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Prices of cocoa have more than tripled over the last year, creating a big headache for candy makers and other food companies that use the ingredient to make chocolate. The price surge has since eased off slightly, but the crop is still commanding well above what food companies are used to paying. This season's cocoa crop is expected to experience the largest deficit in at least six decades, according to a Rabobank report from May. A YouGov survey conducted in October found that 72% of U.S. respondents had noticed shrinkflation in food products. J&J Snack Foods CEO Daniel Fachner has been keeping an eye on cocoa and chocolate prices.
Persons: Ferley Ospina, Hershey, Kinder, Ferrero, they'll, Steve Rosenstock, Mondelez, shrinkflation, Daniel Fachner, Fachner, Justin Sullivan, Nik Modi, Modi, shea, Rosenstock Organizations: Bloomberg, Getty, Cadbury, Clarkston Consulting, Rabobank, Reuters, Mondelez, Consumers, Snack, CNBC, RBC Capital, Jumbo Locations: Ragonvalia, Norte de Santader, Colombia, . West Africa, Ghana, U.S, Novato , California, West
Oil prices are up more than 4.5% for the week, the strongest gains since early April, when futures rose on boiling geopolitical tensions in the Middle East. Crude oil futures rose for a fifth day Friday, on pace for the best week in more than two months as analysts see a tighter market heading into the third quarter. Deutsche sees the oil supply deficit expanding to nearly 1 million barrels per day in the third quarter, which should support Brent prices rising to the mid-to-upper $80s per barrel range. "It would only take a minor overshoot to bring Brent to around USD 90/bbl at some point during the second half," Hsueh told clients. Citigroup also sees a tighter market in the third quarter, though the market will likely enter a surplus in 2025 on solid production growth and slowing demand, according to the bank.
Persons: Benny Gantz's, Helima Croft, Michael Hsueh, Brent, Hsueh Organizations: RBC Capital Markets, RBC, OPEC, Deutsche Bank, Deutsche, bbl, Citigroup Locations: Israel, Lebanon
Read previewMoscow is adopting the Chinese yuan-to-ruble exchange rate as its benchmark currency pair after the US expanded sanctions against Russia on Wednesday, the country's central bank said on Thursday. The new US sanctions prompted the Moscow Exchange to end dollar and euro trading on Thursday, causing confusion — since the exchange rate is now opaque. Related storiesRussia's central bank appeared to seek to calm the market in a statement on Thursday. AdvertisementThe central bank added in its statement to Russia's RBC News that the yuan has become "the main currency" on the Moscow Exchange. It will "set the trajectory for other currency pairs" and be the guideline for market participants, the central bank said.
Persons: , Vladimir Putin, Russia — Organizations: Service, Russia, Business, TASS, RBC, Moscow Exchange Locations: Moscow, Russia, Ukraine, Russia's
Analysts have slashed price targets on three stocks from around the world over the past week: Adobe , France's Remy Cointreau , and Israeli software provider NICE . Adobe Five analysts cut their price targets ahead of Adobe's second-quarter earnings report, released after the bell Thursday. Remy Cointreau It's also been a tough week for Remy Cointreau, the makers of cognacs, liqueurs, and champagne. Ten analysts cut their price target on the stock over the past week. NICE NICE, which builds customer relationship management software, saw five analyst price target cuts over the past week.
Persons: France's Remy Cointreau, Remy Cointreau, Oppenheimer, Brian Schwartz, Remy Cointreau It's, Sanjeet Aujla, Remy, Rishi Jaluria Organizations: NICE, CNBC Pro, Adobe, Google, UBS, Nasdaq, RBC Locations: U.S, Adobe's, Cognac, China, Europe, United States
The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future. The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives." Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA. Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.
Persons: Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh Organizations: OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent Locations: China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana
Shares of AFC Energy , a provider of hydrogen-fueled power generation technologies, is expected to more than double over the next year, according to RBC Capital. The London-listed company, founded in 2006, makes a range of proprietary hydrogen fuel cell systems aimed at off-grid and remote power generation for construction, mining, and transportation industries. U.K. shares are generally priced in pence, with 100 pence equal to one British pound ($1.28). The 30-kilowatt generators consume hydrogen for fuel and will be available to customers in the U.K. through its joint venture with equipment hire firm Speedy Hire . The three-year deal with Speedy Hire — under its Speedy Hydrogen Solutions brand — will target U.K. and Irish construction and emergency power markets.
Persons: Erwan Kerouredan, Victoria McCulloch, Saudi Arabia's Organizations: AFC Energy, RBC Capital, RBC, AFC, Saudi, Speedy Hire Locations: London, British, United States, Germany, East, North Africa, Saudi
Informatica , a U.S.-listed software developer, is well-positioned to benefit from the rise of artificial intelligence, according to analysts at Scotiabank. The California-headquartered firm last month launched its AI model — CLAIRE GPT — which is designed to help businesses use their data for generative AI applications. Generative AI, or GenAI, is the technology behind the hugely popular chatbot ChatGPT and other similar products. According to FactSet, the average price target of 16 analysts points to a 39% upside for the stock. RBC Capital analysts expect the stock to rise by 43% to $41 a share over the next 12 months.
Persons: CLAIRE GPT, Patrick Colville, FactSet, Matthew Hedberg, Salesforce Organizations: Scotiabank, The, RBC Capital, Microsoft, Data Management, RBC, Wall Street Journal Locations: Informatica, U.S, The California, Snowflake
RBC's Lori Calvasina on why she's a 'tired bull'
  + stars: | 2024-06-11 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBC's Lori Calvasina on why she's a 'tired bull'Lori Calvasina, RBC Capital Markets head of U.S. equity strategy, joins 'Squawk Box ' to discuss the latest market trends, why she's a 'tired bull', the Fed's inflation fight, and more.
Persons: Lori Calvasina Organizations: RBC Capital Markets
Some analysts are eyeing zero rate cuts from the Fed this year. AdvertisementAfter the latest jobs report all but dismissed an interest rate cut in July, some analysts are taking it a step further, and expect no rate cuts at all this calendar year. That's more pessimistic than what investors continue to bet on, with fed fund futures indicating at least one 25-basis point rate cut to occur in 2024. According to market veteran Ed Yardeni, the Federal Reserve should "take a vacation," and leave interest rates unchanged through 2024, he told CNBC-TV18. AdvertisementMeanwhile, Catalyst Capital's David Miller agreed that the Fed shouldn't cut interest rates in 2024, citing that this would allow inflation to run hotter.
Persons: RBC's Lori Calvasina, , That's, It's, Lori Calvasina, Ed Yardeni, Capital's David Miller, Mark Zandi, I've Organizations: Service, Bloomberg, Treasury, Federal, CNBC, TV18, Yardeni Research, Moody Analytics, Federal Reserve
At the same time, Wall Street analysts continue to focus on picking individual stocks that can thrive even in the face of short-term pressures and deliver attractive, long-term returns. Here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance. Burlington StoresOff-price retailer Burlington Stores (BURL) is this week's first pick. Tarlowe noted that the expansion in Burlington Stores' gross and operating margins helped drive better-than-expected earnings in the first quarter. (See Burlington Stores Stock Charts on TipRanks)AmazonE-commerce and cloud computing company Amazon (AMZN) is also a top pick.
Persons: Jefferies, Corey Tarlowe, BURL, Tarlowe, TipRanks, Ivan Feinseth, there's PagerDuty, Matthew Hedberg, Hedberg Organizations: Burlington Stores Inc, Federal Reserve, Wall Street, Burlington, Burlington Stores, Amazon Web Services, AWS, RBC Capital, Department of Veteran Affairs Locations: Burlington, New York, U.S, Jersey, billings .
The European Central Bank began easing interest rates on Thursday, cutting its benchmark rate by 0.25%. Investors and economists expect the Federal Reserve to follow suit and cut interest rates in September. This combination means there's a good chance that the September cut Wall Street is praying for may never materialize. The US already has somewhat higher interest rates than other countries — the Fed's benchmark rate is 5.25%- 5.50%. And in Asian economies, where interest rates are already significantly lower than in the US, things could get even messier.
Persons: Tamara, Vasiljev, Peter Schaffrik, Nigel Green, Green, we're Organizations: European Central Bank, Investors, Federal Reserve, Oxford Economics, JPMorgan, UBS, Bloomberg, of International Finance, Markets, RBC Capital Markets, deVere, Fed, We're, ECB, Bank of, EU, Bank of Canada, Bank of Canada's, Bank of England Locations: stagflation, China, Europe, Japan, South Korea, It's, America, United States, EU, Bank of England, Canada, East Asia
Emerging markets investors have had a bumpy week after surprising election results seem to have caught at least some traders off guard. Between now and Nov. 5 are almost all negative potential risks in Mexico," Joshi added. Elsewhere in the world There are other lingering political issues that could affect emerging market investing. And for investors in broad emerging markets funds, even positive developments in some of these countries can be overshadowed by what happens in China. "It's a very large weight so it's going to drive the emerging market index quite a bit.
Persons: Narendra Modi, Modi, Aastha Gudwani, Angus Shillington, Shillington, Adam Turnquist, We've, Turnquist, Claudia Sheinbaum, Andres Manual Lopez, Morgan Stanley's Nikolaj Lippmann, Arif Joshi, Joshi, Sheinbaum, Lopez, Claudia, Polina Kurdyavko, Javier Milei, Alejandra Grindal, Ned Davis, Grindal, — CNBC's Michael Bloom Organizations: Indian, Bank of America India, CNBC, LPL, Lazard Asset, RBC Global Asset Management, Ned, Ned Davis Research, Federal Reserve Locations: India, Mexico, South Asia, VanEck, U.S, Morena, South Africa, Argentina, China
Crude oil futures Friday posted a third straight weekly loss on worries that demand may be softening even as OPEC+ plans to increase production. Here are Friday's closing energy prices:The OPEC+ production increase would start when refineries are down for fall maintenance and then ramp up as demand typically weakens heading into winter. Still, oil market analysts have widely described this week's sell-off as an overreaction, noting that the OPEC+ production increase does not start until October. In the meantime, oil balances should tighten as the cuts remain in place during the summer driving season when demand typically rises, according to JPMorgan. JPMorgan and Barclays have said oil demand growth remains relatively healthy.
Organizations: Brent, Poor U.S, JPMorgan, Barclays, Deutsche Bank, RBC Capital Markets Locations: Gulf of Mexico, OPEC
The detailed plan laid out by OPEC+ over the weekend to increase oil production delivered a "bearish surprise" to a market in which prices were already under downward pressure, according to Goldman Sachs. OPEC+ plan difficult to reverse The OPEC+ members said the production increases are subject to market conditions and could be reversed. Struyven described OPEC's forecast as "very bullish," with Goldman forecasting demand growth of 1.5 million bpd in 2024. Market could deteriorate in 2025 The oil market will remain in balance or in a slight deficit for the time being, according to Ryan McKay, senior commodity strategist at TD Securities. Yet those cuts have failed to limit shale oil production in the U.S., Lipow said.
Persons: Goldman Sachs, Brent, WTI, Daan Struyven, Bob Yawger, Yawger, Helima Croft, Goldman's Struyven, Andrew Lipow, Struyven, Lipow, Ryan McKay, McKay, Daan Organizations: West Texas Intermediate, Goldman, OPEC, Mizuho Securities, CNBC, RBC Capital Markets, Lipow Oil Associates, TD Securities, JPMorgan Locations: OPEC, Saudi Arabia, Russia, U.S, Brazil, Guyana, Norway, Senegal, Persian, Arabian
Western firms in Russia risk losing their assets if the US touches Russia's frozen reserves, a think tank expert wrote. Instead, Moscow could target foreign holdings that remain in Russia, making Western companies vulnerable to costly expropriation risk. That's on top of previous measures Russia introduced in retaliation to Western sanctions, such as the freezing of bank accounts owned by "unfriendly" non-residents. Taking the Kremlin at its word, $290 billion worth of Western assets are liable for seizure. "Earlier this month, Russia seized more than €700m ($757m) from three Western banks after a construction project fell apart as a result of Western sanctions.
Persons: Elisabeth Braw, , Braw, That's, David O'Sullivan Organizations: Service, Atlantic, Center for, West, Reuters, Carlsberg, Danone, European, RBC Ukraine Locations: Russia, West, Moscow, Russian, Ukraine
Goldman Sachs reiterates Apple as buy Goldman said it's bullish heading into the company's Worldwide Developer's Conference on June 10. " Mizuho reiterates Meta as buy Mizuho said its sticking with its buy rating on the Meta. JPMorgan upgrades Krispy Kreme to overweight from neutral JPMorgan upgraded Krispy Kreme after a change in analyst coverage. Citi upgrades Best Buy to buy from sell Citi said in its double upgrade of the stock that it sees "upside potential." Goldman Sachs reiterates First Solar as buy Goldman raised its price target on the stock to $302 per share from $268.
Persons: Goldman Sachs, Goldman, it's, AAPL, Morgan Stanley, Tesla, We've, Jefferies, Mizuho, Wells, CAVA, Piper Sandler, Massimo, Piper, Clark, Melius, Guggenheim, Stifel, Bernstein, Airbnb, Roth, Marvell Organizations: : Bank of America, Nvidia, Bank of America, Apple, Conference, Meta, Citi, JPMorgan, JPMorgan downgrades, RBC, Kimberly, Broadcom, Guggenheim, Logistics, Auto Logistics, Inc, EBITDA, Qs, Marvell Locations: Computex, Taiwan, Siri, JPMorgan downgrades Cava
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors are facing a 'sentiment whiplash' right now, says RBC’s Amy Wu SilvermanAmy Wu Silverman, RBC Capital Markets head of derivatives strategy, joins 'Squawk Box' to discuss the latest market trends, what options are saying about equities, and more.
Persons: Amy Wu Silverman Amy Wu Silverman Organizations: RBC Capital Markets
Citi double upgraded Best Buy to buy from sell, and its new price target indicates upside of 18%. MRVL YTD mountain MRVL year to date — Lisa Kailai Han 6:16 a.m.: Bank of America sticks to Nvidia as a top pick with 36% upside Nvidia remains a top pick for Bank of America. He also maintained his price target of $1,500 and named Nvidia a top pick following CEO Jensen Huang's keynote speech at the Computex expo this past weekend. Arya's price target implies that Nvidia stock could rise 36.8% from here, adding to its whopping 121% year-to-date rally. — Lisa Kailai Han 5:46 a.m.: Citi double upgrades Best Buy to buy rating from sell There's a rosy outlook for Best Buy ahead, according to Citi.
Persons: Kimberly, Clark, Goldman Sachs, Toshiya Hari, Hari, Marvell's, Lisa Kailai Han, Vivek Arya, Jensen, Arya, — Lisa Kailai Han, Piper Sandler, Masimo, Jason Bednar, Bednar, MASI, Steven Zaccone, Nik Modi, Modi, Fred Imbert Organizations: CNBC, Citi, RBC, Bank of America, Nvidia, Marvell Technology Marvell Technology, Enterprise Networking, Marvell, Sound, Kimberly, Clark Investors, RBC Capital Markets Locations: Friday's, Kimberly, KMB
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo energy expects discuss oil prices as OPEC+ extends production cuts againAmena Bakr, Senior Research Analyst at Energy Intelligence, and Helima Croft, Head of Global Commodity Strategy at RBC Capital Markets, discuss oil prices following the latest OPEC+ production decision.
Persons: Amena Bakr, Helima Croft Organizations: Senior, Energy Intelligence, Global, Strategy, RBC Capital Markets
As his son tapped home to clinch his first PGA Tour title at the RBC Canadian Open on Sunday, Dougie MacIntyre – the head greenskeeper at Glencruitten Golf Club in Oban, Scotland – simultaneously became a PGA Tour-winning caddie. Tears flowed freely for father and son as the duo soaked up the weight of the achievement on the 18th green. “I’m crying with joy, but I’m laughing because I didn’t think it was possible,” MacIntyre, a first-time PGA Tour victor on his 45th start, told CBS Sports. I’m a grasscutter not a caddie,” 59-year-old MacIntyre, wiping away tears, added to CBS Sports. In a video call with his mother shared by the PGA Tour on X, formerly known as Twitter, MacIntyre warned her of the level of revelry expected to follow.
Persons: Robert MacIntyre’s, Dougie MacIntyre –, Scotland –, MacIntyre, Martin Laird, ” MacIntyre, , , Frank Gunn, Scott Carmichael, Charles Schwab Challenge, , Bob …, Bob MacIntyre, , caddies, Dad, I’m, Nathan Denette, ” –, MacIntyre –, Mackenzie Hughes, MacIntyre – steadied, reassurances –, , that’s, Ben Griffin, Tom Kim, Rory McIlroy Organizations: CNN, RBC Canadian, Golf, Hamilton Golf, Country Club, PGA, CBS Sports, Canadian Press, Ryder, Team Europe, Hamilton Country Club, Twitter Locations: Oban, Scotland, Ontario, Scottish, Rome, America Orlando, Pinehurst, North Carolina
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need to get beyond this Fed narrative and start looking ahead to 2025, says RBC's Lori CalvasinaLori Calvasina, RBC Capital Markets head of US equity strategy, and Warren Pies, 3Fourteen Research co-founder, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: RBC's Lori Calvasina Lori Calvasina, Warren Organizations: RBC Capital Markets, 3Fourteen Research
An offshore oil platform is seen at sunset near Huntington Beach, California, on Feb. 9, 2024. U.S. crude oil was on pace Friday for its worst month of the year, ahead of an OPEC+ meeting this weekend during which the cartel will review its production levels. Here are today's energy prices:OPEC+ members on Sunday are expected to review voluntary output cuts of 2.2 million barrels per day. Oil market analysts generally agree that the group will likely keep those cuts in place. Chinese refiners' output has also slumped, and European refiners have been slow to return from spring maintenance, which has also pressured demand, according to the investment bank.
Persons: Helima Croft Organizations: Brent, Sunday, RBC Capital Markets, JPMorgan Locations: Huntington Beach , California, U.S
Her success in monetizing her platform persuaded her to try full-time content creation in 2023. Hong Kong-based creator Anushka Purohit decided to dive into a corporate 9-to-5 job after graduating from college instead of becoming a full-time creator because of the perceived financial instability. "The idea of full-time content creation is often more glamorous than reality," she said. Nguyen also said she'll never go back to full-time content creation because of the financial instability. Being a full-time creator can also hurt your social-media brand if you compromise for the money.
Persons: , influencer Maryam Salam, Adesh, hasn't, they've, Anushka Purohit, Purohit, Mitchie Nguyen, Instagram, Nguyen, she's, Salam, she'll, Maryam Salam, Maryam, Mariam Organizations: Service, Business, Salam, Google, Staples, RBC Locations: Canada, monetizing, Hong Kong, York, TikTok
Here are the biggest calls on Wall Street on Wednesday: Bernstein reiterates Nvidia as outperform Bernstein said it's sticking with its outperform rating on the stock. " Argus upgrades Berkshire Hathaway to buy from hold Argus said it's getting bullish on shares of Warren Buffett's multinational conglomerate. UBS reiterates First Solar as buy UBS raised its price target on First Solar to $350 per share from $270. Bank of America reiterates Apple as buy Bank of America said it's bullish on top pick Apple and its entry into iPhones with AI. Bank of America reiterates Dell as buy Bank of America raised its price target on Dell to $180 per share from $130.
Persons: Bernstein, Berkshire Hathaway, Argus, it's, Fluence, LBRT, Jefferies, TD Cowen, Medpace, Cowen, Morgan Stanley, JPMorgan, Wells, Baird, MM120, Truist, Dell, Jack Hartung, Cindy Olsen Organizations: Nvidia, Argus, Warren, UBS, Citi, Liberty Energy, United Airlines, Airlines, American Airlines, " Bank of America, Apple, Bank of America, Netflix, Disney, RBC, Eldorado, Eldorado Gold, BTC, Citi downgrades Bank, JPMorgan, Mind, of America, Norwegian Cruise Line Holdings, Dell, Field Locations: Berkshire, U.S, OFS, United, El Paso, Parks, F4Q, CAVA, Chicago
Her success in monetizing her platform persuaded her to try full-time content creation in 2023. Hong Kong-based creator Anushka Purohit decided to dive into a corporate 9-to-5 job after graduating from college instead of becoming a full-time creator because of the perceived financial instability. "The idea of full-time content creation is often more glamorous than reality," she said. Nguyen also said she'll never go back to full-time content creation because of the financial instability. Being a full-time creator can also hurt your social-media brand if you compromise for the money.
Persons: , influencer Mariam Salam, Adesh, hasn't, they've, Anushka Purohit, Purohit, Mitchie Nguyen, Instagram, Nguyen, she's, Salam, she'll Organizations: Service, Business, Salam, Google, Staples, RBC Locations: Canada, monetizing, Hong Kong, York, TikTok
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