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☆ The Fed probably won't be delivering any interest rate cuts this summer
▼ + stars: | 2024-05-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Michael M. Santiago | Getty ImagesInvestors likely will have to sweat out a summer during which it looks increasingly improbable that the Federal Reserve will be cutting interest rates. A batch of stronger-than-expected economic data coupled with fresh commentary from policymakers is pointing away from any near-term policy easing. "The market takes every bit of data and translates it to how the Fed sees it. So if the Fed is data dependent, the market is probably more data dependent." Put it together, and there's not much reason for the Fed to be easing policy here.

Persons: Michael M, Quincy Krosby, Christopher Waller, there's, Michael Gapen, BofA, Gapen Organizations: New York Stock Exchange, Santiago, Getty, Federal Reserve, Dow Jones, LPL, Fed, Bank of America Locations: New York City

☆ Auto insurance rates are jumping the most since the 1970s, but there could be relief soon
▼ + stars: | 2024-05-23 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Rows of new Tesla cars are seen in a holding area near a customer collection point on April 15, 2024 in London, England. Soaring auto insurance costs have been a principle driver behind inflation over the past year, but there could be relief on the way, according to Bank of America. "The turbocharged increases in motor vehicle insurance premiums are a response to underwriting losses in the industry. Insurers saw losses," BofA economist Stephen Juneau said in a note. Also, repair and maintenance services costs were flat in April though still up 7.6% from a year ago.

Persons: Stephen Juneau Organizations: Soaring, Bank of America, Federal Reserve, of Labor Statistics Locations: London, England, Juneau

☆ Nvidia's demand is broadening and still exceeds supply, says BofA Securities' Vivek Arya
▼ + stars: | 2024-05-23 | 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 EmailNvidia's demand is broadening and still exceeds supply, says BofA Securities' Vivek AryaVivek Arya, Bank of America Securities senior semiconductor analyst, joins 'Squawk Box' to discuss Nvidia's quarterly earnings results, how long Nvidia can sustain its competitive advantage, and more.

Persons: Vivek Arya Vivek Arya Organizations: BofA, Bank of America Securities

Analyst Ronald Epstein downgraded the electronics maker to underperform from neutral and slashed $15 off his price target to $150. Analyst Rupesh Parikh reiterated his outperform rating on the wholesaler, while lifting his price target by $45 to $850. Analyst Tal Liani reiterated his buy rating on the software stock and price target of $315. Analyst Gabriela Borges upgraded the retail software stock to buy from neutral and raised her price target by $7 to $74. He also slapped a $42 price target on the stock, implying upside of nearly 17%.

Persons: Goldman Sachs, Piper Sandler, Kraft Heinz, Ronald Epstein, Epstein, — Alex Harring, Oppenheimer, Rupesh Parikh, Parikh, Alex Harring, Daniel Grosslight, Grosslight, HIMS, he's, Tal Liani, Liani, CORA, it's, Morgan Stanley, Josh Baer, Baer, Box's, there's, Goldman, Gabriela Borges, Borges, Shopify, Michael Lavery, Lavery, KHC, Fred Imbert Organizations: CNBC, Garmin Garmin, Bank of America, Garmin, Costco, Citi, Kraft, ~$ Locations: Tuesday's, Swiss, Shopify

☆ BofA's Geoff Meacham talks Eli Lilly closing at record high
▼ + stars: | 2024-05-21 | 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 EmailBofA's Geoff Meacham talks Eli Lilly closing at record highGeoff Meacham, BofA Securities managing director, joins 'Closing Bell Overtime' to talk Eli Lilly closing at a record high and what's driving it higher.

Persons: Geoff Meacham, Eli Lilly Organizations: BofA Securities

☆ Equities still have an upside from today's levels, says BofA's Jill Carey Hall
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEquities still have an upside from today's levels, says BofA's Jill Carey HallJill Carey Hall, Bank of America Global Research head of small and mid-cap strategy and senior U.S. equity strategist, joins 'Squawk Box' to discuss the strategist's thoughts on market performance, the firm's price target for the indices, and much more.

Persons: Jill Carey Organizations: Jill Carey Hall , Bank of America Global Research

☆ Jamie Dimon says a BofA banker's untimely death sparked questions inside JPMorgan: 'What can we learn?'
▼ + stars: | 2024-05-20 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

At the time, Dimon said, the priority was to understand "what we do know, what can we learn from it." Dimon's comments come as the investment-banking industry grapples with the surprising deaths of not one but two deaths at BofA this month. "We're aware of these stories, and they are tragic and incredibly sad," Rohrbaugh continued, calling it the "job" of bank leaders to look after employees' health on the job. AdvertisementCurrent and former employees at BofA told Business Insider that 100-hour workweeks were not unusual at the bank. Earlier this month, a BofA spokesperson told BI of Lukenas' passing: "We are very saddened by the loss of our teammate.

Persons: Jamie Dimon, JPMorgan Chase, Leo Lukenas III, Robin Leopold, Dimon, Troy Rohrbaugh, Rohrbaugh, Lukenas, headhunter Douglas Walters, Adnan Deumic, cardigan, Reed Alexander Organizations: Service, JPMorgan, Bank of America, Business, New York, Medical, BofA, Reuters, GrayFox, Bloomberg, Wall Locations: America's, BofA, London

☆ 'The real AI darling': This data-center stock has beaten Nvidia by 310% since last year's blockbuster earnings
▼ + stars: | 2024-05-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The firm notes that Vertiv, which makes power and cooling equipment for data centers, has beaten Nvidia by 315% over the past year. Much of that stems from the advanced chips that power AI on — such as the ones Nvidia produces — requiring significantly more electricity to operate. "Power used by AI applications is expected to grow at a 25-33% CAGR over the next few years." AdvertisementAs Nvidia gears up for its earnings season on Wednesday, expectations remain strong, Bank of America said. Previously, Goldman Sachs had similarly outlined broadening AI investment, characterizing Nvidia as the first of four phases.

Persons: —, They're, Nvidia's, Vertiv, outpacing, BofA, Bank of America BofA, Steve Eisman, it's, NVDA, Goldman Sachs Organizations: Bank of America, Nvidia, Service, Vertiv

☆ BofA: Investors are becoming more constructive on the commodity complex
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA: Investors are becoming more constructive on the commodity complexFrancisco Blanch, Head of Global Commodity and Derivatives Research at BofA Securities, disucsses the surge in commodity prices, including copper and cocoa.

Persons: Blanch Organizations: Global Commodity, BofA Securities

☆ BofA names 'Asia's most important stocks' — and analysts give one over 40% upside
▼ + stars: | 2024-05-17 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

BofA Securities has screened for 20 of Asia's "most important stocks," selected from the constituents of the MSCI Asia Pacific Index. Here are 10 stocks from the investment bank's list, which stand out for having substantial upside potential, according to FactSet's consensus price targets. This gives the stock upside potential of 42.0%. Analysts' target price on the stock is 103,211 Korean won ($76.61), or 32.0% potential upside, according to FactSet data. Their average target price is 233,378 Korean won, implying nearly 20.9% upside potential, FactSet data shows.

Persons: — CNBC's Michael Bloom Organizations: BofA Securities, MSCI, AIA Group, Hong, Samsung Electronics, SK Hynix, Korean Locations: Hong Kong, Korean

☆ Bank of America double upgrades Robinhood, citing rise in retail trading
▼ + stars: | 2024-05-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The stock market is in the early stages of a period of rising retail investor activity, and that could bode well for Robinhood Markets , according to Bank of America. The bank double upgraded the online brokerage and financial service provider to buy from underperform on Friday, raising its price target to $24 from $14, implying about 34% upside in the shares. "Retail engagement peaked in 2021 and then declined significantly through the > 500bps of Fed rate hikes and the 2022 bear market, troughing in 2023," Bank of America analyst Craig Siegenthaler said in a note. "However, following the emergence of a new bull market last year, we have monitored a rebound in multiple metrics at Robinhood Markets … and we expect this to continue through 2026." Siegenthaler said a rise in retail engagement can drive 44% organic growth, margin loan utilization and more than 60% year-over-year trading activity that can drive payment for order flow.

Persons: bode, Craig Siegenthaler, Siegenthaler, Michael Bloom Organizations: Bank of America, GameStop, AMC, " Bank of America Locations: underperform, Underperform

☆ Why the US isn't facing a stagflation threat even as growth slows, according to BofA
▼ + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Recent stagflationary forecasts are misguided for this year, Bank of America wrote on Thursday. While first-quarter GDP badly missed estimates, the inflation that was seen was driven by strong consumer spending. That separates it from the US's last bout with stagflation, in 2022, when higher prices were caused by a supply shock. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Fear arose in April when first-quarter GDP missed expectations as inflation figures simultaneously surpassed estimates.

Persons: stagflation, —, Bank of America isn't Organizations: Bank of America, Service, Business

☆ BofA banker whose death shook Wall Street was looking for new job and willing to take a lower salary for better hours, recruiter says: report
▼ + stars: | 2024-05-16 | by ( Kelsey Vlamis | Reed Alexander | ) www.businessinsider.com time to read: +3 min

Related storiesA new report from Reuters released Wednesday raised more questions about the hours Lukenas may have been logging leading up to his untimely death. Walters said Lukenas told him he was putting in more than 100 hours a week at Bank of America. "He made a comment saying like, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" Walters told Reuters. Walters said he told Lukenas that was excessive, even by Wall Street's standards. Prior to Lukenas' death, he had been participating on deal work related to UMB's $2 billion all-stock acquisition of Heartland Financial USA — a transaction that was announced in late April.

Persons: —, Wall, Leo Lukenas III, Lukenas, Douglas Walters, Walters, GrayFox Organizations: Service, of America, Army, Bank of America, Business, Reuters, New, Office, GrayFox, BI, Heartland Financial, Vets Locations: New York

☆ Copper futures hit record high as data center build-up, EV growth fuels demand
▼ + stars: | 2024-05-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.

Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany

☆ CPI takes risk of rate hikes off the table but doesn't bring cuts any closer: BofA's Michael Gapen
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCPI takes risk of rate hikes off the table but doesn't bring cuts any closer: BofA's Michael GapenMichael Gapen, Bank of America head of U.S. economics; John Porter, Newton Investment Management CIO and head of equities; and CNBC's Steve Liesman join 'The Exchange' to discuss April's CPI report, macro outlooks, and more.

Persons: BofA's Michael Gapen Michael Gapen, John Porter, Steve Liesman Organizations: CPI, Bank of America, Newton Investment Management

☆ Sports bettors may be getting bored with ESPN Bet, just 6 months after its head-turning rebrand from Barstool Sportsbook
▼ + stars: | 2024-05-14 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Sports bettors flocked to ESPN Bet after its mid-November launch. Taking 10% to 20% market share by 2027 no longer seemed like such a stretch — even in a crowded, competitive space. ESPN Bet's share of the online sports betting market has dipped in recent months. The gamble may be riskier than analysts thought, and it will be an outright disaster if ESPN Bet doesn't perform better than Barstool Sportsbook. Related storiesIn the first quarter, Penn's interactive segment headlined by ESPN Bet lost nearly $200 million on an adjusted basis.

Persons: —, Sports bettors, Penn, ESPN Bet doesn't, Shaun Kelley, hasn't, Kelley, BofA, ESPN Bet wouldn't, Bob Iger —, what's, Jay Snowden, We're, Snowden, That's, It's, that's Organizations: Service, ESPN, Penn Entertainment, Sports, ESPN Bet, Business, Bank of America, ESPN Bet's, Penn, Disney

☆ 5 defensive trades to make if stagflation and hard-landing fears cause a stock sell-off, BofA says
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks are vulnerable to a stagflation or hard landing rebound, says Bank of America's Michael Hartnett. AdvertisementStock markets face downturn risk if stagflation or recession anxiety re-materializes, Bank of America's top global strategist Michael Hartnett wrote on Tuesday. "Sentiment not at 'close-eyes-and-sell' levels but risk assets vulnerable to more evidence of stagflation," he noted in the bank's latest Global Fund Manager Survey. Although outlooks have since calmed, stagflation seemed like a growing possibility last month, when estimate-beating inflation data eclipsed shallow first-quarter GDP. Stagflation may have some part to play, as inflation remains the leading tail risk, while fears of an "economic hard landing" grew stronger.

Persons: America's Michael Hartnett, Hartnett, —, Michael Hartnett, stagflation Organizations: America's, Service, materializes, Bank of America's, Global Fund, Survey, Japan Utilities, Federal Reserve Locations: China, Europe, Japan

☆ One auto stock is quietly breaking out as Tesla struggles. Citi sees a double from here
▼ + stars: | 2024-05-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Analysts think General Motors will emerge as a bright spot in an automobile industry challenged by a weakening electric vehicle market. But Wall Street firms including Citigroup and Bank of America now think General Motors can strengthen its position in EVs. GM TSLA YTD mountain General Motors stock has outpaced Tesla in 2024. The bank has a buy rating on General Motors with a $96 per share price target, implying 113% upside from Monday's $45.17 close. Murphy's $75 per share price target implies 66% upside over the next 12 months.

Persons: Tesla, Itay Michaeli, John Murphy, GM's, Murphy, Ryan Brinkman Organizations: EV, Elon, Citigroup, Bank of America, General Motors, GM, Wall, Citi, JPMorgan Locations: EVs

☆ Watch CNBC's full interview with Solus' Dan Greenhaus, Invesco's Kristina Hooper and BofA's Marci McGregor
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Solus' Dan Greenhaus, Invesco's Kristina Hooper and BofA's Marci McGregorSolus' Dan Greenhaus, Invesco’s Kristina Hooper and BofA’s Marci McGregor, join 'Closing Bell' to discuss the market's resiliency, sector winners and their outlook.

Persons: Solus, Dan Greenhaus, Invesco's Kristina Hooper, BofA's Marci McGregor Solus, Invesco’s Kristina Hooper, BofA’s Marci McGregor

☆ The low-income consumer is still spending, says BofA's David Tinsley
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe low-income consumer is still spending, says BofA's David TinsleyDavid Tinsley, senior economist at the Bank of America Institute, joins 'Power Lunch' to discuss the health of the consumer and their spending habits.

Persons: BofA's David Tinsley David Tinsley Organizations: Bank of America Institute

☆ Markets are more willing to see China as a 'glass half full story': Strategist
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are more willing to see China as a 'glass half full story': StrategistWinnie Wu, chief China equity strategist at BofA Securities, says, however, that a "fundamental turnaround will be quite [a] long-term story."

Persons: Winnie Wu Organizations: BofA Securities Locations: China

☆ BofA Securities says copper is one of its top commodity picks
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA Securities says copper is one of its top commodity picksMatty Zhao, head of Asia-Pacific basic materials and oil and gas research at BofA Securities, says artificial intelligence will boost the demand for copper and the metal's prices.

Persons: Matty Zhao Organizations: BofA Securities Locations: Asia, Pacific

☆ BofA Securities' Vivek Arya reacts to Arms Q4 earnings
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA Securities' Vivek Arya reacts to Arms Q4 earningsVivek Arya, Bank of America Securities senior semiconductor analyst, joins CNBC's 'Squawk on the Street' to discuss the semiconductor sector, Arms Holding earnings, AI, and more.

Persons: Vivek Arya Organizations: BofA, Bank of America Securities, Arms

☆ Not seeing evidence of lower income consumer slowdown, says BofA Institute’s Liz Everett Krisberg
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNot seeing evidence of lower income consumer slowdown, says BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s April Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ Bankruptcies are spiking as companies lose hope of rate cuts
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

April saw the highest number of corporate bankruptcies in a year, S&P Global said. Eroding bets of an interest rate cut contribute to this, as burdened business throw in the towel. AdvertisementCorporate bankruptcies increased in recent months amid teetering confidence in a quick interest rate pivot. AdvertisementBy one measure, rising costs did slow when a rate cut looked likely in early 2024. But last month's stubborn inflation and slowing GDP made a Fed cut look unlikely, and yields shot up to 8.11%.

Persons: —, April's, Frances Donald Organizations: P Global, Service, Federal, ICE, Fed, Investment

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