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☆ Bernstein analyst finally likes PayPal after correctly staying on sidelines for 3 years
▼ + stars: | 2024-07-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

After nearly three years of underperformance, PayPal is finally on track for positive momentum, according to Bernstein. Analyst Harshita Rawat upgraded shares to outperform, the first upgrade following a downgrade to market perform in 2021. When Bernstein downgraded PayPal three years ago, the firm cited concerns about rising competition, structural changes in the e-commerce sector and weak execution that was hurting the company's gross profit. Those fears materialized, with PayPal shares losing approximately 75% of their value since late July 2021. PayPal shares are up 8.3% in 2024, lagging the S & P 500's 15.9% gain.

Persons: Bernstein, Harshita Rawat, Rawat Organizations: PayPal

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Roblox, Netflix, Amazon, Tesla, McDonald's, Affirm & more
▼ + stars: | 2024-07-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Loop initiates BrightView as buy Loop said it's bullish on shares of the commercial landscaping company. Evercore ISI reiterates Apple as outperform Evercore said it's bullish ahead of Apple earnings later this week. " Bank of America reiterates Roblox as buy Bank of America said it's standing by Roblox ahead of earnings on August 1. Deutsche Bank reiterates McDonald's as buy Deutsche said it's standing by the fast food giant following earnings. Bank of America reiterates Goldman Sachs as buy Bank of America said top pick Goldman Sachs has "cyclical/secular tailwinds."

Persons: Evercore, it's, Jensen Huang, Nvidia's Blackwell, Blackwell, KBW, Oppenheimer, Wells, Roblox, Tesla, McDonald's, Baird, Edward Jones, Goldman Sachs, ROE resiliency, Morgan Stanley, Wells Fargo Organizations: Apple, Citi, Nvidia, " Bank of America, of America, Barclays, UBS, Amazon, Netflix, Bank of America, JPMorgan, RBC, Tesla, Deutsche Bank, Deutsche, Whirlpool, underperform Bank of America, Abbott Laboratories, Abbott Labs, Edward, Stock, 2Q, PNC, WF

TD Cowen raised its price target on Apple shares to $250 ahead of earnings later this week. The firm upgraded the conglomerate to buy from hold and raised its price target to $150 per share from $110. Jonas maintained an overweight rating on Tesla stock with a $310 price target, implying more than 41% upside from Friday's $219.80 close. The analyst upgraded the chemicals stock to overweight from neutral, and reiterated a $55 per share price target. — Brian Evans 5:49 a.m.: TD Cowen raises Apple price target ahead of earnings Artificial intelligence is going to be a main driver to Apple going forward, and the company's upcoming earnings release could reflect that, according to TD Cowen.

Persons: TD Cowen, Guggenheim, Morgan Stanley, Tesla, 3M's, Bill Brown, Nicole DeBlase, DeBlase, — Brian Evans, Adam Jonas, Jonas, Brian Evans, Jeffrey Zekauskas, Olin, Piper Sandler, Charles Schwab, Charles Schwab's, Schwab, Patrick Moley, AAPL, Krish Sankar, Sankar, John DiFucci, Fred Imbert Organizations: CNBC, Apple, Technologies, Ford, Deutsche Bank, EV, JPMorgan, Olin, Huawei, Akamai Technologies, Guggenheim, Security Locations: U.S, Friday's, China

☆ McDonald's just admitted that it's too expensive, and it's driving some customers away
▼ + stars: | 2024-07-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

McDonald's says that high prices have contributed to its falling sales. He said customers are looking for more deals and either buying fewer items per order or cheaper items. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMcDonald's just admitted that its food is too expensive, contributing to falling sales at the fast-food giant. This story is available exclusively to Business Insider subscribers.

Persons: McDonald's, —, Chris Kempczinski Organizations: Global, Service, Business

☆ JPMorgan thinks this emerging home appliance company with a wacky name is cheap going in to earnings
▼ + stars: | 2024-07-29 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

SharkNinja is a specialty appliance stock that stands out above its competitors, according to JPMorgan. The Wall Street bank reiterated its overweight investment rating on the company, which designs small home appliances such as vacuums or the popular CREAMi ice cream maker, and is scheduled to report earnings on Aug. 8. SharkNinja stock has soared 145% since debuting in the U.S. at $30.05 per share this time last year. SN YTD mountain SN YTD chart "We believe there are a number of factors driving recent underperformance (e.g., tariff risk, ocean freight spike, lateral from HELE results), although we think these risks are largely overstated for SN," the analyst wrote. The analyst also has high expectations for SharkNinja heading into the release of its second-quarter earnings results.

Persons: Andrea Teixeira, Teixeira, SharkNinja, — CNBC's Michael Bloom Organizations: JPMorgan, Management Locations: SharkNinja, Friday's, U.S, HELE

☆ Value stocks are fueling the small-cap rebound, and these ETFs are outperforming
▼ + stars: | 2024-07-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

This month's market rotation into small caps is being led by a rebound in cheap stocks. According to FactSet, three of the top five small-cap exchange-traded funds in July are explicitly focused on value, including the iShares US Small Cap Value Factor ETF (SVAL) . That fund was up 11.4% for the month through Wednesday, compared to 7.4% for the broader iShares Russell 2000 ETF (IWM) . Investors can account for profitability by looking for stocks with lower price-to-earnings ratios, one of the metrics captured by many value funds. Screening for value stocks can sometimes miss areas of trouble in the market.

Persons: FactSet, ProShares Russell, Sean O'Hara, O'Hara, Todd Sohn, Sohn Organizations: Growers, Companies

☆ Bank of America's biggest clients are selling individual stocks and plowing money into ETFs in these 7 sectors instead
▼ + stars: | 2024-07-25 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

AdvertisementETF enthusiasmInstead of single stocks, clients across the board are putting their money into ETFs. Bank of AmericaEven though clients sold off individual small-cap stocks, they're not shying away from that size segment of the market at all. Clients invested more money in small-cap ETFs than large-cap ones, providing small-caps with the biggest boost since May of this year. Similarly, while individual tech stocks experienced a sell-off, tech ETFs saw the largest capital inflow out of all sectors last week. Small-cap ETFs include Vanguard Small-Cap Index (VSCIX) and Invesco S&P SmallCap 600 Revenue ETF (RWJ).

Persons: —, Jill Carey, Goldman Sachs Organizations: Service, Bank of America's, Bank of America, Equity, Business, JPMorgan, Citigroup, Big Tech, Health, Bank of America Investors, Communication, Fidelity MSCI Information Tech, NYSE Technology, Vanguard Infomation Technology, Vanguard

☆ Cathie Wood's Ark Invest bought the dip in Tesla and CrowdStrike after big sell-offs
▼ + stars: | 2024-07-25 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ark Invest's Cathie Wood snapped up beaten-down shares of Tesla and CrowdStrike after their recent pullbacks as the innovation investor doubled down on her favorite tech stocks. The widely followed investor added 33,143 shares of Tesla on Wednesday for ARK Next Generation Internet ETF (ARKW) . That would value Tesla at more than $8 trillion. Ark Invest purchased 38,595 shares of the cybersecurity software company on Friday and another 20,219 shares on Monday. Her flagship Ark Innovation ETF (ARKK ) has fallen more than 14% this year and experienced more than $2 billion in outflows, according to FactSet.

Persons: Wood, Tesla, Elon, underperformance Organizations: Tesla, Microsoft, Ark Invest, Innovation Locations: outflows

☆ These stocks set to report earnings next week have a record of beating expectations
▼ + stars: | 2024-07-25 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

A third of the S & P 500 companies are set to report earnings next week. As the busiest week of earnings season approaches, here are some companies that have historically posted a beat and rallied afterward. Amazon , Apple , Merck and Exxon Mobil are among the companies slated to release their quarterly results. With this in mind, Bespoke Investment Group screened for companies reporting next week whose quarterly earnings have managed to beat consensus analyst estimates at least 75% of the time. Additionally, the stocks in the screener all have gained on average 1.5% the day of or following their earnings release.

Persons: Oppenheimer, Meta's, Steve Madden Organizations: Apple, Merck, Exxon Mobil, Investment, Meta, Nasdaq, Mastercard, Bank of America Locations: China, Wednesday's

☆ Small caps are finally getting their moment in the sun. Here's why managers think the rally can last
▼ + stars: | 2024-07-25 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Instead, small caps spent the first half of this year doing what they've been doing for the last decade: falling behind. The Russell 2000 Value was up 10%, while the Russell 2000 having gained 11%. A sustainable rally Small caps have underperformed for roughly the last decade, but they've typically done better historically. Meanwhile, Teton Westwood's Galluccio thinks it can last much longer: "I think small caps stand to outperform for the next three years." "The last decade was the first time in many, many years when small caps underperformed, leading the talking heads to say that quality, quality, quality is large-cap growth.

Persons: Jerome Powell, they've, Russell, Nicholas Galluccio, It's, You've, I've, Mike Rode, Rode, Galluccio Organizations: Federal, TW Smallcap Equity, Fama, Investments, Panasonic, LSEG Locations: Fama French, De Soto , Kansas

☆ Why the market's smallest stocks will surge 15% in August, according to Fundstrat's Tom Lee
▼ + stars: | 2024-07-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The small-cap-heavy Russell 2000 will jump 15% or more in August, Fundstrat's Tom Lee told CNBC. Expectations of a Trump White house are also helping drive small-cap buying, Lee added. Fundstrat's Tom Lee told CNBC that the small-cap-focused Russell 2000 is likely to gain 15% or more through August, if history is any guide. Lee says the market's certainty in upcoming interest-rate cuts — expected to commence in September — is helping drive the small-cap rally. "The nine times it did that since 1979, when you were in a bear market, we were up 100% — one month, three months, six months, 12 months later," he said.

Persons: Russell, Fundstrat's Tom Lee, Lee, —, It's, He's, Donald Trump Organizations: CNBC, Trump, Service, tanking, Barclays

☆ Stocks making the biggest moves premarket: Alphabet, Tesla, Texas Instruments, Meta Platforms and more
▼ + stars: | 2024-07-24 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Tesla — Stock in the electric vehicle company sank about 9% after second-quarter earnings were weaker-than-expected. Texas Instruments — Stock in the chipmaker ticked up about 2% thanks to better-than-expected second-quarter earnings. Texas Instruments reported earnings of $1.22 per share while analysts polled by LSEG expected $1.17. Visa's $8.9 billion in revenue was slightly weaker than an estimated $8.92 billion from analysts polled by LSEG. Analysts polled by LSEG forecast $404 million.

Persons: LSEG, Goldman Sachs, Goldman, —, Alex Harring, Sarah Min, Jesse Pound Organizations: YouTube, . Texas, —, Texas, Garden Entertainment, Visa —, LSEG, FactSet, Capital, Meta, Seagate, Enphase Energy Locations: Madison

☆ Here are Wednesday's biggest analyst calls: Tesla, Spotify, Apple, GM, Alphabet, Imax, Disney & more
▼ + stars: | 2024-07-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: RBC upgrades Estee Lauder to outperform from sector perform RBC said it sees an attractive risk/reward. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by shares of Tesla following the release of disappointing earnings. Morgan Stanley initiates Biohaven as overweight Morgan Stanley said it sees "value creation" for the biotech company. Morgan Stanley downgrades General Motors to equal weight from overweight Morgan Stanley said it sees a more "balanced" risk/reward for shares of GM. " Cantor Fitzgerald downgrades Tesla to neutral from overweight Cantor downgraded Tesla following earnings on Tuesday.

Persons: Lauder, Raymond James, Taylor Morrison, it's, Morgan Stanley, Tesla, Tesla's, TD Cowen, JFrog, Cowen, Lockheed Martin, Goldman Sachs, Goldman, Smith, Stifel, GOOGL, Jefferies downgrades, Gamble, Jefferies, Piper Sandler downgrades Ulta, Piper, Gordon Haskett, Joel Anderson, Cantor Fitzgerald downgrades Tesla, Cantor Organizations: RBC, Taylor Morrison Homes, Tesla, Lockheed, Spotify, JPMorgan, Garden Entertainment, Apple JPMorgan, Apple, Jefferies downgrades Colgate, Palmolive, Procter, Colgate, Gamble, Deutsche Bank, Deutsche, Motors, GM, Barclays, Disney, Universal Studios, Davidson Locations: GenAI, Malibu

☆ A 5-part investing playbook for avoiding chaos as US stocks head down a rocky path to the election: Truist's strategy chief
▼ + stars: | 2024-07-23 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Read previewInvestors should stay on guard as this market rally loses steam, a veteran strategy chief says. The investment chief and the chief market strategist signaled in April that US equities had an attractive risk-reward setup after a 5.5% selloff. "All those factors combined suggest maybe a choppier market, even though we still think the long-term bull market is intact," Lerner said. "In the fall, I think investors will eventually come back to tech because I still think that's the main secular theme of this bull market," Lerner said. "But I don't know that this is a game changer for this bull market where small caps will be leadership."

Persons: —, Truist's Keith Lerner, Lerner, Truist, Truist Lerner, he's, you've, isn't, haven't Organizations: Service, Nasdaq, Business

☆ These 2 key metrics will signal whether small, unloved stocks will continue to beat the market, BofA says
▼ + stars: | 2024-07-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The firm is looking at specific levels for the 10-year Treasury yield and manufacturing PMI. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. New research from Bank of America outlined two specific criteria that could serve as signals the rally will continue. AdvertisementMeanwhile, manufacturing PMI fell to 48.5 in June. "The Manufacturing economy is in the second longest downturn in history with 21 months without two straight months of 50+ PMI.

Persons: —, SPW, Russell, Tom Lee Organizations: of America, PMI, Service, Bank of America, Treasury, 6.3ppt, Bank of America Global Research, Federal Reserve, Barclays Locations: outperformance

☆ Investors are about to find out if the mega-cap tech rally is over
▼ + stars: | 2024-07-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Mega-cap tech stocks have a lot to prove with upcoming second-quarter earnings results. The long-term outperformance of mega-cap tech relative to small-cap stocks is being tested by slowing revenue growth. AdvertisementThe mega-cap tech rally hit a wall in recent weeks as investors turned their attention to small-cap stocks in a historic way. That's in stark contrast to the dominance of mega-cap tech stocks relative to small-cap stocks over the past one-, three-, five-, and ten-years. Investors will get their first taste of mega-cap tech earnings on Tuesday, with Tesla and Alphabet set to release their second-quarter results after the market close.

Persons: Goldman Sachs, —, Russell, David Kostin, Kostin, That's Organizations: Service, Vanguard, Growth, Tech, Investors, Microsoft, Apple, Amazon, Nvidia, Big Tech, Trump

Analyst Mauricio Serna also raised his price target to $20 from $13, indicating 57.6% upside potential from where shares closed on Thursday. Barclays also lowered its price target to $47 from $55, indicating 11.4% downside from Thursday's close. Analyst Benjamin Swinburne has a $780 price target on shares, indicating shares could rise 20% from Thursday's close. Cahall raised his price target to $758 from $726, suggesting nearly 18% upside potential from the stock's close price on Thursday. His new price target of $190, up from $107, implies upside of 20% from Thursday's close.

Persons: Morgan Stanley, Mauricio Serna, Serna, — Hakyung Kim, Barclays downgrades Molson Coors, Lauren Lieberman, BUD YTD, Hakyung Kim, Benjamin Swinburne, Swinburne, Doug Anmuth, Anmuth, Wells, Steven Cahall, Cahall, Arm Holdings Morgan Stanley, Lee Simpson, Simpson, GenAI, Fred Imbert Organizations: CNBC, Netflix, Arm Holdings, UBS, Barclays downgrades, Barclays, bearish, Molson Coors, NFLX's, Holdings, ARM Locations: Serna, Thursday's, Wells Fargo

☆ Republicans could be overlooking a potentially devastating problem with JD Vance
▼ + stars: | 2024-07-17 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

But the race between Vance and Ryan remained extremely competitive until the end, even as other statewide Republicans had easy victories that year. While Vance won the race that November, the extent of his struggles was on full display on election night. AdvertisementRyan was undoubtedly a strong candidate, but Vance's underperformance relative to other Ohio Republicans was quite stark. But in urban and suburban communities across Ohio, Vance was swamped by Ryan in the Senate race. In the Cincinnati area, where Vance lives, Ryan won populous Hamilton County by nearly 16 points.

Persons: —, Donald Trump, Sen, JD Vance, Vance, Trump, Tim Ryan, Ryan, Ohioan Sen, Sherrod Brown, Joe Biden, Mike DeWine, Dayton Mayor Nan Whaley, Dave Yost, Frank LaRose, DeWine's coattails, Ukraine — Vance, Roe, Wade —, Mitch McConnell of, John Thune of, Republicans aren't Organizations: Service, Ohio Republican, GOP, Democratic, Business, Republicans, Democrats, Ohio, Buckeye State, Republican, Dayton Mayor, Ohio Republicans, Independents, Senate, Ukraine Locations: Ohio, Mahoning, Michigan , Wisconsin, Pennsylvania, exurban, Cincinnati, Hamilton County, Franklin County, Columbus, Cuyahoga County, Cleveland, The Ohio, Ukraine, Sens, Mitch McConnell of Kentucky, John Thune of South Dakota, Trump, Rust

☆ Temasek aims to invest up to $10 billion in India as China weighs
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +1 min

Beautiful and colorful aerial view of Mumbai skyline during twilight seen from Currey Road, on Feb. 16, 2022 in Mumbai, India. India accounts for 7% of Temasek's global exposure which it wants to increase further, said Mohit Bhandari, the company's managing director for India investments. "We are bullish in India for the long term," Bhandari said in an interview at Temasek's Mumbai office. Temasek last week said that profits from investments in the United States and India were helping it cushion the impact of underperformance in China. Temasek also said that it is taking a cautious approach to China amid trade tensions.

Persons: Mohit Bhandari, Bhandari Organizations: Temasek Locations: Mumbai, India, Singapore, China, United States, Temasek

☆ Goldman's $2.8 trillion asset management arm says the S&P 500 will be 'flattish' for the rest of 2024. 5 places it says to invest your money instead.
▼ + stars: | 2024-07-14 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

Don't expect the mammoth returns of the S&P 500 to continue this year, according to Goldman Sachs Asset Management's midyear investment outlook released last week. AdvertisementBut this doesn't mean that Goldman Sachs is expecting a severe downturn. Active management is more important now than ever, and Goldman Sachs recommends taking steps now to prepare for a lukewarm second half of 2024. To address geopolitical instability and financial shocks, Goldman Sachs recommends hedging risk through commodities. Goldman Sachs is seeing increasing opportunities in Asia.

Persons: Goldman Sachs, Alexis Deladerrière, —, Lindsay Rosner, Rosner, Deladerrière, it's Organizations: Service, Goldman, Business, Nvidia, Microsoft, Apple, Fed Locations: Mexico, France, East, Ukraine, industrials, underperformance, Asia, Japan, India

☆ Ron Insana: Look to the U.S. for economic resilience and continued global stock market leadership
▼ + stars: | 2024-07-13 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 3, 2024. The S&P 500 is up nearly 18% in 2024, while the Nasdaq Composite is up 22% in that same time frame. Americans have often been accused, especially by those living abroad, of having a rather narrow view of the world. But President Xi Jinping's "party over prosperity" political model continues to dampen enthusiasm among both foreign investors and domestic consumers. There may be a day that that becomes true and other economies and markets may prove more alluring, but that day has yet to come.

Persons: it's, Xi Jinping's, It's, Dorothy Gale of, Ron Insana Organizations: New York Stock Exchange, Nasdaq, U.S, National Institution for Finance, Development, Monetary Fund, Overseas, Treasurys, U.S ., CNBC Locations: New York City, U.S, Japan, Argentina, Turkey, China, Shanghai, Italy, Spain, America, Dorothy Gale of Kansas

☆ Earnings in the week ahead could be the next catalyst for a broadening market
▼ + stars: | 2024-07-12 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

IWM 5D mountain iShares Russell 2000 ETF Next week's earnings results will help investors glean whether that rotation trade is sustainable. The Dow Jones Industrial Average, which is weighted more toward the real economy than is the S & P 500 and Nasdaq, rose to a new record above 40,000. According to FactSet consensus estimates, S & P 500 companies are set to post blended earnings growth of 9.2% in the second quarter. "It's not unthinkable to see us exiting this year at 5,800 on the S & P," he said. This follows a difficult 2Q, when 75% of Large Cap Core managers trailed the S & P 500," Palfrey wrote.

Persons: Patrick Palfrey, Hogan, Keith Buchanan, Buchanan, Palfrey, David Sekera, Quincy Krosby, Goldman Sachs, Morgan Stanley, Huntington Organizations: Nasdaq, UBS, Investors, Riley, Dow Jones, Globalt Investments, Riley Securities, Big Tech, Core, LPL, BlackRock, Bank of America, Taiwan Semiconductor, Price, Retail, Hunt Transport Services, State, PNC Financial Services, UnitedHealth, United Airlines, Discover Financial Services, U.S . Bancorp, Johnson, Citizens Financial Group, Philadelphia Fed, Netflix, T Bank, KeyCorp, American Express, Halliburton, Fifth Third Bancorp, Regions Locations: Nasdaq, NAHB, Horton, Blackstone, Taiwan

☆ CNBC Daily Open: Are markets overly optimistic?
▼ + stars: | 2024-07-09 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. While open to collaboration, Elliott plans to give shareholders a say in leadership changes if the board remains unresponsive. Despite selling $379 million worth of bitcoin in recent weeks, Germany's Federal Criminal Police Office still holds roughly 32,488 bitcoins — worth around $1.9 billion at today's prices.

Persons: Beryl, Elliott, Elliott Management, Bob Jordan, Gary Kelly, Corning, We've, Wendell Weeks, Max Organizations: New York Stock Exchange, CNBC, Nasdaq, Apple, Nvidia, Dow Jones, Treasury, Southwest Airlines, Police, Federal Criminal Police, Boeing, Wall Locations: New York City, U.S, Saxony, Texas

TD Cowen raised its price target on Netflix, calling for 13% upside for the stock. JPMorgan analyst Rachel Vatnsdal was similarly bullish with her $42 price target, while Morgan Stanley analyst Tejas Savant set a price target of $44. The analyst also raised his price target to $42 from $37, indicating a potential 3% upside from the stock's Monday afternoon close. — Lisa Kailai Han 5:44 a.m.: TD Cowen lifts Netflix price target ahead of second-quarter earnings announcement TD Cowen expects more gains ahead for Netflix . NFLX YTD mountain NFLX year to date — Lisa Kailai Han 5:44 a.m.: KeyBanc hikes Nvidia price target The good times for Nvidia are not over yet, according to KeyBanc.

Persons: TD Cowen, KeyBanc, Morgan Stanley, Bank of America Michael Ryskin, Ryskin, Rachel Vatnsdal, Tejas Savant, Morgan Stanley's Savant, William Blair, Stifel, Lisa Kailai Han, Wells, Donald Fandetti, Fandetti, — Lisa Kailai Han, Grayson, Daniel Lungo, Piper Sandler, Scott Siefers, BAC's NII, Siefers, JPMorgan Chase, Cowen, John Blackledge, Blackledge, John Vinh, Fred Imbert Organizations: CNBC, Netflix, Nvidia, Wall, Tempus, Nasdaq, JPMorgan, Bank of America, Precision Oncology, Needham, American Express, Devon Energy, of America, Citigroup, Blackwell, Wolfe Research, UBS Locations: Devon, Williston, Netflix's, Monday's, 2H24, GB200

☆ Don't chase new highs, wait for a market pullback, advises Canaccord Genuity
▼ + stars: | 2024-07-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Investors eager to buy into the stock market rally may want to hold off, according to an analyst for Canadian investment bank Canaccord Genuity. The S & P 500 and Nasdaq Composite closed at all-time highs on Monday, adding to strong gains in the first half of the year. The tech-heavy Nasdaq ended the first half up 18.1%, while the S & P rose 14.5% and the Dow Jones Industrial Average gained 3.8%. In fact, the top 10 stocks in the S & P now account for more than 38% of the index's total capitalization, a new high, Welch said. Meanwhile, the S & P 500 is trading at a rich multiple of 24 times trailing 12-month profits, and expectations are for 10.1% earnings growth in the second quarter, he said.

Persons: Canaccord Genuity's Michael Welch, Welch, Russell Organizations: Nasdaq, Dow Jones Industrial

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