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Persons: Cardholders, cardholders, they've, Nordstrom, Wells, You'll, Sephora, it's, Ariana Arghandewal Ariana Arghandewal, Ariana, Guy, Education Ariana, ExperienceExpertiseEducation Read Organizations: Business Insider, U.S . Bank, Card, Bank, Citi, Amazon, Visa, Foods, Chase Travel, American, American Express, U.S, Apple, . Bank, Best, EV, Costco, Bank of America, The Bank of America, Disney, Chase, Hulu, ESPN, Home Depot, Depot, Nordstrom, Nordy Club, Navy, Old Navy, Wells, PayPal, Mastercard, Target, Privileges, JetBlue, Wyndham Rewards, Walgreens, Walgreens Mastercard, Citibank, Business, Bankrate, CNBC, CNN, Forbes, Lonely, NBC, Traveler University, CardCon, Chicago, Expertise, Education, University of Southern Locations: Nordstrom, Banana Republic, Old, Sephora, Target, Ulta, Chevron, University of Southern California
The US is in an industrial recession, according to Piper Sandler economist Jake Oubina. A spike in oil prices could be enough to tip the economy into a full recession, Oubina added. But in general, the economy's showing an industrial recession," Oubina said in an interview with Fox Business on Tuesday. AdvertisementThe economy could slip into a broader recession if there's a spike in oil and energy prices, Oubina added. "Oil prices spiking, energy prices spiking in the past, have been enough to tip the economy from a slowing into a recession.
Persons: Piper Sandler, Jake Oubina, , That's, Oubina, Brent Organizations: Service, Institute of Supply Management, Fox Business, Atlanta Fed, Bank of America Locations: Iran, Israel
It also raised its price target to $210 from $187, suggesting shares could rise more than 17% from Tuesday's close. He maintained his $2,400 price target, which implies 16.2% upside potential from Tuesday's close. Bank of America's Lorraine Hutchinson reiterated her buy rating while trimming her price target to $100 from $104. Deutsche Bank analyst Krisztina Katai also maintained her buy rating and inched down her price target by $3 to $92. He also lowered his price target on shares to $40 from $42, implying upside of just 5.2% over the next 12 months.
Persons: Baird, Davidson, Raymond James, Pavel Molchanov, Molchanov, — Hakyung Kim, FANG, Betty Jiang, Jiang, Diamondback, John Pancari, Pancari, Marcelo Santos, Santos, LatAm, Santo, Elliott Hill, Bank of America's Lorraine Hutchinson, Hutchinson, Krisztina Katai, Katai, Matthew Boss, Boss, Baird downgrades Harley, Craig Kennison, Harley, Kennison, Fred Imbert Organizations: CNBC, GE, General Electric, Barclays, Diamondback, Diamondback Energy, Endeavor, Endeavor Energy Resources, Management, T, T Bank, Federal Reserve, ISI, EA, JPMorgan downgrades, JPMorgan, MercadoLibre, Nike, Bank of, Deutsche Bank, Harley Locations: Tuesday's, Bank of America's, Hill
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Persons: Cardholders, Merrill, you'll, you've, Cash, You'll, BankAmericard, cardholders aren't Organizations: Business, Bank of America, Card, The Bank of America, of America, Credit, Drug, Merrill, Bank, Deposit Bank of America, Quicksilver, . Bank of America, Cash, Capital, College
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShort work stoppage at ports would have muted impact, says BofA's HutchinsonLorraine Hutchinson, senior retail analyst at Bank of America Securities, joins CNBC's 'The Exchange' to discuss the potential impact of port strikes on retailers ahead of the holidays, outlooks ahead of Nike earnings, and more.
Persons: BofA's Hutchinson Lorraine Hutchinson Organizations: Bank of America Securities, Nike
Here are the biggest calls on Wall Street on Tuesday: Morgan Stanley initiates LatAm Airlines at overweight Morgan Stanley says shares of the Latin American airline are undervalued. " Morgan Stanley reiterates Tesla as overweight Morgan Stanley says it's sticking with Tesla ahead of the company's robotaxi day. Bank of America upgrades Alcoa to buy from neutral The firm says the aluminum company is uniquely positioned. Goldman Sachs upgrades Ford to buy from neutral Goldman says it likes the auto giant's "opportunity in software and services." Morgan Stanley reiterates Nvidia as overweight Morgan Stanley says it's standing by the dominant maker of AI processors.
Persons: Morgan Stanley, LTM, Tesla, Oppenheimer, it's, Goldman Sachs, Goldman, Raymond James, Atlassian, Hewlett Packard, it's bullish, Jefferies, KeyBanc, Davidson, Patrick, Wells, Nvidia's Blackwell, Raymond James downgrades Disney Organizations: LatAm, Bank of America, Alcoa, AA, Barclays, Apple, Citi, Anheuser, Busch InBev, Ford, HP, Meta, Google, YouTube, UBS, Netflix, Resources Locations: U.S, Mexico, Florida, Parks
A major Wall Street strategist is jumping aboard the story that materials stocks could be at the start of a big rally. That theory played out during last week's rally for Chinese stocks. The Materials Select Sector SPDR Fund (XLB) rose 3% last week, though it was down a bit on Monday and Tuesday. XLB 1M mountain This materials fund is up since the Chinese stock rally began. Bank of America isn't the only Wall Street shop that's bullish on materials given the change in China.
Persons: Savita Subramanian, Sherwin, Subramanian, Roth MKM's JC O'Hara Organizations: Bank of America, Linde Locations: China, Freeport, McMoRan
US electric demand is rising, fueled by everything from data centers to electrified transportation, says BofA. AdvertisementWith resources flooding into infrastructure and tech, US electric demand is charging up. Sempra will rise 13% based on the bank's $94 share target. Northwestern Energy could similarly jump over 13% to reach a $65 price target, Bofa says. TXNM Energy is set to increase 10% from current levels, reaching a price target of $48 per share.
Persons: , Entergy, Goldman Sachs Organizations: Service, Bank of America, Northwestern Energy, Pinnacle, TXNM Locations: Texas, Montana
Club holdings Amazon , Costco , Home Depot , and Best Buy have been preparing for the port strike for months — attempting to blunt any fallout it might have on their abilities to get goods from overseas. They added that 60% to 70% of those imports arrive at East Coast and Gulf Coast ports. To put things in perspective, for retail goods, the East Coast ports are less utilized than the West Coast ports, Basham said. Due to its size, however, Best Buy often gets priority from its shippers, which could help secure goods faster than smaller competitors. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Walkouts, We're, Jeff Marks, Seth Basham, Basham, Lorraine Hutchinson, Bank of America Merrill Lynch, it's, They're, Ron Vachris, We've, Marc Wulfraat, Wulfraat, Wedbush's Basham, Jim Cramer's, Jim Cramer, Jim, Maher, Shannon Stapleton Organizations: Longshoremen's Association, United States Maritime Alliance, U.S, Costco, Home, CNBC, Barclays, Retailers, Bank of America, International Longshoremen's Association Locations: East Coast, Gulf, Maine, Texas, Gulf Coast, East, West Coast, Elizabeth , New Jersey, U.S
Ford Motor — The automaker jumped 2.3% after Goldman Sachs upgraded shares to buy from neutral. CVS Health – Shares rose 2% after CNBC, citing people familiar with the matter, reported that CVS is working with advisors on a strategic review of its business. Clorox — Shares of the household supplies company rose more than 1.5% after an upgrade to buy from hold at Jefferies. Pinterest — Shares of the online platform added 3.3% after Goldman Sachs added Pinterest to its "Americas Conviction List." Datadog — The cloud analytics company rose 1.7%.
Persons: Goldman Sachs, Raymond James, Ric Prentiss, Clorox, Pinterest, Datadog, Davidson, Oppenheimer, — CNBC's Sean Conlon, Sarah Min, Samantha Subin, Pia Singh, Michelle Fox, Jesse Pound Organizations: Ford, Super, Disney —, CVS, CNBC, Reuters, Anheuser Busch InBev, Citi, Anheuser, Busch, Jefferies, Boeing, Bloomberg, Alcoa, Bank of America
Another pivotal U.S. jobs report this week will determine the market's direction, and Bank of America strategists think it is likely to push stocks to more record highs. The September jobs report is due Friday, with the economy expected to have added 144,000 jobs, up from 142,000 jobs in August, according to a Dow Jones estimate. It projects payrolls grew by 150,000 in September, with the unemployment rate at 4.2%. For options traders, Bank of America is recommending buying calls on cyclical equities, which currently offer the best value across asset classes. It said options on SPDR S & P Regional Banking ETF (KRE) are the most attractive right now to play the jobs data.
Persons: Dow Jones, payrolls Organizations: Bank of America, Federal Reserve, Regional Banking
AdvertisementThe large-cap real estate sector benefits from Wall Street's massive investment in data centers, a necessary infrastructure component of the artificial intelligence buildout. AdvertisementIn Subramanian's view, part of the appeal of value sectors is the high dividends they offer. As the Fed's cutting cycle pulls down short-term yields, money market investors will search for new sources of income. She previously noted that dividend yields are especially alluring in real estate. Since 2008, real estate dividends has doubled the proportion of high-quality market cap.
Persons: they're, Subramanian, , Savita Subramanian, BofA's, BofA, Scott Chronert Organizations: Bank of America, Service, CNBC, Bloomberg Locations: China, Beijing
China's bond traders are piling into the safe-haven asset despite recent stimulus efforts. The 30-year government bond yield hit its lowest level since 2005 last week and fell again Monday. AdvertisementWhile Chinese stocks have roared on Beijing's stimulus jolt, the country's bond market suggests there's lingering skepticism. But the bond market seemed less convinced, with the 30-year government bond yield falling the next day to close to its lowest level since 2005. Investors may be reacting to the widely held view that despite the size and scope of China's stimulus moves, they still might not be enough.
Persons: , Stocks, it's Organizations: Bank of America, Service, CSI, People's Bank of Locations: China, People's Bank of China, CNY1.85tn
Chinese consumers are opting for affordable alternatives across various categories to save money. The trend, known as pingti, is driven by economic challenges and is popular among young people. Consumers are finding cheaper substitutes for luxury goods, everyday items, and even healthcare. It's now become a trend in China to save on nearly every consumer category, from luxury goods to everyday consumables to travel, with cheaper substitutes. A Bank of America survey of 1,052 adult Chinese consumers showed weakening consumer sentiment, with 30% of respondents planning to spend more — down from 45% in June.
Persons: , It's, Bobbi Brown, Estée Lauder, MingYii Lai, it's, Lindy, Hermes Lindy, Lai, Ruth Jin, Xiaohongshu Cleo Xie, they've, She's, Xie, Jin, Yves Saint Laurent, Keith, she's Organizations: Service, Daxue Consulting, Bottega, Prada, University, Dai, PPI, Bank of America Locations: China, Xiaohongshu, Beijing, Ili, Xinjiang, Provence, France, Xishuangbanna, Laos, Myanmar, Bangkok, Thailand, Chengdu, Europe, Asia
When Warren Buffett, the ultimate buy-and-hold investor, sells a stock, it often sends a negative signal about the underlying business and maybe even the entire industry. "We're more reluctant to sell them than most people," Buffett said of his large positions at Berkshire's annual meeting in 2009. Bank of America sales Many top holdings in Berkshire Hathaway's equity portfolio are decades old — Buffett has held Coca-Cola shares since 1988 and American Express since 1991. Buffett said bank failures in 2008 during the Global Financial Crisis , and again in 2023, lessened confidence in the system, made worse by poor messaging by regulators and politicians. At the time, Buffett foresaw more bank failures down the road , but stuck with his Bank of America investment, partly because he personally negotiated the original deal and admired CEO Brian Moynihan.
Persons: Warren Buffett, Buffett, — Buffett, Goldman Sachs, Wells, BofA, digitalization, fintech, It's, Brian Moynihan Organizations: Herald, Buffalo News, Bank of America, American Express, Oracle, JPMorgan, U.S . Bancorp ., Silicon Valley Bank, First, Signature Bank Locations: Omaha, Berkshire, BofA, Wells Fargo, U.S, U.S . Bancorp . Berkshire, Bank, Silicon, First Republic, saviors
Utility stocks this year have mounted a rally unseen in more than two decades. In the third quarter, utilities are the best out of 11 sectors that comprise the S & P 500, climbing 18%. As a group, utilities are poised to score their largest quarterly gain since George W. Bush was president in 2003. If that holds through yearend, utilities will see their biggest annual advance since 2000, when they surged more than 50%. "Utilities are the hottest sector in the market currently," Wolfe Research Rob Ginsberg said in a note to clients in August.
Persons: George W, Bush, Wolfe, Rob Ginsberg, hasn't, It's, buildout, Ginsberg, Subramanian, Wells Fargo, Christopher Harvey, Harvey, LSEG Organizations: Utilities, Federal Reserve, Bank of, Nasdaq, Bank of America, Constellation Energy, CenterPoint Energy Locations: yearend, The Texas, Houston
But the past week's stimulus blitz did not offer fiscal support to China's discouraged consumers. AdvertisementChina's latest stimulus blitz offers everything but one key fix: new incentives to revive consumers. While Tuesday's stimulus package didn't address fiscal support, Chinese officials appear to be getting around to it. Even if China commits to bigger fiscal support in the near term, it could be too late to change things this year, Huang said. For instance, Chinese consumers are staying away from new housing projects even as China has introduced looser mortgage rates and downpayment rules.
Persons: , Liz Young Thomas, Tianlei Huang, Huang Organizations: Service, JPMorgan, Investment, Peterson Institute for International Economics, Reuters, Communist, Barclays, Bank of America Locations: China, Beijing
The U.S. needs to add 200 gigawatts of nuclear, Goff told CNBC in an interview. “A lot of the data centers are coming in and saying they do need firm, 24/7, baseload clean electricity,” Goff said. But restarting reactors in the U.S. will only provide a small fraction of the nuclear power that is needed, he said. From coal to nuclearCoal communities across the U.S. could provide a runway to build out a large number of new nuclear plants. Between coal and nuclear sites, the U.S. potentially has space for up to 269 gigawatts of additional nuclear power.
Persons: Mike Goff, Goff, , ” Goff, Goldman Sachs, , “ It’s, Doug True Organizations: of Nuclear Energy, Department of Energy, U.S, CNBC, Bank of America, Microsoft, DOE, Holtec, Palisades, Nuclear Regulatory Commission, Nuclear Energy Institute Locations: U.S, New York City, Georgia, Michigan
The United Kingdom is pursuing investment from America's biggest banks and tech giants, as the country looks to infuse growth in its stagnant economy. "We now have a Labour government whose number one priority is wealth creation," U.K. Prime Minister Keir Starmer told CNBC's Andrew Ross Sorkin in an exclusive broadcast interview Thursday. "We are a Labour party that is proud to say we are pro business just as much as we are pro worker." In July, Starmer became the first leader from the center-left Labour party to win a U.K. national election since Tony Blair — ending 14 years of Conservative rule. This week, Blackstone committed to investing $13 billion to build a data center in the northeast of England.
Persons: Keir Starmer, CNBC's Andrew Ross Sorkin, Starmer, Tony Blair —, Brian Moynihan, Jane Fraser, Larry Fink, Brad Smith, Jonathan Gray, Blackstone Organizations: Labour, Conservative, United Nations General Assembly, Bank of America, Citi, BlackRock, Microsoft, Blackstone Locations: Kingdom, New York City, England, Europe
European luxury stocks have struggled this year amid weak Chinese demand. AdvertisementEuropean luxury stocks rallied sharply this week as a wave of Chinese stimulus measures spurred hopes of more spending. On Monday, the day before the stimulus measures were announced, Bank of America analysts cut their price objectives on luxury stocks by an average of around 20%. They also downgraded four luxury stocks to neutral, and another from neutral to underperform — leaving just three luxury stocks at buy ratings. Now, it seems investors are banking on the stimulus measures to bring luxury spending back to the country.
Persons: Cartier, , Burberry, Hugo Boss Organizations: Hermes, Service, Bank of America Locations: China, EU, Japan
China's stock markets surged this week, marking the best weekly performance since late 2008. AdvertisementChina's stock markets closed sharply higher Friday, notching their best week in 16 years as investors joined the rally party. The stock market party overwhelmed tech systemsThe stock market party got too hot to handle. AdvertisementFurthermore, the US Federal Reserve has started cutting interest rates, which has historically benefited Chinese markets, they added. So even if Beijing's stimulus isn't enough for China's economy, a liquidity or leverage-driven market rally could still be "very powerful," they wrote.
Persons: , Vishnu Varathan, Hong, Hao Hong, Pan Gongsheng, Data.TS, Freya Beamish, Rory Green Organizations: Service, Grow Investment, Shanghai Stock Exchange, of America, Bank of America, US Federal Reserve, People's Bank of China Locations: China, Beijing, Asia, Japan, Shanghai, India
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America sees Apple Intelligence opening up new ways to monetize and attract new install baseWamsi Mohan, BofA Securities senior IT hardware analyst, joins 'Money Movers' to discuss how Mohan is thinking about Apple's new AI, any indication if Apple is pursuing Apple Intelligence monetization, and much more.
Persons: Mohan Organizations: Email Bank of America, Apple Intelligence, BofA Securities, Apple
A bulldozer moves coal that will be burned to generate electricity at the American Electric Power coal-fired power plant in Winfield, West Virginia. The U.S. currently maintains the largest nuclear fleet in the world with 94 operational reactors totaling about 100 gigawatts of power. The U.S. needs to add 200 gigawatts of nuclear, Goff told CNBC in an interview. "A lot of the data centers are coming in and saying they do need firm, 24/7, baseload clean electricity," Goff said. But restarting reactors in the U.S. will only provide a small fraction of the nuclear power that is needed, he said.
Persons: Mike Goff, Goff, Goldman Sachs Organizations: American Electric Power, of Nuclear Energy, Department of Energy, U.S, CNBC, Bank of America, Constellation Energy, Microsoft Locations: Winfield , West Virginia, U.S, New York City
Piper Sandler upgrades Accenture to overweight from equal weight Piper upgraded the IT company following its earnings report. Goldman Sachs reiterates Costco as buy Goldman says it's sticking with the stock following earnings on Thursday. Citi downgrades Dollar General to sell from neutral Citi says it sees too many competitive challenges. JPMorgan adds Best Buy to the focus list JPMorgan says it sees an "improving product cycle" for Best Buy. Bank of America downgrades HP to neutral from buy The firm says it sees slowing earnings per share growth.
Persons: Morgan Stanley, Wynn, Piper Sandler, Piper, Goldman Sachs, Goldman, it's bullish, it's, Raymond James, Mercado, Roth MKM, Roth, Cantor Fitzgerald Organizations: Wynn Resorts, Deutsche Bank reinstates Dell, Deutsche, DELL, NASDAQ, Costco, " Bank of America, Apple, Bank of America, Apple Intelligence, UBS, Vista Energy, Citi, Pepsi Citi, Catalyst, Walmart, Cava, Mercado Libre, JPMorgan, Chesapeake Energy, Barclays, Netflix, HP Locations: UAE, Macau, BMBL, CAVA, HPQ
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