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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPro-crypto Congressman French Hill tapped for Financial Services Committee chair: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Mathew McDermott of Goldman Sachs discusses the bank's spinoff of its digital assets platform, and crypto trends he's watching in 2025.
Persons: French Hill, explainers, Mathew McDermott, Goldman Sachs Organizations: Financial Services, CNBC Crypto, CNBC
Goldman Sachs thinks Uber's risk-to-reward balance is among the most attractive heading into 2025. The bank listed the ride sharing company as a top pick in a Thursday note. Analyst Eric Sheridan has a buy rating and a $96 per share price target on the stock, which implies more than 56% upside from Thursday's close. UBER YTD mountain Uber stock. The average analyst price target also implies upside of 47%.
Persons: Goldman Sachs, Eric Sheridan, Sheridan, Uber Organizations: CART
Original 2024 outlooks for the S & P 500 ranged from a low of just 4,200 at JPMorgan by Dubravko Lakos-Bujas, to a high of 5,200 from Oppenheimer's John Stoltzfus. The S & P 500 closed Thursday at 6,051.25, more than 800 points above the highest forecast at the start of the year. With less than a month left to trade, the S & P 500 is ahead 26.9%, and that does not even include dividends. Goldman's team actually raised its 2024 forecast to 5,100 before the new year even began , after stocks took off heading into the end of 2023. Bank of America's Savita Subramanian originally had a year-end target of 5,000 for the S & P 500, which closed 2023 at about 4,770.
Persons: Dubravko Lakos, John Stoltzfus, Donald Trump's, Oppenheimer, Goldman Sachs, Julian Emanuel, David Kostin, Wells, America's Savita Subramanian Organizations: JPMorgan, Federal, Fed, ISI, UBS, Wells, Wells Fargo Investment Institute, Bank, America's, Survey Locations: U.S, Wells Fargo
Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week. Supply is expected to exceed demand growth forecast of 1.1 million bpd, IEA said in its monthly oil market report, raising its demand forecast from 990,000 bpd last month. Three of Canada's biggest oil producers forecast higher production in 2025. Building on record production in the U.S., Goldman Sachs expects Lower 48 shale oil production to grow by 600,000 bpd in 2025 although the growth could slow if Brent falls below $70 a barrel. Chinese crude imports grew annually for the first time in seven months in November, driven by lower prices and stockpiling.
Persons: Warren Patterson, ING's, Goldman Sachs, Brent, WTI, ING's Patterson Organizations: Union Pacific, Brent, West Texas, International Energy Agency Locations: Salt Lake City , Utah, OPEC, United States, Canada, Guyana, Brazil, Argentina, U.S, Russia, Iran, Saudi Arabia, China, India
Something odd is still happening with the stock market
  + stars: | 2024-12-13 | by ( Fred Imbert | ) www.cnbc.com   time to read: +2 min
Earlier this week , we talked about how there was something weird happening with the stock market. On Thursday, 324 S & P 500 stocks closed lower on the day. Bespoke also noted that there are now five S & P 500 sectors in oversold territory, while three others are overbought. The S & P 500 hit an all-time high earlier this month, and the Nasdaq Composite broke above 20,000 for the first time this week. BTIG's Jonathan Krinsky noted that about 60% of S & P 500 components were trading below their 50-day moving average.
Persons: Rob Ginsberg, Jonathan Krinsky, it's, Krinsky, Goldman Sachs Organizations: Investment, Nasdaq, Wolfe Research, Reserve, Uber Technologies Locations: oversold
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Goldman Sachs is optimistic about retail consumer growth in 2025Brooke Roach, analyst at Goldman Sachs, joins CNBC's 'The Exchange' to discuss Goldman's retail winners and losers, which companies could be at tariff risk under president-elect Trump, and more.
Persons: Goldman Sachs, Brooke Roach, Trump
The S & P 500 is expected to end next year at 6,630, according to the average forecast from the CNBC Market Strategist Survey released Friday. On a median basis, the S & P 500 is expected to end 2025 at 6,600, the survey found, also a 9% gain. The S & P 500 surged 27% in 2024 after climbing 24% in 2023. Last year, strategists, on average, expected the S & P 500 would end 2024 at 5,705, which the index first surpassed in September. Elsewhere, Goldman Sachs' David Kostin expects the S & P 500 to end next year at 6,500 , as does Morgan Stanley's Mike Wilson .
Persons: John Stoltzfus, Oppenheimer, Jonathan Golub, Tom Lee, Lee, Oppenheimer's John Stoltzfus, Donald Trump's, Binky Chadha, Chadha, Oppenheimer's Stoltzfus, Stoltzfus, Trump, Citigroup's Scott Chronert, Savita Subramanian, Subramanian, Goldman Sachs, David Kostin, Morgan Stanley's Mike Wilson, Brian Belski Organizations: CNBC Market, UBS, Fundstrat Global Advisors, Deutsche Bank Securities, CNBC, Deutsche, Bank of America Securities, BMO Locations: Thursday's, today's, buybacks, Mexico, Canada
Here are the biggest calls on Wall Street on Friday: Goldman Sachs initiates TechnipFMC as buy Goldman says the offshore company has "idiosyncratic growth." Goldman Sachs upgrades Patterson-UTI Energy to buy from neutral The firm says it sees shareholder returns for the energy company. Needham upgrades Upstart to buy from hold Needham says it likes the AI lending platform company's balance sheet following earnings. Mizuho reiterates Salesforce, Microsoft and Adobe as outperform The firm says the Salesforce, Microsoft and Adobe are top ideas in 2025. JPMorgan upgrades Penn to overweight from neutral The firm says Penn is too attractive to ignore right now.
Persons: Goldman Sachs, Goldman, Patterson, DA Davidson, Davidson, Needham, UPST, Morgan Stanley, Apple, it's, Uber, Mizuho, Wolfe, Horton, DraftKings, Mills, Penn, sightline Organizations: UTI Energy, America, Titan International, Bank of America, of America, Broadcom, COTY, Apple Intelligence, UBS, Energy, OPEC, Salesforce, Microsoft, Adobe, Cloud, BMO, O'Reilly, O'Reilly Automotive, Therapeutics, Meta, Mizuho, Canadian, JPMorgan, Barclays, Norwegian Cruise, MKS, Gaming, Retail, North American Service Providers, Nvidia, Costco Locations: America, Texas, Norwegian, Buffalo, 2H25
Bankers anticipate more AI dealmaking to benefit data and infrastructure companies. Tech companies focusing on managing, moving, and securing data will be at the forefront of the AI M&A wave. The gap between buyer and seller price expectations is shrinking as companies, AI ones included, reset their valuations. It's something even the biggest AI companies are opening their wallets for. Some cross-sector actionWhile most of the AI and AI-related deals will likely be between tech companies, Goldman's Min anticipates some transactions in the industrial space.
Persons: Goldman Sachs, Neil Kell, Brandon Hightower, hasn't, Scott Denne, Trump's, Andrew Ferguson, Ferguson, Jung Min, America's Kell, Min, Axom's Hightower, Axom, Rockset, Alan Bressers, you've, It's, There's, Axom's Bressers Organizations: Bankers, Bank of America, Partners, Bank of, Companies, Axom Partners, Tech, P Global Market Intelligence, Research, Federal Trade Commission, Big Tech, Wedbush Securities, Bank, Nvidia, Lambda Locations: Snowflake, Seattle
Goldman likes this offshore oil play, sees 20% upside
  + stars: | 2024-12-13 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +1 min
TechnipFMC is well-positioned to capture the growing opportunities in the subsea oil and gas market, according to Goldman Sachs. The company has a market capitalization of about $13 billion, and its stock has soared more than 50% this year. FTI YTD mountain TechnicFMP shares in 2024. TechnipFMC is the only company in the industry that offers fully integrated, turnkey solutions for customers, according to Goldman. Its streamlined processes reduce project lead times, giving TechnipFMC a major competitive advantage, according to the Wall Street investment bank.
Persons: TechnipFMC, Goldman Sachs, Goldman, Ati Modak Organizations: Wall Locations: London, Houston
Geoffrey Hinton said that, right now, countries are working in secret to gain an advantage. That will change once AI becomes so intelligent it presents an existential threat, he said. However, this could change once AI becomes advanced enough to pose an existential threat to humanity, AI "godfather" and Nobel Prize winner Geoffrey Hinton says. AdvertisementHinton said this collaboration could resemble the Cold War, when Russia and the United States — despite being enemies — shared a common goal to avoid nuclear war. The United States and China are already beginning to collaborate on existential threats related to AI.
Persons: Geoffrey Hinton, Hinton, they're, , Sam Altman, Altman, Goldman Sachs, Joe Biden, Xi Jinping Organizations: Royal Swedish Academy of Engineering Sciences, Chinese Communist Party, United, Economic Cooperation Locations: Russia, United States, China, Britain, Israel, Sweden, Asia
Michael Nagle | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The reading clears the way for the Fed to cut rates, which is likely to send tech shares higher. Irwin increased his price target to $380 from $85, noting in a report that "Musk's authentic support for Trump likely doubled Tesla's pool of enthusiasts and lifted credibility for a demand inflection." On Wednesday, analysts at Goldman Sachs boosted their price target on Tesla, joining bullish reports from firms like Morgan Stanley and Bank of America.
Persons: Michael Nagle, Donald Trump's, Tesla, Elon Musk, Vivek Ramaswamy, Trump, Craig Irwin, Roth MKM, CNBC's, Irwin, Goldman Sachs, Morgan Stanley, — CNBC's Lora Kolodny, Ari Levy Organizations: Nasdaq, Bloomberg, Getty, CNBC, Tech, Amazon, Fed, Trump administration's Department, Government, Trump, Goldman, Bank of America Locations: New York
Here are Thursday's biggest calls on Wall Street: UBS upgrades Diageo to buy from neutral UBS said it sees brand momentum for the beverage company. JPMorgan upgrades Brookfield Renewables to overweight from neutral JPMorgan said it's bullish on shares of the renewables company. Wells Fargo reiterates McDonald's as overweight The firm said it's a top idea heading into the holidays and 2025. " Bank of America upgrades Constellation Energy to buy from neutral The firm said shares of the energy company are "compelling." Goldman Sachs reiterates AT & T as buy The firm said the telecom company is a top idea in 2025.
Persons: Don Julio, Goldman Sachs, Nucor, Bernstein, Apple, it's, Morgan, Wells, Blackstone, TD Cowen downgrades Adobe, Cowen, KeyBanc, Mizuho, Morgan Stanley, Roblox, Hershey, it's bullish, Woodward, Goldman, bullish, TD Cowen, Baird, Palantir, Dr Pepper, Disney, Parsons, Jefferies Organizations: UBS, Diageo, Crown, Dynamics, Gulfstream, Apple, JPMorgan, Brookfield Renewables, Brookfield Renewable Partners, Brookfield Renewable Corp, Morgan Stanley, Alcoa, Mobile, Nvidia, Mizuho, MU, DELL, HSBC, Hershey, UW, EW, Citi, American Airlines, Benchmark, Penske, Penske Auto Group, AWS, Adv, Energy, Deutsche Bank, Pepsi, Deutsche, Beverage, Disney, " Bank of America, Inc, Holdings, Constellation Energy, Constellation Energy Group, DoD, Federal Civilian, Emerson Electric, Jazz Pharmaceuticals Locations: Western Australia, Wells Fargo, 1H25, CRDO, Mar
Private credit firms with $30 billion to $70 billion in assets will be the firms to watch. And it's not just the traditional money managers, private equity firms are also using acquisitions to strengthen their private credit capabilities and market presence. McGahan said private credit firms with between $30 billion and $70 billion in assets under management will be the ones to watch. If you're a private equity manager, you're paid with carried interest, or a percentage of profits generated from the firm's investments. He added there are also operational differences and gave the example of a private credit firm using treasury functions daily versus a private equity firm that uses a couple times a month.
Persons: Greg McGahan, PwC, McGahan, Martin Small, Larry Fink, Rob Kapito, Small, You've, you've Organizations: Business, BlackRock, HPS Investment Partners, Goldman Sachs Locations: New York
President-elect Donald Trump 's picks for top regulators may not lead to a total free-for-all of corporate dealmaking, but they should be more than enough to unleash the pent-up demand for mergers and acquisitions, according to Morgan Stanley. "New Trump appointments at FTC and DOJ likely come with a more traditional, lighter touch antitrust framework. This should drive up animal spirits and improve corporate clarity in an M & A environment where market conditions are already supportive for activity," Kenny said. Clarity could be a key buzzword in the coming months, as some of the antitrust actions brought under current FTC Chair Lina Khan were novel and scared off other potential deals, Kenny said. Those companies should get a piece of the M & A action, regardless of what sector sees the most activity.
Persons: Donald Trump, Morgan Stanley, Ryan Kenny, Trump, Andrew Ferguson, Gail Slater, Biden, Kenny, Lina Khan, Ferguson, Kenny's, Goldman Sachs Organizations: Federal Trade Commission, Wall, Trump, FTC, DOJ, Big Tech
Trump repeatedly used the stock market as a performance barometer during his first term. "I don't want to get into a situation where they do and we have a dip or something, because that can always happen," Trump told CNBC's Jim Cramer during " Squawk on the Street ." After ringing the opening bell at the New York Stock Exchange on Thursday, President-elect Donald Trump stopped short of telling investors to buy more stock as he gets set to take office. President-elect Donald Trump is greeted by traders, as he walks the floor of the New York Stock Exchange, Thursday, Dec. 12, 2024, in New York. To be sure, while Trump refrained from telling investors to buy stocks now, he maintained a bullish outlook longer term.
Persons: Trump, CNBC's Jim Cramer, Donald Trump, Goldman Sachs, David Solomon, Pershing, Bill Ackman, Ackman, Covid, Yun Li Organizations: Federal, New York Stock Exchange, Street, NYSE, CNBC Locations: New York, USA
The "Dogs of the Dow" — a strategy popularized by investor Michael O'Higgins in the early 1990s — comprises of the 10 members of the Dow Jones Industrial Average with the highest dividend yields. By buying these names, investors bet on receiving a steady steam of cash payouts, in addition to their stock prices appreciating. These stocks also tend to be of higher quality given their inclusion in the 30-stock Dow. "The idea here is that just because they're 'Dogs of the Dow' — some of them really are dogs — and you have to be careful and selective as a stock picker," he told CNBC in an interview. Similarly, had Nvidia not replaced Intel in the blue-chip index last month, Intel would have also made 2025's "Dogs of the Dow" list, Simpson added.
Persons: Michael O'Higgins, Kevin Simpson, Simpson, Gamble, Dow —, Dow Jones, Sherwin, Williams, Goldman Sachs, , Jesse Pound Organizations: Dow Jones, Dow, Verizon Communications, Chevron, Business Machines, Cisco Systems, Wealth, CNBC, McDonald's, Procter, Gamble, Verizon, Walgreens Boots Alliance, Walgreens, Amazon, Dow Inc, Nvidia, Intel, IBM Locations: Amgen
Some of the biggest investors in ReNew Energy Global have offered to take the company private, filings to the U.S. Securities And Exchange Commission show, in a deal that values the clean power generator at $2.82 billion, according to Reuters calculations. Major shareholders Canada Pension Plan Investment Board, UAE-based Masdar, ReNew Chairman Sumant Sinha and a unit of the Abu Dhabi Investment Authority have offered to buy shares in India's second largest clean energy generator at $7.07 each. The consortium has collective voting rights of 64% in ReNew, which is India's second biggest renewable energy firm after Adani Green. Shares of ReNew closed 17.7% higher at $7.46 on the Nasdaq on Wednesday, 5.5% above the offer price. Goldman Sachs , one of ReNew's earliest investors, sold its entire stake after the energy company went public in 2021.
Persons: Sumant Sinha, Adani, CreditSights, Masdar, JERA, Goldman Sachs Organizations: Energy Global, U.S . Securities, Exchange, Canada, Plan Investment Board, Abu Dhabi Investment Authority, Nasdaq, SEC, Fitch Group, NASDAQ Locations: UAE, Abu Dhabi, India's, India, U.S, Middle
ECB to cut rates and signal further to come, Goldman Sachs says
  + stars: | 2024-12-12 | 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 EmailECB to cut rates and signal further to come, Goldman Sachs saysJari Stehn, chief European economist at Goldman Sachs, weighs in on the European Central Bank's final rate decision of 2024 and the growth outlook for next year.
Persons: Goldman Sachs, Jari Stehn Organizations: ECB, Central
ET, the 10-year Treasury yield was up by nearly three basis points to 4.3%. U.S. Treasury yields held steady on Thursday as investors digested the latest inflation reading and awaited further data. Economists polled by Dow Jones are expecting to see a 0.2% increase on a monthly basis. The data comes ahead of the Federal Reserve's final policy meeting next week where rate cut decisions will be made. Currently, traders are pricing in a nearly 99% chance of a quarter-point rate cut, according to the CME FedWatch tool.
Persons: Dow Jones, Dow, Whitney Watson Organizations: Treasury, U.S, Bureau of Labor Statistics, Dow Jones, Federal, Goldman Sachs Asset Management, Fed
A federal court struck down a rule requiring Nasdaq-listed companies to disclose board diversity. Legal experts say the ruling won't likely impact Goldman Sachs' board diversity mandate. Since 2020, the investment bank has only helped take public clients with diverse boards. AdvertisementIn 2020, David Solomon, CEO of Goldman Sachs, a top underwriter of initial public offerings, announced that the bank would start requiring the clients it helps take public to have at least one diverse board member. It has also tasked one of its rising stars with a new role helping corporate clients find diverse board members.
Persons: Goldman Sachs, Wall, David Solomon, Goldman, Ann Lipton, George Floyd, Morgan Stanley, Fortune, Ilana Wolfe Organizations: Nasdaq, Fifth Circuit, Securities, Exchange Commission, Companies, Exchange, SEC, Tulane University's, Bloomberg, Goldman
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump's cabinet picks are quite friendly to business, growth, says IBM's Gary CohnGary Cohn, IBM vice chairman and former NEC director and Goldman Sachs president, joins 'Money Movers' to discuss the market's optimism following Trump's election victory, the potential negative impact of tariffs, and Cohn's expectations on an extension of the first round of Trump tax cuts.
Persons: Gary Cohn Gary Cohn, Goldman Sachs Organizations: IBM, NEC, Trump
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs' McDermott on whether major multinationals would add bitcoin to their balance sheetsMathew McDermott, global head of digital assets at Goldman Sachs, joins CNBC's 'The Exchange' to discuss crypto space, whether bitcoin ETFs approval helped the crypto industry, and more.
Persons: Goldman Sachs, McDermott, Mathew McDermott Organizations: Goldman
Goldman Sachs thinks there are more gains ahead for OneStream . Analyst Adam Hotchkiss initiated coverage finance management software maker with a buy rating and 12-month price target of $37 a share, which suggests 21.5% upside. Still, Hotchkiss sees more gains ahead for OneStream given its revenue growth potential, platform offerings to CFOs, as well as management's ability to drive margin expansion. OneStream is poised see at least 20% compounding growth "for the foreseeable future" as the company grows its consumer base, Hotchkiss said. The average price target also points to 20% upside.
Persons: Goldman Sachs, Adam Hotchkiss, Hotchkiss, OneStream Organizations: OneStream
Here are Wednesday's biggest calls on Wall Street: Wells Fargo initiates Reddit as overweight The firm said it sees several "upside drivers" for Reddit. Goldman Sachs initiates OneStream as buy Goldman said it sees a "premium growth opportunity" for the cloud-based corporate performance management platform. Citi reiterates Coca-Cola as buy Citi said the beverage company is a top idea in 2025. Bank of America downgrades Duolingo to neutral from buy Bank of America downgraded the stock mainly on valuation. ... .While we have some reservations about the growth / growth synergy story, easy comparisons and other points should support this narrative in the next year."
Persons: Goldman Sachs, Tesla, Goldman, it's bullish, it's, Morgan Stanley, DAL, TD Cowen, Lam, Wells, Bernstein, Stifel, DR, PulteGroup, PHM, KeyBanc Organizations: Wells, Citi, " Bank of America, Bank of America, Alaska Airlines, JPMorgan, Boeing, Aero, Lam Research, Micron, MU, Broadcom, JPMorgan downgrades, Artificial Intelligence, Netflix, Barclays, Lennar, underperform Bank of America, Deutsche, Frontier, AMD Locations: OW, MPWR, NVDA
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