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☆ Here are the top stocks to own right now, according to UBS
▼ + stars: | 2024-08-02 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

A handful of stocks may be due for some gains, even as the market sells off. The firm added three new names to the list from the industrials and materials sectors, including Freeport-McMoRan and Norfolk Southern . UBS said Air Products is at "the forefront of the energy transition," citing the progress it is making on large "blue" and "green" hydrogen projects. Meta is trading at a multiple of 23 times earnings on a forward price-to-earnings basis, per FactSet, and UBS sees shares as attractively valued. "The company should benefit from healthy user engagement, improving monetization of Reels, and longer-term monetization of Instagram and WhatsApp offer longer-term opportunities."

Persons: Russell, Nathaniel Gabriel, Gabriel, Robert " Kelly, Ortberg, Meta Organizations: Dow Jones, UBS, Norfolk, Air Products, Chemicals, Air, Boeing, Alaska Airlines Boeing, Max, DOJ Locations: Freeport, McMoRan

☆ Wall Street to Big Tech: Is AI ever going to make money?
▼ + stars: | 2024-08-02 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

New York CNN —There’s been one big question on the minds of Wall Streeters this tech earnings season: When will anyone start making actual money from artificial intelligence? But Big Tech still has relatively little to show for all their billions spent in terms of significant revenue gains from AI or profitable new products, and investors are starting to get antsy. Shares of both Google and Microsoft dipped following their earnings reports, a sign of investors’ discontent that their huge AI investments hadn’t led to far-better-than-expected results. She added: “Gen AI is where we’re much earlier … We don’t expect our gen AI products to be a meaningful driver of revenue in ’24. As an example of just how long it can take AI products to come to fruition, take Tesla’s AI-based “full self-driving” technology.

Persons: New York CNN — There’s, ChatGPT, ’, Morgan Stanley, Keith Weiss, Steven Ju, Sundar Pichai, Goldman Sachs, —, ” D.A, Davidson, Gil Luria, Meta, Amy Hood, “, Susan Li, that’s, ” Luria, we’re, Jim Covello, Tesla, FSD, Google’s Pichai, Mark Zuckerberg, — Luria Organizations: New, New York CNN, Big Tech, UBS, Google, Microsoft, CNN, Meta Locations: New York, Silicon Valley

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Amazon, Intel, Morgan Stanley, Square, Coinbase, Lululemon and more
▼ + stars: | 2024-08-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Wells Fargo downgrades Morgan Stanley to underweight from equal weight Wells Fargo downgraded Morgan Stanley and said the "upward premium re-rating seems over." Morgan Stanley initiates Lionsgate Studios at overweight Morgan Stanley said it's bullish on shares of the movie studio company. Morgan Stanley reiterates Tesla as a top pick Morgan Stanley said it's standing by the stock following an analysis of July auto sales. Morgan Stanley upgrades Mobileye to equal weight from underweight Morgan Stanley said the risk/reward is more balanced for the auto supply tech company. " Morgan Stanley reiterates Nvidia as overweight Morgan Stanley says it's sticking with its overweight rating on the AI chipmaker.

Persons: Goldman Sachs, Goldman, Morgan Stanley, Apple, Q, Gildan, Wells, downgrades Morgan Stanley, it's, TD, TD Cowen, Cowen, Raymond James downgrades Crocs, Raymond James, CROX, Oppenheimer, Tesla, Rosenblatt, Lululemon, LULU, K's Organizations: TEAM, Apple Intelligence, Barclays, Deutsche Bank, Amazon, Big Cap Tech, Stifel, Bank of American, Bank of America, Lionsgate, Lionsgate Studios, Intel, of America, TD Cowen, Dynamics, U.S, EV, 7M, UBS downgrades, UBS, Nvidia Locations: California, USA

☆ Gold and some non-dollar currencies start to shine, but it's not all about de-dollarization
▼ + stars: | 2024-08-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

AdvertisementThe amount of gold holdings in global reserves has doubled in just over five years, according to Bloomberg Intelligence analysis. "As the yellow metal carries no credit or counter-party risk, some deem it as being better insulated from financial sanctions, particularly those from the emerging world," wrote UBS' Czerwonko. Advertisement"The situation in competing jurisdictions is also dire; in the land of the blind, the one-eyed man can remain king," wrote Czerwonko. AdvertisementSimilarly, Bloomberg Intelligence said said a Wednesday report that a potential second Trump term could hasten a global currency regime change. "Any title toward isolationism in a Trump second term, such as altered US attitudes toward its role in NATO and international affairs would spur de-dollarization," wrote Bloomberg Intelligence analysts.

Persons: —, Alejo Czerwonko, Czerwonko, Trump Organizations: Service, UBS, Business, International Monetary Fund, Bloomberg Intelligence, Trump, NATO Locations: Ukraine, Moscow, Swiss, Americas

☆ Stock market today: Indexes tank after weak jobs report sparks panic
▼ + stars: | 2024-08-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US stocks plunged Friday after a weak July jobs report sparked investor panic. The Nasdaq closed in correction territory, and the VIX soared as much as 60% to hit its highest since March 2023. AdvertisementUS stocks plunged on Friday, with the S&P 500 extending its two-day sell-off to more than 3%, as a weak July jobs report sparked panic among investors. Meanwhile, the CBOE Volatility Index, better known as the VIX, soared as much as 60% to 29.66, its highest level since March 2023. AdvertisementThe damage was exacerbated after the July jobs report showed an unexpected increase in the unemployment rate and payroll figures badly missed estimates.

Persons: —, Tom Lee Organizations: Nasdaq, Service, Treasury, Amazon, Intel, Federal, CME, Fed, UBS Global Wealth Management Locations: Americas, Here's

☆ Apple set to report earnings: Here's what to expect
▼ + stars: | 2024-08-01 | 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 EmailApple set to report earnings: Here's what to expectDavid Vogt, UBS U.S. IT hardware analyst, joins 'Squawk Box' to preview Apple's quarterly earnings results, what to expect from the Big Tech giant, and more.

Persons: David Vogt Organizations: UBS, Big Tech

☆ Buy gold and oil for protection as Middle East tensions escalate, UBS says
▼ + stars: | 2024-08-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

As tensions escalate in the Middle East , investors should consider adding gold and oil as a hedge. "A wider regional war could affect oil supplies, which would likely lead to quick price spikes. Gold, meanwhile, should serve its role as a more conservative asset," UBS analysts led by Tilmann Kolb told clients in a Wednesday note. Gold has risen since the Beirut strike, "underlining its risk hedge characteristics," the analysts said. High demand from banks and a likely uptick in demand when the Federal Reserve lowers rates should also push gold prices higher, they said.

Persons: Tilmann Kolb, Ismail Haniyeh, Ayatollah Ali Khamenei, Fuad Shukr Organizations: UBS, New York Times, Federal Locations: East, Israel, Iran, Tehran, Lebanon, Golan Heights, Beirut

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference on March 18, 2024. Nvidia shares popped more than 11% Wednesday after remarks from top customer Microsoft and rival chipmaker AMD signaled there wouldn't be a slowdown in the multibillion-dollar buildout of AI servers based around GPUs. Microsoft CEO Satya Nadella and finance chief Amy Hood said Tuesday the company plans to spend even more on Nvidia-based infrastructure next year. Microsoft spent $19 billion on capital expenditures during the fiscal fourth quarter, with about 60% on hardware. Nvidia has been the primary beneficiary of the AI boom.

Persons: Jensen Huang, Satya Nadella, Amy Hood, Microsoft's capex, Karl Keirstead, Morgan Stanley, Joseph Moore, Moore, Blackwell, Blackwell ramping Organizations: Nvidia Corp, Blackwell, Nvidia, Technology, Microsoft, AMD, UBS

☆ Banks get bullish on the British pound despite the possibility of an imminent snapback
▼ + stars: | 2024-07-31 | by ( George Bextor | ) www.cnbc.com time to read: +1 min

In a recent research note, experts at Goldman Sachs were upbeat on the pound, commenting that sterling "tops the list" in the G-10 basket of major currency crosses. The analysts are sticking with their bet that sterling will rise against the dollar , with a target of 1.31. "Combined with still-high rates [this] could attract capital flows into GBP after many years of being a structural sell," the UBS analysts added. She added, "The tone of many of the policies announced by the new Labour government in recent days are market friendly ... The appearance of order in the U.K. government coupled with an expectation of a warmer relationship with the EU should provide for some optimism."

Persons: Goldman Sachs, Keir Starmer's, Jane Foley Organizations: Bank of, UBS, Labour Party, FX, Labour Locations: Bank of England

☆ Swiss SIX exchange says trading halted due to technical issues
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: 1 min

Four Chinese companies raised about $1.5 billion in July by issuing shares on the Six Swiss Exchange via a new China stock connect program. Switzerland's stock exchange SIX said trading had been halted on Wednesday morning across all products until further notice due to technical problems. The Swiss stock exchange is home to companies including Nestle , Roche and UBS . "Market data and index data is not being disseminated at the moment and we are investigating the cause and trying to solve," a spokesperson at SIX told Reuters. "Trading was not affected, but we had to halt trading in Switzerland due to equal treatment of market participants."

Organizations: Six Swiss, Nestle, Roche, UBS, SIX, Reuters Locations: China, Swiss, Switzerland

☆ Dubai set to welcome even more millionaires as wealthy individuals abandon the UK
▼ + stars: | 2024-07-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The United Arab Emirates is on track to be the world's top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report. "There are push and pull factors for this trend of millionaires opting to relocate to Dubai," Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC. "Pull factors include Dubai's perception of being extremely safe and visa reforms that encourage migration." The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That's nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.

Persons: –, Karim Jetha, Henley, That's Organizations: United, Henley, Wealth, UBS, Labour Party, CNBC, Labour Locations: United Arab Emirates, Swiss, Dubai, sandier, UAE, U.S

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Roblox, Netflix, Amazon, Tesla, McDonald's, Affirm & more
▼ + stars: | 2024-07-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Loop initiates BrightView as buy Loop said it's bullish on shares of the commercial landscaping company. Evercore ISI reiterates Apple as outperform Evercore said it's bullish ahead of Apple earnings later this week. " Bank of America reiterates Roblox as buy Bank of America said it's standing by Roblox ahead of earnings on August 1. Deutsche Bank reiterates McDonald's as buy Deutsche said it's standing by the fast food giant following earnings. Bank of America reiterates Goldman Sachs as buy Bank of America said top pick Goldman Sachs has "cyclical/secular tailwinds."

Persons: Evercore, it's, Jensen Huang, Nvidia's Blackwell, Blackwell, KBW, Oppenheimer, Wells, Roblox, Tesla, McDonald's, Baird, Edward Jones, Goldman Sachs, ROE resiliency, Morgan Stanley, Wells Fargo Organizations: Apple, Citi, Nvidia, " Bank of America, of America, Barclays, UBS, Amazon, Netflix, Bank of America, JPMorgan, RBC, Tesla, Deutsche Bank, Deutsche, Whirlpool, underperform Bank of America, Abbott Laboratories, Abbott Labs, Edward, Stock, 2Q, PNC, WF

☆ Yields on cash are likely to drop. Put money to work here instead, Janus Henderson says
▼ + stars: | 2024-07-29 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors who are camped out in cash are nabbing sweet yields, but the clock is ticking on that attractive income. Money market fund assets totaled $6.14 trillion as of the week ended July 24, according to the Investment Company Institute . The largest money market funds are offering an annualized 7-day current yield of 5.12%, per the Crane 100 Money Fund Index. "Investors must also remember that the liquid securities held in money market funds have maturities capped at slightly over a year," he said. While these short-term bonds may be an attractive alternative to hiding out in cash, investors should avoid making them the lion's share of their fixed income holdings.

Persons: Daniel Siluk, Janus Henderson, Matthew Mish, Siluk Organizations: Investment Company Institute, Federal, UBS, SEC, BBB, Treasury Bond ETF

☆ Ford, GM, Stellantis face a daunting second half of 2024
▼ + stars: | 2024-07-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Stock Chart Icon Stock chart icon Ford, GM and Stellantis shares"Investors who think autos can outperform on + earnings beats and buybacks should think again. GMFor GM, investors balked at pullbacks in growth businesses, waning upside during the second half of the year, and fear that the automaker's earnings power has peaked, according to Wall Street analysts. Selling more EVs is one reason that GM, which has raised its annual financial guidance twice this year, expects the second half to underperform the first. The new Ford F-150 truck goes through the assembly line at the Ford Dearborn Plant on April 11, 2024 in Dearborn, Michigan. StellantisTransatlantic automaker Stellantis arguably faces the most challenging second half of the year, particularly regarding its U.S. operations.

Persons: Ram, Joe Raedle, Morgan Stanley, Adam Jonas, Jonas, Stellantis, GM's, Mary Barra, Ford, Ford doesn't, Joseph Spak, Bill Pugliano, John Lawler, Lawler, Carlos Tavares, Remo Casilli Organizations: Dodge Chrysler, Getty, DETROIT, Ford, Detroit automakers, GM, Wall Street, Analysts, Street, UBS, Ford Dearborn Plant, Ford Pro, Transatlantic, Stellantis Locations: Miami , Florida, U.S, China, Dearborn , Michigan, Atessa, Italy

☆ Family offices are giving top staff equity and profit shares in battle for talent
▼ + stars: | 2024-07-29 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Family offices, the private investment arms of single families, are also shifting to profit shares as a way to better align the incentives of the staff with the family. "Family offices are competing for talent against each other, and against traditional private equity, hedge funds and venture capital." Family offices are increasingly offering lucrative shares of equity and deal profits to staff amid a growing battle for talent, according to a top family office attorney. They often pair co-investments with profit shares to create both upside and potential downside to staff. Because they serve a single family, family offices have more flexibility than many companies when it comes to designing pay plans.

Persons: McCurry, Patrick McCurry, McDermott Will, Emery, they're, Robert Frank, that's Organizations: UBS, Office Locations: Chicago

☆ Use the sell-off in tech stocks as a chance to buy the dip, UBS says
▼ + stars: | 2024-07-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

UBS sees the recent tech stock sell-off as a buy-the-dip opportunity for long-term investors. UBS cites attractive valuations, solid fundamentals, and fading technical factors as reason to stick with large-cap tech. But according to UBS, the recent decline in tech stocks is only temporary, and that should be apparent when mega-cap tech stocks report their second-quarter earnings results later this week. A healthy sell-off in tech stocks has led to more attractive valuations for the fast-growing sector, especially when compared to previous bubbles. "While the tech sector appears to be expensive after the rally this year, price-to-earnings multiples remain much lower than in the dot-com era, when many tech stocks had much lower-quality earnings," UBS said.

Persons: —, Sundar Pichai Organizations: UBS, Service, Nasdaq, Apple, Microsoft

☆ Sotheby’s expands Hong Kong footprint with cavernous new exhibition and retail space
▼ + stars: | 2024-07-29 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

CNN —A fossilized mammoth skull, centuries-old ceramics and Banksy’s famous self-shredding painting are among hundreds of high-value collectibles on show at Sotheby’s ambitious new retail outpost in Hong Kong. With younger collectors seemingly in mind, items on the first floor range in price from 5,000 to 50 million Hong Kong dollars ($640 to $6.4 million). The venture is the latest signal that major auction houses still consider Hong Kong to be their long-term hub in Asia. In June, Hermès also unveiled its expanded retail space in the neighborhood. It has simultaneously sought to grow its footprint in Hong Kong — not only with its newly unveiled Maison, but also a nearby 36,000-square-foot regional headquarters, due to open later this year.

Persons: Maison, Hong Kong, Art Basel’s, Isaac Lawrence, Louis Vuitton, Hermès, Sotheby’s, Patrick Drahi, Hong Kong —, Christie’s, Zaha Hadid’s, Phillips, Bonhams, Nathan Drahi Organizations: CNN, Hong Kong, UBS, Art, Art Basel, Getty, PricewaterhouseCoopers, Louis, Sotheby’s Locations: Hong Kong, Central, Asia, China, Hong, Hong Kong's Central, AFP, London, Singapore, Shanghai, Sotheby’s, Sotheby’s Asia, Paris, New York

☆ China just expanded its efforts to boost consumption. Here are some stocks to watch
▼ + stars: | 2024-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China has, in its own way, signaled it wants to support specific kinds of consumer purchases. Authorities on Thursday announced the equivalent of 300 billion yuan ($41.5 billion) in special bonds would go towards trade-ins and equipment upgrades — a significant expansion of an existing program. The 300 billion yuan ultra-long bond issuance is not a new government allocation, but rather a more detailed designation of a 1 trillion yuan ultra-long bond program announced earlier this year. "300 billion yuan is the largest equipment upgrade subsidy from the central government historically," the analysts said. Even the 300 billion yuan figure is split roughly between consumer-related trade-ins with business-side equipment upgrades.

Persons: Ding, Morgan Stanley, Tao Wang, Darius Tang, Corporates, Fitch Bohua, Michael Bloom Organizations: China Asset Management Co, UBS Investment Bank Locations: China, Beijing, Asia

☆ These drugmakers are catching up to Eli Lilly and Novo Nordisk in weight loss treatments
▼ + stars: | 2024-07-28 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +6 min

With billions at stake, that's pretty much been a guarantee facing the current market leaders, Eli Lilly and Novo Nordisk , from the start. Their updates are likely to be joined by others in the coming months even as today's incumbents develop their own next-generation weight loss treatments. Other analysts have also grown more optimistic about the future of weight loss treatments. Orforglipron, a once-a-day oral GLP-1 drug that Lilly is working on, had shown a 3% weight loss at 4 weeks. The company is also exploring whether the weight loss treatment could be given only once a month.

Persons: Eli Lilly, drugmakers Roche, Lilly, Denmark's, Trung Huynh, Huynh, Rajesh Kumar, Kumar, Novo, Roche, Roche ADRs, Justin Zelin, Zelin, Viking's, HSBC's Kumar, Novo aren't, —, Nick Wells Organizations: Novo Nordisk, Viking Therapeutics, UBS, HSBC Global Research, Carmot Therapeutics, Food and Drug Administration, Viking, European Association for, Diabetes, Pfizer, Amgen, Therapeutics Locations: Swiss, Novo, San Antonio, Spain

GLD 5Y mountain GLD The SPDR Gold Shares ETF is the world's largest, with BlackRock's iShares Gold Trust and iShares Physical Gold ETC the second and third, respectively. Other top physical gold ETFs include the Borse Commodities GmbH Xetra-Gold and the SPDR Gold MiniShares Trust . Gold mining ETFs Buying gold mining ETFs — which own shares of multiple gold mining companies — is another way to get exposure to gold, and Meyer described those backed by large banks as "relatively safe," in an email to CNBC. "Even though gold equities respond to changes in gold price, the degree of that response has deteriorated over time," he said, adding that the risks and costs of gold extraction can weigh on miners. A selection of gold bars and one-ounce gold coins at Gold Investments Ltd. bullion dealers in London, UK, on Tuesday, May 21, 2024.

Persons: Tom Price, Price, Berenberg, Robin Bhar, Amy Arnott, John Meyer, Colin Hamilton, BlackRock's, Meyer, Barrick Gold Panmure Liberum, George Milling, Stanley, they're, Morningstar's Arnott, Bhar, Chris Ratcliffe Organizations: CNBC, Panmure, Bank of America, Citi, UBS, Gold, Morningstar, SP, CNBC Pro, Royal Mint, BMO Capital Markets, Borse Commodities, MiniShares, Gold Miners ETF, Miners, Barrick, Resolute Mining, Hochschild, Caledonia Mining, Barrick Gold Panmure, Endeavour Mining, Endeavour, Pan, Resources, State Street Global Advisors, Gold Investments, Bloomberg, Getty Locations: Panmure Liberum, U.S . New York, United States, U.S, Hochschild Mining, Zimbabwe, London, West Africa, Berenberg

☆ UBS' Paul Donovan on U.S election, the economy and its industry policy
▼ + stars: | 2024-07-25 | 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 EmailUBS' Paul Donovan on U.S election, the economy and its industry policyPaul Donavan from UBS Global Wealth Management joins Asia Squawk Box to discuss a wide range of issues facing global economy.

Persons: Paul Donovan, Paul Donavan Organizations: UBS, UBS Global Wealth Management, Asia

☆ Chinese EV startups are spending more on research than Tesla is
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CNBC | Evelyn ChengBEIJING – U.S.-listed Chinese electric car companies are spending more on research as a ratio to sales than Tesla , according to CNBC analysis of the four automakers' first-quarter earnings. Of the four U.S.-listed Chinese electric car companies, Nio ranked first, spending nearly 29% of revenue in the first three months of the year on research and development. He was referring to a popular term in China to describe fierce competition, especially in the electric car industry. She noted that can help Chinese electric car companies respond more quickly to customers and market needs than traditional automakers. Geely has also released an electric car architecture called SEA that it says allows for quicker production of different sized vehicles.

Persons: Evelyn Cheng, Paul Gong, Nio, Elon, Feng Shen, Shen, William Li, Li, Jing Yang, Zeekr's, Parent, Ren Xiangfei, Ren, Geely, Tesla, Taylor Ogan Organizations: CNBC, UBS, Elon Musk's, Ford Motor, China's Ministry of Industry, Information Technology, Fitch, China Passenger Car Association, Snow Bull, Tech Locations: Hefei, Evelyn Cheng BEIJING – U.S, U.S, China, Nio, Hefei city, Anhui, Shanghai, Asia, Pacific, Zhejiang province, Hong Kong, Shenzhen

☆ UniCredit tops profit forecast, buys cloud-based bank
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +1 min

Italian bank UniCredit on Wednesday posted better-than-expected second quarter profit and said it was buying a Belgian digital bank with its own cloud-based IT platform for 370 million euros ($401 million). UniCredit said the purchase of Belgian bank Aion and its cloud-based core banking system Vodeno would add a team of 200 engineers, developers and data scientists. To address this, UniCredit's rival Intesa Sanpaolo for example is partnering with British cloud banking technology provider ThoughtMachine. "The transaction represents one of the first moves by a bank to acquire full ownership of a new technology (without any dependencies from third party core banking providers)," UniCredit said. Net profit in the second quarter rose 5% from the previous three months to 2.7 billion euros, surpassing a 2.4 billion euro average forecast from analysts polled by the bank as revenues held up better than anticipated.

Persons: Andrea Orcel, UniCredit, Banks, Intesa Sanpaolo Organizations: UniCredit, UBS, Banco, Belgian Locations: Belgian, Aion

☆ Wall Street analysts see more downside ahead for Tesla as latest earnings report lacks 'razzle dazzle'
▼ + stars: | 2024-07-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Wall Street is bracing for a rocky road ahead for shares of Tesla on the heels of a messy second-quarter print. That week Tesla shares rallied more than 27% to briefly erase a year-to-date loss . UBS analyst Joseph Spak noted the current stock price reflects a investors ascribing a "hefty value" to these plans. His $120 price target implies about 28% downside from Tuesday's close. Piper Sandler's Alexander Potter upped his price target to $300 from $205 a share, citing expectations for a faster-than-expected rollout of full self-driving (FSD) capabilities.

Persons: Tesla, Wells Fargo's Colin Langan, Cantor Fitzgerald, Pierre Ferragu, Goldman Sachs, Mark Delaney, Delaney, Joseph Spak, Spak, Toni Sacconaghi, Piper Sandler's Alexander Potter, Baird's Ben Kallo, Stephen Gengaro Organizations: Tesla, UBS, EV Locations: 1H25

☆ Oil prices drop to lowest levels in more than a month
▼ + stars: | 2024-07-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures on Tuesday dropped to the lowest level in more than a month, as the market has largely ignored recent tit-for-tat strikes between Israel and Houthi militants in Yemen. Israel responded with airstrikes against Houthi targets near the Al Hudaydah Port in Yemen over the weekend, hitting oil facilities. "Oil is starting to feel as if it is heading for the doldrums," John Evans, analyst at oil broker PVM, told clients in a note. Wildfires in Alberta, however, poses a potential risk to crude supplies in Canada though production has remained solid so far, according to Goldman. The worst of the wildfire season likely lies ahead, with a third of the wildfires in Alberta burning out of control, threatening 400,000 barrels per day in production, according to the investment bank.

Persons: Goldman Sachs, John Evans, Goldman Organizations: UBS Locations: Stanton , Texas, Israel, Yemen, Tel Aviv, Al Hudaydah Port, Alberta, Canada

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