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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Pro Talks: A.I. investors share their best stock picks in a roundtable discussionArtificial intelligence was one of the main drivers of the first-half rally this year. Enthusiasm around the sector has helped stocks rebound from the 2022 lows in a big way, leaving some wondering if new highs are still to come. In a special CNBC Pro Talks roundtable, top AI investors, Trent Masters, Paul Meeks, Adam Johnson, and special guest, market technician Katie Stockton, give their analysis of some of the best AI stocks and discuss their investment plays for the second half of the year.
Persons: Trent Masters, Paul Meeks, Adam Johnson, Katie Stockton Organizations: CNBC, Trent
J & J has said that more than 60,000 claimants support its latest proposition. This is the first J & J talc trial in about two years. JNJ YTD mountain J & J year-to-date stock performance The unresolved lawsuits against J & J have, in part, weighed on the company's stock. The MedTech and Pharmaceuticals units remained and make up the new J & J. Traders wear Johnson & Johnson coats at the NYSE.
Persons: Johnson, J's, Emory Hernandez, Hernandez, Anthony, LTL, Michael Kaplan, Kaplan, , Jim Cramer, Jim, J, Jim Cramer's, Adam Jeffery Organizations: LTL Management, J, Johnson, — Chemours, DuPont, CNBC, AAA, Pharmaceuticals, Traders, NYSE, & ' $ Locations: California, North America, U.S
[1/5] Trucks from the Las Bambas mine circulate along the mining corridor between Sayhua and Ccapacmarca, near Ccapacmarca, Peru, January 19, 2022. REUTERS/Sebastian Castaneda/File PhotoLIMA, July 7 (Reuters) - Copper miners in Peru, already battling political uncertainty and regular protests, say they have another hurdle to revving up stalled production of the red metal: too much red tape. 2 copper producer, has seen output plateau in the last five years as political instability, revolving governments and flagging investment has let rival producer Congo almost overtake it. 1 producer Chile has also seen production slide, dented by political uncertainty around taxes and regulation. Until that happens, mining executives said Peru's $53 billion mining investment pipeline, largely copper, would only move forward slowly, despite government hopes that some $7 billion of that being unlocked in 2023 and 2024.
Persons: Sebastian Castaneda, LIMA, Raul Jacob, Jorge Soto, it's, Víctor Gobitz, Tia Maria, Marco Aquino, Adam Jourdan, Sandra Maler Organizations: REUTERS, Congo, Reuters, World Bank, BHP, Newmont Corp, Thomson Locations: Sayhua, Ccapacmarca, Peru, Lima, Chile, Canada, Mexico
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
Paramount (PARA) downgraded to underperform from peer perform (sell from hold), with a $14 price target by Wolfe Research. Wells Fargo reiterates Club name Disney (DIS) as a Signature Pick with a $147 price target but cuts its earnings-per-share (EPS) estimates. Morgan Stanley raises its price target on Ford (F) to $16 from $14 and General Motors to $41 from $38 on higher earnings estimates. Ferrari (RACE) remains Morgan Stanley analyst Adam Jonas' Top Pick as he raises his RACE price target to $340 from $310. MoffettNathanson raises its price target on card companies: Mastercard (MA) to $490 from $460 and Visa (V) to $320 from $290.
Persons: Nonfarm, Bond, Leqembi, fave Eli Lilly, donanemab, Eli Lilly, Baird, downgrades Wells, Wolfe, Morgan Stanley, Wells, JPMorgan downgrades, Elon Musk's, Mark Zuckerberg's, Ferrari, Adam Jonas, Jim Cramer's, Jim Cramer, Jim Organizations: FDA, Medicare, Medicaid Services, fave, Costco, Food, U.S, Wolfe Research, downgrades, JPMorgan, WFC, Humana, Dow, Meta, Paramount, Disney, Ford, Motors, Mastercard, Jim Cramer's Charitable, CNBC Locations: United States, downgrades Wells Fargo
The S & P 500 surged more than 15% to start the year, marking its biggest first-half gain since 2019 — when it jumped more than 17%. As of Wednesday, the S & P 500 is trading at a forward price-to-earnings ratio of 19.3 — near the highest since April 2022. CNBC Pro screened the S & P 500 for stocks with the lowest forward PE ratio relative to their sector average. United Airlines also made the list with the lowest relative valuation among industrials. The automaker trades at a relative forward multiple of 0.21 — the lowest among consumer discretionary names.
Persons: Morgan Stanley, Adam Jonas, Michael Bloom Organizations: CNBC Pro, United Airlines, General Motors, GM
LA PAZ, June 29 (Reuters) - Bolivia has signed lithium agreements with Russian state nuclear firm Rosatom and China's Citic Guoan Group, the South American country's government said on Thursday, as it looks to develop its huge but largely untapped resources of the battery metal. Bolivia's iconic salt flats are home to the world's largest lithium resources at 21 million tons, according to the U.S. Geological Survey, but the country has long struggled to ramp up industrial production or develop commercially viable reserves. Russia's Rosatom, which bid via its Uranium One Group unit, confirmed the news, saying it would invest $600 million in the project, its first large-scale lithium venture overseas, with planned annual capacity of 25,000 tons of lithium carbonate. The deal with Uranium One Group was for feasibility and pre-investment studies, he said, adding multiple tests with Russian technology on the salt flats had shown a lithium recovery rate over 80%, with a purity of around 99.5%. Reporting by Daniel Ramos; Additional reporting by Maxim Rodionov; Writing by Adam Jourdan; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.
Persons: Energy Franklin Molina, Molina, Russia's, Rosatom's, Kirill Komarov, Citic, Daniel Ramos, Maxim Rodionov, Adam Jourdan, Richard Chang Organizations: LA, Guoan, American, Energy, . Geological Survey, Tesla, BMW, Uranium, Thomson Locations: LA PAZ, Bolivia, United States, America, La Paz, Pasto Grande, Uyuni Norte
Check out the companies making the biggest moves in premarket trading. Joby Aviation — Joby shares gained another 17% premarket. The aviation company announced a $100 million equity investment from South Korea's SK Telecom, expanding an existing partnership. Wells Fargo , JPMorgan Chase , Bank of America — The banks moved higher after passing the Federal Reserve's annual stress test Wednesday. Wells Fargo and Bank of America gained nearly 2%, while JPMorgan rose 1.6%.
Persons: Wells, Charles Schwab —, Morgan Stanley, Adam Jonas, Berkshire Hathaway, Overstock, Richard, , Macheel, Jesse Pound, Sarah Min, Michael Bloom, Brian Evans Organizations: Aviation, New York Stock Exchange, Joby, South Korea's SK Telecom, Micron Technology, Micron, JPMorgan Chase, Bank of America, Federal, JPMorgan, Citizens, Providence, Occidental Petroleum —, Petroleum, Berkshire, Warren Buffett, Virgin Galactic —, Virgin Galactic Locations: New York, South, Wells Fargo, Providence , Rhode Island, Wednesday's, Virgin
Analyst Adam Jonas's $13 price target implies more than 70% upside from Wednesday's close for the stock. Wells Fargo climbed 3.4% while JPMorgan and Bank of America added more than 2% each. Tenaris — The pipe manufacturer rose 2.4% after Jefferies initiated coverage of the stock at a buy, citing a compelling risk-reward ratio. Occidental Petroleum - Shares of the oil giant rose nearly 1% after Warren Buffett's Berkshire Hathaway once again increased its stake. Sigilon Therapeutics — Shares soared more than 500% on news that pharmaceutical company Eli Lilly would purchase Sigilon for as much as $126.56 per share.
Persons: Freyr — Freyr Battery, Morgan Stanley, Adam Jonas's, Wells, Jefferies, Warren Buffett's Berkshire Hathaway, Eli Lilly, — CNBC's Michelle Fox, Alex Harring, Sarah Min, Yun Li Organizations: JPMorgan Chase, Bank of America —, JPMorgan, Bank of America, Micron Technology, Micron, Occidental Petroleum, Occidental, Joby, SK Telecom, Sigilon Therapeutics, Therapeutics, Food and Drug Administration Locations: Salt Lake City , Utah, Wells Fargo, China, Occidental, Houston
Freyr could see monster gains over the next 12 months after a slow start to 2023, according to Morgan Stanley. Analyst Adam Jonas upgraded the battery stock to overweight from equal weight. "We see next 3-6 months as a catalyst window for unlocking shareholder value," Jonas said in a Wednesday note. "In our opinion, FREY is a relatively binary investment opportunity that we believe can show meaningful progress on commercial milestones." Freyr will start reporting key production metrics including uptime to show its operating capabilities.
Persons: Freyr, Morgan Stanley, Adam Jonas, Jonas, FREY, FREYR, — CNBC's Michael Bloom Organizations: Sunwoda Mobility Energy Locations: Wednesday's, Norway
[1/2] A burnt forest is pictured at the Guarani Nation Ecological Conservation Area Nembi Guasu in the Charagua region, an area where wildfires have destroyed hectares of forest, Charagua, Bolivia, August 23, 2019. REUTERS/David Mercado/FILE PHOTOMONTEVIDEO, June 28 (Reuters) - Forest loss in Bolivia accelerated by about a third last year with clearances in the country trailing only giant neighbor Brazil and the Democratic Republic of Congo, a forest monitoring project report shows, blaming farm expansion and fires. The South American country lost nearly around 3,860 square kilometers (1,490 square miles) of primary forest in 2022, according to Global Forest Watch, an area nearly the size of Rhode Island. Fires, some linked to land clearances, have also played a big part in forest loss in recent years, the Global Forest Watch report said. In a report on Monday Global Forest Watch, backed by the nonprofit World Resources Institute and drawing on forest data collected by the University of Maryland, said the world lost an area of old-growth tropical rainforest the size of Switzerland last year.
Persons: David Mercado, Marlene Quintanilla, Daniel Larrea, Lucinda Elliott, Adam Jourdan, David Gregorio Our Organizations: Ecological Conservation, REUTERS, Democratic, Global Forest Watch, Nature Foundation, Global, Watch, Monday Global Forest Watch, World Resources Institute, University of Maryland, Thomson Locations: Guarani, Charagua, Bolivia, MONTEVIDEO, Brazil, Democratic Republic of Congo, Rhode Island, Santa Cruz, Beni, Bolivian, Switzerland
The drain in hard currency sparked panic earlier in the year, with Bolivians forming lines outside banks to withdraw dollars. Bond yields spiked sharply and in May the government was forced to sell half of its $2.6 billion gold reserves to raise cash. A major drought in Argentina has hammered grains output and reserves, imperiling a $44 billion debt deal with the International Monetary Fund. "The model is now shifting towards a very big state, a tax-and-spend approach," he said. "It has calmed people a bit... but that amount (gained from the gold reserves sale), $1.3 billion, is not enough for Bolivia," said local financial analyst Jaime Dunn.
Persons: Read, LA, Evo Morales, Jose Gabriel Espinoza, Marcelo Montenegro, Alberto Ramos, Goldman Sachs, spender, Jaime Dunn, Reuters Graphics Espinoza, Morales, Raúl Cortés Fernández, Daniel Ramos, Adam Jourdan, Rosalba O'Brien Organizations: Departmental Association of Coca Producers, LA PAZ, Reuters, International Monetary Fund, Bolivian, Graphics, Banco, Reuters Graphics, MAS, Thomson Locations: La Paz, Bolivia, Bolivian, America, Argentina, Peru, Brazil, Chile, Colombia
Moving forward, we'll be highlighting the latest markets news in our daily flagship newsletter, Insider Today — be sure to sign up. The excitement around ChatGPT, AI, and related tech stocks is old news now, but Wall Street can't stop talking about it. Elon Musk, Nouriel Roubini, and a chorus of Wall Street firms have issued dire warnings. The country's slowing trade, weak industrial production numbers, and piling debt all ultimately present problems for Wall Street, which may be catching on to the risk. What do you see as the connection between economic troubles and AI hype?
Persons: Phil Rosen, , It's, Pepper, Paco Freire, that's, Zahra Tayeb, Elon Musk, Roubini, Kelvin Wong, Angela Weiss, Wagner, Vladimir Putin, Gary Black's, Goldman Sachs, Morgan Stanley's Adam Jonas, Jason Ma, Jack Sommers Organizations: Getty, Nvidia, Federal, Street, Wall, Nasdaq, Carnival plc, Harvard, Elon Locations: New York, China, America, Los Angeles, London
BUENOS AIRES, June 24 (Reuters) - Argentina's presidential election battle lines have hardened after economy minister Sergio Massa entered the race in a dramatic late twist to take on front runners including a conservative city mayor, ex-security czar and libertarian economist. The most notable late confirmation has been Economy Minister Sergio Massa, whose candidacy was announced somewhat unexpectedly Friday night. "This completely changes the political scene," said Alejandro Corbacho, director of political science program at Argentine University UCEMA. Larreta, Bullrich, and Massa are roughly even in the polls, with Milei polling slightly ahead. With no candidate or party polling over 50%, the likelihood is the October election will lead to a run-off, with all still to play for.
Persons: Sergio Massa, Alejandro Corbacho, Massa, Agustin Rossi, Eduardo, Wado, de Pedro, Brazil Daniel Scioli, Horacio Larreta, Patricia Bullrich, Facundo Manes, Bullrich, Javier Milei, Carlos Fara, Anna, Catherine Brigida, Adam Jourdan, Jacqueline Wong Organizations: Argentine University UCEMA, Thomson Locations: BUENOS AIRES, American, Brazil, Buenos Aires, Argentina, Argentine
Ron Baron says Tesla shares will hit $500 in 2025
  + stars: | 2023-06-23 | by ( Michelle Fox | ) www.cnbc.com   time to read: +1 min
Tesla shares will hit $500 in 2025, longtime investor Ron Baron predicted Friday. TSLA 5Y mountain Tesla's 5-year performance Baron Capital now holds 17.5 million shares of Tesla, accounting for slightly less than 10% of the portfolio, he said. Tesla shares have been on a tear, rallying more than 114% so far in 2023. That runup led longtime Tesla bull Adam Jonas, an analyst at Morgan Stanley, to downgrade the stock to equal weight from overweight Thursday. Tesla shares sank 65% last year.
Persons: Tesla, Ron Baron, Baron, runup, Adam Jonas, Morgan Stanley, he's Organizations: Ford, General Motors, Tesla, Baron Capital
Well-known Tesla bull Adam Jonas slashed his rating for the stock Thursday. Shares have jumped 115% year-to-date – and the Morgan Stanley analyst isn’t alone in advising investors to take some profits from that rally. "While the team has defended the Tesla [overweight] rating all year, I did not see this rally coming." But Morgan Stanley isn't the only bank to have slashed its Tesla rating this week. Read more: Tesla stock's dazzling rally is thanks to CEO Elon Musk's renewed focus on the EV maker, activist investor says
Persons: Adam Jonas, Morgan Stanley, isn’t, , Jonas, Tesla, that'll, Musk, Linda Yaccarino, Morgan Stanley isn't, Dan Levy, Read, Elon Musk's Organizations: Service, Elon Musk's, EV, Ford, Barclays Locations: China
Morgan Stanley analyst Adam Jonas thinks Tesla's recent rally disproportionately reflects AI excitement around the stock. The longtime Tesla bull downgraded shares of the electric vehicle maker to equal weight from overweight on Thursday. While the team has defended the Tesla OW rating all year, I did not see this 111% YTD rally coming (the S & P 500 is up 14% YTD, for context)," Jonas said. "We're not trying to call 'the end' to the Tesla rally and from our discussions continue to find a significant degree of investor skepticism/lack of exposure around the name." TSLA YTD mountain Tesla stock has climbed nearly 111% since the start of 2023.
Persons: Morgan Stanley, Adam Jonas, Tesla's, Tesla, Jonas, We're, aren't, Michael Bloom Organizations: Tesla, Wednesday, Barclays Locations: Wednesday's
Market Movers rounded up the best reactions from investors and analysts on Tesla . The experts, including Jim Cramer , discussed the electric-vehicle maker after Morgan Stanley downgraded the stock from overweight to equal weight Thursday . The analyst behind the call, Adam Jonas, thinks the upside from artificial intelligence and excitement around it may be slowing down for Tesla, saying, "while the market may want to dream on the AI theme, we'd prepare to wake up to the sound of a blaring car horn." Despite the downgrade, Jonas raised his price target to $250, still 5.5% below Tesla's Thursday close.
Persons: Jim Cramer, Morgan Stanley, Adam Jonas, Tesla, Jonas Organizations: Tesla
Avis shouldn't be overlooked in the rental car space, according to Morgan Stanley. Analyst Adam Jonas upgraded the budget rental car company to overweight from equal rate and hiked his price target to $230 from $182. Jonas' new target implies the stock could rise 12.6% in the next year. "With the backdrop of normalization in the rental industry, we look for operational execution to preserve what could now be a higher floor for the industry," Jonas said in a note to clients Tuesday. But even in this environment, he said both companies should have a new floor given the structural changes seen in the rent industry, with Avis' floor being relatively higher.
Persons: Avis shouldn't, Morgan Stanley, Adam Jonas, Jonas, Avis, Hertz, — CNBC's Michael Bloom Organizations: Avis, Hertz Locations: Friday's
Atmus Filtration Technologies — Shares of the air filtration company rose more than 2% after a slew of analysts initiated coverage with bullish ratings, including JPMorgan. The bank said Atmus trades at a "deep discounted valuation vs. peers, despite >80% of aftermarket mix, while its planned expansion into industrial filtration should bridge the valuation gap vs. direct filtration peers over time." Avis Budget — Shares added 3.5% in light volume following an upgrade by Morgan Stanley to overweight from equal weight. Philip Morris International — Shares of the tobacco company rose 1.5% in premarket trading after Citi upgraded Philip Morris to buy from neutral. Carnival — Shares moved 1.5% higher in the premarket, building on gains made last week when it was the S&P 500's best performer.
Persons: Daniel Zhang, Eddie Wu, Alibaba's, Eli Lilly, Morgan Stanley, Adam Jonas, Jonas, Avis, Philip Morris, , Jesse Pound Organizations: Alibaba, Holding, JPMorgan, Avis Budget, Citi, Warner Bros Discovery Locations: Beijing, China,
At the same time, Codelco wants to boost its output of copper which has slumped to its lowest in a quarter-century. Some analysts have questioned whether the copper company with no experience as a lithium miner can tackle both challenges at once. But industry insiders told Reuters Codelco will probably focus its own resources on copper while negotiating contracts for lithium operations and letting other miners do the work. The sources said the lithium strategy was being led by executives including Jaime San Martin, manager of new business development, known by some within Codelco as "lithium man". "But I think lithium is an excellent opportunity for Codelco to help them navigate their very difficult copper situation."
Persons: Ivan Alvarado, SANTIAGO, Gabriel Boric, Codelco, Reuters Codelco, Albemarle, Jaime San Martin, Alejandro Rivera, Maximo Pacheco, Minera, SQM, Pacheco, Juan Carlos Guajardo, Plusmining, Guajardo, Andre Sougarret, Fabian Andrés Cambero, Alexander Villegas, Adam Jourdan, David Gregorio Our Organizations: REUTERS, Reuters, Tesla, BMW, Finance, Salares, Thomson Locations: Chile, Australia, Albemarle, Indonesia, Freeport, McMoRan, Chile's, Berlin, Beijing, Codelco, Santiago
BUENOS AIRES/NEW YORK, June 18 (Reuters) - Argentina and the International Monetary Fund (IMF) have a $44 billion dilemma, with the two sides set to meet for crunch talks to revamp the country's huge, wobbling debt deal, key to avoiding default on billions in looming debt payments. Economy Minister Sergio Massa is expected in Washington as early as this week to try to unlock talks to accelerate IMF disbursements and ease economic targets attached to the deal, with investors and traders watching closely. "The fund knows that Argentina is a problem, it is its main debtor, but it seems to me that the negotiation has stagnated. Reuters Graphics'DAMAGE CONTROL'The government is hoping to bring forward over $10 billion in IMF disbursements scheduled for this year, though is reluctant to agree to tough austerity measures with an eye on October general elections where it faces likely defeat. "Investors are paying real attention to signs from the IMF negotiations," said economist Gustavo Ber.
Persons: Sergio Massa, Ricardo Delgado, Massa, Hugo Godoy, Gustavo Ber, Walter Bianchi, Rodrigo Campos, Adam Jourdan, Daniel Wallis Organizations: BUENOS AIRES, International Monetary Fund, Economy, IMF, Reuters Graphics, Reuters, Institute of International Finance, Reuters Graphics Reuters, Thomson Locations: BUENOS, Argentina, Washington, Argentine, Buenos Aires, China
BUENOS AIRES, June 14 (Reuters) - Anahí Robledo feeds 50 families each day at the community kitchen she runs in a poor neighborhood on the outskirts of Buenos Aires, struggling with the chronic inflation that has thrown four in every ten people in the country into poverty. Robledo said the soup kitchen she works at can't keep up: it went from feeding 10 or 15 families to around 50 today. I would like each family to have a plate of food on their table to eat with their children and not have to come to a soup kitchen," she said. To get the growing amount of food they need, Robledo goes to a large market on the outskirts of Buenos Aires to rummage through discarded fruit and vegetables and salvage what she can. As in other soup kitchens in the country of 46 million people, many children come to get fed.
Persons: Robledo, Miguel Lo Bianco, Lucila Sigal, Adam Jourdan, Alexandra Hudson Organizations: Reuters Graphics, Alexandra Hudson Our, Thomson Locations: BUENOS AIRES, Buenos Aires, Argentina, Ukraine
The key to Tesla 's biggest winning streak on record might lie in artificial intelligence, according to top auto analyst Adam Jonas. "Tesla stock can be streaky, but this most recent run sets its record for most consecutive days of stock price appreciation," Morgan Stanley's Jonas said in a note Tuesday. Today, it's all about AI," Jonas wrote in a June 5 note. The electric vehicle company has only notched winning streaks of eight days or more just eight other times. One month after the streak's end, Tesla shares outperformed the S & P 500 by 3.4% on a median basis.
Persons: Tesla, Adam Jonas, Morgan Stanley's Jonas, Meta, Jonas, — CNBC's Michael Bloom Organizations: Nvidia, Apple, Microsoft, Auto
BEJUCAL, Cuba, June 14 (Reuters) - Just outside the sleepy Cuban village of Bejucal, a winding track, rutted with potholes and losing ground to the jungle, ends at a barbed wire fence. The question of Chinese spying from Cuba was renewed last week following a Wall Street Journal report. China, Washington’s top geopolitical rival, on Monday denied it was using Cuba as a spy base. [1/5] A truck passes by a sign at the entrance of Bejucal, Cuba, June 12, 2023. Onelvis Despaigne, 36, a farm worker who lives just outside the base, told Reuters on Monday he had not heard the recent foreign media reports on Chinese spying.
Persons: Biden, Bejucal, Arnaldo Perez, Dave Sherwood, Perez, motioning, Marco Rubio, Havana “, Fulton Armstrong, , Armstrong, Vladimir Putin, Onelvis Despaigne, Matt Spetalnick, Adam Jourdan, Don Durfee, Bill Berkrot Organizations: Reuters, Federal Communications Commission, Communist Party, FCC, Security, Commission, ARCOS, U.S . Department of Homeland Security, Justice Department ., Guantanamo, Base, White House National Security Council, REUTERS, Cuban Missile, Soviet Union, U.S, Cuban, CIA, Thomson Locations: BEJUCAL, Cuba, Cuban, Bejucal, China, Beijing, States, Key West , Florida, U.S, United States, Justice Department . China, Havana, Soviet, Moscow, Marco Rubio of Florida, Caribbean, Taiwan Strait, South China, Russia, Ukraine, Lourdes, Washington
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