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The Shell logo is displayed outside a petrol station in Radstock on February 17, 2024 in Somerset, England. Energy giant Shell on Friday said it expects to record a post-tax impairment hit of up to $2 billion mainly linked to its Singapore and Rotterdam plants, while also saying trading in its key gas division will decline on the quarter. This comes after Shell on Tuesday announced it would temporarily suspend on-site construction at its 820,000 metric tons a year biofuels facility in Rotterdam amid current market conditions. The oil major also anticipates a second non-cash post-tax impairment of $600-800 million after agreeing to divest its Singapore refining and chemicals plant back in May. On the downside, RBC flagged "higher corporate costs and a neutral result from the chemicals division."
Persons: Shell Organizations: Energy, Shell, RBC Capital Markets, RBC Locations: Radstock, Somerset, England, Singapore, Rotterdam
It would mark the second-highest pre-election performance since 1992, trailing only the 12.6% surge seen before the 1997 election, according to RBC's Fielding. "Overall, should a similar pattern to the 1997 election emerge in the future, the forward 1, 3, and 6-month periods could be notably strong." Genuit , Howden , and Travis Perkins were highlighted in the Building Materials sector, while Taylor Wimpey and Vistry were flagged in the homebuilders category. The bank specifically highlighted Barratt , Persimmon , and Taylor Wimpey as companies likely to benefit from these reforms. "Barratt and Taylor Wimpey remain our preferred Buy-rated names given the opportunities arising from potential planning reforms and relatively undemanding valuations."
Persons: Mark Fielding, RBC's Fielding, Fielding, Genuit, Travis Perkins, Taylor Wimpey, Ami Galla, Galla, , Labour —, Barratt, Persimmon, " Barratt, AJ Bell Organizations: RBC Capital Markets, Conservative, Labour, RBC, FTSE, FTMC, Materials, AFC Energy, ITM Power, boohoo Locations: Howden, Germany, St, James's, London, Berkeley
The rout in the real estate market has presented an opportunity for long-term investors, according to UBS. Real estate is the only one of 11 main groups in the S & P 500 that has fallen in 2024, sliding 4.7%. .SPLRCR YTD mountain S & P 500 Real Estate Sector year to date Real estate investment trusts , or REITs, also pay attractive dividends, with an average yield of 4.2%, according to UBS. However, the REIT is the world's largest owner of industrial properties, such as warehouses — and the industrial sector remains strong, Woloshin said. Alexandria Real Estate Equities yields 4.4% and is down more than 7% year to date.
Persons: Jonathan Woloshin, Woloshin, Prologis Organizations: UBS, Real, Alexandria Real Locations: CRE, Alexandria
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla deliveries are being 'overanalyzed' by investors, says RBC Capital's Tom NarayanTom Narayan, RBC Capital markets analyst, joins 'Squawk on the Street' to discuss Tesla, after the EV maker paces for its seventh day of gains.
Persons: Tom Narayan Tom Narayan, Tesla Organizations: RBC, RBC Capital
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBC Capital's Helima Croft breaks down politics and weather impact on oil marketHelima Croft, RBC Capital Markets global head of commodity strategy, joins 'Closing Bell: Overtime' to discuss oil at 2-month highs, the energy outlook, and hurricane impact.
Persons: Helima Croft, Helima Organizations: RBC, RBC Capital Markets
Crude oil futures held firm on Wednesday as traders waited for the latest round of U.S. inventory data for signs of whether gasoline demand is picking up. U.S. crude oil gained about 6% last month on expectations of a tighter third quarter with stockpiles forecast to draw down as summer fuel demand picked up. The Department of Energy will release the latest U.S. crude oil and gasoline stockpiles data at 10:30 a.m. Here are today's energy prices:Hurricane Beryl is barreling across the Caribbean and could hit the Texas Gulf Coast as a tropical storm on Saturday. "We used to think about hurricanes as unquestionably a potential bullish near-term development for oil markets, now the picture is not so clear," Croft told CNBC's "Last Call" on Tuesday evening.
Persons: Beryl, Helima Croft, Croft, CNBC's Organizations: Department, Energy, AAA, Texas Gulf, National Hurricane, RBC Capital Markets Locations: Caribbean, Texas Gulf Coast, U.S
Investors in 14 global stocks could get lucky over the next six months if history repeats itself. CNBC Pro screened the MSCI World index for stocks that have consistently risen in the second half of each year over the past decade. Broadcom AI chip designer Broadcom had the second biggest upside potential, with Wall Street analysts expecting shares to rise 18% over the next 12 months. Analysts expect shares to rise by 39% over the next 12 months to 300 euros ($322). Since the late 1980s, when markets rose by more than 12% in the first half, they rose every time in the second half of the year.
Persons: Stocks, Booz Allen Hamilton, Berkley, Chubb, Assicurazioni Generali, Sofina, Alimentation, that's Organizations: CNBC Pro, Broadcom, New York Stock, Intercontinental Exchange, CDW Corporation, Swiss, Wall Street, Belgian, TSX, Consumer Staples, RBC Capital Markets, CNBC Locations: Munich, Canada, U.S
Wolfe Research is laying out some potential stock winners if former president Donald Trump wins the White House and Republicans sweep both houses of Congress in November. Here are some of the stocks that could benefit from what Wolfe called "a GOP Trifecta" in the fall: Trump Media & Technology Group is one name that could win big from a Trump sweep. Coinbase is another potential winner from a Trump victory. Among other financial stocks, Wolfe Research also highlighted Charles Schwab . Wolfe also highlighted 3M , Halliburton , Dow and Sempra on a lengthy list of stocks that should benefit from a Trump win.
Persons: Wolfe, Donald Trump, Joe Biden, Biden, Coinbase, Charles Schwab, Ben Hendrix Organizations: White House, Trump Media & Technology, Trump, Wolfe Research, Health, UnitedHealthcare, RBC Capital, GOP, SolarEdge Technologies, Halliburton, Dow, Sempra
RBC Capital Markets increased its 2024 year-end target for the S & P 500, but the bank is taking a cautious stance on its market outlook. Head of global equity strategy Lori Calvasina now sees the broad market index ending the year at 5,700, up from her previous target of 5,300. .SPX YTD mountain S & P 500 in 2024 While she does see more upside ahead for the benchmark, Calvasina noted that valuations suggest the market is a bit overbought. There is also the risk that another short-term pullback — similar to what the market experienced in April — will take place, the strategist said. The S & P 500 has climbed nearly 15% year to date, with gains driven largely by chipmaker Nvidia and a small group of other megacap tech stocks.
Persons: Lori Calvasina, Calvasina, , We've, ” Calvasina, , chipmaker Organizations: RBC Capital Markets, chipmaker Nvidia
The third quarter starts on Monday with corporate earnings trends largely intact, but showing early signs of trouble in tech land. The good news: for the big-cap tech companies that are truly dominating the market ( Apple , Microsoft , Alphabet , Nvidia , etc.) Still no recession, in the economy or in earnings So far, we have a deceleration in big-cap tech earnings and clear signs the consumer wants lower prices. Earnings trends for tech may still be rising (even if it is decelerating), but the rest of the market is generally flattish on earnings. Earnings: rising Positive Tech earnings: rising but decelerating Negative Job growth: strong but moderating Positive Interest rates: moderating Positive Inflation: moderating Positive Consumer: increasingly cautious Negative
Persons: Jensen, Nick Raich, it's, Raich, Lori Calvasina, We've, I've, you've, Levi Strauss, General Mills, Tim Wentworth, Taco Bell, Mills Organizations: Apple, Microsoft, Nvidia, Big, Meta, Jensen Huang's, Scout, U.S, Equity, RBC Capital Markets, CNBC, Nike, Walgreens, Micron, FedEx, General, . Companies, Southwest Airlines, Pool Corp, Urban Outfitters, Yum Brands
U.S. crude oil on Friday traded near a two-month high and is on pace for a third-straight weekly gain as fears of war between Israel and the Iran-backed militia Hezbollah grow. West Texas Intermediate hit an intraday high of $82.72 per barrel, the highest level for the U.S. benchmark since April 30. U.S. oil is up about 1.8% for the week and 6.7% for the month of June. Hezbollah could target Israel's offshore gas operations if war breaks out, and Israel could seek to hit Iranian oil facilities, according to RBC Capital Markets. There is also a risk that Iran could attack tankers in the straight of Hormuz or abandon a détente with Saudi Arabia and hit the kingdom's oil facilities, according to the firm.
Persons: Brent, stoking, Saudi détente, Helima Organizations: Hezbollah, Texas Intermediate, RBC Capital Markets, Pentagon, NBC News, The State Department, U.S, RBC Locations: Khiam, Lebanon, Israel, Gaza, Iran, U.S, Hormuz, Saudi Arabia, Saudi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed cuts are on the horizon, 'even if they're pushed off', says BNY Mellon's Jake JollyLori Calvasina, RBC Capital Markets head of US equity strategy, and Jake Jolly, BNY Mellon head of investment analysis, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: they're, BNY, Jake Jolly Lori Calvasina, Jake Jolly, BNY Mellon Organizations: RBC Capital Markets
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks are more focused on credit than rates, says Hennessy Fund's David EllisonDavid Ellison, Hennessy Funds Portfolio Manager and Gerard Cassidy, RBC Capital Markets Managing Director, joins 'Closing Bell Overtime' to talk the Fed's bank stress test.
Persons: Hennessy, David Ellison David Ellison, Gerard Cassidy Organizations: RBC Capital Markets
FedEx — Shares of the company moved more than 14% higher after topping Wall Street's fiscal fourth-quarter expectations . The shipping giant earned $5.41 per share, after adjustments, on $22.11 billion in revenue. Analysts polled by LSEG were expecting earnings of $5.35 per share and revenue of $22.07 billion. Aptiv — Shares of the automotive technology company plunged 10% following Piper Sandler's downgrade of the stock to underweight from neutral . Paychex posted adjusted earnings of $1.12 per share, which is above the $1.10 earnings per share that analysts polled by LSEG were expecting.
Persons: LSEG, Bosch, Piper, Mills, Paychex, Grindr, Campbell, , Alex Harring, Lisa Kailai Han, Scott Schnipper, Sarah Min, Michelle Fox Organizations: Volkswagen Group, FedEx —, Whirlpool —, Reuters, Rivian, MNC Capital Partners, JPMorgan, Campbell
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSilverman: Options indicating we're currently in a paddling duck marketAmy Wu Silverman, Head of Derivatives Strategy at RBC Capital Markets, discusses options activity, volatility, and mega-cap tech.
Persons: Silverman, Amy Wu Silverman Organizations: RBC Capital Markets
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt will take 'an awful lot of good data' for the Fed to ease in September, says KPMG's Diane SwonkLori Calvasina, RBC Capital Markets head of U.S. equity strategy, and Diane Swonk, KPMG chief economist, join 'Squawk on the Street' to discuss the thesis that the economy is normalizing along the lines of inflation, how the equity market is digesting macroeconomic news, and much more.
Persons: Diane Swonk Lori Calvasina, Diane Swonk Organizations: RBC Capital Markets, KPMG
Gilead 's experimental twice-yearly medicine to prevent HIV was 100% effective in a late-stage trial, the company said Thursday. The results bring Gilead one step closer to introducing a new form of pre-exposure prophylaxis, or PrEP, and broadening its HIV business. If those results are positive, the company could bring lenacapavir for PrEP to market as soon as late 2025. RBC Capital Markets analyst Brian Abrahams expects Gilead's shot will significantly increase the number of people interested in preventive HIV medicine. In its statement disclosing the lenacapavir trial results Thursday, Gilead said it plans to share an update on how it plans to address access in such countries where people suffer high incidence rates of HIV.
Persons: Gilead, Jared Baeten, Gilead's Truvada, Bruce Richman, Tim Oliver, they'd, Brian Abrahams, Gilead's, — CNBC's Leanne Miller Organizations: Food and Drug Administration, PrEP, Centers for Disease Control, Prevention, Health, FDA, RBC Capital Locations: U.S, New York
Stifel raised its price target on Nvidia to $165 a share from $114, implying nearly 22% upside from Tuesday's close. Keybanc raised its price target on Club holding Meta Platforms to $540 a share from $475, citing a "meaningful uptick" in ad prices. Tesla price target lowered to $227 a share from $293 at RBC Capital, but analysts maintained their outperform rating on the electric vehicle maker's stock. 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.
Persons: Stifel, Olive Garden, Piper Sandler, Keefe, Eli Lilly, Tesla, Uber, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Nvidia, Microsoft, Darden, LongHorn, Honeywell, CAES, Holdings, Accenture, Citigroup, Citi Services, Citi . Club, RBC Capital, RBC, Jim Cramer's Charitable, CNBC Locations: U.S
Crude oil futures rose Monday following their best week since April as traders sifted through mixed economic data out of China. U.S. crude oil and global benchmark Brent closed out last week nearly 4% higher, as analysts expect the market to tighten in the third quarter as summer fuel demand draws down inventories. Oil stockpiles should fall by 850,000 barrels per day in the third quarter, said Helima Croft, head of global commodity strategy at RBC Capital Markets. "It's more of a sense that this market is likely to get tighter as we go deeper in summer," Croft told CNBC's "Closing Bell Overtime" on Friday. Here are today's energy prices:"After three weeks of losses the oil complex finally made amends and gained some traction," said Tamas Varga, analyst at oil broker PVM.
Persons: Helima Croft, Croft, CNBC's, Tamas Varga Organizations: Brent, RBC Capital Markets Locations: China . U.S
Out west, Denes hopes to plant seeds of community with the help of the project’s host, Tinworks, an arts organization in the rapidly developing city of Bozeman. “Wheat is wonderful — it sustains humanity and is probably the most planted food next to rice. Jenny Moore/TinworksSome 200 packets of wheat were also distributed among Bozeman residents to grow concurrently with Denes' field. “Can you imagine if I could have realized 20 or 30?”Sowing seeds for changeAs with “Wheatfield,” seeds have often served as potent symbols for Denes. Courtesy Agnes Denes/Leslie Tonkonow Artworks + ProjectsWith “Wheatfield – An Inspiration,” like with all her work, Denes strives for nuance and to engender change through visitors and participants who take something meaningful from the work.
Persons: Agnes Denes, , CNN —, Denes, Bozeman . Wheat, ” Denes, , Blair, Jenny Moore, Tinworks, Kenny Van Dyke, , ” Moore, Agnes, Moore, I’d, it’s, Leslie Tonkonow, Organizations: CNN, Art Basel, Bozeman ., Bozeman, Tinworks, Montana, Locations: Lower Manhattan, Montana, Wheatfield, Budapest, New York, Battery Park City, Milan, Switzerland, Bozeman, Montana State, Ylojarvi, Finland, , Sullivan County , New York, Lewiston, Niagara, Long Island , New York, Kassel, Germany, Istanbul, Egypt, Queens , New York, “ Wheatfield
For the week: The tech-heavy Nasdaq gained 3.2%, while the S & P 500 rose 1.6% and the Dow fell 0.5%. The analysts raised their price target to $106 per share from $85. There were several price target bumps on Micron ahead of earnings next week on June 26. Nike price target was lowered to $114 per share from $116 at Morgan Stanley. Citigroup price target was increased to $66 per share from $63 by RBC Capital.
Persons: Wedbush's Ives, Toll, Goldman Sachs, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Dow, Fed, Citi, UBS, Microsoft PT, Microsoft, Apple, Union Pacific, Loop, Autodesk, Wall Street, Micron, Bank of America, PT, Nike, Citigroup, RBC Capital, Jim Cramer's Charitable, CNBC, Dow Nasdaq, Microsoft Apple, Union Pacific Activist Investor, Micron Nike Citigroup
Wall Street's best analysts have insight into companies' ability to provide attractive dividend yield and upside for the long term. Here are three attractive dividend stocks, according to Wall Street's top pros on TipRanks, a platform that ranks analysts based on their past performance. With a quarterly dividend of $1.22 per share ($4.88 on an annualized basis), KMB offers a dividend yield of 3.5%. In June, the company paid a base dividend of $1.25 per share and a variable dividend of $1.69 per share. (See Chord Energy Stock Charts on TipRanks)Cisco SystemsOur third pick is dividend-paying technology stock Cisco Systems (CSCO).
Persons: Wall Street's, Wall, Kimberly, Clark, Nik Modi, Modi, Mike Hsu, TipRanks, William Janela, Janela, Jefferies, George Notter, Notter Organizations: Cisco, Clark Consumer, KMB, RBC Capital, Energy, Enerplus, Cisco Systems Locations: San Jose , California, Kimberly, North America, Williston
Prices of cocoa have more than tripled over the last year, creating a big headache for candy makers and other food companies that use the ingredient to make chocolate. The price surge has since eased off slightly, but the crop is still commanding well above what food companies are used to paying. This season's cocoa crop is expected to experience the largest deficit in at least six decades, according to a Rabobank report from May. A YouGov survey conducted in October found that 72% of U.S. respondents had noticed shrinkflation in food products. J&J Snack Foods CEO Daniel Fachner has been keeping an eye on cocoa and chocolate prices.
Persons: Ferley Ospina, Hershey, Kinder, Ferrero, they'll, Steve Rosenstock, Mondelez, shrinkflation, Daniel Fachner, Fachner, Justin Sullivan, Nik Modi, Modi, shea, Rosenstock Organizations: Bloomberg, Getty, Cadbury, Clarkston Consulting, Rabobank, Reuters, Mondelez, Consumers, Snack, CNBC, RBC Capital, Jumbo Locations: Ragonvalia, Norte de Santader, Colombia, . West Africa, Ghana, U.S, Novato , California, West
Oil prices are up more than 4.5% for the week, the strongest gains since early April, when futures rose on boiling geopolitical tensions in the Middle East. Crude oil futures rose for a fifth day Friday, on pace for the best week in more than two months as analysts see a tighter market heading into the third quarter. Deutsche sees the oil supply deficit expanding to nearly 1 million barrels per day in the third quarter, which should support Brent prices rising to the mid-to-upper $80s per barrel range. "It would only take a minor overshoot to bring Brent to around USD 90/bbl at some point during the second half," Hsueh told clients. Citigroup also sees a tighter market in the third quarter, though the market will likely enter a surplus in 2025 on solid production growth and slowing demand, according to the bank.
Persons: Benny Gantz's, Helima Croft, Michael Hsueh, Brent, Hsueh Organizations: RBC Capital Markets, RBC, OPEC, Deutsche Bank, Deutsche, bbl, Citigroup Locations: Israel, Lebanon
The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future. The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives." Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA. Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.
Persons: Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh Organizations: OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent Locations: China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana
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