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Rare diseases treatment developer Travere Therapeutics has the potential for meaningful long-term value, according to JPMorgan. Analyst Anupam Rama initiated coverage on Travere with an overweight rating Friday. The December 2024 price target of $26 implies shares surging 66% from Thursday's close. Earlier this year, Filspari received accelerated approval from the U.S. Food and Drug Administration. The company is also awaiting regulatory feedback for pegtibatinase , which is designed to treat classical homocystinuria, a rare genetic metabolic disorder.

Persons: Anupam Rama, Filspari, Rama, — CNBC's Michael Bloom Organizations: Travere Therapeutics, JPMorgan, U.S . Food, Drug Administration Locations: Thursday's, U.S

The dollar index dipped below the 100 level on July 14, marking its lowest level since mid-April 2022. "So there's just a dynamic where the overall access to capital funding improves when there's a weaker dollar in emerging markets, and vice versa. The Swiss bank found that the MSCI Emerging Markets index is trading near a 36% discount to the S & P 500. The three largest are: Vanguard FTSE Emerging Markets ETF , iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF . Core MSCI is higher by 9.6% in 2023, iShares MSCI Emerging Markets is up 8.2% and Vanguard FTSE Emerging Markets has gained 7.4%.

Persons: Shannon Saccocia, Yung, Yu Ma, there's, Ma, Xingchen Yu, Yu, —, Michael Bloom, Sarah Min Organizations: U.S, UBS, Neuberger Berman, Wealth, Research, Wealth Management, Vanguard FTSE, Markets Locations: outflows, U.S, India, Vietnam, Swiss, America, South, Southeast Asia, Central, Eastern Europe

CNBC Pro screened for companies scheduled to report earnings next week and found the ones that have a history of outperforming analyst expectations. The following stocks have beat analyst expectations for earnings at least 70% of the time, and on average rise at least 1% following their earnings report, according to data from Bespoke Investment Group. Visa Global payments company Visa , which is set to report Tuesday, has beaten earnings and revenue forecasts 95% and 89% of the time, respectively. The company will report results Monday after the main trading session. The company has a 75% record of beating Wall Street's expectations during its quarterly earnings reports.

Persons: Oppenheimer, Wall, CNBC's Michael Bloom, Fred Imbert Organizations: Google, Microsoft, Intel, Social, NXP Semiconductor, Investors, Procter, Gamble, Companies, CNBC Pro, Investment, Visa Global, Visa, Logitech Computer, Logitech

The residential solar panel company has outperformed both the Invesco Solar ETF and the S & P 500 in 2023. Sunnova shares are up 25%, while the fund has lost 2%. NOVA YTD mountain Sunnova Energy shares "We remain constructive on NOVA and residential solar growth in the U.S. longer-term. That said, the macro backdrop for U.S. residential solar remains challenging," Thakkar wrote in a Friday note. "Dealer growth has been a key driver of success in a difficult environment.

Persons: Ameet Thakkar, Thakkar, Sunnova, — CNBC's Michael Bloom Organizations: Sunnova Energy, BMO, NOVA, Treasury Locations: U.S

Carvana's recent rally may be reaching its end, according to Piper Sandler. The company's shares rose more than 20% this week after Carvana announced better-than-expected second quarter results and an agreement to restructure approximately $5.2 billion in debt on Wednesday. However, Piper Sandler's long-term outlook on the company's share in the used vehicle market remains unchanged. Analyst Alexander Potter downgraded shares to neutral from overweight. "Chasing the stock higher would necessitate an upward revision to CVNA's long-term used vehicle market share expectations, which we do not believe recent results substantiate," Potter added.

Persons: Piper Sandler, Carvana, Piper Sandler's, Alexander Potter, Potter, RBC's Brad Erickson, —, Michael Bloom

A "Hollywood ending" for Herc has been postponed, according to Bank America. Analyst Sherif El-Sabbahy double-downgraded shares to underperform from buy, citing the near-term impact from the ongoing writers and actors strike in Hollywood. Herc rents out equipment such as forklifts, generators and light towers companies across different industries, including entertainment. We expect the impact in Q2 will be notably higher, given work stoppages driven by the writers' (and now actors) strike." The stock is up 8.1% in 2023 as shares rallied more than 38% over the past 12 months.

Persons: Herc, Sherif El, Sabbahy, — CNBC's Michael Bloom Organizations: Bank America Locations: Hollywood

The firm upgraded Blackstone shares at the start of 2023 on the belief that investors were over-penalizing Blackstone for its outflows in its Real Estate Income Trust division. "For the multiple to expand further, we'd want to see organic growth supported again by perpetual fund growth, which is currently weighed down by a depressed sentiment for real estate investing." Blackstone shares have rallied nearly 45% year to date. Worthington added that speculation over the stock being added to the S & P 500 has also fueled its rise. To be sure, Worthington thinks the real estate sector will likely "require a drop in rates to see a substantial improvement."

Persons: it'll, Blackstone . Blackstone, Kenneth Worthington, Worthington, Blackstone, — CNBC's Michael Bloom Organizations: JPMorgan, Blackstone ., Blackstone, Income

Johnson & Johnson Covid-19 vaccines are seen on a table on May 7, 2021 in Los Angeles, California. Johnson & Johnson —The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after the the health care posted second-quarter revenue and adjusted earnings that topped Wall Street's expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company's medtech business jumped. Discover Financial Services — Shares tumbled 14% after the company's second-quarter results missed analysts' estimates on both top and bottom lines. MarketAxess — The electronic trading platform rallied 5.6% after releasing its second-quarter results.

Persons: Johnson, Johnson Covid, Tesla, Abbott, Zions, Estee Lauder, StreetAccount, —, Yun Li, Jesse Pound, Samantha Subin, Michelle Fox Organizations: Netflix, Refinitiv, American Airlines –, American Airlines, IBM, Johnson, Dow Jones, Abbott, Discover Financial, Federal Deposit Insurance, Barclays Locations: Los Angeles , California, China, Freeport

In its latest quarter, Netflix posted earnings of $3.29 per share on revenue of $8.19 billion. IBM — The business services company's shares shed 0.7% following its mixed second-quarter earnings report. The company posted revenue of $15.48 billion, missing Wall Street's forecast of $15.58 billion, according to Refinitiv. IBM reported adjusted earnings of $2.18 per share, which was higher than analysts' consensus estimate of $2.01 per share. Tesla — Tesla shares fluctuated near the flatline following its second-quarter earnings announcement.

Persons: Refinitiv, Zions Organizations: Netflix, IBM, United Airlines — United Airlines, American Airlines, Zions Bancorp, Las Vegas Sands, Vegas Sands, Discover Locations: Newark , New Jersey, Las Vegas

The Biden Administration announced $39 billion in automatic loan forgiveness to 804,000, according to a July 14 press release from the U.S. Department of Education. This wave of student loan forgiveness is separate from the forgiveness plan outlined in August 2022 that the Supreme Court recently struck down in June 2023. Under Secretary James Kvaal said in the statement that "millions of borrowers had earned loan forgiveness but never received it." Who qualifies for the Biden Administration's student loan forgiveness? With the Biden administration's widespread student debt relief blocked by the Supreme Court, the future of student loan forgiveness is currently on hold.

Persons: James Kvaal, Kamala Harris, Mark Kantrowitz, they've, accrual Organizations: Biden Administration, U.S . Department of Education, Supreme Court, Federal, Department of Education, Biden, CNBC, of Education, Department, Education, Supreme, The, CNBC Select's, Facebook, Twitter

Solar and wind power generation is set to triple by 2030, according to a new report from the Rocky Mountain Institute, leading to a disruption in the global electricity sector. According to the report, solar and wind power will fuel 33% of electricity generation in 2030, up from 12% in 2022. RMI predicts solar energy, which is already the cheapest energy source in history, will halve in price by 2030, continuing the dramatic downward trajectory of solar and wind energy costs. CNBC Pro used FactSet data to screen for companies that are well-positioned to outperform from the rise of solar and wind energy production. Maxeon shares have popped 68% in 2023 and could jump another 50%, per the average price target on shares.

Persons: Morgan Stanley, Andrew Percoco, Percoco, MAXN, — CNBC's Michael Bloom Organizations: Rocky Mountain Institute, RMI, CNBC, New York Stock Exchange, Nasdaq, Technologies, SolarEdge Technologies, Enphase Energy

Recent inflation data points to a strong economy that could propel the S & P 500 to break the 5,000-point threshold by the end of 2023, according to Peter Essele, head of portfolio management for Commonwealth Financial Network. June data for two closely watched inflation gauges released this week, the consumer price index and producer price index , showed costs easing across the board. That signals to Essele the S & P 500 can keep charging upward, with his prediction of the 5,000 level being reached implying the S & P 500 will gain another 11.8% from Wednesday's close. The S & P 500 has already had a stellar year, rising 17%. We could easily see the S & P 500 top 5,000 by the end of the year."

Persons: Peter Essele, Essele, Sam Stovall, — CNBC's Michael Bloom Organizations: Commonwealth Financial Network, CPI, PPI, CNBC Locations: Wednesday's

The 2-year Treasury yield was down by more than 1 basis point at 4.847%. U.S. Treasury yields declined Tuesday as investors assessed what could be next for Federal Reserve monetary policy following remarks from central bank officials and ahead of key economic data. Investors considered the Federal Reserve's next interest rate policy moves ahead of key inflation data due this week and the central bank's upcoming meeting on July 25-26. Investors are also looking out for several major economic data points scheduled for this week, including the latest consumer inflation figures on Wednesday and wholesale inflation on Thursday. No key data is expected on Tuesday.

Persons: Mary Daly, Jerome Powell, CME's Organizations: Treasury, U.S, Federal Reserve, Investors, Federal, San Francisco Fed, Institution

Bloom Energy is positioned for "robust growth" as demand for fuel cells remains strong, according to RBC Capital Markets. Analyst Chris Dendrinos initiated coverage of the electric and hydrogen power company with an outperform rating. The company's increasing traction in Europe, improving cost structure and lower natural gas prices are helping its growth and profitability prospects, he added. "Our analysis shows that BE's vertical sales approach is unlocking incremental value and that there continues to be a strong opportunity to grow the customer base," said Denidros. He highlighted the company's "solid traction" with its customer base in the data center, telecom and health care sectors.

Persons: Chris Dendrinos, Denidros, Bloom, — CNBC's Michael Bloom Organizations: Bloom Energy, RBC Capital Markets Locations: Thursday's, Europe

Ferrari is standing on the top step of the podium, according to Morgan Stanley. He also raised his price target to $340 from $310 on account of foreign exchange fluctuations, earnings revision and a slight increase in his estimated EBITDA multiple. The new price target implies 8.4% upside from Thursday's close. Morgan Stanley maintained his bull case estimates of $420 per share, which implies 34% upside from current levels. Morgan Stanley predicts the bear scenario could occur if a weaker macro environment results in low shipments and demand levels, as well as a loss of brand relevance.

Persons: Ferrari, Morgan Stanley, Adam Jonas, Hermes, Jonas, — CNBC's Michael Bloom Organizations: Ferrari, General Motors Locations: China, Asia

More than half of the analysts covering Fidelity rate it either a strong buy or buy, according to FactSet. The average price target on shares implies upside of about 20%. Shares could surge nearly 29% from their current levels, according to the average price target. Analysts anticipate a potential pullback in shares, with the average price target suggesting downside of more than 21%, FactSet found. Other names that had a strong week include Zions Bancorporation , KeyCorp , Truist Financial and Catalent .

Persons: It's, Tesla, FactSet, BorgWarner, Zions Organizations: Wall, Dow Jones, Nasdaq, Federal, CNBC, Finance, Fidelity National Information Services, Global Payments, Truist

Treasury yields largely rose Friday, continuing the trend this week, as a slightly weaker-than-expected payrolls increase in June failed to dissuade traders from betting on more Federal Reserve rate hikes. The Labor Department reported on Friday that nonfarm payrolls rose by 209,000 in June and the unemployment rate was 3.6%. Payrolls rose by 306,000 in May, after revisions. However, there were parts of the jobs report that could give the Federal Reserve to resume hiking. Markets are widely expecting a rate increase to be announced then, but the picture is less clear for the remainder of the year.

Persons: Greg Wilensky, Janus Henderson, Jerome Powell Organizations: Treasury, Labor Department, Dow Jones, Federal Reserve, Janus, Janus Henderson Investors

The semiconductor manufacturing equipment sector undergoing a bottoming process, with a positive inflection not yet visible, according to KeyBanc — meaning further upside for KLA shares is limited. KeyBanc downgraded KLA to sector weight from overweight on account of the company's shares recently exceeding its previous price target of $468. "We don't see evidence of a rapid return to industry demand exceeding supply, but we think shares may be discounting a return to those record run-rate levels," said Barger. "We think shares have discounted a significant recovery well in advance of a fundamental improvement, and earlier than we've seen in prior cycles. KLA shares were down 1.3% in premarket trading.

Persons: KeyBanc, Steve Barger, it's, Barger, we've, —, Michael Bloom

The Rivian story is "finally" turning around after several difficult quarters, according to Wedbush. The firm maintained its outperform rating on shares while raising its price target to $30 from $25. Ives said the company is "seeing light at the end of the tunnel" after several quarters with overhangs including production and supplier issues. "We continue to strongly believe in the Rivian long-term story … making this a table pounder at current levels," said Ives. Shares are up 17.3% in 2023, but remain in the red by more than 31% over the last 12 months.

Persons: Daniel Ives, Ives, Rivian, — CNBC's Michael Bloom Organizations: Rivian Locations: Europe, U.S

Citi thinks aircraft maker Textron is due for a rebound after underperforming thus far in 2023. "We are constructive on revenue and earnings visibility given recent backlog growth, particularly in the company's Aviation and Bell segments," analyst Jason Gursky wrote in a Wednesday note. Current wait lists for new aircraft stretch to more than two years, he noted — resulting in up to 360% backlog growth for Textron since 2019. To be sure, he said that Textron's industrial segment does not have much "connective tissue" across its various assets, which include automotive, aerospace and leisure. A rise in military spending should also create tailwinds for Textron's defense-oriented Bell and Systems segment, added the analyst.

Persons: Jason Gursky, Gursky, —, Michael Bloom Organizations: Citi, Textron, company's Aviation, Bell, Systems

Shopping mall developer Simon Property Group is a "cash engine," according to Wolfe research. The company is currently trading at a discount to Wolfe's strip center and overall coverage, said Rosivach. "In fact, SPG is currently trading well below its historic discount to our overall coverage. Shares of Simon Property Group are trading near the flatline in 2023, but have jumped more than 22% over the past 12 months. SPG 1Y mountain SPG in past year —CNBC's Michael Bloom contributed to this report.

Persons: Wolfe, Andrew Rosivach, Rosivach, — CNBC's Michael Bloom Organizations: Simon Property, SPG, Brands, General Atlantic, Simon Property Group

Bank of America thinks momentum is on Sweetgreen's side, even as people return to the office at a slower-than-expected pace. Analyst Katherine Griffin upgraded Sweetgreen shares to buy from neutral, citing increasing foot traffic, sustained momentum in same-store sales growth and long-term plans to automate operations. "Sustained y/y visits growth suggests mobility continues to improve and SG [same-store sales growth] can maintain momentum, removing a key overhang on the stock," Griffin wrote in a Thursday note. The company's long-term plans to automate its kitchens could reduce labor intensity and help with margins, added the analyst. "Based on our saturation analysis, we see potential for SG to achieve its 1,000 [long-term] store growth target.

Persons: Katherine Griffin, Griffin, Sweetgreen's, Sweetgreen, — CNBC's Michael Bloom Organizations: of America, SG Locations: Wednesday's

Plug Power could become one of the largest green hydrogen suppliers globally, according to Citi. This makes PLUG well positioned to benefit from growing demand for green H2 in hard to abate sectors," Bagri wrote in a Wednesday note. Bagri said Plug Power is on track to achieve positive gross margins this year and aims to top 30% in gross margins by 2026. "We believe a favorable guidance on additionality/time matching, progress towards gross margin improvement and financial support from the DOE could all be positive catalysts," he continued. PLUG YTD mountain PLUG in 2023 —CNBC's Michael Bloom contributed to this report.

Persons: Vikram Bagri, Bagri, —, Michael Bloom Organizations: Citi, Amazon, Walmart, Home Depot, GM, Department of Energy, DOE

Morgan Stanley says Keurig Dr Pepper is "ready to regain its pop after losing its caffeine high." The firm said in a Thursday note that "pronounced stock underperformance" has created a buying opportunity for investors. "Beyond a strong industry pricing backdrop, we also see KDP's share position as consistently solid. KDP has now gained [year-over-year] US tracked channel beverage share in 14 out of the last 18 quarters," he continued. "We see KDP's stock price as discounting too much risk," said Mohsenian.

Persons: Morgan Stanley, Keurig Dr Pepper, Dara Mohsenian, Said, Mohsenian, Dr Pepper, — CNBC's Michael Bloom Organizations: KDP Locations: U.S

Morgan Stanley raised its Microsoft stock outlook to the highest on Wall Street, implying the company once famous for Windows software will climb above a market value of $3 trillion because of artificial intelligence. The generative AI boom has already helped propel Microsoft's stock by almost 41% year to date — and Morgan Stanley's new price target implies it will climb another 23% over the next 12 months. Weiss raised his price target on Microsoft by 24%, to $415 from $335. Morgan Stanley called Microsoft its top pick among large-cap software stocks on account of the company's strong positioning in the generative AI boom. MSFT YTD mountain Microsoft stock Weiss said Microsoft has taken a "leading position" providing the "picks and shovels" of the AI boom — large language models, data management and other technologies.

Persons: Morgan Stanley, —, Morgan, Keith Weiss, Weiss, FactSet, — CNBC's Michael Bloom Organizations: Microsoft, Windows, Software, OpenAI

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