempering the annual rate of decline to 3.3% in August from 6.1% the previous month. “The main uncertainty moving forward will be how fast and far services inflation rates drop as the weakening [economic] growth momentum will be counteracted by persistently elevated wage inflation,” he wrote.

Persons: ” Marc de Muizon, Muizon, ” Organizations: London CNN —, Deutsche Bank, Reuters, European Central Bank, ECB, Deutsche Locations: Europe

☆ Goldman Sachs sees Salesforce rallying more than 50% after strong earnings
▼ + stars: | 2023-08-31 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Salesforce 's latest earnings have Goldman Sachs even more excited for the tech stock's future. A day earlier, Salesforce reported fiscal second-quarter earnings and revenue that beat expectations , while also issuing better-than-forecasted guidance for the current quarter. Goldman Sachs analyst Kash Rangan raised his price target on Salesforce by $15 to $340 per share, implying upside of 58.1%. His price target would mark a continuation of this year's rally, with the stock already up more than 62% in 2023. "Salesforce delivered strong results, even despite the negative investor sentiment heading into the print," he said.

Persons: Salesforce, Goldman Sachs, Kash Rangan, Rangan, couldn't, Brad Sills, Brad Zelnick, Lenschow, — CNBC's Michael Bloom Organizations: Microsoft, Adobe, Intuit, Autodesk, of America, Deutsche Bank Locations: CY24, reaccelerating

☆ A 'historic' result but still a 'construction site': Analysts react to blowout UBS earnings
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty ImagesUBS shares rallied to 15-year highs on the back of what analysts branded a "historic" earnings report, though Deutsche Bank said the Swiss banking giant may remain a "construction site" for some time. UBS also announced that it will fully integrate Credit Suisse's Swiss banking unit, a key profit center, in 2024. Notably, UBS highlighted that the massive net asset and deposit outflows seen by Credit Suisse over the last year have finally begun to reverse, and turned positive in June. "It's difficult to combine a blowout result like that and then to announce layoffs at the same time.

Persons: Fabrice Coffrini, Benjamin Goy, Sharath Kumar, Bruno Verstraete, Verstraete Organizations: Credit Suisse, UBS, AFP, Getty, Deutsche Bank, Swiss, Credit, midafternoon, Lakefield Partners, CNBC Locations: Swiss, Zurich, 2Q23, Switzerland

☆ The Bank of England is facing major losses on its bond purchases — and it's set to get much worse
▼ + stars: | 2023-08-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

In late July, the central bank estimated that it would require the U.K. Treasury to backstop £150 billion ($189 billion) of losses on its asset purchase facility (APF). It saw the BOE accrue £895 billion worth of bond holdings while interest rates were historically low. However, the pace at which the central bank has had to tighten monetary policy in a bid to tame inflation means the costs have risen more sharply than anticipated. watch now"First, interest rates have risen far above levels assumed in the fiscal watchdog's spring forecasts. "On the other hand, though, while QE gilts are not sold, the BoE pays Bank Rate on the ~£900bn reserves it created to buy them.

Persons: Dan Kitwood, BOE, Sanjay Raja, Raja, Imogen Bachra, BoE, Bachra, QE Organizations: Bank of England, Getty, Deutsche Bank ., Treasury, AFP, Deutsche Bank, Bank, NatWest, — Locations: —

☆ Shares of HP fall 8% following revenue miss
▼ + stars: | 2023-08-30 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of HP fell more than 8% on Wednesday morning after the printer and PC maker released fiscal third-quarter earnings that underwhelmed Wall Street. HP reported $13.2 billion in revenue, below the $13.37 billion expected by analysts, according to Refinitiv. However, the analysts wrote that the company's printing business may be more of a sticking point. The analysts wrote in a Wednesday note that they are lowering their fiscal fourth-quarter estimates and fiscal full-year estimates for the company. "Despite a tough demand environment, we continue to be impressed with HPQ's ability to generate solid operating margins for both segments," the analysts wrote Tuesday.

Persons: Bernstein Organizations: HP, Credit Suisse, Deutsche Bank Locations: China

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