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☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

☆ EU banks face liquidity checks next year after 2023 crises
▼ + stars: | 2023-08-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. The need for credible options was reinforced after the Swiss central bank stepped in with a liquidity backstop for Credit Suisse in March, before it was taken over by rival UBS (UBSG.S). Liquidity refers to readily available cash or short-term debt with a ready buyer to fund a bank's day-to-day operations without having to sell assets. "Strategies and actions suggested by institutions to support liquidity in resolution remained limited and mostly focused on accessing central bank facilities," EBA said in its report. Tapping private markets for liquidity, however, may be difficult for a stressed bank coming out of resolution, and even getting central bank liquidity can be hard without enough collateral, the EBA noted.

Persons: Kai Pfaffenbach, Huw Jones, Alexander Smith Organizations: European Central Bank, REUTERS, Union, Credit Suisse, UBS, European Banking Authority, Silicon Valley Bank, EU, EBA, Thomson Locations: Frankfurt, Germany, Swiss, Switzerland, Silicon, United States

The beat was underpinned by much lower-than-expected "cost of risk" - money set aside for failing loans - of 166 million euros. Analysts had expected 430 million euros. Dubbed a "year of transition" by Krupa's predecessor Frederic Oudea, 2023 is also marked by a severe downturn at SocGen's French retail banking division, fresh from a merger of its two local networks. The second quarter was also affected by negative exceptional items of 240 million euros, which Credit Suisse analysts said were tied to "legacy legal disputes". Retail banking outside France fared better, as did SocGen's car leasing division ALD Automotive (ALDA.PA), whose sales jumped by more than 17% thanks to the acquisition of rival LeasePlan.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, France's, Jefferies, Frederic Oudea, Intesa, LeasePlan, SocGen, Mathieu Rosemain, Augustin Turpin, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, Royal Bank of Canada, European Central Bank, Credit Suisse, Retail, ALD Automotive, Thomson Locations: French, Courbevoie, Paris, France, PARIS, Russia

A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyNEW YORK, Aug 2 (Reuters) - UBS Group (UBSG.S) is laying off employees from Credit Suisse's investment bank this week in New York, a source familiar with the situation said. Bloomberg reported about the closure of the Houston office late on Tuesday. The job cuts come after UBS closed a government-backed deal to buy Credit Suisse in June. Since the announcement of the deal, UBS has made clear it will reduce the risk of Credit Suisse's investment bank.

Persons: Pierre Albouy, Tatiana Bautzer, Chris Reese, Diane Craft Organizations: Credit Suisse, UBS, REUTERS, Credit, Bloomberg, Thomson Locations: Zurich, Switzerland, New York, Houston

☆ Man Group shares tumble as fund performance disappoints
▼ + stars: | 2023-08-01 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, Aug 1 (Reuters) - British hedge fund manager Man Group (EMG.L) posted forecast-beating first-half pretax profit and record assets under management on Tuesday, but a disappointing performance across several of its funds roiled investors, sending shares lower. Man reported negative investment performance at its AHL Evolution Fund and Numeric Global Core Relative Return fund for the first half of 2023, as well as its actively managed GLG Global Emerging Markets Debt Total Return Fund. Performance fees in both Man's AHL Evolution and funds marked "other alternatives" both fell by over 80% from a year earlier. Despite the first quarter volatility, Man reported net inflows of $2.6 billion for the period, coming in around 2.5% higher than industry peers. Man recommended an interim dividend of 5.6 cents a share, in line with guidance offered a year ago.

Persons: Antoine Forterre, Man, Luke Ellis, Man's, Robyn Grew, Ellis, Group's Forterre, Jefferies, Nell Mackenzie, Sinead Cruise, Sharon Singleton Organizations: Man, Credit Suisse, Reuters, AHL Evolution Fund, GLG, Varagon Capital Partners, Thomson Locations: U.S

☆ Swiss National Bank posts $15 billion loss during second quarter
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 31 (Reuters) - The Swiss National Bank (SNBN.S) on Monday posted a second quarter loss of 13.20 billion Swiss francs ($15.14 billion) as interest rate hikes by other central banks dented the value of its massive bond holdings. The SNB lost 8.08 billion francs on its foreign currency positions of 742 billion francs as bond prices fell as investors feared more interest rate hikes by the U.S. Federal Reserve, European Central Bank and others. The Swiss central bank also lost 3.14 billion francs on its gold holdings in the three months to the end of June, as lower prices cut the value of the 1,040 tonnes of the precious metal it holds. The second quarter loss contrasts with a 26.9 billion franc profit in the first three months of 2023, reducing the SNB's half year profit to 13.7 billion francs. The SNB also made a 1.88 billion franc loss from its Swiss franc positions during the second quarter, largely reflecting the resumption of interest payments on sight deposits as part of its more restrictive monetary policy.

Persons: John Revill, Rachel More, Kirsten Donovan Organizations: Swiss National Bank, U.S . Federal Reserve, European Central Bank, Credit Suisse, UBS, Swiss, Thomson Locations: ZURICH, Swiss

☆ Energize Capital just raised a $300 million fund to back growth-stage climate tech startups. Here's the 11-slide pitch deck it used to get investors on board.
▼ + stars: | 2023-07-31 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

Chicago-based climate software fund Energize Capital just raised $300 million in growth funds. Chicago-based Energize Capital, formerly Energize Ventures, just raised $300 million to help close the growth funding gap for climate startups. The growth capital will be spread across 12 startups over a three-year investment period, with around half expected to be from Energize's earlier-stage ventures portfolio, Tough said. Currently a team of around 20, Energize expects to keep growing and have five investors on its growth fund. Check out the 11-slide redacted pitch deck Energize used to raise the fund below:

Persons: generalists, John Tough, Energize, Caprock, Tough Organizations: Energize, Energize Ventures, Aurora, Bank Credit Suisse, Mercy Investment Services, Schneider Electric Locations: Chicago, Europe

☆ Here are Monday's biggest analyst calls: Apple, Nvidia, Tesla, Amazon, Chevron, Walmart, Adobe & more
▼ + stars: | 2023-07-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Monday's biggest calls on Wall Street: Goldman Sachs upgrades Chevron to buy from neutral Goldman said it sees a cash flow inflection for the oil and gas giant. Morgan Stanley names Keurig Dr Pepper a top pick Morgan Stanley said the beverage giant is its new top pick. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said Walmart+ continues grow and gain new members. Morgan Stanley downgrades Salesforce to equal weight from overweight Morgan Stanley said positive catalysts are in the "rear-view mirror" for the stock. Morgan Stanley upgrades Adobe to overweight from equal weight Morgan Stanley said in its upgrade of Adobe that it sees generative AI driving creativity.

Persons: Goldman Sachs, Goldman, Bernstein, Morgan Stanley, Dr Pepper, Jefferies, Carvana, there's, Cowen, Piper Sandler, Apple, Piper, JPMorgan downgrades, it's, Ford, Oppenheimer, Evercore, Morgan Stanley downgrades Salesforce, Tesla Organizations: Chevron, Nvidia, Apple, Walmart, JPMorgan, JPMorgan downgrades Penske, " Bank of America, Hasbro, of America, Deutsche Bank, York Community, Deutsche, RBC, CSX, Electric, GE, Triple, SG, Wayfair, Suisse, UPS, Credit Suisse, Teamsters, Adobe, Barclays, EV, Detroit Locations: China, York

☆ Stocks making the biggest moves premarket: Hasbro, Adobe, GoodRx, SBA Communications and more
▼ + stars: | 2023-07-31 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Chevron — Shares rose 1.6% after Goldman Sachs upgraded Chevron to buy from neutral and hiked its price target. Hasbro — The toymaker added 2.9efore the bell after Bank of America upgraded the stock to buy from neutral. United Parcel Service — Shares fell 1% after Credit Suisse downgraded UPS to neutral from outperform, citing labor concerns. Cowen also raised its price target to reflect about 78% potential upside. SBA Communications — Shares fell 1.6% in premarket trading.

Persons: Morgan Stanley, Goldman Sachs, Jefferies, Walt Disney, Bob Iger, Kevin Mayer, Tom Staggs, XPeng, GoodRX, Cowen, It's, —, Alex Harring, Hakyung Kim, Tanaya Macheel, Samantha Subin Organizations: Chevron, Ford, Disney, Financial, UBS, Hasbro, Bank of America, United Parcel Service, Credit Suisse, CVS, SBA Communications, Semiconductor, FactSet Locations: U.S

LONDON/SYDNEY, July 31 (Reuters) - Commercial real estate investors and lenders are slowly confronting an ugly question - if people never again shop in malls or work in offices the way they did before the pandemic, how safe are the fortunes they piled into bricks and mortar? WALL OF DEBTGlobal banks hold about half of the $6 trillion outstanding commercial real estate debt, Moody's Investors Service said in June, with the largest share maturing in 2023-2026. U.S. banks revealed spiralling losses from property in their first half figures and warned of more to come. Borrowers in the UK real estate holding & development category were 4% more likely to default. But the whale could be commercial real estate in the U.S.".

Persons: Richard Murphy, Jeffrey Sherman, Charles, Henry Monchau, Bank Syz, Jones Lang LaSalle, Savills, JLL, Dhara Ranasinghe, Huw Jones, Clare Jim, Kirsten Donovan Organizations: Employers, UK's Sheffield University, Reuters, Investors, Moody's Investors Service, Fed, Federal, Bank, Suisse, Washington D.C, HSBC, Capital Economics, Thomson Locations: SYDNEY, London, Los Angeles and New York, U.S, New York, Beijing, San Francisco, Tokyo, Washington, Shanghai, North America, Hong Kong

☆ US bank preferred capital issuance makes a tentative comeback
▼ + stars: | 2023-07-28 | by ( Shankar Ramakrishnan | ) www.reuters.com time to read: +4 min

So-called preferred securities, which are one of the riskiest forms of debt but also have some characteristics of stocks, are popular among banks as a way to boost their capital for regulatory purposes. More than $160 billion of preferreds were issued in 2020 and 2021 each, when rates were low. Volume dropped last year to $70 billion as the U.S. Federal Reserve embarked on an interest rate hiking cycle. When Wells Fargo & Co (WFC.N) issued a new public preferred security earlier this month, investor demand far outweighed supply. The $1.725 billion deal received orders of over $6 billion, bringing total issuance for the year to $37 billion.

Persons: preferreds, Wells, ”, Daniel Botoff, Allie Quine, Cohen, Steers, Quine, WELLS, Wells Fargo, RBC's Botoff, Shankar Ramakrishnan, Paritosh Bansal, Matthew Lewis Organizations: U.S . Federal Reserve, Credit Suisse, UBS Group, Wells Fargo & Co, Treasury, RBC Capital Markets, Informa Global, Thomson Locations: U.S, preferreds, New York

NEW YORK, July 27 (Reuters) - Bill Hwang, the founder of Archegos Capital Management, on Thursday asked a judge to let him subpoena documents from 10 banks, in an effort to shift blame as he defends against criminal fraud charges that the firm's collapse was his fault. The office of U.S. Attorney Damian Williams, which is prosecuting Hwang, did not immediately respond to a request for comment. Other banks also lost money when Archegos collapsed, but less than Credit Suisse. That caused it to miss margin calls, and banks to dump stocks that had backed the swaps and which they had bought as hedges. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.

Persons: Bill Hwang, Hwang, Damian Williams, Archegos, Goldman Sachs, Jefferies, Mitsubishi UFJ, Morgan Stanley, Nomura, Alvin Hellerstein, Hwang et, Jonathan Stempel, Daniel Wallis Organizations: YORK, Archegos Capital Management, UBS, Credit Suisse, Prosecutors, Bank of Montreal, Deutsche Bank, Mitsubishi, Court, Southern District of, Thomson Locations: Manhattan, Macquarie, Mizuho, U.S, Southern District, Southern District of New York, New York

☆ Wall Street analysts become even more bullish on Meta after its latest earnings report
▼ + stars: | 2023-07-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Meta has had a breakout year in 2023 — and Wall Street analysts think the stock has even further room to grow after company's latest quarterly report. The new target price implies more than 25% upside from Wednesday's close. Bank of America analyst Justin Post also increased his price target on Meta shares to $375 from $350. META YTD mountain Meta shares in 2023 Meanwhile, UBS hiked its price target to $400 from $335, implying 34% further upside. He reiterated his overweight rating while lifting his price target to $425 from $300, one of the highest on the Street.

Persons: Meta, Morgan Stanley, Brian Novak, Novak, Justin Post, Goldman Sachs, Eric Sheridan, Sheridan, Wells, Ken Gawrelski, Gawrelski, Stephen Ju, Ju, UBS's Lloyd Walmsley, Walmsley, Doug Anmuth, — CNBC's Michael Bloom Organizations: Wall Street, Meta, Bank of America, Citi, Reality Labs, UBS, Credit Suisse Locations: opex

☆ Browse our database of more than 350 Wall Street headhunters to find your dream job in private equity, investment banking, or hedge funds
▼ + stars: | 2023-07-27 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +4 min

From investment banks to hedge funds to private-equity shops, the financial industry is always on the lookout for top talent. Hedge funds are another story. As Insider recently reported, demand for inflation traders by hedge funds has been red hot. Keizner said he's also seeing demand at hedge funds that focus on credit trading and special situations, like mergers. "Single manager, directional equity hedge funds typically haven't been receiving asset inflows and as a result, there's less hiring there."

Persons: Anthony Keizner, Bobby Jain, Adam Harwood, who's, Keizner, he's Organizations: Wall, PJT Partners, Search, Citadel, Credit Suisse, Bankers, Wall Street Locations: dealmaking

LONDON/MADRID, July 26 (Reuters) - Spain's Santander (SAN.MC) is planning to hire around 150 bankers primarily in the United States as part of its plans to accelerate growth in its investment banking business, three sources with knowledge of the matter said. Santander's global corporate and investment banking chief, Jose M. Linares, discussed the plans in a town hall held in New York last week, the sources said. So far, the bank has hired more than 20 senior investment bankers chiefly in the United States, Reuters has reported. Net profit at the bank's global corporate and investment bank rose 16% year-on-year in the second quarter to 899 million euros. Santander employs currently around 8,000 staff at its global corporate and investment bank.

Persons: Jose M, Linares, Ana Botin, David Hermer, Marco Antonio Achon, Corporate Finance Darren Jones, Steven Geller, Jones, Hector Grisi, Grisi, Jesús Aguado, Andres Gonzalez, Elisa Martinuzzi, David Evans Organizations: Spain's Santander, Credit Suisse, Reuters, Banking, Corporate Finance, Linares, Global, Santander, U.S ., Thomson Locations: MADRID, United States, New York, U.S, Spanish, Mexico, Europe, Latin America, Santander, America

☆ Lopez provisionally suspended for potential anti-doping rule violation -UCI
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Colombian rider Miguel Angel Lopez has been provisionally suspended for a potential anti-doping rule violation, the International Cycling Union (UCI) said on Tuesday. Lopez, currently of Colombian Team Medellin-EPM, has been notified of a potential violation for use and possession of a prohibited substance in the weeks prior to the Giro d'Italia in 2022, the UCI said in a statement. The material includes evidence obtained from Spanish law enforcement authorities and the Spanish Anti-Doping Organisation (CELAD) during an investigation into Marcos Maynar. He recently won the Colombian National Time Trial Championships. Reporting by Anita Kobylinska in Gdansk Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

Persons: Miguel Angel Lopez, Lopez, Marcos Maynar, Qazaqstan, Anita Kobylinska, Toby Davis Organizations: International Cycling Union, UCI, Colombian Team Medellin, International Testing Agency, Doping, Astana, Tour de France, Tour de Suisse, Volta, Colombian, Thomson Locations: Colombian, Spanish, Espana, Catalunya, Gdansk

☆ UBS agrees to pay $388 million over Credit Suisse's Archegos failings
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, July 24 (Reuters) - UBS (UBSG.S) has been ordered to pay $388 million to British and U.S. regulators over Credit Suisse's dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday. The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, which was involved in a number of legal battles. Under the agreement, UBS is to pay the U.S. Federal Reserve $268.5 million and the UK's Prudential Regulation Authority 87 million pounds ($111.6 million). Reports ahead of time had suggested the U.S. regulator would impose a penalty of up to $300 million and the UK regulator would fine UBS up to 100 million pounds over the bank's dealings with Archegos. ($1 = 0.7797 pounds)Reporting by Noele Illien and John Revill; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Noele Illien, John Revill, Jan Harvey Organizations: UBS, Archegos Capital Management, Credit Suisse, U.S . Federal, Prudential, Archegos, Thomson Locations: ZURICH, U.S, Swiss

☆ Fed fines UBS $268.5 mln for Credit Suisse missteps with Archegos
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse's misconduct around its dealings with the defunct investment firm Archegos Capital Management. The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank. Reporting by Pete Schroeder; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Pete Schroeder, Chizu Organizations: U.S . Federal Reserve, UBS, Archegos Capital Management, Fed, Credit Suisse, Thomson

☆ UBS Is Fined Nearly $400 Million in Credit Suisse’s Archegos Mess
▼ + stars: | 2023-07-24 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

UBS will pay $387 million in fines to clean up lingering messes at Credit Suisse, the wounded Swiss banking rival it acquired this year. That incident helped shatter confidence in the 166-year-old Credit Suisse and foretold its eventual absorption into UBS. That UBS is now left with the bill is a reminder of the risk it took when it agreed, under pressure from the Swiss authorities, to rescue Credit Suisse for $3.2 billion. The settlement increases the takeover price more than 10 percent, and it saddles UBS with a host of measures ordered by regulators to prevent a repeat of such losses. Regulators also ordered UBS “to address additional longstanding deficiencies in other risk management programs at Credit Suisse’s U.S. operations.”

Persons: Credit Suisse’s, ” Organizations: UBS, Credit Suisse, Credit, Archegos Capital Management, Suisse, Federal Reserve, Regulators, UBS “, Credit Suisse’s Locations: United States, Britain

☆ UBS hit with $387 million in fines for ‘misconduct’ by Credit Suisse in Archegos dealings
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival. On Monday, the Federal Reserve said it would fine UBS for “misconduct” by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million – including fines from the Swiss government and the Bank of England. In its announcement of the fine, the Federal Reserve Board said that Credit Suisse practiced “unsafe and unsound” credit risk management practices in its dealings with Archegos. UBS and Credit Suisse have also been ordered to submit a plan to strengthen oversight of their US operations and senior management in the next 120 days.

Organizations: CNN, UBS, missteps, Credit Suisse, Federal Reserve, Archegos Capital Management, Bank of England, Warner Brothers Discovery, Federal Reserve Board, Archegos, “ Credit Suisse, ”, Silicon Valley Bank, Signature Bank, Swiss Locations: Swiss, “, Wall, Switzerland

☆ Wall St Week Ahead Relentless U.S. stock rally faces Fed test
▼ + stars: | 2023-07-21 | by ( David Randall | ) www.reuters.com time to read: +4 min

The S&P 500 is up nearly 19% year-to-date and closed on Thursday at 4,534.87, only about 6% below an all-time high reached in January 2022. What the Fed does and says next week will be critical," said Cliff Corso, chief investment officer at Advisors Asset Management. "Bearish investors have had to capitulate," said Liz Ann Sonders, chief investment strategist at Charles Schwab. The bank last month raised its year-end S&P 500 target to 4,500, from 4,000. However, Christopher Tsai, chief investment officer at Tsai Capital, is not worried about buying into an overvalued market.

Persons: Cliff Corso, Jonathan Golub, Tom Lee, Ed Yardeni, Liz Ann Sonders, Charles Schwab, Eric Freedman, Goldman Sachs, Sunitha Thomas, We've, Christopher Tsai, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Richard Chang Organizations: YORK, Federal Reserve, Fed, Asset Management, Jonathan Golub of Credit Suisse, Fundstrat Global, Yardeni Research, National Association of Active Investment, U.S, Bank Wealth Management, Consumers, Northern Trust, Tsai, MSCI Inc, Zoetis Inc, Thomson Locations: U.S, Jonathan Golub of

☆ Here's what Jim Cramer thinks about J&J stock after a pivotal talc case verdict
▼ + stars: | 2023-07-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

But on Tuesday, J & J was ordered to pay $18.8 million after jurors found in favor of 24-year-old Emory Hernandez Valadez who claimed in his lawsuit that he developed mesothelioma, a deadly cancer linked to asbestos, from exposure to J & J talc products. J & J has said that over 60,000 claimants support its latest $8.9 billion settlement to be paid out over 25 years. Johnson & Johnson issued an official statement following the verdict in favor of Valdez, intending to appeal. Even so, J & J got a few of price target increases on Wall Street on Friday. The higher growth pharmaceuticals and medical technology businesses are remaining as the new J & J.

Persons: Johnson, J's, Jim Cramer, Jim, J, Emory Hernandez Valadez, we're, there's, Moshe Maimon, Levy, Maimon, Michael Kaplan, Kaplan, Erik Haas, Thursday's, Haas, Jim Cramer's, Justin Sullivan Organizations: Johnson, LTL Management, J, Credit Suisse, AAA, CNBC, & ' $, & $ Locations: California, American, Levy Konigsberg, Valdez, Stifel, Kenvue, San Anselmo , California

☆ China's sagging economy looms over quarterly results around the world
▼ + stars: | 2023-07-20 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

July 20 (Reuters) - China's frail growth could weigh on companies with exposure to the world's second-largest economy, including Apple (AAPL.O), big chipmakers and luxury retailers as they report quarterly results in the next few weeks. China accounted for 36% of NXP's revenue last year and half of Texas Instruments' revenue. Analysts estimate NXP reporting a 3.2% drop in quarterly revenue, with Texas Instruments' revenue tumbling 16%, which would be its steepest drop since 2009, according to Refinitiv. The specialty glass maker blamed "anticipated recession-level demand" for weak results in its previous quarterly report last April. Coffee maker Starbucks (SBUX.O) in May reported quarterly results that beat estimates, powered by recovering demand in China.

Persons: Ross Mayfield, Baird, Cartier, Richemont, Bernstein, Tesla, Jonathan Golub, hobble, David Klink, Noel Randewich, Chavi Mehta, Caroline Valetkovitch, Mimosa Spencer, David Gaffen, Nick Zieminski Organizations: Apple, U.S, Shanghai, ABB, HK, NXP Semiconductors, Texas, Texas Instruments, . Credit Suisse Chief, Equity, Corning Inc, Samsung Electronics, Huntington Private Bank, Reuters, Thomson Locations: China, U.S, Swiss, Asia, ., China . U.S, Washington, Beijing, Oakland , California, Bangalore, New York, Paris

☆ Here are Thursday's biggest analyst calls: Tesla, Netflix, Chevron, Alphabet, Apple, Nvidia, IBM and more
▼ + stars: | 2023-07-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as equal weight Morgan Stanley said it's standing by its equal-weight rating on Tesla after its earnings report Wednesday. Morgan Stanley upgrades Anheuser-Busch InBev to overweight from equal weight Morgan Stanley said the beer giant's valuation is attractive right now. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said the company is a top pick heading into earnings next week. Bank of America reiterates Alphabet as buy Bank of America said it's bullish on the stock heading into earnings next week. Bank of America reiterates IBM as buy Bank of America said it's standing by its buy rating on the artificial intelligence beneficiary after its earnings report Wednesday. "

Persons: it's, Morgan Stanley, Tesla, Bud, Wolfe, NVDA, Estée Lauder, Skyworks, McDonald's, Wells, Wells Fargo, it's bullish, Goldman Sachs, ServiceNow Organizations: Credit Suisse, Apple, Suisse, Vision, Tesla, Anheuser, Busch InBev, RBC, Nvidia, Barclays, UBS, Chevron, Bank of America, Netflix, Deutsche Bank downgrades Avis Budget, Deutsche Bank, Avis Budget, Walmart, " Bank of America, IBM, Citi Locations: underperform, China

☆ Hollywood strike may soon turn destructive for media stock investors, analysts say
▼ + stars: | 2023-07-20 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

"We're getting to a point of being very destructive to the entertainment ecosystem," said Rosenblatt Securities analyst Barton Crockett. Bazinet said to expect the walkout to last into the fourth quarter, which would mean a writers' strike lasting between around 150 and 240 days and an actors' strike in a range of 70 and 160 days. The strikes could cost the film and TV industry about $150 million per week, Citigroup's Bazinet wrote, using inflation-adjusted data from the 1980 actors' strike. "The lasting impacts are: [it] makes the streamers stronger and the traditional media companies weaker," Crockett said. JPMorgan analyst David Karnovsky downgraded movie theatre chain Cinemark shares to neutral from overweight earlier this week, citing the strike.

Persons: We're, Barton Crockett, Jason Bazinet, Bazinet, Douglas Mitchelson, Mitchelson, Goldman Sachs, Brett Feldman, Philip Cusick, Cusick, Goldman's Feldman, Citigroup's Bazinet, Rosenblatt's Crockett, Crockett, Feldman, Barbie, Oppenheimer, Stephen Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Screen, – American Federation of Television, Radio Artists, Alliance, Television Producers, Writers Guild of America, Rosenblatt Securities, Media, AMC, Disney, Warner Bros, Discovery, Paramount, Netflix, UFC, Endeavor, WWE, SAG, Credit Suisse, JPMorgan, AMC Networks, WBD, Covid, Comcast, CNBC

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