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☆ Why the stock market's AI trade came back to life this week
▼ + stars: | 2024-09-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

AI stocks like Nvidia, Super Micro Computer, and Broadcom soared nearly 20% this week. Oracle shares surged 24% after Ellison's bullish comments on AI's long-term potential. AdvertisementThe stock market's artificial intelligence trade was revived this week, with shares of AI stalwarts like Nvidia, Super Micro Computer, and Broadcom all soaring nearly 20%. Since those bullish comments, Oracle shares soared as much as 24% at their intraday peak on Friday. The AI rally has spread throughout the tech sector this week, with semiconductor stocks seeing renewed interest and a nearly 10% surge.

Persons: Ellison's, —, Larry Ellison, Jensen Huang, Oracle's Ellison, Ellison, it's, Oracle, Jackson Ader, Huang, Goldman Sachs Organizations: Nvidia, Micro, Broadcom, Oracle, Service

☆ Nvidia stock can climb for the next 12 months, S&P Global analyst says
▼ + stars: | 2024-09-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Nvidia's stock rally has another 12-18 months left to go, according to S&P Global's Andrew Chang. The stock has at least another year of "strong runaway" amid big demand for its chips, Chang said. His comments bolster predictions of continued upside for Nvidia, Chang said in an interview with Schwab Network on Friday. "It just confirms our view that we have strong runway for at least the next 12 months," Chang said. Nvidia stock sold off in the weeks following its earnings report at the end of August, but the stock staged a fresh rally this week alongside other tech stalwarts including Oracle and Super Micro Computer.

Persons: Andrew Chang, Chang, —, Jensen Huang, Goldman Sachs, Blackwell Organizations: Service, Nvidia, Goldman, Schwab Network, Oracle, Apple, Microsoft, Department of Justice, Bloomberg, Micro Computer, Nasdaq Locations: San Francisco

☆ Jim Cramer says Nvidia gets a do-over on Wall Street — and another big move looms
▼ + stars: | 2024-09-13 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +3 min

Wall Street appears to have given Nvidia a mulligan. A number of positive headlines around AI demand have lifted Nvidia and other stocks that benefit from the adoption of the buzzy tech. "There's kind of a do-over in terms of what happened with [CEO Jensen Huang], what happened with Nvidia," Cramer said on "Squawk on the Street," referring to the response to its much-ballyhooed earnings report Aug. 28 . The Investing Club also has a stake in Broadcom, which like Nvidia had been punished after its recent earnings report. Advanced Micro Devices , another AI chipmaker, and Eaton , which makes electrical equipment used in the expanding data center market, have added about 13% and 7%, respectively, this week.

Persons: CNBC's Jim Cramer, That's, Jensen Huang, Cramer, Larry Ellison, Ellison, Goldman Sachs, Huang, Nvidia's, CNBC's Megan Cassella, Blackwell Organizations: Nvidia, Charitable Trust, CNBC, Oracle, Blackwell, Broadcom, Devices, The Club, AMD, Eaton Locations: U.S, Eaton

☆ Adobe shares fall 9% on weak fourth-quarter guidance
▼ + stars: | 2024-09-13 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Adobe CEO Shantanu Narayen speaks during an interview with CNBC on the floor at the New York Stock Exchange in New York City, Feb. 20, 2024. Shares of Adobe fell more than 9% on Friday, a day after the software company released third-quarter results that offered worse-than-expected guidance for the fourth quarter. Adobe reported $5.41 billion in revenue for the quarter, up 11% year over year and above the $5.37 billion expected by analysts according to LSEG. Analysts at Bank of America said Adobe reported results and outlook that were somewhat mixed but healthy overall. "No change to our positive view on Adobe," they wrote in a Friday note.

Persons: Shantanu Narayen, LSEG, Goldman Sachs, Adobe's, — CNBC's Michael Bloom, Kif Leswing Organizations: CNBC, New York Stock Exchange, Adobe, Bank of America, Microsoft, UBS Locations: New York City

☆ This tech stock ETF just posted one of its best weeks of the past few years
▼ + stars: | 2024-09-13 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Leading technology stocks led an eye-popping rebound rally the past five days, driving a key ETF texchange traded fund to one of its best weeks in years. The Technology Select Sector SPDR Fund (XLK) surged 8.2% this week, the most since Nov. 11, 2022, when the fund gained 10.04%. XLK YTD mountain Technology Select Sector SPDR Fund (XLK) performance this year. Investors can thank a bounce back in megacap technology and semiconductor stocks this week that lifted all three major U.S. stock indexes. That alone suggests semiconductor stocks have lost their leadership status, at least for now, Turnquist said.

Persons: ChatGPT, Jensen Huang, Blackwell, Goldman Sachs, Adam Turnquist, Turnquist Organizations: texchange, Microsoft, Nvidia, Technology, Apple, Apple Watch, Semiconductor, Broadcom, LPL Financial, PHLX Semiconductor Locations: XLK

☆ Goldman Sachs : U.S. dollar to remain king despite slower economic outlook
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs : U.S. dollar to remain king despite slower economic outlookGoldman Sachs’s Kamakshya Trivedi says there is no "viable challenger" to the U.S. dollar strength, and adds that he is cautious on the Japanese yen.

Persons: Goldman Sachs, Goldman Sachs’s Kamakshya Trivedi Organizations: U.S

☆ To pop or not to pop: the smart way to invest in AI without worrying about the bubble
▼ + stars: | 2024-09-13 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

It's also common to draw parallels between the dot-com bubble and today's hype, leading investors to wonder if there's an AI bubble that's about to pop, too. Goldman Sachs' big AI headline of the month is "To buy, or not to buy, that is the question." The note from September 5, led by Peter Oppenheimer, suggests the answer is "to buy" but also to diversify. And the third is the application providers, which are the companies creating services for end users to harness AI. It comes from machine learning or big data workloads that various companies and governments use, Belton noted.

Persons: —, Goldman Sachs, Peter Oppenheimer, John Belton, doesn't, Brian Colello, Nancy Tengler, that's, it's, Tengler, Wall, Larry Ellison, Colello, Belton Organizations: Service, Business, Gabelli Funds, Morningstar Equity Research, Investments, Nvidia, Companies, Microsoft, Intel, Oracle, IBM, Broadcom, AMD, Cadence Design Systems, Google, AWS, Eaton Corporation Locations: GenAI, Belton

☆ Engagement bait's rise on Threads is another example of how we just can't help ourselves on social media
▼ + stars: | 2024-09-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

While rage bait can be found across social media, its prominence on Threads is because of how the app promotes content. AdvertisementWith that in mind, there's often something in your behavior on social media that's leading the apps to send those posts your way. In the grand scheme of things, rage bait is not the worst thing on social media by a long shot . YouTube star MrBeast mastered social media algorithms to build a huge audience in no time. Here's what business students said , and here's what tech students said .

Persons: —, Rebecca Zisser, Katie Notopoulos, Katie, it's, it'll, Samantha Lee, Goldman Sachs, David Solomon isn't, Solomon, Warren Buffett's, Kanu Gulati, she'd, Jensen Huang doesn't, Huang, Alberto E, Rodriguez, MrBeast, Jonah Peretti, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Business, Twitter, JPMorgan, Bank of America, Occidental Petroleum, Khosla Ventures, Kanu Gulati Khosla Ventures, Nvidia, Warner Bros, HBO, Charter Locations: Taiwan, China, New York, London

☆ Goldman Sachs loves these 4 top European stocks — giving one 110% upside
▼ + stars: | 2024-09-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Four U.K.-listed stocks — one of which was given 110% upside — are among Goldman Sachs' European conviction list. While the S & P 500 fell by 5.85% in the first week of August, the FTSE 100, an index of the 100 largest London-listed stocks, outperformed by falling by only 2.4%. .FTSE .SPX 5Y line The investment bank said the FTSE 100 "can also provide good diversification from the concentrated and Tech-heavy S & P 500 ." The bank notes that SSE's "leading capabilities vs. peers position it well to capture this investment growth." The investment bank said the company "is at the start of a revenue acceleration" supported by increasing market share and expansion into new markets.

Persons: Goldman Sachs, Goldman, Sharon Bell, Tufan Erginbilgic, LSEG Goldman, LSEG Organizations: FTSE, SPX, Tech, BT Group, Royce, London Stock Exchange, BT, London Stock Exchange Group, Bloomberg, Microsoft Locations: British, London, United States

☆ China real estate sector: Policymakers are focused on 'risk containment,' Goldman says
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina real estate sector: Policymakers are focused on 'risk containment,' Goldman saysKenneth Ho, head of Asia credit strategy research at Goldman Sachs, says "if there are government policies directed more towards cleaning up the excess inventory in the real estate sector, we think that's a positive development."

Persons: Goldman, Kenneth Ho, Goldman Sachs Organizations: China Locations: Asia

☆ Asian chip-related stocks rally on renewed AI optimism after Nvidia CEO comments
▼ + stars: | 2024-09-12 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., speaks during an event in Taipei, Taiwan, on Sunday, June 2, 2024. Asian chipmaking heavyweights extended Wall Street's rally as Nvidia CEO Jensen Huang made bullish comments about the AI darling's outlook. Stocks tied to Nvidia suppliers and semiconductor related companies rallied in Asia as the bullish investor sentiment spilled over. Contract chip manufacturer Taiwan Semiconductor Manufacturing Corp jumped as much as 5% and Hon Hai Precision Industry — known internationally as Foxconn — gained over 4%. Japanese chip-related stocks also soared, including semiconductor testing equipment supplier Advantest which gained over 9%.

Persons: Jensen Huang, Goldman Sachs, Huang, Stocks, — Organizations: Nvidia Corp, Nvidia, Goldman, Technology Conference, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, TSMC, Tokyo, SoftBank Group, Samsung Electronics, SK Hynix Locations: Taipei, Taiwan, San Francisco, Asia, South Korea

☆ WBD scored a crucial cable deal — by making HBO free for millions of people
▼ + stars: | 2024-09-12 | by ( Peter Kafka | James Faris | ) www.businessinsider.com time to read: +4 min

AdvertisementCharter will end up paying WBD for the right to give away Max with ads (as well as Discovery+, WBD's much-less-popular streamer), which sells for $10 a month. So WBD isn't exactly giving Max away. But by making a version of Max free to millions of Charter subscribers, WBD is basically inviting existing Charter/Max subscribers to trade down. But this time around, LightShed analyst Rich Greenfield calls the deal a "victory" for WBD, given the weakened position of its cable channels. Related stories"Nobody had faith in Zaslav/WBD to get a Charter deal done, especially a deal that was not even up for an entire year," he writes.

Persons: —, WBD, Max, there's, Warner, Rich Greenfield, Nobody, Greenfield, John Malone, Malone, David Zaslav, Goldman Sachs, He'll Organizations: Service, Warner, TNT, NBA, Business, HBO, Charter, Disney, ESPN, Analysts, Comcast, DirecTV Locations: Zaslav, DirectTV's

☆ Big returns will come from small-caps while the Fed cuts rates, says Goldman's Ashish Shah
▼ + stars: | 2024-09-12 | 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 EmailBig returns will come from small-caps while the Fed cuts rates, says Goldman's Ashish ShahAshish Shah, Goldman Sachs CIO of public investing, joins 'Squawk Box' to discuss Shah's prediction for the Federal Reserve next week, the opportunity ahead for investors, and the tough part of buying small-cap stocks.

Persons: Goldman's Ashish Shah Ashish Shah, Goldman Sachs Organizations: Federal Reserve

☆ Forget funds like SPY and VOO — buy this alternative S&P 500 index that's trading near its cheapest levels since the dot-com bubble
▼ + stars: | 2024-09-12 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

But there's another lesser-known S&P 500 index that you might not have heard of: the SPW. In contrast, the conventional S&P 500 allocates more weight to the biggest companies based on market capitalization. Big Tech names carry very little debt on their balance sheets, meaning that they are less affected by elevated interest rates. Bank of AmericaIn contrast, the cap-weight S&P 500 is approaching overvalued territory. Examples of SPW index funds include the Invesco S&P 500 Equal Weight ETF (RSP) and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW).

Persons: —, that's, Jack Ablin, LPL, Jeff Buchbinder, Savita Subramanian, Buchbinder, Ablin, haven't, Goldman Sachs Organizations: Service, Nvidia, Big Tech, Business, Bank of America, Cresset, Healthcare, financials, Bank of America's, Equity, RSP

☆ JPMorgan just capped bankers' work at 80 hours a week — but there's still one big exception
▼ + stars: | 2024-09-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

JPMorgan Chase and Bank of America are taking steps to limit junior bankers' work hours. AdvertisementTwo Wall Street banks are cracking down on young bankers' working hours, as the industry continues to grapple with a long-standing culture of overwork. On Wednesday, The Wall Street Journal reported that JPMorgan Chase plans to limit bankers' hours and that Bank of America is using a new tool to track their time on the job. JPMorgan will cap working time at 80 hours a week. It carves out one big exception: live deals, typically the most taxing part of the job, when bankers need to be on call for high-stakes work around the clock.

Persons: Peers, Morgan Stanley, Goldman Sachs, —, JPMorgan Chase Organizations: JPMorgan Chase, Bank of America, Service, Street Journal, JPMorgan, Business

☆ Here are Thursday's biggest analyst calls: Apple, Nvidia, Roku, Meta, Oracle, Broadcom, Micron & more
▼ + stars: | 2024-09-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +4 min

Wells Fargo initiates Blackrock as overweight Wells Fargo said the asset manager is well positioned. " Bernstein reiterates Nvidia & Broadcom as top ideas Bernstein said both stocks remain top picks at the firm and that margin fears are overdone. Bernstein reiterates Oracle as a top idea Bernstein said it sees "increasing revenue growth" for Oracle. " Morgan Stanley reiterates Amazon, Alphabet and Meta as overweight Morgan Stanley said the three internet giant's are well positioned in the ad market. Morgan Stanley reiterates Apple as overweight Morgan Stanley named Apple to its Vintage Values list as a stock to own for the next 12 months.

Persons: Wells, Wells Fargo, Stephens, Bernstein, Blackwell, Morgan Stanley, Goldman Sachs, Goldman, Jefferies, McDonald's, it's, Wolfe, Apple, Raymond James Organizations: Simon Property Group, SPG, Blackstone, Apollo, TPG, SF, APO, Blackrock, Nvidia, Broadcom, Oracle, Bank of America, Diageo, of America, Barclays, TAM, CTV, FedEx, UBS, Costco, " Bank of America, Apple, Micron

☆ Cooling jobs data might beat out inflation in forcing the Fed to deliver a big rate cut, Goldman Sachs CEO says
▼ + stars: | 2024-09-12 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

Cooling labor data could still lead the Fed to cut rates by 50 basis points, Goldman Sachs' David Solomon says. "I think the percentage chance is in the low 30s," Solomon said of a 50 basis point cut. The slightly hotter August CPI reading tilted the odds further in favor of a 25 basis point cut. AdvertisementIt wasn't long ago that Goldman Sachs CEO David Solomon forecasted there could be no rate cuts from the Federal Reserve this year. Now, even as the latest inflation data has most investors pricing in a 25 basis point cut in September, Solomon says a larger cut could still be in the cards.

Persons: Goldman Sachs, David Solomon, Solomon, — Organizations: Service, Federal Reserve, CNBC, Business

☆ Intel getting help from Commerce Secretary Raimondo as part of effort to spur U.S. production
▼ + stars: | 2024-09-12 | by ( Seema Mody | ) www.cnbc.com time to read: +4 min

The company is turning to Commerce Secretary Gina Raimondo for help. In a recent meeting with Raimondo, Intel CEO Pat Gelsinger voiced frustration over the heavy reliance that U.S. companies have on Taiwan Semiconductor Manufacturing , the world's largest contract chipmaker. Intel is currently building out plants in four U.S. states as it seeks to become more of a foundry business, manufacturing chips for other suppliers. It's an increasingly important initiative for Intel, which is getting trounced in the market for microprocessors. Concerns have been rising for years that China could invade Taiwan, creating a massive risk for the U.S. chip industry.

Persons: Gina Raimondo, Joe Biden, Raimondo, Pat Gelsinger, chipmaker, Biden, It's, David Zinsner, Zinsner, Jensen Huang, Goldman Sachs, Huang, David Solomon Organizations: Semiconductors, America, White, Intel, U.S, Taiwan Semiconductor Manufacturing, Nvidia, Apple, CNBC disbursements, Devices, U.S . Commerce Department, AMD, Google, Broadcom Locations: U.S, Taiwan, Arizona, China

☆ Mr ChatGPT and other AI power players are going to the White House to discuss AI’s massive thirst for energy
▼ + stars: | 2024-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The meeting, which hasn’t been previously reported, is the first time senior White House officials will sit down with tech company leadership to discuss how to quench AI’s insatiable thirst for energy. The source said the White House expects to detail how the public and private sector can work together to maintain US leadership in AI in a sustainable way. AI is expected to spark a 160% surge in power demand from data centers by 2030, according to Goldman Sachs. Exowatt just launched a new system that can generate and store clean energy to AI data centers. Other US officials expected to attend Thursday’s AI power meeting include White House Chief of Staff Jeff Zients, National Economic Adviser Lael Brainard, National Security Adviser Jake Sullivan and top climate officials Ali Zaidi and John Podesta.

Persons: Sam Altman, Ruth Porat, Dario Amodei, hasn’t, Jennifer Granholm, Gina Raimondo, Harris, Joe Biden, Kamala Harris, Biden, Goldman Sachs, Altman, ”, ” Altman, “, Robyn Patterson, Jeff Zients, Lael Brainard, Jake Sullivan, Ali Zaidi, John Podesta, Oprah Winfrey, Bill Gates Organizations: CNN, White, Google, White House, Wall, . Energy, Biden, Microsoft, International Energy Agency, Washington Post, United, “, National Economic, National, ABC Locations: America, Washington, United States, Exowatt

☆ Applying to jobs is tough, try doing it 2,200 times
▼ + stars: | 2024-09-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, this guy is ready to give up after applying to nearly 2,200 jobs . The big storyNot hiringKevin Cash Ben BoxerHow tough is the current job market? AdvertisementThe job market is in a weird spot these days. On paper — and maybe in another labor market — Kevin appears to be the perfect candidate. It's a tough reality check for employees who previously held all the power in the job market.

Persons: —, Zer, Kevin Cash Ben Boxer, Kevin Cash, Tim Paradis, Kevin, it's, Forget, Tyler Le, we're, duMond, Chip Somodevilla, Alyssa Powell, Harris, Rebecca Zisser, Elon, Apple, Jensen, Goldman Sachs, David Soloman, Huang, Chelsea Jia Feng, Trump, Brian Niccol, We're, Niccol, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Business, Mensa, BI Trump, Oppenheimer, Fed, Twitter, Nvidia, Kroger, London Locations: San Francisco, Austin, New York, London

☆ Jensen Huang's 14-hour days and workaholic lifestyle helped him turn Nvidia into an AI powerhouse
▼ + stars: | 2024-09-12 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +6 min

He told last year's New York Times DealBook Summit: "I don't wake up proud and confident — I wake up worried and concerned." That's because Nvidia almost went bankrupt in the late 1990s — a memory he says is hard to shake off. Huang works holidays but finds it relaxingNvidia CEO Jensen Huang. On the "20VC" podcast in March, Tangen said Huang told him, "'Nicolai, there is hard work and then there's insanely hard work.'" When I'm not working, I'm thinking about working, and when I'm working, I'm working.

Persons: —, Jensen Huang, Huang, Mohd Rasfan, Huang doesn't, Nicolai Tangen, Tangen, Nicolai, I'm, David Solomon, Goldman Sachs, Huang's, Michael M, That's Organizations: Service, Nvidia, Financial Times, Business, New York Times DealBook, Microsoft, Apple, Getty, Norges Bank Investment Management, Technology Conference, Stripe's Sessions, Big Tech, CNN, Forbes, Stripe Sessions, Stanford School of Business, Stanford University Locations: AFP

☆ Hybrid work boosts satisfaction and productivity and is here to stay, PwC says
▼ + stars: | 2024-09-12 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +6 min

Read previewPwC says workers won't return to the office five days a week — and it's time for companies to see hybrid work as the new normal. "Hybrid workers have higher degrees of satisfaction and productivity than fully on-site," Anthony Abbatiello, workforce transformation leader and partner at PwC, told Business Insider. PwC's research found that hybrid workers are likelier to feel they belong at their company than fully on-site or remote workers. We came out with five signals that the research identified that are crucial for workforce transformation," Abbatiello said. AdvertisementAccording to Abbatiello, companies should be both "talent magnets" that attract emerging talent and "talent factories" that help existing workers stay and build careers.

Persons: —, Anthony Abbatiello, Abbatiello, Goldman Sachs, PwC, they're Organizations: Service, Business, Companies, Big Tech

☆ Jensen Huang says if 'anything were to happen' in Taiwan, Nvidia could have GPUs made somewhere else
▼ + stars: | 2024-09-12 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

When Nvidia CEO Jensen Huang spoke to Goldman Sachs CEO David Solomon on Wednesday, the banker raised this relationship — and how precarious it is due to rising tension in the Taiwan Strait. This story is available exclusively to Business Insider subscribers. Last year, Huang said he felt "perfectly safe" relying on manufacturing in Taiwan. Though Samsung has some of the same capabilities required to produce the most advanced chips, TSMC is the clear leader. Huang went on to praise TSMC for scaling up to meet the demand that created Nvidia's "hockey stick" earnings in recent years.

Persons: —, Jensen Huang, Goldman Sachs, David Solomon, Solomon, Huang, Dylan Patel, Chris Miller, TSMC, Patel Organizations: Service, Nvidia, Wednesday, Business, Samsung, Intel, SEC, Blackwell Locations: Taiwan, Asia, China, Pacific, TSMC, South, Arizona

☆ Nvidia chips are in such high demand that customers are 'emotional,' Huang said
▼ + stars: | 2024-09-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewNvidia CEO Jensen Huang said that a shortage of his company's products is making customers "emotional" and that things are tense. Huang, dubbed the King of AI, said the demand for Nvidia's products is so high because everyone wants to get them first — and they want a lot. He added, "Demand is so great that delivery of our components, our technology, infrastructure, and software is really emotional for people." "We probably have more emotional customers today. In August, Nvidia sparked worries that its next generation of AI chips, Blackwell , would be delayed by two to three months.

Persons: —, Jensen Huang, Huang, Goldman Sachs, Blackwell Organizations: Service, Business, Nvidia, Meta, Microsoft, Google, Blackwell Locations: San Francisco

☆ Goldman recommends these energy stocks to play the slump in crude oil
▼ + stars: | 2024-09-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The sharp slump in crude oil this month has driven down energy stocks, but the pullback also presents an opportunity for investors to gain exposure to some high-quality companies, according to Goldman Sachs. Crude oil futures rebounded somewhat Wednesday, but the U.S. benchmark and Brent are still down about 8.5% and 10.4%, respectively, in September. Wall Street analysts have an average stock price target of $139 on Conoco, implying upside of nearly 37% from Wednesday's close of $102.57 per share, according to FactSet data. The Street has an average price target of $18 on Talos, suggesting nearly 70% upside from Wednesday's close of $10.84 per share, according to FactSet. EQT has an average target price of $43, based on the Street consensus among analysts, representing a return of 31% from Wednesday's close of $32.88 per share, according to FactSet.

Persons: Goldman Sachs, Brent, Goldman, Neil Mehta, Mehta, Conoco, Tim Duncan, EQT, — CNBC's Michael Bloom Organizations: Brent, ConocoPhillips, Wall Street, Talos, EQT Locations: U.S, Wednesday's

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