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☆ Stocks making the biggest moves midday: Trump Media, Kura Sushi, Nike and more
▼ + stars: | 2024-06-28 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Nike — The athletic apparel giant plummeted 19% after the firm posted fourth-quarter revenue of $12.61 billion, which came below the $12.84 billion forecast by analysts surveyed by LSEG. Trump Media & Technology — Shares of Trump Media & Technology Group declined about 2%, reversing an earlier gain on the heels of the first presidential debate between former President Donald Trump and President Joe Biden. Infinera — Shares of the networking solutions supplier rallied 18% after Nokia announced its plans to acquire the company for $2.3 billion. Kura Sushi USA — The sushi company plunged 25% after posting disappointing preliminary revenue figures for the third quarter. Digital Realty Trust — The real estate investment trust moved 2% higher following an upgrade at JPMorgan to overweight from neutral.

Persons: Donald Trump, Joe Biden, Infinera, Baird, Brennan Crowley, — CNBC's Michelle Fox, Alex Harring, Samantha Subin Organizations: Nike, LSEG, Trump Media & Technology, Trump Media & Technology Group, Nokia, SAP —, BMO Capital, Digital Realty Trust, JPMorgan, Realty Trust

☆ India's major bond market milestone could prove to be a double-edged sword for investors
▼ + stars: | 2024-06-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +1 min

(Photo by Ajay Aggarwal/Hindustan Times via Getty Images)Indian government bonds reached a major milestone on Friday with their inclusion in JPMorgan's emerging market government bond index. Take the broad L&G India Government Bond exchange-traded fund, for instance. Anticipating the Wall Street bank's decision, alongside Bloomberg's move to include India in a similar index next year, markets have partly pushed up bond prices in 2024 despite the risks of inflation reigniting. While these moves by big Wall Street institutions might be lucrative for investors today, it's likely to dampen their returns over the longer term. After all, as bond prices rise their yields fall.

Persons: Ajay Aggarwal, Bloomberg's, that's Organizations: Hindustan Times, Getty Images, G India Government Bond Locations: DELHI, INDIA, New Delhi, India

☆ The US economy is in a 'selective recession' as lower-income consumers struggle and high-income households see huge wealth creation, JPMorgan strategist says
▼ + stars: | 2024-06-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The economy is already in a "selective recession," according to JPMorgan's Matthew Boss. The top 10% of American earners have gained more than $30 trillion in wealth since 2020, Fed data shows. AdvertisementThe US economy is being split by a "selective recession," as some consumers see "huge" wealth creation while others struggle to get by, according to JPMorgan analyst Matthew Boss. The equity analyst pointed to the divide between low-income and high-income consumers. High-income consumers are thriving, evidenced by the $40 trillion worth of spending they're driving into the economy, which is around half of all consumer spending in the US, Boss estimated.

Persons: JPMorgan's Matthew Boss, —, Matthew Boss Organizations: Service

☆ JPMorgan Chase authorizes new share repurchase program of $30 billion
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan Chase authorizes new share repurchase program of $30 billionCNBC's Leslie Picker joins 'Closing Bell Overtime' with more breaking news on bank allocation plans.

Persons: Chase, Leslie Picker

☆ An options trade that wins if the red-hot chip trade cools off in the second half
▼ + stars: | 2024-06-28 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +3 min

Although Micron (MU) has not had Nvidia's meteoric performance, it has been a stellar stock, doubling in the last year and up over 50% in 2024. The AI boom has buoyed memory chips higher as these chips have become a more important component for artificial intelligence accelerators. However, the possibly unrealistic bar now being set for AI earnings reports saw Micron drop more than 7% on high volume. I want to express a short-term bearish view in Micron as I believe further profit-taking will occur in the third quarter. Micron is one of the largest semiconductor companies in the world, specializing in high-bandwidth memory and storage chips.

Persons: Long Organizations: Micron, Nvidia, JPMorgan, MU, CNBC, NBC UNIVERSAL Locations: CapEx

☆ JPMorgan and Morgan Stanley boost buybacks and dividends, while Citigroup and BofA take smaller steps
▼ + stars: | 2024-06-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase and Morgan Stanley said Friday that they were boosting both dividend payouts and share repurchases, while rivals Citigroup and Bank of America made more modest announcements. JPMorgan, the biggest U.S. bank by assets, said it was raising its quarterly dividend 8.7% to $1.25 per share and that it authorized a new $30 billion share repurchase program. Morgan Stanley, a dominant player in wealth management, said it was boosting its dividend 8.8% to 92.5 cents per share and authorized a $20 billion repurchase plan. Citigroup said it was raising its dividend 5.7% to 56 cents per share and that it would "continue to assess share repurchases" on a quarterly basis. Bank of America said it was increasing its dividend 8% to 26 cents per share.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Morgan Stanley, Dimon Organizations: Bank of America, JPMorgan, Citigroup, Washington , D.C, Federal Reserve Locations: Hart, Washington ,, New York

☆ Have private equity's 'Hunger Games' recruiting tactics gone too far?
▼ + stars: | 2024-06-28 | by ( Reed Alexander | ) www.businessinsider.com time to read: +10 min

The on-cycle recruiting process is not easy on these young bankers, who are often already working 80+ hour weeks in their new investment-banking jobs. The conventional wisdom on Wall Street has always been that the most hawkish PE firms walk away with the most impressive candidates. Odyssey doesn't participate in on-cycle recruiting because it prefers to fill positions in what is known as "off-cycle," or the months that follow the initial recruiting process. It all leaves me thinking about the PE recruiting cycles of the future. To be overly cautious, I've already penciled in a calendar reminder for 2025: "Monitor for PE recruiting cycle kickoff."

Persons: Thoma, Goldman Sachs, haven't, Emmalyse Brownstein, Anthony Keizner, They're, Keizner, spokespeople, —, I've, I'm Organizations: Service, Wall, Business, Apollo, KKR, Thoma Bravo, JPMorgan, Search, Rice, BI, TPG, Bain Capital Locations: freaked, New York City, New York, Clayton, Dubilier, Thailand

☆ India set to see billions in inflows as government bonds debut on JPMorgan's debt index
▼ + stars: | 2024-06-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

India is set to see billions in inflows into the country's rupee-denominated government debt market, as state bonds make their debut on JPMorgan's emerging market index on Friday. This is reportedly the first time Indian government bonds have been included in a global index. India has seen foreign inflows to the tune of about $10 billion into its bond market over the past nine months since the announcement, Puneet Pal, head of fixed income at PGIM India Mutual Fund, told CNBC "Street Signs Asia." Last September, JPMorgan said the inclusion of Indian bonds in its Government Bond Index-Emerging Markets will be staggered over 10 months, starting from a 1% weightage in June to a maximum 10% in April next year. Pal said that over the medium- to long-term, the inclusion of Indian government bonds will have a positive impact across the bond markets.

Persons: Puneet Pal, Deepak Agrawal, Pal Organizations: PGIM India Mutual Fund, CNBC, JPMorgan, Government, Kotak Mutual Fund Locations: India

☆ PGIM India Mutual Fund discusses India's inclusion in the JPMorgan Emerging Markets Bond index
▼ + stars: | 2024-06-28 | 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 EmailPGIM India Mutual Fund discusses India's inclusion in the JPMorgan Emerging Markets Bond indexPuneet Pal, head of fixed income at PGIM India Mutual Fund, discusses India's inclusion in the JPMorgan Emerging Markets Bond index.

Persons: Pal Organizations: India Mutual Fund, JPMorgan Emerging, PGIM India Mutual Fund

A solar stock and an apparel giant were among the names being talked about by analysts on Friday. Meanwhile, Deutsche Bank increased its price target on First Solar. NKE 1D mountain NKE falls Stifel downgraded Nike stock following results to hold from buy and reduced their price target to $88 per share from $117. — Brian Evans 5:47 a.m.: Deutsche Bank raises First Solar price target First Solar shares have been on a tear this quarter, and Deutsche Bank expects even more gains ahead. The bank reiterated its buy rating on the solar stock and raised its price target to $280 from $215.

Persons: Richard Choe, Choe, — Brian Evans, Morgan Stanley, Lee Simpson, Simpson, Wells, Ike Boruchow, Jim Duffy, Jay Sole, Corinne Blanchard, Fred Imbert Organizations: CNBC, Nike, Deutsche Bank, JPMorgan, Realty Trust JPMorgan, Digital Realty, Management, Realty Trust, 1Q, UBS Locations: China, Thursday's

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Nike, First Solar, Deere, Alphabet, Amazon, ASML & more
▼ + stars: | 2024-06-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Wells Fargo reiterates Nvidia as overweight Wells said it's sticking with its overweight rating on the stock. "We initiate coverage of net lease REIT Essential Properties (EPRT) with a Buy rating and $33.00 12-month price target. Citi reiterates Apple as buy Citi moved the tech giant up a spot to its number 2 top pick. Wells Fargo reiterates Amazon as buy Wells raised its price target on Amazon to $239 per share from $234. "We initiate coverage of Intuitive Machines, Inc. (LUNR) with a Buy rating and a 12-month price target of $8 per share."

Persons: Raymond James, Deere, it's, Morgan Stanley downgrades Nike, Morgan Stanley, Wells, Goldman Sachs, Goldman, Oppenheimer, Riley, Piper Sandler, Piper, managements, it's bullish, Rosenblatt, ASML Organizations: Deutsche Bank, Deutsche, Nvidia, Properties Realty Trust, Apple, Citi, Xerox, JPMorgan, Realty Trust, Inc, Travelers, Susquehanna, Nextracker, BMO, SAP Locations: Americas, China

☆ These stocks offer growth at a reasonable price with the second half of 2024 around the corner
▼ + stars: | 2024-06-28 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

It's tough to find growth stocks selling at a reasonable valuation, but searching for companies whose bottom lines are still expanding but not too richly priced could give investors a leg up entering the second half of the year. With the S & P 500 ahead by 15% in the first half alone and the S & P and Nasdaq Composite both near all-time highs, now might be the time for investors to adjust their portfolios accordingly. With that in mind, one time-tested strategy to consider is screening for stocks that offer growth at a reasonable price, or GARP, combining tenets from both value and growth investing. CNBC Pro recently screened for stocks in the S & P 500 that fit the GARP approach. With a year-to-date rally of 11%, electric company Emerson Electric was also on the list of GARP stocks.

Persons: Baird, Morgan Stanley, Goldman Sachs, Nicole DeBlase, Fred Imbert Organizations: Nasdaq, CNBC Pro, Companies, Royal Caribbean Group, Citigroup, JPMorgan, Investment, Emerson Electric, Deutsche Bank Locations: Oppenheimer, Milwaukee

☆ JPMorgan analyst explains why he believes we're in a 'selective recession'
▼ + stars: | 2024-06-27 | 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 EmailJPMorgan analyst explains why he believes we're in a 'selective recession'Matthew Boss, JPMorgan equity research analyst, joins 'The Exchange' to discuss the challenges facing discount retail companies, where to find opportunities, and more.

Persons: we're, Matthew Boss

☆ Final Trades: JPMorgan, Dominion Energy, Vistra and IJR
▼ + stars: | 2024-06-27 | 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 EmailFinal Trades: JPMorgan, Dominion Energy, Vistra and IJRThe Investment Committee gives you their top stocks to watch for the second half.

Organizations: JPMorgan, Dominion Energy, Investment

☆ JPMorgan Chase says its stress test losses should be higher than what the Fed disclosed
▼ + stars: | 2024-06-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The bank took the unusual step of issuing a press release minutes before midnight ET to disclose its response to the Fed's findings. JPMorgan said that the Fed's projections for a measure called "other comprehensive income" — which represents revenues, expenses and losses that are excluded from net income — "appears to be too large." Under the Fed's table of projected revenue, income and losses though 2026, JPMorgan was assigned $13 billion in OCI, more than any of the 31 lenders in this year's test. It also estimated that the bank would face roughly $107 billion in loan, investment and trading losses in that scenario. "Should the Firm's analysis be correct, the resulting stress losses would be modestly higher than those disclosed by the Federal Reserve," the bank said.

Persons: Jamie, JPMorgan Chase, Banks Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, JPMorgan, Federal Reserve, Bank of America, Citigroup Locations: Washington ,, OCI

☆ Wall Street analysts say this slide in Micron is a buying opportunity for AI play
▼ + stars: | 2024-06-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Investors should consider using the pullback in Micron Technology to snatch up shares, according to several Wall Street analysts. His $175 price target implies upside of more than 22% from Wednesday's close. Goldman Sachs analyst Toshiya Hari also viewed the drop as a buying opportunity, citing expectations for growth in AI compute and high-bandwidth memory market share gains. Hari has a price target of $158, signaling 11% upside over the next 12 months. MU 1D mountain Micron shares fall on in-line guidance Wells Fargo's Aaron Rakers reiterated his overweight rating and $190 price target, implying more than 33% upside.

Persons: Christopher Danely, Goldman Sachs, Toshiya Hari, Hari, Harlan Sur, Bernstein, Mark Li, Timothy Arcuri, Wells Fargo's Aaron Rakers, Vivek Arya Organizations: Micron Technology, MU, Micron, UBS, Bank of Locations: Wednesday's, CY25, ramping HBM

☆ Morgan Stanley says deal-making is returning to Wall Street and gives best stocks to play trend
▼ + stars: | 2024-06-27 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Morgan Stanley sees a comeback in Wall Street deals underway — and expects some financial stocks to reap the benefits. However, Goldman Sachs said sponsor-led mergers and acquisitions do not necessarily need a decrease in interest rates to take off. Stadnik said a capital markets renaissance is one key reason to be overweight money center banks. Of this group, he called Goldman Sachs the "purest play" on this theme. Goldman Sachs shares have climbed more than 15% this year.

Persons: Morgan Stanley, Andrei Stadnik, Stadnik, Morgan Stanley's, Goldman Sachs, Blackstone, Morgan, LSEG Organizations: Wall Street, JPMorgan, LSEG Locations: U.S

☆ Expect an 'exciting dividend announcement' from JPMorgan, says UBS's Erika Najarian
▼ + stars: | 2024-06-27 | 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 EmailExpect an 'exciting dividend announcement' from JPMorgan, says UBS's Erika NajarianErika Najarian, UBS managing director, joins 'Squawk on the Street' to discuss banks, 'stress test', and more.

Persons: UBS's Erika Najarian Erika Najarian Organizations: JPMorgan, UBS

Bitcoin mining companies have expansive data centers, with access to fiber lines and large amounts of power across the U.S. They're exactly the types of facilities needed for compute-intensive AI operations, which means their sites and technology are in high demand. Core Scientific will deliver 70 megawatts of computing infrastructure to support CoreWeave's operations. Earlier this month, CoreWeave offered to buy Core Scientific for $1.02 billion, not long after their initial agreement. Core Scientific rejected the bid.

Persons: JPMorgan Chase, CoreWeave, Adam Sullivan Organizations: JPMorgan, Core, Nvidia

☆ S&P 500 to tumble 30% as recession hits later this year, says BCA Research
▼ + stars: | 2024-06-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

U.S. stocks are set to drop more than 30% as a recession hits the U.S. economy in the coming months, BCA Research predicts. We conservatively expect the S & P 500 to drop to 3750 during the coming recession," Chief Global Strategist Peter Berezin wrote in a note Tuesday. The calculation is conservative because it assumes that S & P 500 revenue rises in line with nominal gross adjusted product, he explained. .SPX 1Y mountain S & P 500's one-year performance BCA Research said it sees several feedback loops that will weaken the economy. Absent "overwhelming evidence" of an imminent recession risk, the central bank will be reluctant to cut rates aggressively, he said.

Persons: Peter Berezin, Berezin, JPMorgan's Dubravko Organizations: Research, Tech, Wall, CNBC

☆ Retail traders came out in force to buy the recent dip in AI darling Nvidia
▼ + stars: | 2024-06-27 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Retailer traders took Nvidia' s recent sell-off as a buying opportunity, snapping up shares of the dominant artificial intelligence chipmaker amid the volatility. The cohort bought $1.8 billion worth of Nvidia shares over the past week as the Jensen Huang-led company suffered a quick pullback, according to JPMorgan data. JPMorgan estimated that retail investors are up 179% trading Nvidia this year, topping the stock's year-to-date performance. Meanwhile, other megacap tech stocks fared poorly among individual investors last week, JPMorgan said. Advanced Micro Devices saw net sales of $163 million, Microsoft had a net drawdown of $158 million and Tesla $122 million.

Persons: Jensen Huang, Nvidia's Organizations: Nvidia, JPMorgan, Microsoft, Google, Oracle, Meta Locations: U.S

Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Best Buy : Jim said Best Buy's pullback in recent days has created a buying opportunity in the electronics retailer. Salesforce : The stock has in recent weeks clawed back some of its post-earnings plunge , even before Thursday's 6% surge. Wynn Resorts : Wynn is another stock in the portfolio that, it's become increasingly clear, trades based on its exposure to China. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim, Wall, Abbott, Johnson, We're, haven't, it's, Walt Disney, Estee Lauder, levered, Eli Lilly, Lilly, Morgan Stanley, Goldman Sachs, OpenAI, Jensen Huang, Nikesh Arora's, Stanley Black, Decker, TJX, We've, Wells, Charlie Scharf poaches, Wynn, Jim Cramer, Michael M Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Prime, Web, Broadcom, VMWare, Costco Wholesale, Costco, Coterra Energy, DuPont, Walt, Disney, Nvidia, Ford Motor, Ford, Blue, Motors, GE Healthcare, GE, Management, Honeywell, Linde, Microsoft, Palo Alto Networks, Procter & Gamble, Constellation Brands, Modelo, Corona, Fed, TJX, JPMorgan, Wynn Resorts, Wynn, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: China, Covid, Dover, Eaton, Palo Alto, U.S, Wells Fargo, Las Vegas

"The stock price has lagged but we don't see any other catalysts medium term, hence we are moving to the sidelines." Micron shares were down 5% in the premarket. The analyst reiterated a buy rating on Micron stock with a $175 per share price target, implying nearly 23% upside from Wednesday's $142.36 close. He raised his price target to $158 per share price from $138, calling for 11% upside. Arya maintained a buy rating on Micron stock with a $170 per share price target, or about 19% upside moving forward.

Persons: Vivek Juneja, — Brian Evans, TD Cowen, Cowen, John Blackledge, Keefe, David Konrad, Brian Evans, Christopher Danely, Goldman Sachs, Toshiya Hari, Hari, Vivek Arya, Arya, Caio Ribeiro, Ribeiro, Fred Imbert Organizations: CNBC, Micron Technology, Bank of America, Petrobras, JPMorgan downgrades U.S, Bancorp, JPMorgan, U.S . Bancorp, New York Mellon, Bank of New, Bank of New York Mellon, BK, Mellon, Micron, MU, Citi Locations: Brazil, U.S, Bank of New York, CY2025

☆ AI tools for Goldman's workforce set to 'land at scale on desks' as soon as next year: partner
▼ + stars: | 2024-06-27 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

For Goldman Sachs' investment bankers, the answer may just be over the horizon. Top Goldman executives told Business Insider that the investment bank is poised to roll out a series of generative AI tools to its workforce as soon as next year. Lee, a Goldman partner, said it could take years for the consequences of this tech on the bank's workflows to be fully understood. But he is overall optimistic about how generative AI, an advanced type of machine learning, will impact its workforce. Many junior bankers spend time on tasks that can sometimes feel "relatively routine," Lee said.

Persons: —, Goldman Sachs, Goldman, George Lee, cohead, Lee, it's, Jamie Dimon, Alison, Tim Ingrassia, Gene Sykes, dealmakers, David Solomon, Ingrassia, Reed Alexander Organizations: Service, Business, Goldman Sachs Global Institute, JPMorgan, Goldman, New York Times, Deutsche Bank

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Broadcom, Micron, Goldman Sachs, Carvana, Arista & more
▼ + stars: | 2024-06-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Micron as buy Goldman said investors should buy the dip in the stock following earnings on Wednesday. Jefferies reiterates Nvidia, Marvell and Broadcom as buy Jefferies said it's sticking with its buy rating on all three companies. " Morgan Stanley initiates Viking Therapeutics as overweight Morgan Stanley said the biotech company has "best-in-class potential." Morgan Stanley adds Goldman Sachs to the financials finest list Morgan Stanley added the investment banking giant to its top financials ideas list. Morgan Stanley reiterates Coca-Cola as overweight Morgan Stanley said it's sticking with its overweight rating on the beverage giant.

Persons: Goldman Sachs, Goldman, Bernstein, Apple, Mizuho, KBW, it's, Jefferies, AVGO, KeyBanc, Texas Consolidator, TD Cowen, Grindr, GRND, Morgan Stanley, JPM, Oppenheimer, Kyndryl, CVNA, Truist Organizations: Micron, Apple, Bank of America, Petrobras, of America, Mizuho, Holdings, Grab Holdings, New York Mellon, Deutsche Bank, Emerson Electric Deutsche Bank, Nvidia, Marvell, Broadcom, Energy, Crescent Energy Co, Citi, Arista Networks, Arista, Viking Therapeutics, Macquarie, TPG, Markets, JPMorgan, Bancorp, UBS, Disney, Cable Locations: MU, Brazil, Texas, North America, CA

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