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CNBC Daily Open: Powell says high rates threaten growth
  + stars: | 2024-07-10 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Inching to recordsThe S&P 500 and the Nasdaq Composite inched their way to intraday and record closes as Federal Reserve Chair Jerome Powell warned of the dangers of keeping interest rates high. The yield on the 10-year Treasury note rose even as Powell said progress had been made on inflation. Growth in jeopardyPowell warned that keeping interest rates high for too long could harm economic growth. "Putin wants nothing less — nothing less — than Ukraine's total subjugation, to end Ukraine's democracy," Biden said.
Persons: Inching, Jerome Powell, KeyBanc, Apple, Powell, Joe Biden, NATO's, Putin, Biden, Max, Emmanuel Macron's, Macron, Genuity Organizations: CNBC, Nasdaq, Nvidia, Dow Jones Industrial, Russia, Patriot, Boeing Locations: intraday, Ukraine, U.S, Germany, Romania, Netherlands, Italy, Europe
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
The company had a trailing incremental last 12-month incremental FCF margin of some 93% and 25% of forecast growth in the next 12 months. Citing Gitlab's ability to continue generating revenue growth, the investment bank expects operating leverage to materialize as the company "scales into what is a large software deployment market." Called one of the high-quality names in Canaccord's screen, Monday.com had a trailing incremental FCF margin of 91% and projected revenue growth of 28%. Canaccord cited high non-GAAP gross margins, durable growth and healthy FCF leverage over the trailing 12 months as drivers of Monday's "best-in-class" incremental FCF. SentinelOne also turned up at the top of Canaccord's screen, with a trailing incremental FCF of some 89% and forecast revenue growth of roughly 28%.
Persons: Canaccord Genuity, Gitlab, Cannacord, Monday.com, Canaccord, Canaccord doesn't, SentinelOne Organizations: Broadcom, Nvidia, Street, Barclays
Positive data from Intra-Cellular Therapies ' latest study could herald further success for the biotechnology stock, according to Canaccord Genuity. The updated forecast implies that shares of Intra-Cellular Therapies could soar nearly 50% from their Tuesday close at $75.48. "We believe the solidity of the Phase 3 data means an approval for luma in MDD is more of a when, not if." Shares of Intra-Cellular Therapies have risen less than 4% this year. But the analyst believes the stock has been "somewhat constrained" due to investors' overly cautious nature with luma's potential patent runway, he wrote.
Persons: Canaccord, Sumant Kulkarni, Kulkarni, , Fred Imbert Organizations: Therapies, Cellular Locations: MDD
La-Z-Boy – The stock soared more than 19% after the furniture company topped Wall Street expectations for the fiscal fourth quarter. La-Z-Boy reported adjusted earnings of 95 cents per share on revenue of $554 million. This is above earnings estimates of 70 cents per share on revenue of $516 million, according to analysts polled by LSEG. Rocket Lab USA – Shares of the space company jumped around 9% after it signed a ten-launch deal with Japanese Earth observation company Synspective. Analysts polled by FactSet were expecting 82 cents per share in earnings on $1.7 billion of revenue.
Persons: Canaccord Genuity, Piper Sandler, Lennar, FactSet, Warren, Berkshire Hathaway, Buffett, , Alex Harring, Michelle Fox, Sarah Min, Yun Li Organizations: LSEG, NextEra Energy, Patterson Companies, Occidental Petroleum –, Semiconductor, VanEck Semiconductor, Micron Technology, Qualcomm, Nvidia Locations: Monday's, Houston
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCannacord Genuity's Susan Anderson lays out her bull case for E.l.f. BeautySusan Anderson, Cannacord Genuity analyst, joins 'Power Lunch' to discuss why she's bullish on this makeup company and the beauty sector.
Persons: Susan Anderson, Cannacord
JMP Securities reiterated its market outperform rating on CoStar Group, with its price target implying upside of nearly 50%. Canaccord Genuity, meanwhile, raised its price target on Elf Beauty. Elsewhere, JPMorgan raised its price target on Apple to $245 from $225. ET: JPMorgan raises Apple price target Apple's AI announcements could lead to bigger iPhone sales, according to JPMorgan. Analyst Michael Lavery reiterated his overweight rating and $90 price target on shares, which suggests a 50% gain from Monday's close.
Persons: Canaccord Genuity, Goldman Sachs, Alexander Duval, Duval, — Hakyung Kim, Samik Chatterjee, Chatterjee, Fred Imbert, Piper Sandler, Michael Lavery, Lavery, Canaccord, Susan Anderson, Anderson, Nicholas Jones, Jones, monetizing Homes.com, CSGP Organizations: CNBC, JMP Securities, JPMorgan, Apple, Walmart Locations: underperformance . U.S, Monday's, Canada
Shares of Logitech are up 2% on the year and could rally another 17%, if Scemama's target price holds true. Analyst Kristine Liwag accompanied the move by raising her price target to $225 from $178. The bank reiterated its overweight rating on the credit card stock but lifted its price target to $275 from $265. International revs should run above the 10%+," the analyst added. Goldman analyst Tina Hou set a 12-month price target of $34, while Bank of America analyst Ming Hsun Lee set a price objective of $35.
Persons: Bernstein, Goldman Sachs, Goldman, TZE, Brian Lee, Lee, — Spencer Kimball, Didier Scemama, Scemama, — Lisa Kailai Han, Morgan Stanley, Kristine Liwag, Heico's, Liwag, Stanley Black, Decker, Julian Mitchell, Mitchell, Wells, Wells Fargo, Donald Fandetti, Fandetti, Canaccord, Kingsley Crane, Crane, Oppenheimer, Jed, Kelly foresees, FanDuel —, Kelly, Zeekr, Tina Hou, Ming Hsun Lee, Hou, Stacy Rasgon, Rasgon, Fred Imbert Organizations: CNBC, Broadcom, Bank of America, Investors, Technologies, Department of Energy, Logitech, Boeing, Barclays, Stanley, Nvidia, American, Express, American Express, U.S . American Express, Wall, Zeekr, China EV, China, Geely Automobile, AMD Locations: Monday's, EU, U.S, China, BofA
Bath & Body Works — Shares of the home fragrance and personal care retailer dropped 9%. Bath & Body Works topped first-quarter earnings and revenue estimates but shared disappointing guidance for the current period. The company expects earnings to range between 31 cents and 36 cents a share, versus a FactSet estimate of 38 cents. Gitlab — The software company shed 2.3% despite posting an earnings and revenue beat postmarket for its fiscal first quarter Monday. Adjusted earnings per share came in at 3 cents, versus the 4 cent loss per share expected from analysts polled by LSEG.
Persons: Keith Gill, Gill, , Fred Imbert, Alex Harring, Michelle Fox Organizations: Intel, Nvidia, AMD, GameStop, Street Journal, AMC Entertainment, Body Works, LSEG, Revenue, CNBC
Ulta Beauty reported on Thursday fiscal first-quarter earnings that showed the effects of a slowdown its CEO had previously warned about. Ulta reported that it is now expecting net sales in the range of $11.5 billion to $11.6 billion and comparable sales in the range of 2% to 3%. The company previously guided to full-year net sales of $11.7 billion to $11.8 billion and comparable sales of 4% to 5%. Ulta CEO Dave Kimbell in April warned of cooling demand in the beauty category at an investor conference. AI-powered beauty company Oddity Tech recently told CNBC the industry isn't seeing so much a slowdown, but a shift.
Persons: Ulta, Dave Kimbell, Kimbell, Lindsay Drucker Mann, Baird, Jane Hali Organizations: LSEG, Tech, CNBC, Associates
Google parent Alphabet is set to report earnings after the bell on Thursday, adding to the slate of Big Tech earnings this week. For the first quarter, analysts polled by LSEG are calling for earnings of $1.51 per share on revenue of $78.59 billion. What the Street expects to see: AI, Cloud growth, ad trends Beyond the headline figures, analysts are paying close attention to Alphabet's revenue from the Google Cloud business, YouTube ads and its traffic acquisition costs. The company's ad revenue of $65.52 billion came in lower than analysts' estimates of $65.94 billion, however, according to StreetAccount. With AI, Alphabet is working on both sides of the technology: the innovator and the investor.
Persons: LSEG, that's, Brent Thill, Thill, Maria Ripps, Prabhakar Raghavan, Gemini, Anthropic Organizations: Big Tech, Google, Meta, Jefferies, Capital, YouTube
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStock market looks sets up for good year after recent pullbacks, says Canaccord's Tony DwyerTony Dwyer, Canaccord Genuity chief market strategist, joins 'Squawk on the Street' to discuss if the recent equity downturn was due to technical factors, what it all tells the strategist about the future, and more.
Persons: Canaccord's Tony Dwyer Tony Dwyer, Canaccord Organizations: Email
Canaccord's George Gianarikas previews Tesla ahead of earnings
  + stars: | 2024-04-23 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCanaccord's George Gianarikas previews Tesla ahead of earningsGeorge Gianarikas, Canaccord Genuity senior analyst, joins 'Power Lunch' ro discuss Tesla ahead of the EV makers quarterly report.
Persons: George, George Gianarikas, Canaccord
Netflix and a popular beauty stock were featured among Friday's biggest analyst calls. Analyst Rob Sanderson initiated coverage of DoorDash with a buy rating and $170 price target, citing strong execution. Alongside the upgrade, Blum downgraded Sunnova Energy to an equal weight rating and slashed his price target to $6 from $11, citing a higher-for-longer rate environment. "Share gains upmarket by Shopify support confidence in the durability of growth against tempered consumer spending expectations," wrote analyst Keith Weiss. The stock has tumbled 11% this year, but could rally 22% based on the firm's adjusted $85 price target.
Persons: Canaccord Genuity, Rob Sanderson, DoorDash, Sanderson, – Samantha Subin, Wolfe, Steven Chubak, BAC's, Chubak, bode, Wells, Michael Blum, Blum, Biden, Samantha Subin, Morgan Stanley, Keith Weiss, Weiss, — Samantha Subin, Canaccord, Maria Ripps, Steven Cahall, Price, Doug Anmuth, Morgan Stanley's Benjamin Swinburne, Jefferies, Ashley Helgans, Helgans, Fred Imbert Organizations: CNBC, Netflix, Friday's, Jefferies, Capital, Industry, Wolfe Research, Bank of America, of America, SCHW, Sunnova Energy, NOVA, Ulta Locations: Wells Fargo, China, Thursday's, Canada
Of those companies, 73.6% have beaten earnings expectations, FactSet data shows. Investment banks doing well, BofA not so much The major banks that posted results this week — Goldman Sachs , Morgan Stanley and Bank of America — beat earnings expectations. Bank of America shares fell more than 3% despite the company beating on both top and bottom lines. Mixed earnings picture Although nearly three-quarters of the reported earnings so far have topped expectations, the broader earnings picture is more muddled. The blended earnings growth rate, which considers the reports already out and the estimates from those still pending, sits at just 0.16%.
Persons: — Goldman Sachs, Morgan Stanley, Alastair Borthwick, Wells, Mike Mayo, Goliath, Mayo, Goldman Sachs, Wells Fargo's Mayo, Goldman, Ebrahim Poonawala, cyberattack, George Hill, Doug Anmuth, Jessica Reif Ehrlich, Canaccord Genuity, Chris Harvey Organizations: Investment, Bank of America —, Bank of America, Bank of America's, JPMorgan, Wells, of America, Deutsche, Netflix, NFLX's, Revenue, Microsoft, Exxon Mobil
Meanwhile, Canaccord Genuity initiated Coty with a buy rating and a price target that implied more than 30% upside. The firm initiated coverage of the restaurant chain stock with an equal weight rating and a $58 per share price target. The firm upgraded shares of the health technology company to buy from hold in a Sunday note and increased its target price to $178 from $140. The firm downgraded the computer peripherals maker to underweight from equal weight and lowered its price target to $75 per share from $85. The firm initiated coverage of the online forum stock with an equal weight rating and a $45 per share price target.
Persons: Morgan Stanley, Canaccord Genuity, Coty, Cava's, Jeffrey A, Bernstein, — Brian Evans, Jensen Huang, Atif Malik, Raimo Lenschow, Brian Evans, Masimo, MASI, Rick Wise, Logitech Morgan Stanley, Morgan Stanley's, Erik Woodring, Reddit, Morgan, Brian Nowak, Nowak, Canaccord, Susan Anderson, Anderson, COTY, Fred Imbert Organizations: CNBC, Barclays, Cava, Citi, Nvidia Citi, Nvidia, NVIDIA, Microsoft, Logitech, Coty, COTY Locations: Friday's, Cava, Taiwan, U.S
Goldman Sachs — Goldman Sachs shares jumped 3.3% in premarket trading after the company beat Wall Street's first-quarter earnings expectations . Goldman posted earnings of $11.58 per share on revenue of $14.21 billion for the period, fueled by its trading and investment banking businesses. Analysts surveyed by LSEG had called for earnings of $8.56 per share on revenue of $12.92 billion, meanwhile. Analyst Erik Woodring thinks the market is "mis-pricing" Logitech's outlook and forecasts only 3% annual revenue growth through fiscal year 2027. Masimo — The health tech stock rose more than 2% following an upgrade to buy from hold at Stifel.
Persons: Goldman Sachs — Goldman Sachs, Wall, Goldman, LSEG, Morgan Stanley, Erik Woodring, Masimo, Rick Wise, there's, Lockheed Martin, Tal Liani, Canaccord Genuity, Coty, Charles Schwab —, Schwab, Elon Musk, — CNBC's Brian Evans, Michelle Fox, Sarah Min, Pia Singh Organizations: Logitech —, Stifel, Wall Street Journal, Reuters, Informatica, Medical Properties, Citi, Lockheed, JPMorgan, Cisco Systems —, Bank of America, Splunk, Coty —, Revenue, Resideo Technologies Locations: Utah, South Korea
The Federal Reserve may have new incentives in the second quarter to cut rates deeper this year. Canaccord Genuity's Tony Dwyer thinks a deteriorating jobs market and easing inflation will ultimately push the Fed to act. "Our focus now is those rate cuts are what you need." At the March Federal Reserve policy meeting on interest rates, officials tentatively planned to slash rates three times this year. According to Dwyer, market performance will become much more even by the end of this year into 2025.
Persons: Canaccord Genuity's Tony Dwyer, I'm, CNBC's, Dwyer Organizations: of Labor Statistics
Investors need to wait for a recession and accompanying rate cuts before putting more cash into stocks, Canaccord's Tony Dwyer says. Under such a scenario, the Fed would leave interest rates higher for longer to induce a downturn, then cut rates, Dwyer says. That's actually good news for investors, Dwyer said, as a downturn is the buying opportunity investors need to wait for:"You need to kill the zombie. A slowing economy could push the Fed to issue rate cuts — the monetary easing tool investors have been eagerly anticipating. Some Wall Street forecasters have warned interest rates could stay higher-for-longer as the Fed is looking to avoid a resurgence in inflation.
Persons: Canaccord's Tony Dwyer, Dwyer, , Tony Dwyer, Canaccord, that's, haven't, Russell Organizations: Service, CNBC, of Labor Statistics, New York Fed
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBuy stocks on weakness that typically benefit from rate cuts, Canaccord’s Tony Dwyer suggestsTony Dwyer, Canaccord Genuity Chief Market Strategist, joins 'Fast Money' to discuss buying into the broadening theme on weakness and what he expects from the Fed.
Persons: Canaccord’s Tony Dwyer, Tony Dwyer, Canaccord
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla will be a leader when the inevitable shift to EVs happen, says Canaccord's George GianarikasGeorge Gianarikas, Canaccord Genuity managing director, joins 'Money Movers' to discuss why Tesla's stock can't get suppressed below $170, whether the price cuts at Tesla have actually worked, and more.
Persons: Canaccord's George Gianarikas George Gianarikas, Canaccord
Eight analysts upgraded their target prices on two Canadian stocks in the past week, giving both more than 65% upside potential. Wedbush Securities analysts Gerald Pascarelli and Antoine Legault hiked their price target for the stock's U.S.-listed shares to $2.50, giving it an upside of 18%. Investment banks Beacon Securities and Alliance Global Partners are significantly more bullish on the stock, giving it upside of 110% and 75%, respectively. VerticleScope reported revenue of $17.9 million, compared to $16.6 million expected by analysts. However, analysts believe the worst is behind it, as all eight covering the stock raised their price targets after the company's earnings.
Persons: Gerald Pascarelli, Antoine Legault, Nick Anderson, MKM Roth, Anderson, Canaccord Genuity, Aravinda Galappatthige Organizations: CNBC, Cresco Labs, Wedbush Securities, Mar, Investment, Beacon Securities, Alliance Global Partners, Capital Markets, National Bank Financial Locations: Mar, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivate credit has held up companies that wouldn't have access to capital otherwise, says Tony DwyerTony Dwyer, Canaccord Genuity chief market strategist, joins 'Squawk on the Street' to discuss the latest market trends, recession outlook, mega-cap stock performance, and more.
Persons: Tony Dwyer Tony Dwyer, Canaccord
The $1.7 trillion private credit market has delayed a US recession, according to Tony Dwyer, Canaccord Genuity chief market strategist. AdvertisementAn economic recession has been delayed, but not averted amid ongoing weakness in the manufacturing sector, according to Cannacord Genuity chief market strategist Tony Dwyer. But I really think it's the private credit market that has help up companies that would have ordinarily not had access to capital. The private credit market has soared over the past decade as investors reached for yield amid a prolonged period of near-zero interest rates, with less than $300 billion invested in private credit in 2009. And for the first time in history, we have private credit," Dwyer said.
Persons: Tony Dwyer, Canaccord, Dwyer, Cannacord, it's Organizations: CNBC, Federal Reserve, PMI, Fed
Michael Saylor, chairman and CEO of MicroStrategy, speaks during the Bitcoin 2022 conference in Miami on April 7, 2022. Saylor told CNBC's "Squawk Box" on Monday that bitcoin is going to "eat gold." "The price of bitcoin is going to have to adjust up in order to meet that investor demand," Saylor said. MicroStrategy said in the release that it "used the net proceeds from the sale of the notes to acquire additional bitcoin." As of Monday, Canaccord's analysis showed that MicroStrategy's equity value premium over its bitcoin holdings was 86%.
Persons: Michael Saylor, Saylor, CNBC's, bitcoin, MicroStrategy, Canaccord, MicroStategy Organizations: MicroStrategy, BTC, CNBC Locations: Miami, bitcoin
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