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☆ BofA top equity strategist Savita Subramanian takes most bullish position in at least 10 years
▼ + stars: | 2023-06-20 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

"Most of the S & P 500 is actually generating free cash flow." Last month, Subramanian hiked her S & P 500 year-end target 7.5% to 4,300, with a range as high as 4,600. But I think there are parts of the S & P 500 that look incredibly attractive." She contends that mega-cap stocks are obscuring investment opportunities in the S & P 500 right now. "There are value opportunities, but they're right now being obscured by this sort of AI bubble."

Persons: Subramanian, We're, we've, it's Organizations: of America Securities, Big Tech

☆ 'Bite of these higher rates is gaining traction almost every day,' KBW CEO Thomas Michaud warns
▼ + stars: | 2023-06-14 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

A major financial services CEO warns the economy hasn't fully absorbed higher interest rates yet. "The bite of these higher rates is gaining traction almost every day." Michaud delivered the call hours after the Federal Reserve decided to leave interest rates unchanged. According to Michaud, the regional bank rally is a short-term bounce. He sees a shift from adjusting to the new interest rate environment to credit quality in the second half of this year.

Persons: Thomas Michaud, there's, CNBC's, " Michaud, Michaud, Banks, haven't Organizations: Federal Reserve, Regional Banking

☆ 'Price bubble' in A.I. stocks will wreck rally, economist David Rosenberg predicts
▼ + stars: | 2023-05-25 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Economist David Rosenberg, a bear known for his contrarian views, believes enthusiasm surrounding AI has become a major distraction from recession risks. "No question that we have a price bubble," the Rosenberg Research president told CNBC's "Fast Money" on Thursday. "[This] looks very weird," said Rosenberg, who served as Merrill Lynch's chief North American economist from 2002 to 2009. Just seven mega-caps have accounted for 90% of this year's price performance," Rosenberg wrote. While mega cap tech outperforms, Rosenberg sees ominous trading activity in banks , consumer discretionary stocks and transports .

Persons: David Rosenberg, CNBC's, Rosenberg, Merrill Lynch's, Jensen Huang Organizations: Rosenberg Research, Nasdaq, Nvidia, Microsoft

☆ 'Hurricane has landed:' Activist investor Jonathan Litt doubles down on office space short
▼ + stars: | 2023-05-23 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

A major activist investor is betting stalled return-to-office plans will stir up more trouble in commercial real estate. Land and Buildings' Jonathan Litt has been shorting REITs with high office space exposure for three years, and he has no plans to shift gears. Litt first warned Wall Street an "existential hurricane" was about to hit the sector in May 2020. It's kind of like the mall business went from the mall problem to the financing problem," Litt said. "Now, it's a financing problem.

Persons: Jonathan Litt, CNBC's, Litt, JBG Smith, there's Organizations: World Health Organization Locations: Land, Washington

☆ A.I. trade is leaving investors vulnerable to painful losses: Evercore
▼ + stars: | 2023-05-08 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

The artificial intelligence trade may be leaving investors vulnerable to significant losses. Evercore ISI's Julian Emanuel warns Big Tech concentration in the S&P 500 is at extreme levels. Emanuel reflected on "odd conversations" he had over the past several days with people viewing Big Tech stocks as hiding places. "[They] actually look at T-bills and wonder whether they're safe. Interestingly enough, with all of this AI talk, health care and consumer staples have outperformed since April 1," Emanuel said.

☆ Wall Street is wrong: Former PIMCO chief economist Paul McCulley predicts rate hikes will end next month
▼ + stars: | 2023-04-11 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Wall Street is wrong about the Federal Reserve's interest rate path, according to former PIMCO chief economist Paul McCulley. Barring a surprise jump in inflation, he believes mounting economic pressures will convince the Fed to stop hiking interest rates next month. "It would be a pause and then a pivot [later this year]," McCulley told CNBC's "Fast Money" on Tuesday. According to Dow Jones estimates, Wall Street expects a 5.1% year-over-year increase versus 6% in February. "When the short end of the yield curve comes down and we re-slope the yield curve, then I think your garden variety, Main Street stocks will catch a bid," McCulley said.

☆ This ominous trend spells a hard landing for economy
▼ + stars: | 2023-03-29 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

Investors may want to brace for a hard landing. A new chart from the Economic Cycle Research Institute shows a recession is imminent. "We're seeing lots of symptoms [of a significant downturn] when you have crises," the institute's co-founder Lakshman Achuthan told CNBC's " Fast Money " on Wednesday. Achuthan highlighted a special weekly leading index sent to clients. ECRI's weekly leading index, which is based on a combination of government economic data, soft surveys and market prices, shows a firming in the beginning of this year.

☆ Wells Fargo lists financial instability as biggest economic risk post-Fed decision
▼ + stars: | 2023-03-22 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

A major Wall Street firm is ranking financial instability over inflation as the biggest economic risk for the next three months. In an interview following the Federal Reserve's quarter point interest rate hike, Wells Fargo Securities' Michael Schumacher suggested policymakers are underestimating how quickly tightening credit conditions could hurt the economy. "It's hard to say right now whether the Fed has tightened enough or too much," said Schumacher. "That's why the market has been bouncing around so much —whether it's the equity market or the bond market. As long as the financial sector can avoid another meltdown, Schumacher believes the Fed will hold interest rates higher for longer because inflation is still too high.

☆ 'Big Short' trader Danny Moses warns Silicon Valley Bank collapse will expose more trouble
▼ + stars: | 2023-03-14 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

"Big Short" investor Danny Moses said the Silicon Valley Bank collapse is exacerbating the economic slowdown despite the government's actions to mitigate the impact. "You can't assume that the regulators have any idea what they're actually dealing with now considering that they were completely caught off guard... by what just happened at Silicon Valley Bank," the Moses Ventures founder told CNBC's " Fast Money " on Tuesday. Moses, who is known for successfully betting against the housing market before its 2008 implosion, speculates failures are just starting. "We still have underestimated in this market in general what is happening when you raise rates," Moses said, referring to the central bank's move to hike interest rates by 450 basis points since March 2022. The Federal Open Market Committee holds its two-day policy meeting on interest rates next Tuesday and Wednesday.

☆ 'Stress like 1987': Evercore's Julian Emanuel warns Silicon Valley Bank fallout could force new market low
▼ + stars: | 2023-03-13 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

In a note out Monday, Emanuel highlighted a striking comparison to the 2-year Treasury Note yield plunge in the aftermath of Friday's Silicon Valley Bank collapse and 1987. Evercore ISI is comparing the bank stress to another critical time on Wall Street: The year of the savings and loan crisis and epic crash. He noted the three-day rate of change in the 2-year yield fell from the 5.08% peak to a recent "trough" of 3.99%. "Part of the end game is we do want to see enough of a downturn to make stocks attractive," said Emanuel. "The next thing that we really need to be cognizant of is how credit, in general, trades," Emanuel said.

☆ 'Cash is no longer trash': Market forecaster Jim Bianco warns stocks face stiff competition
▼ + stars: | 2023-02-22 | by ( Stephanie Landsman | ) www.cnbc.com time to read: 1 min

And, the winner may be your neighborhood bank for the first time in years, according to Wall Street forecaster Jim Bianco. "Cash is no longer trash. That was a two-decade old meme that doesn't apply," the Bianco Research president told CNBC's "Fast Money" on Wednesday. "Cash could actually be somewhat of an alternative where it was just a waste of time throughout the 2010s. He uses the 6-month Treasury Note, which is yielding above 5% right now, as an example.

☆ 'Fed is not your friend': Wells Fargo delivers warning ahead of key inflation report
▼ + stars: | 2023-02-13 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

As Wall Street gears up for key inflation data, Wells Fargo Securities' Michael Schumacher believes one thing is clear: "The Fed is not your friend." The Fed cares about inflation, and that's just about it," the firm's head of macro strategy told CNBC's "Fast Money" on Monday. "[That] makes a big difference to the Fed – if that's 3%, 3.25%, 2.75%. He warns the year's early momentum cannot coexist with a Fed that's adamant about battling inflation. However, Schumacher notes there's still a chance the Fed chief Powell could shift course.

☆ Jim Chanos: Bear market is doing something unheard of in my career
▼ + stars: | 2023-01-30 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

According to Chanos, the market will not be able to overcome rising rates and falling corporate profitability. "I've been on the Street [since] 1980 [and] not one bear market has ever traded above nine times to 14 times the previous peak earnings," the Chanos & Co. founder told CNBC's " Fast Money " on Monday. Chanos notes the market is anticipating corporate profits rising 12% this year, 2% inflation and a Fed rate cut within the next six to seven months. "That's pretty much nirvana if you're a bull," he said. Chanos, who said he doesn't try to time the market, doubts the bullish scenario will unfold.

☆ BofA Promoted 93 New MDs in Global Markets — Here Are the Names
▼ + stars: | 2023-01-26 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Bank of America announced 93 new managing directors in Global Markets on Thursday. The division in 2022 saw sales and trading revenues climb to its highest mark since 2010.Insider has all the names of the newly promoted MDs. On Thursday the bank announced a new class of 360 managing directors, including 93 from the firm's Global Markets division — up from 86 last year. The bank's Global Corporate and Investment Bank promoted 87 new MDs. BofA made $16.5 billion in 2022 from sales and trading — including a fourth-quarter record of $3.7 billion — the highest tally for the firm since 2010.

☆ 'Outright negative' on stocks: JPMorgan's Marko Kolanovic braces for correction, hard landing
▼ + stars: | 2023-01-24 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

JPMorgan's Marko Kolanovic is abstaining from the early 2023 rally. Instead, the Institutional Investor hall-of-famer is bracing for a 10% or more correction in the first half of this year, telling investors he's "outright negative" on the market. So, that has to clash at some point," the firm's chief market strategist and global research co-head told CNBC's "Fast Money" on Tuesday. "We think things first turn south, get much worse," said Kolanovic. Kolanovic believes they helped create a narrative the worse is behind us and a recession "somehow magically " happened last year.

☆ Winter of 'disconnect': Morgan Stanley's Mike Wilson braces for more than 20% stock drop
▼ + stars: | 2023-01-10 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Morgan Stanley's Mike Wilson is telling investors to brace for a winter downdraft. He warns S&P 500 is vulnerable to a 23% drop — bringing it to 3,000. Wilson expects earnings season, which kicks off with financials on Friday, will jolt the market by coming in sharply below expectations. "When we actually talk to people, they talk a bearish game about the first half. But they're not really either positioned for it or they don't really think that it's going to be that bad," said Wilson, who has been defensively positioned since last year.

☆ BofA top banker Rick Sherlund predicts 2023 tech comeback, delivers bullish software call
▼ + stars: | 2023-01-05 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

According to Sherlund, optimism surrounding technology stocks will make a comeback this year — but the key is weathering upcoming earnings season first. The latest market backdrop reminds him of prior downturns. "2022 was a terrible year for these [software] stocks," said Sherlund. His latest market forecast coincides with the tech-heavy Nasdaq 's latest struggles. Sherlund's base case is the move to high-growth areas such as the cloud will provide a long-term boost to software stocks.

☆ 'Wild ride': Morgan Stanley's Mike Wilson predicts double-digit percentage drop will hit stocks in early 2023
▼ + stars: | 2022-11-29 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

Morgan Stanley's Mike Wilson, who has an S&P 500 year-end target of 3,900 for next year, warns corporate America is getting ready to unleash downward earnings revisions that will pummel stocks. Wilson, who serves as the firm's chief U.S. equity strategist and chief investment officer, believes the S&P could drop as much as 24% from Tuesday's close in early 2023. "You should expect an S&P between 3,000 and 3,300 some time in probably the first four months of the year," he said. "That's when we think the deacceleration on the revisions on the earnings side will kind of reach its crescendo." Wilson's year-end price target was 3,900 for this year, too.

☆ CME Group CEO calls Bankman-Fried 'an absolute fraud,' says he saw trouble months before FTX collapse
▼ + stars: | 2022-11-23 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

A major exchange executive says he detected red flags months before the historic FTX collapse. CME Group chairman and CEO Terry Duffy said he suspected corruption at the cryptocurrency exchange the day of his first one-on-one meeting with founder Sam Bankman-Fried. "I told my team this had nothing to do with crypto," Duffy told CNBC's "Fast Money" on Tuesday. You're an absolute fraud," Duffy said he told Bankman-Fried. Duffy wanted to know whey the Commodities Futures Trading Commission was looking at Bankman-Fried's request to ease regulatory rules to push his trading model.

☆ Inflation cut in half: Moody's Analytics' Mark Zandi sees major relief within six months
▼ + stars: | 2022-10-12 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

The U.S. will see inflation cut in half within six months, according to Mark Zandi of Moody's Analytics. That has to cool off, and that's going to take some time." And then, the next step is to get wage growth moving south, and I think that's likely by early next year," he noted. "That's critical to getting broader service price inflation moderating and getting inflation back to target." I'm going to take a look around and see how things play out,'" Zandi said.

☆ 'Rip off the Band-Aid': Wells Fargo makes case for 150 basis point hike at Fed meeting
▼ + stars: | 2022-09-20 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

But Wells Fargo Securities' Michael Schumacher suggests the Federal Reserve is raising rates too slowly, telling CNBC's "Fast Money" he would seriously consider a 150 basis point hike this week if he were Chair Jerome Powell. But of course, the Fed won't do that." The key is policymakers need to convince investors the historical jump in rates is frontloaded, according to Schumacher. "It would do a huge move and then stop or stop pretty soon. Based on this month's CNBC Fed Survey, the Street believes the Fed will lift rates by 75 basis points on Wednesday.

☆ ‘Bubblicious’ used car prices are rising faster than bitcoin, market researcher Jim Bianco warns
▼ + stars: | 2021-12-26 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Used auto prices are rising faster than bitcoin and other assets, according to market researcher Jim Bianco. He's building his analysis based on the Manheim index of used car prices, which is designed to track pricing trends in the market. Bianco cites two bullish drivers in the used car market. "Used car prices are supposed to be a depreciating asset. As for a peak in auto prices, Bianco suggests it's anyone's guess.

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