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☆ Activist investor calls for BlackRock CEO Fink to step down over ESG ‘hypocrisy’
▼ + stars: | 2022-12-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Larry Fink, Chairman and C.E.O. of BlackRock arrives at the DealBook Summit in New York City, November 30, 2022. David Dee Delgado | ReutersLONDON — BlackRock CEO Larry Fink is facing calls to step down from activist investor Bluebell Capital over the company's alleged "hypocrisy" on its environmental, social and governance (ESG) messaging. However, in a letter to Fink dated Nov. 10, shareholder Bluebell expressed concern about the "reputational risk (including greenwashing risk) to which BlackRock under the leadership of Larry Fink have unreasonably exposed the company." The company remains a major shareholder in the likes of Glencore and "coal intensive miners" Exxaro, Peabody and Whitehaven, Bivaro's letter to Fink on Nov. 10 noted.

"It's the recession fear that a lot of investors have ... the concern is that profits begin to drop more meaningfully in the recession." As of Dec. 2, analysts expected S&P 500 companies to report a drop of 0.6% in fourth-quarter earnings after posting a 4.4% rise in the third quarter, according to Refinitiv IBES data. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were down 2 points, or 0.05%, and Nasdaq 100 e-minis were up 4.75 points, or 0.04%. Meanwhile, a Tuesday runoff election in Georgia between Democratic U.S. Among individual stocks, GameStop Corp (GME.N) rose 1.6% in premarket trading following a media report on layoffs.

☆ Here are Tuesday's biggest analyst calls: Tesla, Apple, JPMorgan Chase, GE, Starbucks, Costco & more
▼ + stars: | 2022-12-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Tuesday's biggest calls on Wall Street: UBS reiterates Apple as buy UBS said Apple's iPhone supply chain headwinds are abating. Cowen reiterates TJX Company as outperform Cowen said it's feeling more bullish on the stock after a series of recent management meetings. Piper Sandler reiterates Tesla as outperform Piper said reports of Tesla cutting production in China are mostly overdone. Bank of America reiterates Chipotle as buy Bank of America said the Mexican chain restaurant has "price elasticity." Oppenheimer upgrades General Electric to outperform from market perform Oppenheimer said it's starting to see strong execution from GE .

☆ A bad combination: Stocks are rising, but earnings estimates are falling fast
▼ + stars: | 2022-12-01 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

The S & P 500 broke above its 200-day moving average Wednesday for the first time since April and, perhaps more importantly, is on the verge of breaking a downtrend that's been in place all year. JPMorgan has become the latest to lower its 2023 earnings forecast. The bank slashed its 2023 earnings forecast almost 9%, to $205 from $225 (far below the analyst consensus of $231), "on weaker demand and pricing power, further margin compression, and lower buyback activity." 2023 S & P 500 earnings: who's right? In the first half of 2023, "We expect [the] S & P 500 to re-test this year's lows as the Fed overtightens into weaker fundamentals," the strategists said in their note.

☆ It's been a bad year for tech. But top investor Paul Meeks is betting on these bright spots
▼ + stars: | 2022-12-01 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

E-commerce Meeks is avoiding the e-commerce space altogether, citing concerns about "lackluster" online Christmas spending in the United States and the return of Covid shutdowns in China. Among the world's major e-commerce stocks, Meeks said he prefers JD.com to Alibaba and Amazon , though he suggested that "investors wait to buy any of them." Cyber stocks Cyber stocks, like nearly everything else in the broader tech sector, haven't been spared from this year's tech rout. The First Trust Nasdaq Cybersecurity ETF (CIBR) and the iShares Cybersecurity and Tech ETF (IHAK) are both down by about 22% this year, less than the Nasdaq's 30% drop. The semiconductor sector has, however, recovered slightly, with the SOX up 14.9% since the end of the third quarter.

☆ Millions suffer from long Covid — and it costs them $9,000 a year in health-care expenses, on average
▼ + stars: | 2022-12-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +11 min

There is no cure or approved treatment for ME/CFS; as with long Covid, patient symptoms are merely treated or managed. 'People are trying all sorts of treatments'Getting an official long Covid diagnosis can be challenging, which can compound early expenses. Like many who suffer from long Covid, Pohl seeks relief from crippling symptoms wherever it's available. "There are so many of us now that it's taking months to see professionals," she said of long Covid patients. watch nowTime alone generally doesn't cure long Covid symptoms; it often requires some form of rehabilitation.

☆ Wall St set to open flat as focus turns to Powell speech
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained nearly 18% in the last two months, while the Nasdaq index (.IXIC) has added about 4%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. The data is expected to show 200,000 job additions in November, compared with 261,000 jobs in the prior month. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Biogen Inc (BIIB.O) jumped 4.3% after its experimental Alzheimer's drug slowed cognitive decline in a closely watched trial.

☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, Amazon, Blackstone, Carvana, Netflix & more
▼ + stars: | 2022-11-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Morgan Stanley adds Blackstone to the financials' finest list Morgan Stanley added the investment bank and private equity firm to its top pick list and said it sees a compelling entry point. Bank of America downgrades Carvana to neutral from buy Bank of America said it has "liquidity and cash burn concerns." "We are reinstating coverage of XPO with a Neutral rating following a period of restriction. Bank of America reiterates Amazon as buy Bank of America attended Amazon's AWS Re:Invent conference and said Amazon Web Services ecosystem "remains strong." Morgan Stanley reiterates Lowe's as overweight Morgan Stanley said the home improvement retailer is in a "strong fundamental position."

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☆ Fact Check-New Hampshire officials say reporting error for U.S. Senator Maggie Hassan votes was due to typo
▼ + stars: | 2022-11-23 | by ( Reuters Fact Check | ) www.reuters.com time to read: +4 min

A typo - not election fraud - caused inaccurate vote totals to be reported in Coos County in New Hampshire for U.S. The New Hampshire Department of State details election results by county and reported that Hassan received a total of 332,193 votes against Bolduc’s 275,928 votes (select excel beside “United States Senator”) (here). Maggie Hassan Wins 1,100 Votes from Town with Population Under 700” and said: “These days we elect dead people and more votes are casted than there are people! The town referenced in the article is Columbia, in Coos County, which has a population of 659 according to the 2020 U.S. Census (here). While the New Hampshire Secretary of State originally reported that Maggie Hassan received 1,106 votes in Columbia, Coos County, state and town officials told Reuters it was due to a typo and the number has since been corrected.

☆ Here are Monday's biggest analyst calls: Amazon, Nio, Disney, Carvana, Coinbase, Costco & more
▼ + stars: | 2022-11-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

JPMorgan reiterates Amazon as top idea JPMorgan said the e-commerce giant is well positioned heading into the holiday season. " Morgan Stanley initiates Las Vegas Sands as overweight and names DraftKings as a top pick Morgan Stanley said in its initiation of Las Vegas Sands that it sees an attractive risk/reward. Morgan Stanley downgrades MongoDB to equal weight from overweight Morgan Stanley said in its downgrade of the database platform company that it's concerned about slowing growth for MongoDB. JPMorgan reiterates Charles Schwab as overweight JPMorgan said Charles Schwab is well positioned as one of the biggest "distributors of third-party mutual funds." Morgan Stanley upgrades Restaurant Brands to equal weight from underweight Morgan Stanley said it likes that the owner of brands such as Burger King appointed the former Domino's CEO as executive chairman.

☆ Credit Suisse calls this group the ultimate 'refuge from stormy seas' with a recession ahead
▼ + stars: | 2022-11-18 | by ( John Melloy | ) www.cnbc.com time to read: +2 min

The firm said investors still need to be selective in the space, however, naming two top ideas in Merck and AbbVie . Credit Suisse says U.S. pharma as a group is trading at a price-earning ratio of 16 times to 17 times while defensive sectors utilities and consumer staples have 18-20 P-E ratios, on average. For AbbVie, it sees 11% upside from here, noting it has the "highest dividend yield among peers." "As such, we believe large-cap biopharma should remain a solid outperformer in the coming months, with portfolios requiring diversity in the defensive names. If markets rally on further clarity, we see our higher-growth names, such as Eli Lilly, being insulated from the rotation away from defensives and back into growth names."

☆ Bank of America downgrades Coinbase, says FTX collapse raises 'contagion risk' for crypto platform
▼ + stars: | 2022-11-18 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Bank of America says the collapse of FTX is clouding the outlook for Coinbase . Analyst Jason Kupferberg downgraded shares of Coinbase to neutral from buy, citing "contagion risk" for the cryptocurrency exchange platform, even if it is not "another FTX." "We think Coinbase (COIN) likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX," Kupferberg wrote in a Friday note. However, diminished confidence in the crypto ecosystem (especially among retail crypto users) is likely to dampen overall trading activity," read the note. Finally, the analyst expects that it will take more time for crypto traders to fully understand the implication of the FTX collapse, which could further drag on other cryptocurrencies for the foreseeable future.

☆ Chip stocks hammered in Asia, dollar firms on hawkish Fed
▼ + stars: | 2022-11-17 | by ( Kevin Buckland | Yousef Saba | ) www.reuters.com time to read: +4 min

TOKYO, Nov 17 (Reuters) - Chip stocks took a beating on Thursday, sending most Asian share indexes lower, after grim signals from Micron Technology overnight about excess inventories and sluggish demand. Meanwhile, the U.S. dollar rebounded after stronger-than-expected U.S. retail sales suggested the Federal Reserve was unlikely to ease up in its battle with inflation. Hong Kong's Hang Seng Index (.HSI) tumbled 2.1%, with its tech stocks (.HSTECH) slipping more than 4%. Japan's Nikkei (.N225) lost 0.3% and South Korea's Kospi (.KS11) dropped 1.1%, each led by declines in heavyweight chip players. The U.S. dollar index - which measures the currency against six major counterparts - added 0.13% to 106.41, stabilizing after a slide as low as 105.30 on Tuesday following the release of producer price inflation numbers.

☆ Wolfe Research says these unloved stocks are starting to show favorable signs heading into 2023
▼ + stars: | 2022-11-17 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A few stocks that were unloved this year look set to turn the page heading into 2023, according to Wolfe Research. Wolfe Research searched for unloved names with buy ratings from less than 40% of analysts covering them. According to Wolfe Research, Carnival is expected to accelerate earnings by 647%. Pinterest has low short interest, just 5.5%, according to Wolfe Research. Regardless, the airline company has a high 2Q22 earnings quality score of 96, and it's forecasted to accelerate earnings by 17%, according to Wolfe Research.

☆ Fact Check-WiFi access inside a polling place is not proof of election fraud
▼ + stars: | 2022-11-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

Access to WiFi inside a polling place is not automatic proof of voter fraud, despite claims made online, experts told Reuters. The post led to claims that a new WiFi network suddenly appearing from inside a polling station can lead to voter fraud. WIFI PRESENCE NOT EVIDENCE OF FRAUDBut the presence of a WiFi network inside a polling place is not automatic proof of nefarious activity, experts in election security told Reuters. The presence of a WiFi network inside a polling place is not automatically proof of fraud, experts told Reuters. WiFi-connected electronic polling books that check in voters are commonplace at polling stations across the country.

☆ Here are Tuesday's biggest analyst calls: Tesla, Amazon, Netflix, First Solar, Carvana & more
▼ + stars: | 2022-11-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Loop reiterates Apple as buy Loop said it sees macro headwinds building for Apple. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said investors should buy the dip in shares of Tesla. Morgan Stanley names CBOE a top pick Morgan Stanley said the global markets company has a compelling entry point. Barclays reiterates Amazon as overweight Barclays said it sees a favorable risk/reward for Amazon shares right now. " AMZN shares remain out of favor heading into peak holiday season owing to its sub-seasonal revenue guide and AWS deceleration."

☆ Here are Friday's biggest analyst calls: Apple, Amazon, Coinbase, Carvana, Intel, Imax & more
▼ + stars: | 2022-11-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

UBS upgrades Werner to buy from neutral UBS said it sees upside for several trucking company names. "We are upgrading three truckload names to Buy from Neutral including HTLD, WERN , and SNDR and reiterating our Buy on KNX. Bank of America reiterates Amazon as buy Bank of America said reports of a cost cutting review at Amazon are a "positive." JPMorgan reiterates Silvergate as overweight JPMorgan said the crypto company's exposure to FTX is overblown. JPMorgan reiterates Netflix as overweight JPMorgan said it has "increased conviction" in shares of the streaming giant.

☆ We're sticking with Apple despite questions about holiday-quarter iPhone production delays
▼ + stars: | 2022-11-09 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

He continued, "If sales in the quarter are back-end loaded because of production delays, the week could be a notably strong one for Apple." We're not recommending investors step in and buy Apple shares here, recognizing the macro environment is complicating the valuations for large-cap tech stocks. This is part of the reason why we lowered our price target on Apple shares last week despite its better-than-expected fiscal fourth quarter , also referred to as the September quarter. Apple shares on Wednesday are trading at roughly 22 times forward earnings, above their five-year average of 21.4, according to FactSet. In Wednesday's note, Sacconaghi suggests an undertone of demand softening could be at play with the aforementioned iPhone production cuts.

☆ Meta laying off more than 11,000 employees
▼ + stars: | 2022-11-09 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +11 min

Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg said in a letter to employees Wednesday. "I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. Impacted employees will receive 16 weeks of pay plus two additional weeks for every year of service, Zuckerberg said. This hefty bet has cost Meta $9.4 billion so far in 2022, and the company anticipates that losses "will grow significantly year-over-year." I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go.

☆ Read the memo Mark Zuckerberg sent to employees announcing Meta's plans to lay off more than 11,000 people
▼ + stars: | 2022-11-09 | by ( Kate Duffy | ) www.businessinsider.com time to read: +9 min

Mark Zuckerberg sent a memo to employees on Wednesday announcing mass layoffs at Meta. Meta employees have been expecting widespread layoffs for months as CEO Mark Zuckerberg's focus on creating the metaverse has proven extremely costly and slow, Insider previously reported. Read below the full note that Zuckerberg sent to Meta staff:Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We would not be where we are today without your hard work, and I'm grateful for your contributions.

☆ Fact Check-No evidence drug overdose was main cause of death for George Floyd in 2020
▼ + stars: | 2022-11-08 | by ( Reuters Fact Check | ) www.reuters.com time to read: +8 min

The Hennepin County Medical Examiner ruled Floyd’s death a homicide with the cause of death as “cardiopulmonary arrest complicating law enforcement subdual, restraint and neck compression” (here). Under cross examination by Chauvin’s lead lawyer, Baker said that certain heart diseases or use of opioids can be fatal but that neither directly caused Floyd’s death. Reuters reporting on additional expert testimony during the trial that countered the defense’s claim that opioid use caused Floyd’s death can be found (here), (here), (here) and (here). But the fentanyl levels in Floyd’s blood should not be the sole factor in determining his cause of death. Available evidence about George Floyd’s death and toxicology test results do not show that his main cause of death was a drug overdose and toxicology results alone cannot identify a lethal level of fentanyl or other drugs in the body.

☆ Carrefour plans investments and savings to tackle inflation
▼ + stars: | 2022-11-08 | by ( Dominique Vidalon | ) www.reuters.com time to read: +3 min

The French group, which also announced a media joint venture with ad giant Publicis , said on Tuesday it was aiming for 4 billion euros ($4 billion) in cost savings and for net free cash flow of over 1.7 billion euros ($1.7 billion) in 2026. As a result, Carrefour said it was raising its annual investment target to 2.0 billion euros from 1.7 billion euros previously. "Carrefour 2026 is a plan to be on the offensive in markets marked by inflation and climate change ... The partnership with Publicis in retail media will take the form of a joint venture in which Carrefour will hold a 51% stake, the group said. ($1 = 0.9996 euros)Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Stripe plans to lay off 14% of workers
▼ + stars: | 2022-11-03 | by ( Annie Palmer | ) www.cnbc.com time to read: +11 min

Online payments giant Stripe plans to lay off roughly 14% of its staff, CEO Patrick Collison wrote in a memo to staff Thursday. Here's Collison's full memo:Earlier today, Stripe CEO Patrick Collison sent the following note to Stripe employees. We will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. We'll accelerate everyone who has already reached their one-year vesting cliff to the February 2023 vesting date (or longer, depending on departure date). We'll cover career support, and do our best to connect departing employees with other companies.

☆ China residents able to travel to Macau using e-visa from Nov 1
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 31 (Reuters) - China's immigration bureau said mainland residents will be able to travel to Macau from Nov. 1 using an online visa system rather than in-person applications, a move that could increase travel to the world's largest gambling hub. Authorities locked down the MGM Cotai casino resort owned by MGM China (2282.HK) on Sunday with staff and guests ordered to stay inside until Nov 1. All of Macau's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said. Macau's six casino operators - Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China, Melco Resorts and SJM Holdings (0880.HK) - are currently awaiting a government decision on whether they will be granted new licenses. Reporting by Farah Master and Beijing newsroom; Editing by Kim Coghill and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

The back half of the earnings season gets underway this week, with key companies across different sectors set to report. FactSet data shows that slightly more than 70% of the S & P 500 that have reported earnings have beaten earnings expectations. Tuesday Advanced Micro Devices is set to report earnings after the bell, followed by a conference call at 5 p.m. Wednesday Yum Brands is set to report earnings before the bell, with management holding a call at 8:15 a.m. EBay is set to report earnings after the bell, followed by a call at 5 p.m.

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