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☆ Pfizer boosts COVID vaccine sales forecast by $2 bln to $34 bln
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Pfizer Inc (PFE.N) on Tuesday raised its forecast for annual sales of its COVID-19 vaccine by $2 billion to $34 billion on demand for Omicron-targeted boosters, helping allay some investor worries over growth for the vaccinations. The U.S. drugmaker's shares rose 4.3% to $48.55 in premarket trading as its third-quarter profit beat estimates, mainly due to better-than-expected sales of the vaccine. Sales of the COVID-19 vaccine have eased from pandemic highs on soft demand for the original shots, sparking concerns over demand over the next few years. Third-quarter sales of the COVID-19 vaccine came in at $4.40 billion, blowing past estimates of $2.60 billion, according to five analysts polled by Refinitiv. However, $7.51 billion in sales of the company's COVID-19 pill Paxlovid missed estimates of $7.66 billion.

"From a markets perspective, you have to be cautious going forward," said Michael O'Rourke, chief market strategist at JonesTrading. "They're the biggest stocks in the market, and we really haven't had much of anything good come out of any of them." The Fed has already raised rates by 300 basis points this year as it fights the worst inflation in decades. "The big technology companies like Amazon continued hiring to support a business that looks like the year 2021, and it's not 2021. Despite the big stock price drops, some investors see more pain for the big tech-focused names.

☆ U.S. economy rebounds in Q3 on boost from trade, but demand stalling
▼ + stars: | 2022-10-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

While overall inflation slowed substantially from the second quarter, underlying price pressures continued to bubble. Gross domestic product increased at a 2.6% annualized rate last quarter after contracting at a 0.6% pace in the second quarter. That was the slowest rise in this measure of domestic demand since the second quarter of 2020 and followed a 0.5% rate of increase in the second quarter. A broader measure of inflation in the economy rose at a 4.6% rate, decelerating from a 8.5% pace of increase in the second quarter. Business inventories increased at a rate of $61.9 billion after rising at a pace of $110.2 billion in the second quarter.

☆ Weak Amazon outlook another blow to tech-type growth shares
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +7 min

But Apple earnings on Thursday were a bright spot, with higher than expected revenue leaving its shares (AAPL.O) only slightly lower. But then we look at the Apple report and they reported strong growth in a lot of their consumer categories. Going into the holiday season you would expect the consumer to really ramp up so that I see a big divergence between Apple and Amazon." What we saw in the past is that in a period of growth, tech really grew faster than anything else and got multiples that reflected that. There was always concern going into earnings, and quarter after quarter, they surprised to the upside.

☆ VIEW Bank of Canada surprises with smaller-than-expected interest rate increase
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +5 min

The central bank, in a regular decision, increased its policy rate to 3.75% from 3.25% and has now lifted rates by 350-bp since March. JIMMY JEAN, CHIEF ECONOMIST, DESJARDINS GROUP"It's surprising to see the Bank of Canada going against market and consensus expectations on the dovish side. But I think it says that they're now moving to that place where they're going to acknowledge the impact that they're already seeing. I think it was a close call between 50 and 75 (bps rate hike). Clearly, the Bank of Canada believes it's getting close to the so called terminal rate and I think they wanted to leave a few more options open."

Weber , which went public in August 2021 and is trading at half its offering price, is the latest example of a recent IPO to attract a bid to go private. Recent IPOs ducking for the door First, to understand why we selected these criteria, let's look at the recent deals. Kennedy Lewis' $4 per share cash offer was an 83% premium to F45's closing price ahead of the deal announcement, even though it was far below the stock's $16 IPO price. Even with the lift from the deal news, shares are only trading at less than half its $14 IPO price. Private equity company AEA Investors had a 28.4% stake in the company, and CEO Jeremy Andrus owns an 11% stake, according to FactSet.

☆ Sovereign bond market turmoil to spill well into next year: Reuters poll
▼ + stars: | 2022-10-24 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

BENGALURU (Reuters) - Turmoil in global sovereign bond markets is set to persist for another six months to a year as central banks carry on raising interest rates to bring down inflation, according to a Reuters poll of market strategists. Since the Fed first moved, bond markets have been subjected to high levels of volatility and deep sell-offs, jolting many bond investors out of their complacency. Bond Market Option Volatility Estimate Index, which began rising late last year, hit its highest level since March 2020 last week. But those median forecasts were higher than in September’s poll, suggesting yields are still facing upside risks. The poll expected bund yields to drop slightly from their current levels to 2.10% by end-2022 and then rise slightly to stay around 2.20% in the following six months.

☆ Stifel says the S&P 500 will rally 15% over the next 6 months as inflation cools
▼ + stars: | 2022-10-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Expect the S & P 500 to rally as much as 15% over the next six months as inflation cools and the Federal Reserve pares back its aggressive tightening campaign, Stifel says. "We do not think a 'classic' U.S. recession has begun, and yet the S & P 500 has already fallen in-line with a post-WW2 recession average," he wrote. Bannister's call comes after the S & P and major averages capped off their best week since June on Friday. BMO Capital Markets' chief investment strategist Brian Belski trimmed his year-end S & P price target to 4,300, saying he had underestimated the influence of inflation. Near-term trends favor cyclical stocks like the beaten-up semiconductors, media and entertainment and tech hardware stocks, Bannister said.

☆ Sterling weakens as inflation returns to 40-year highs
▼ + stars: | 2022-10-19 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

At 0845 GMT, the pound was down 0.4% against the dollar at $1.12750 pence , and down 0.18% versus the euro at 87.220 pence <EURGBP=D3. Wednesday's CPI data showed the consumer price index (CPI) increased by 10.1% in annual terms in September, in a new blow for households grappling with a cost-of-living crisis. The U-turn on the fiscal plans prompted traders to curb their bets on the Bank of England raising interest rates. Truss has so far defied calls for her resignation, though markets are increasingly considering the possibility of her imminent replacement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lucy Raitano; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank names head of semiconductor sector within TMT group
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Deutsche Bank (DBKGn.DE) has hired Robert Lee as managing director and head of the semiconductor sector within its technology, media & telecom (TMT) group in the Americas, according to an internal memo seen by Reuters on Tuesday. The memo, the contents of which were confirmed by a Deutsche Bank spokesperson, said Lee comes with over two decades of experience in the technology hardware industry, and has executed deals across banking products including M&A and initial public offerings. The hiring comes at a turbulent time for the U.S. M&A market that has suffered from dampened investor sentiment, particularly for tech companies, amid geopolitical turmoil, rising interest rates and fears of a recession. Lee, who will be based in San Francisco, joins Deutsche Bank from BMO Capital Markets (BMO.TO) and has previously also worked within tech investment banking at RBC Capital Markets (RY.TO) and Jefferies & Company. Register now for FREE unlimited access to Reuters.com RegisterReporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ BMO: These 42 dividend stocks will provide strong income growth as inflation continues to run hotter than expected
▼ + stars: | 2022-10-15 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

Brian Belski, the top strategist at BMO Capital Markets, just cut his S&P 500 price target. Here are 42 stocks to consider for strong dividend growth as prices continue to surge. His revised S&P 500 target implies that the index will rise by a "more realistic" 19% in the fourth quarter to finish the year at 4,300. Focus on 42 stocks with solid dividend growth as inflation runs rampantBelski and his colleagues at BMO Capital Markets have nine investing strategy portfolios that can serve as models for investors. Below are the 42 stocks that are currently in the US dividend growth portfolio along with the ticker, sector, dividend yield as of October 10, and rating from BMO analysts for each.

☆ BMO cuts 2022 year-end S&P 500 outlook, saying it underestimated inflation
▼ + stars: | 2022-10-14 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

BMO Capital Markets chief investment strategist Brian Belski cut his 2022 year-end stock market forecast after saying he underestimated the impact inflation would have on markets. The simple answer is the inflation environment, which we underestimated with our previous forecast. And with future CPI reports expected to remain hot, we decided we need to be more realistic in terms of 4Q performance expectations," Belski wrote in a Thursday note. The September reading on the consumer price index released Thursday showed inflation rising more than anticipated. "[Although] we have tempered our enthusiasm, we truly believe that stocks can and should rebound from current levels," Belski wrote.

☆ Soaring rent, food costs keep U.S. inflation on front burner; labor market tight
▼ + stars: | 2022-10-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Food prices increased 0.8%, with the cost of food at home advancing 0.7% amid rises in all six major grocery store food groups. The war in Ukraine also poses an upside risk to food prices. In the 12 months through September, the CPI increased 8.2% after rising 8.3% in August, decelerating for a third straight month. The so-called core CPI is being largely driven by the higher costs for rental accommodation. The core CPI jumped 6.6% in the 12 months through September, the most since August 1982, after rising 6.3% in August.

☆ Holiday bargains will dent retail profits. How investors can avoid taking a beating
▼ + stars: | 2022-10-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +11 min

Stifel's research found that consumers plan to spend 9% more this holiday season over 2021. Roughly three-quarters of respondents to a PwC holiday poll indicated they plan to spend the same or more this holiday season. Rather than marking down inventory, companies should hold on to it for the next year if their balance sheets can withstand it, said Siegel. Across the board, many flagship retail stores heavily focused on apparel and footwear like Kohl's and Macy's may struggle to lure customers intent on saving money on discretionary purchases. He points to names heavily focused on electronics and home goods purchased by consumers during the pandemic as one of the weaker areas this holiday season.

☆ Here's why Biogen's promising Alzheimer's drug data is also good news for Eli Lilly
▼ + stars: | 2022-09-28 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

The move helped Eli Lilly notch a fresh 52-week high Wednesday, the only stock in the S & P 500 to do so. Bottom line Biogen's topline data appears to be encouraging, suggesting the Alzheimer's drug helped slowed cognitive decline. Plus, we think Eli Lilly has more going for it overall than Biogen, making it a more attractive investment. Drug background Like Biogen's Alzheimer's drug lecanemab, Lilly's donanemab is an antibody that tries to reduce buildup on the brain of the amyloid beta protein . The Eli Lilly logo is shown on one of the company's offices in San Diego, California, September 17, 2020.

☆ Lululemon slashes price of Mirror by 50% as it nears launch of fitness studio membership
▼ + stars: | 2022-09-28 | by ( Matthew Kish | Ann Gehan | ) www.businessinsider.com time to read: +3 min

Lululemon announced the price change as part of the upcoming launch of a new studio platform. On Wednesday, it offered new details about the platform, which it's calling Lululemon Studio, including an October 5 launch date. Membership requires the purchase of a Mirror device, and current Mirror owners will automatically become members of the program for 12 months. Lululemon will also launch a free membership program on October 5 that will offer shopping rewards, free access to select Lululemon Studio classes, and early access to product drops. At the April investor day, said Michael Aragon, Lululemon Digital Fitness CEO, said Mirror is a natural fit for the company's business plan.

☆ DTC cookware brand Caraway raises $35 million to add retail partnerships and products as it builds out its 'ecosystem' of home essentials
▼ + stars: | 2022-09-28 | by ( Ann Gehan | ) www.businessinsider.com time to read: +5 min

The DTC home-goods brand Caraway just raised $35 million in funding, the company told Insider. The DTC retailer announced a $35 million funding round on Wednesday to grow its product selection, head count, and overall retail presence. Being in stores also helps Caraway compete more effectively with other home brands, Nathan said. The brand's retail sales this year were up 300% through August compared to the same period in 2021. Caraway aims to keep its customer-acquisition spend low enough so that a customer's first purchase is profitable for the brand.

☆ Nike is aggressively opening new stores as it pushes forward on its plan to sell directly to consumers. Wall Street isn't sold on the strategy.
▼ + stars: | 2022-09-26 | by ( Matthew Kish | ) www.businessinsider.com time to read: +7 min

The stores are popping up all over the US and significantly increase Nike's store footprint. At the time of the filing, the company had 209 clearance stores and 48 full-price stores. The other 87 Nike stores were for its Converse brand. Even much smaller competitors, such as Allbirds, operate nearly as many full-price stores, roughly 35, as Nike does. Nike's new stores opening in the US and Europe appear to be a mix of the recently introduced Live and Unite formats.

☆ BMO upgrades Domino's Pizza, predicts 35% rebound in struggling stock
▼ + stars: | 2022-09-23 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

BMO Capital Markets says now is the time to buy Domino's Pizza as the stock is set to surge 35% driven by solid demand following underperformance. The firm upgraded the stock to outperform and maintained its $430 price target, which implies a nearly 35% upside from where shares currently trade. Concerns priced in Domino's will also benefit from improving labor market conditions that could help ease driver shortages. To be sure, BMO's survey results did not find that consumers are trading down, which would have given further support to Domino's. Still, these concerns are well-represented in the shares, which have slumped this year and are trading at a relative discount.

☆ Nike's betting big on DTC, but it'll be a 'battle' to engage customers without retailers, analyst warns
▼ + stars: | 2022-09-23 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

At Nike's annual shareholder meeting two weeks ago, top executives once again defended the company's ongoing shift to more direct sales. Direct sales increased 7% to $4.8 billion in Nike's most recent quarter as it cuts down its reliance on wholesale. But yet another analyst is questioning the logic of the company's drastic pivot to direct sales. For decades, Nike largely operated through wholesale partners, such as department stores, sporting goods retailers, and mom-and-pop sneaker shops. At its annual shareholder meeting this month, CFO Matt Friend said the DTC strategy has driven a 2.6 percentage point increase in the company's gross margin in two years.

Reuters GraphicsThe broadening of price increases, increased wage settlements, as well as rising consumer and business inflation expectations are signs that inflation is becoming more entrenched in the economy, economists told Reuters. That is an outcome that the Bank of Canada has hoped to avoid, saying it would require more aggressive interest rate hikes to bring inflation back under control. Economists at Desjardins Group and Oxford Economics also foresee aggressive rate hikes leading to a recession, though they cast it as a mild downturn. We need to cool the economy to get inflation back to target," Senior Deputy Governor Carolyn Rogers told reporters earlier this month. As for headline inflation, the central bank has it returning to 2% in 2024.

☆ Nike is racing to replicate Amazon's delivery speed by connecting its complex network of stores, warehouses, and tech
▼ + stars: | 2022-09-19 | by ( Matthew Kish | ) www.businessinsider.com time to read: +8 min

Nike is working to tie together inventory held by stores, retail partners, and warehouses. The company's connected-inventory plan also plays into a larger Nike shift to more regional shipping, including out of a wider fleet of Nike stores and warehouses. Gloria DawsonMore retail stores, more warehousesAs part of the overall effort to serve customers "when they want it, how they want it," Nike is adding retail stores and distribution centers. While most of Nike's stores are in major metropolitan areas, stores are increasingly popping up in second-tier cities. If you go into Dick's, and Dick's doesn't have it, and they have it at the Nike store, they ship it to your house.

☆ Wall Street's biggest investors can't shake a nightmare about the US economy. And that fear is much worse than a recession.
▼ + stars: | 2022-09-18 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

Talk of a recession, rough inflation data, and the persistent increase in costs of certain staple goods has got Wall Street's biggest investors living in fear of an economic nightmare. Wall Street has been hit by a brutal market sell-off this year. Wall Street investors fear an economic nightmare. BMO Capital Markets is cutting jobs amid the broader downturn in dealmaking, according to Bloomberg. Private-equity investment firm Corsair has made an investment in Miracle Mile Advisors, a wealth advisory firm based in Los Angeles.

☆ Nike races to deliver at Amazon's speed by doubling down on 'connected inventory'
▼ + stars: | 2022-09-16 | by ( Matthew Kish | ) www.businessinsider.com time to read: +8 min

At an annual meeting last week, Nike CEO John Donahoe once again talked about "connected inventory." The company's connected-inventory plan also plays into a larger Nike shift to more regional shipping, including out of a wider fleet of Nike stores and warehouses. By that time, Parker said he was bullish on connected inventory, with a pilot at 19 Nike stores in South Korea and two unnamed retail partners. While most of Nike's stores are in major metropolitan areas, stores are increasingly popping up in second-tier cities. "Connected inventory is about getting it to you faster.

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