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☆ Wall St Week Ahead Lofty valuations on US stocks a growing worry for investors
▼ + stars: | 2023-06-23 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

The S&P 500 now trades at 19 times its expected 12-months earnings, well above its historic average of 15.6 times, Refinitiv Datastream showed. WFII recently downgraded the technology sector, which has led this year's S&P 500 rally, to "neutral" from "favorable," citing "unattractive" valuations. Goldman urged investors to consider "downside protection" to their stock portfolios, though they expect the S&P 500 to reach 4,500 by year-end, or about 3.5% above current levels. Valuations are even more stretched for the Nasdaq 100 (.NDX), whose 36% rally this year has dwarfed that of the S&P 500. "From a near-term perspective, investors should expect stocks to just cool a little bit."

Persons: Refinitiv Datastream, Goldman Sachs, Sameer Samana, WFII, Goldman, Refinitiv, Michael Purves, Purves, Anthony Saglimbene, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: YORK, Wells, Wells Fargo Investment Institute, Federal Reserve, Nasdaq, Tallbacken Capital, Deutsche Bank, Ameriprise, Thomson Locations: Wells Fargo

The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.

Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru

☆ Here are Friday's biggest analyst calls: Meta, Apple, Uber, Target, SoFi, Nike, Amazon, GM and more
▼ + stars: | 2023-06-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Friday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said in a note Friday that it sees several reasons for share outperformance. Morgan Stanley upgrades Evotech to overweight from equal weight Morgan Stanley said the drug discovery and development company is well-positioned for artificial intelligence. As such we are upgrading to Market Perform with a $44 price target." Morgan Stanley reiterates Snowflake as overweight Morgan Stanley said it's bullish heading into the company's upcoming investor day. Barclays reiterates Uber as overweight Barclays raised its price target on Uber to $70 per share from $57 and says it's well-positioned.

Persons: Morgan Stanley, Apple, Stephens, KeyBanc, Wells, Armour, Wells Fargo, JPMorgan Chase, Valvoline, underperform SVB, Wayfair, Snowflake, it's, Uber, Roth, Bernstein, Jefferies Organizations: Deutsche Bank, Nike, Sovos Brands, UAA, Outsized NA, JPMorgan, Global Products, Securities, Bed, Barclays, Amazon, Citi, General Motors Locations: China, Italian, downgrades, EBITDA

☆ JPMorgan Chase's drawn-out breakup with Jeffrey Epstein
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Persons: —, Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British

Appearing before the Senate Banking Committee, Powell reiterated his view that more rate hikes are likely in the months ahead. Richmond Fed President Tom Barkin said he remains unconvinced that inflation is on a steady path downward, but would not prejudge what the Fed should do at its July 25-26 meeting. Investors will also monitor comments from St. Louis Fed President James Bullard, Atlanta Fed President Raphael Bostic and Cleveland Fed's President Loretta Mester. ET, Dow e-minis were down 109 points, or 0.32%, S&P 500 e-minis were down 22 points, or 0.5%, and Nasdaq 100 e-minis were down 101.75 points, or 0.67%. Reporting by Shubham Batra, Shreyashi Sanyal and Shashwat Chauhan in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Matt Britzman, Hargreaves Lansdown, Tom Barkin, Louis, James Bullard, Raphael Bostic, Loretta Mester, Shubham Batra, Shreyashi Sanyal, Shashwat Chauhan, Arun Koyyur Organizations: Dow, Nasdaq, Banking, Richmond Fed, Deutsche Bank, Louis Fed, Atlanta Fed, Cleveland, Dow e, 3M, Carmax Inc, Thomson Locations: U.S, Bengaluru

☆ Stocks making the biggest moves midday: Starbucks, CarMax, Virgin Galactic and more
▼ + stars: | 2023-06-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

A view of the Starbucks vending van during its debut in Hangzhou, the capital of China's Zhejiang province, June 7, 2022. Starbucks — Starbucks shares lost nearly 2.5% after a union representing workers said strikes are slated to begin Friday in response to claims the coffee shop chain is not allowing Pride decorations at cafes. More than 150 stores, and about 3,500 workers, plan to join the strike occurring over the next week, the union said. CarMax — The used-car retailer popped 10% after beating the consensus estimate of analysts for its first-quarter revenue. Virgin Galactic — Virgin Galactic shed 18% after announcing a $300 million capital raise via a common stock offering.

Persons: CarMax, Armour, Wells Fargo, TD Cowen, Morgan Stanley, Evotec, — CNBC's Michelle Fox, Alex Harring, Jesse Pound Organizations: Starbucks, StreetAccount ., Galactic, Deutsche Bank, Accenture —, Accenture, GSK — U.S, GSK Locations: Hangzhou, China's Zhejiang province, North America, Germany

☆ Parties seek court approval of JPMorgan Chase $290 million settlement over Epstein ties
▼ + stars: | 2023-06-23 | by ( Lauren Del Valle | ) edition.cnn.com time to read: +4 min

New York CNN —Attorneys filed a preliminary plan to facilitate a $290 million settlement fund for JPMorgan Chase to compensate victims of Jeffrey Epstein. “JPMC is entering into this Stipulation solely to eliminate the burden, expense, and uncertainty of further protracted litigation. Attorneys for the parties have suggested Simone Lelchuk oversee the JPMC settlement process as she has already been appointed claims administrator for the Deutsche Bank settlement. Claimants can see the award money from both bank settlements, though the JPMorgan settlement language notes that any award amount received through the Deutsche Bank settlement will be considered when processing their claim with JPMC. JPMorgan Chase remains tied up in litigation over its longtime relationship with Epstein in a pending lawsuit brought by the government of the US Virgin Islands.

Persons: Jeffrey Epstein, Epstein, “, ”, JPMC, “ JPMC, Simone Lelchuk, Lelchuk, Harvey Weinstein, JPMorgan Chase, Jes Staley, trafficker’s Organizations: New, New York CNN, JPMorgan Chase, Deutsche Bank, JPMorgan, Virgin Islands Locations: New York, “, Virgin, JPMC

☆ 'Lots of smoke. Lots of questions': Internal emails show JPMorgan Chase execs worried about the bank's ties to Jeffrey Epstein. So why did it take so long to cut him loose?
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

☆ German unions criticise possible Deutsche Bank job cuts
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 23 (Reuters) - Deutsche Bank's (DBKGn.DE) reported plans for possible job cuts at its German retail operations were roundly criticised by a union on Friday, foreshadowing tough labour negotiations ahead. "One can only shake one's head at Deutsche Bank, once again," Stephan Szukalski, chairman of the DBV bank union, said as Claudio de Sanctis prepares to take over as head of the German retail business on July 1. Reuters GraphicsDeutsche Bank declined to comment on any job cut plans or the union reaction to reports of them. The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, Reuters has reported. Deutsche Bank has in the past announced job cuts that never materialized.

Persons: Stephan Szukalski, Claudio de Sanctis, Szukalski, Verdi, Tom Sims, Friederike Heine, Alexander Smith Organizations: Deutsche, Deutsche Bank, Reuters Graphics Deutsche Bank, Reuters, Thomson Locations: FRANKFURT, Germany's

☆ Stocks making the biggest moves before the bell: Starbucks, CarMax, Virgin Galactic and more
▼ + stars: | 2023-06-23 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Virgin Galactic — Shares tumbled 12.4% in premarket trading after the space tourism company said it raised $300 million through a common stock offer. Virgin Galactic said it wants to raise another $400 million as the company looks to expand and improve its spacecraft fleet. Under Armour — Shares shed nearly 3% in premarket trading following a downgrade by Wells Fargo to equal weight from overweight. Wayfair — Shares of the home furnishings retailer rose more than 1% after MoffettNathanson upgraded Wayfair to market perform from underperform.

Persons: CarMax, Virgin Galactic, Armour, Wells Fargo, MoffettNathanson, Wayfair, —, Jesse Pound, Michelle Fox Organizations: Senate Health, Education, Labor, Starbucks, StreetAccount ., Galactic, Virgin, Baltimore Sun, Footwear, Bed, Deutsche Bank, Accenture Locations: Dirksen, North America, Baltimore

Siemens Energy CEO Christian Bruch said on Friday that the takeover of Siemens Gamesa had not been a mistake and that the price had seemed right at the time when the offer was made. 'SO MANY QUESTIONS'Top-20 investor Deka Investment said "significantly greater efforts" were now needed by Siemens Energy, chaired by Siemens veteran Joe Kaeser, to restore trust. Berenberg analysts pointed out that Siemens Energy had given a fairly upbeat view on Siemens Gamesa along with second-quarter results only a month ago, and that Thursday's announcement did not fit with the recent communication. Siemens Energy CEO Bruch also cited the need to fix Siemens Gamesa's corporate culture, hinting at the fact that the company's merger never fully worked and that major management mistakes were made. When asked earlier this month on whether Siemens Energy was doing well enough to master the challenges of the energy transition, Kaeser said the management team led by Bruch was strong.

Persons: Felix Schroeder, Schroeder, Christian Bruch, Siemens Gamesa, Jochen Eickholt, Spain's, Joe Kaeser, Bruch, Kaeser, Christoph Steitz, Christina Amann, Susan Fenton, Louise Heavens Organizations: Siemens Energy, Siemens, Siemens Gamesa, Union Investment, Deka Investment, Deutsche Bank, Thomson Locations: FRANKFURT, BERLIN, Bray, European

☆ Deutsche Bank says this A.I. winner could be in trouble after its latest investor day
▼ + stars: | 2023-06-23 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

C3.AI did little to differentiate itself among an increasingly crowded space of artificial intelligence stocks at the company's investor day, according to Deutsche Bank. The bank on Friday reiterated a sell rating the stock, with a $16 per share price target. C3.AI has surged 234% year to date as investor hype over artificial intelligence lifted the entire sector. But Deutsche Bank analyst Brad Zelnick said it isn't clear at this point in time how the company will stand out and added that the investor day held earlier this week only provided "somewhat limited incremental updates." AI YTD mountain C3.AI has been on an impressive run since January tied to investor excitement over artificial intelligence.

Persons: Brad Zelnick, Zelnick, Morgan Stanley's Sanjit Singh, Joshua Tilton, Michael Bloom Organizations: Deutsche Bank, Deutsche, Wolfe Research Locations: hyperscalers

Epstein had been a JPMorgan client from 1998 and 2013 when the bank terminated his accounts. Lawyers for the victims plan to seek up to 30% of the settlement amount for legal fees, court records show. The victims' lawyers also represented Epstein victims in a similar $75 million settlement with Deutsche Bank (DBKGn.DE), where Epstein was also a client. JPMorgan also faces a lawsuit over Epstein by the U.S. Virgin Islands, where Epstein owned two neighboring islands. The case is Doe 1 v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

Persons: Morgan Chase, Mike Segar, Jeffrey Epstein's, Epstein, Jan, Jed Rakoff, Jane Doe, JPMorgan, Rakoff preliminarily, Jes Staley, Staley, Jonathan Stempel, Jahnavi, Robert Birsel Organizations: Co, New York City, REUTERS, JPMorgan Chase's, U.S, JPMorgan, Deutsche Bank, Barclays, Reuters, U.S ., JPMorgan Chase Bank NA, Court, Southern District of, Thomson Locations: New York, U.S, Manhattan, U.S . Virgin Islands, Southern District, Southern District of New York, Bengaluru

FRANKFURT, June 22 (Reuters) - Deutsche Bank (DBKGn.DE) is drawing up plans to cut 10% of its 17,000 German retail jobs over the next few years as part of cost savings, a person with knowledge of the matter said on Thursday. The plans at Germany's largest bank come as Claudio de Sanctis prepares to take over the retail unit, known as the private bank division, on July 1. Deutsche Bank, which declined to comment on any cuts to retail jobs, has publicly said that it is identifying further cost savings and would be trimming jobs in certain areas to keep profits growing. The bank has been expected to continue to cut branches to curb expenses, Reuters has previously reported. S&P last month upgraded its outlook for the bank and said that the retail division has "considerable scope" to cut costs.

Persons: Claudio de Sanctis, Tom Sims, Matthias Williams, Madeline Chambers, Susan Fenton Organizations: Deutsche Bank, Deutsche, Reuters, Thomson Locations: FRANKFURT, Germany's, Germany

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Amazon, Eli Lilly, Broadcom, Microsoft & more
▼ + stars: | 2023-06-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America upgrades XP to buy from neutral Bank of America said the Brazilian investment company's shares will re-rate higher. JPMorgan reiterates Amazon as overweight JPMorgan reiterated the stock as a top idea and said it sees a runway for more growth for Amazon Prime. " Deutsche Bank adds a catalyst call buy on Walgreens Deutsche says it's bullish heading into earnings next week. Bank of America reiterates Eli Lilly as buy Bank of America said the biopharma company is still one of the firm's favorite ideas. Bank of America reiterates Broadcom as buy Bank of America raised its price target on AI beneficiary Broadcom to $1,050 per share from $950.

Persons: Fargo, Goldman Sachs, Wells, Bud, Bud Light, Bernstein, Kellogg, underperform Bernstein, Morgan Stanley downgrades Tesla, Morgan Stanley, Tesla, " Bank of America downgrades Dow, DOW, it's, Riley, Expedia, TripAdvisor, Eli Lilly, Lilly, Raymond James, Alcoa, Piper Sandler, Piper Organizations: Bank of America, of America, Deutsche Bank, Anheuser Busch InBev, Deutsche, Nielsen, JPMorgan, Amazon Prime, Kellogg, " Bank of America, Walgreens Deutsche, Microsoft, Apple, Developers, Broadcom, Alcoa, Citi, Boston Scientific Citi, PFA, Card Locations: Brazil

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

☆ Bud Light boycott is the talk of the town at the prestigious Cannes Lions ad festival
▼ + stars: | 2023-06-22 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Mike Moore | Getty Images Entertainment | Getty ImagesBud Light's ill-fated Dylan Mulvaney collaboration dominated conversations among marketers gathered in southern France for the Cannes Lions advertising festival this week. But according to Sarah Kate Ellis, president and CEO of LGBTQ+ rights organization GLAAD, Bud Light's lack of engagement did exactly that. "What Bud Light did was they had a trigger response and they ended up alienating everyone," Ellis told CNBC's Tania Bryer Wednesday. In May, Bud Light lost its top spot in the U.S. beer market, falling behind Constellation Brands' Modelo after sales slumped 24.6% year over year. A 'wake-up call'AB InBev's chief global marketing officer, Marcel Marcondes, said Monday that the months-long Bud Light boycott had been a wake-up call for the company.

Persons: influencer Dylan Mulvaney, Mike Moore, Bud Light's, Dylan, influencer Mulvaney, Brendan Whitworth, Sarah Kate Ellis, Bud Light, Ellis, CNBC's Tania Bryer, we're, David Droga, Droga, Andrew Clarke, Mars Wrigley, Clarke, Marcel Marcondes Organizations: Getty, Cannes Lions, Anheuser, Busch InBev, InBev's North, U.S, Constellation Brands, Modelo, Accenture, Brands, InBev's, Light, Deutsche Bank Locations: France, Cannes, U.S

☆ The Treasury Department and the Fed have drained $150 billion in market liquidity since the debt ceiling deal
▼ + stars: | 2023-06-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Liquidity has fallen by $150 billion since Congress suspended the debt ceiling, Strategas said. The debt deal earlier this month cleared the way for the Treasury Department to issue more T-bills. The debt ceiling deal cleared the way for the Treasury Department to auction more T-bills, which will restore the government's cash balance. And the outflows are only accelerating, the note found, with half of the $150 billion liquidity drain occurring over the past three days. Meanwhile, the Treasury Department is expected go on a big debt spree, and Strategas expects 50% of the issuance will come from bank reserves, which reduces liquidity.

Persons: Strategas, —, Dan Clifton, it's, Clifton Organizations: Treasury Department, Service, Treasury, Fed, Deutsche Bank

☆ Stocks making the biggest moves midday: Overstock, Tesla, Accenture and more
▼ + stars: | 2023-06-22 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Accenture — The stock fell 2.6% after the consulting firm shaved the top end of its revenue expectations for the fiscal year. Darden posted earnings of $2.58 per share on revenue of $2.77 billion in its latest quarter. Tesla — Tesla shares traded flat amid a choppy session after Morgan Stanley downgraded the electric-vehicle giant to an equal weight rating from overweight, citing valuation concerns. Loop also reiterated its buy rating and raised its price target given what it sees as an opportunity for the stock to rally further. Expedia , TripAdvisor — Expedia and TripAdvisor gained 1.5% and 3.2%, respectively, after B. Riley initiated coverage on each stock as buy.

Persons: AeroSystems, Max, Darden, Eugene Lee, influencer Dylan, Tesla, Morgan Stanley, Root, JPMorgan Chase, Dow, —, TripAdvisor, Riley, Expedia, Eli Lilly —, Samantha Subin, Michelle Fox, Jesse Pound Organizations: Bed, Boeing, Accenture, Darden, FactSet, Anheuser, Busch InBev —, Deutsche Bank, NRG Energy, Wall Street, Elliott Investment Management, Embedded Insurance, Alcoa, JPMorgan, Amazon Prime, Bank of America Locations: Salt Lake City , Utah, Wichita , Kansas, Illinois

☆ Satellite stray’s lonely orbit has a cash booster
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 22 (Reuters Breakingviews) - SES and Intelsat are orbiting away from each other. After being locked in merger talks since March, the two satellite operators have decided instead to pursue their own turnaround plans independently. Both companies operate in the stagnant satellite-video market and so would have been doubling down on an old technology. And the combined company would have been burdened with a heavy initial net debt load of around 4 times combined EBITDA, according to Deutsche Bank analysts. It wants to broaden its business to new areas, like the medium earth orbit constellations, which provide quick internet connections in hard-to-reach places.

Persons: Steve Collar, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Reuters, SES, Intelsat, Deutsche Bank, Elon, SpaceX, U.S, Twitter, Intel, Thomson Locations: Luxembourg

☆ Stocks making the biggest premarket moves: Tesla, Darden Restaurants, Anheuser-Busch, Alcoa & more
▼ + stars: | 2023-06-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Darden Restaurants — The company behind Olive Garden and other restaurant chains slid nearly 4% in the premarket. Darden beat expectations of analysts polled by Refinitiv for earnings in the fiscal fourth quarter, while revenue came in line with expectations. Meanwhile, Darden's revenue guidance was higher than Wall Street forecasted. The Wall Street firm said the stock is pricing in only downside risk without the expectation for recovery. Alcoa — Shares of the aluminum company slumped 3.5% in premarket trading after Morgan Stanley downgraded Alcoa to underweight from equal weight.

Persons: Morgan Stanley, Darden, Refinitiv, FactSet, Eugene Lee, Overstock.com, discounter, Overstock, Mauricio Gutierrez, Bud Light, influencer Dylan Mulvaney, Aerosystems, —, Samantha Subin, Jesse Pound, Alex Harring Organizations: Tesla, Darden, Olive, Wall, Bed, NRG Energy, Journal, Elliott Investment Management, Anheuser, Busch Inbev, Deutsche Bank, Alcoa —, Alcoa, Refinitiv, Revenue, Boeing Locations: Austin , Texas, Kansas

☆ Deutsche Bank upgrades Anheuser-Busch InBev, sees Bud Light headwinds fading
▼ + stars: | 2023-06-22 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Anheuser-Busch InBev's Bud Light nightmare won't last forever, according to Deutsche Bank. Anheuser-Busch's U.S.-listed shares are down nearly 15% in the second quarter, driven largely by consumers fleeing the Bud Light brand over a collaboration with transgender influencer Dylan Mulvaney. BUD 3M mountain Bud Light stock has dropped nearly 15% in the second quarter. "Our proprietary dbDIG survey data suggests that 24% of Bud Light consumers no longer buy the brand with another 18% buying less. The company is slated to report second-quarter earnings in early August, and Collett expects the Bud Light parent to reduce or remove its full-year guidance.

Persons: Busch, Bud, influencer Dylan Mulvaney, Mitch Collett, Bud Light, Collett, — CNBC's Michael Bloom Organizations: Anheuser, Deutsche Bank, €, Busch's, Bud Light, Bud, Busch InBev Locations: Busch's U.S, U.S, Mexico, Brazil, China

☆ Here are Wednesday's biggest analyst calls: Nike, Tesla, Amazon, Apple, Adobe, Uber, Micron and more
▼ + stars: | 2023-06-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.

Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's

☆ BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories.
▼ + stars: | 2023-06-21 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Crypto influencers seized on BlackRock's application to launch a bitcoin exchange-traded fund. Some said it sends a bullish sign to the wider crypto market; others spread conspiracy theories. The attention underscores the relatively new scrutiny BlackRock faces in the mainstream. "So BlackRock, Citadel, Deutsche Bank and NASDAQ have all started to enter the crypto space in the last week. Citadel, BlackRock, Schwab JPMorgan…" (These tweets refer to Citadel, the hedge fund founded and led by billionaire Ken Griffin.

Persons: Crypto influencers, BlackRock, Matt Hougan, Michael Novogratz, Brian Armstrong, Morgan Chittum, permissioned blockchains, Fink, bitcoin, Crypto, They've, Schwab JPMorgan …, Ken Griffin, Griffin, That's, Rich Latour, Latour Organizations: BlackRock, Morning, US Securities and Exchange Commission, Coinbase, Bitwise Asset Management, Galaxy Digital, SEC, Citadel, Deutsche Bank, NASDAQ, Citadel Securities Locations: bitcoin, BlackRock, cryptoland

☆ Bitcoin Jumps as Traditional Firms Tap Crypto
▼ + stars: | 2023-06-21 | by ( ) www.wsj.com time to read: +1 min

Bitcoin continues to rally, with analysts citing recent moves by traditional financial firms to tap the crypto market as a bet on the industry. BlackRock has filed paperwork with the Securities and Exchange Commission for a spot bitcoin exchange-traded fund. A new cryptocurrency exchange backed by Citadel Securities, Fidelity Investments and Charles Schwab has begun executing trades. Bitcoin has risen close to 8% over the past 24 hours to $28,891, according to CoinDesk. Ether is 5% higher Wednesday, while the Binance token, BNB, is up over 2%.

Persons: Bitcoin, Charles Schwab, Binance Organizations: BlackRock, Securities and Exchange Commission, Citadel Securities, Fidelity Investments, Deutsche Bank, SEC Locations: U.S

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