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☆ CNBC Daily Open: Earnings in full swing, Treasury yields hit new highs
▼ + stars: | 2023-10-19 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets slideU.S. stock markets slid on Wednesday as earnings season picked up steam and Treasury yields touched multi-year highs — breaking above 4.9% for the first time since 2007. The electric vehicle maker reported adjusted earnings of 66 cents per share vs. 73 cents per share expected and revenue of $23.35 billion per share vs. $24.1 billion expected. Its earnings came in at $3.73 per share, better than the $3.49 per share expected.

Persons: Elon Musk, Tesla, Stocks Organizations: CNBC, Netflix, Counterpoint Research, JPMorgan, Asset Management, Federal Reserve Locations: Asia, Japan, South Korea, Hong Kong, China, Apple's

☆ 'They crushed it.' Analysts cheer Netflix's strong third-quarter earnings
▼ + stars: | 2023-10-19 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Netflix 's better-than-expected quarterly earnings has analysts cheering the company's new subscriber growth initiatives, keeping them optimistic on the stock's growth potential. Yoon increased his price target to $390 from $375, implying 12.6% upside potential from Wednesday's close. Shares already rallied more than 13% Thursday during premarket trading, surpassing his price target. Anmuth raised his price target to $480 from $455, implying shares could jump 38.6% from Wednesday's close. UBS, Citi and Evercore all reiterated their price targets of $500 on shares, while Bank of America kept its $525 target price.

Persons: Bernstein, Laurent Yoon, Yoon, Goldman Sachs, Eric Sheridan, Doug Anmuth, Anmuth, Brian Kraft, Kraft, John Hodulik, Hodulik, Jessica Reif Ehrlich, Mark Mahaney, Mahaney, –, Michael Bloom Organizations: Netflix, ARM, JPMorgan, Deutsche, Bloomberg, UBS, Citi, Bank of America, of America, Global, Revenue Locations: U.S, Wednesday's

☆ A rate cut will be bad news for stocks, JPMorgan warns — and outlines where to invest
▼ + stars: | 2023-10-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

However, Gimber believes Fed cuts in 2024 would likely coincide with declining corporate earnings, creating headwinds for stocks. Analysts are predicting 12% earnings growth for the S & P 500 as a whole in 2024. A further rate cut is also being priced in by November next year, according to data from CME's FedWatch Tool . "You have this disconnect at the moment: 12% earnings growth expected for next year and still the Fed expected to cut multiple times. It's about resilience in equities," Gimber said.

Persons: Hugh Gimber, Gimber, CNBC's, Dow Jones Organizations: Federal Reserve, Asset Management, –, Catalyst, JPMorgan, Treasury Locations: Brazil, Mexico, South Africa

☆ Make these 6 moves now to capitalize on one of the best long-term investing outlooks in over a decade, according to JPMorgan's $2.9 trillion asset management arm
▼ + stars: | 2023-10-19 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

Investors shouldn't be scared off by slower economic growth caused by higher-for-longer interest rates and inflation, according to JPMorgan Asset Management (JPMAM). For reference, JPMAM called for forward long-term returns of 4.3% in 2021. The firm added that productivity gains from AI will likely add a tenth of a percentage point to global growth in the next decade. The long-awaited reversal for international stocks won't happen overnight, JPMAM strategists said. The firm is highly optimistic about the asset class after its brutal multi-year selloff and expects 4.6% and 5.1% long-term returns for those groups, respectively.

Persons: it's, JPMAM, David Kelly, Kelly, Monica Issar, Grace Koo, —, they're, Bob Michele, who's, he's, Bonds, REITs Organizations: Asset Management, Federal Reserve, European Central Bank, US, JPMorgan, Management, Fed, JPMorgan Asset Management, Investors Locations: Europe, Australasia, Real

☆ A rate cut will be bad news for stocks, JPMorgan warns
▼ + stars: | 2023-10-19 | 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 EmailA rate cut will be bad news for stocks, JPMorgan warnsA cut in interest rates by the Federal Reserve next year is likely to be bad news for U.S. equity investors, according to Hugh Gimber, global market strategist at JPMorgan Asset Management.

Persons: Hugh Gimber Organizations: JPMorgan, Federal Reserve, Asset Management

☆ Risky biotech M&A therapy will heal more fractures
▼ + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com time to read: +8 min

NEW YORK, Oct 19 (Reuters Breakingviews) - How can a suitor offering $1 billion see eye-to-eye with a seller asking for $2 billion? Such contingent value rights, or CVRs, are a way to get around the inherent uncertainty of an unproven drug. Its $74 billion takeover of Celgene in 2019 included a $6.4 billion payout dependent on a trio of drug approvals. There have been only 27 biotech market debuts this year, raising $2.2 billion, according to LSEG data. Given the nagging fissures in valuation perspectives, however, more dealmakers are apt to try this risky M&A therapy.

Persons: Schulman, Sidley, Bristol Myers, Myers, CVRs, Andrew Weisenfeld, IPOs, ”, Dan Lepanto, biopharma, Eli Lilly’s, Bristol Myers Squibb, Jeffrey Goldfarb, Sharon Lam, Streisand Neto Organizations: Reuters, Dow, Marion Laboratories, LyondellBasell Industries, Mirati Therapeutics, JPMorgan, Sanofi, Health Partners, Nasdaq Biotechnology, Reuters Graphics Reuters, Reuters Graphics, Leerink Partners, Therapeutics, Public, Bristol Myers, U.S . Food, Drug Administration, Thomson Locations: Celgene, Genzyme, U.S

☆ JP Morgan, Nomura raise China's 2023 economic growth forecast
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

JP Morgan now expects China's gross domestic product (GDP) to grow 5.2% in 2023, up from their previous forecast and Beijing's official target of a 5% growth. Data on Wednesday showed China's GDP grew 4.9% in July-September from the year earlier, higher than a Reuters poll expectation for a 4.4% increase. Zhu warned, however, of weak links in the economy, such as private investment and a housing market correction. "Weak nominal GDP growth suggests that the earnings and profit outlook remains a hurdle in the path to the recovery in private investment," he noted. JPM sees China's potential growth coming down faster than initially expected in 2024 and 2025 to a range of 4%-4.5% and 3.5%-4%, respectively.

Persons: Thomas Peter, JP Morgan, Nomura, Haibin Zhu, JPM, Zhu, Albee Zhang, Susan Mathew, Christian Schmollinger, Eileen Soreng Organizations: REUTERS, Thomson Locations: Beijing, China

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Wells Fargo, which has reduced headcount for every quarter since the third quarter of 2020, said it still sees more opportunities for layoffs. Investment banking powerhouse Morgan Stanley also disclosed a near 2% drop in its total headcount on Wednesday, compared to the prior quarter. At the investment banks Goldman and Morgan Stanley expenses rose 18% and 5% in the quarter, compared to a year earlier. The bank in January dismissed 3,200 employees, its biggest round of layoffs since the 2008 financial crisis.

Persons: Brendan McDermid, Jeremy Barnum, Morgan Stanley, Wells Fargo, Thomas DiNapoli, Goldman Sachs, Denis Coleman, That's, Coleman, Manya Saini, Niket, Lananh Nguyen, David Evans Organizations: Wall, REUTERS, JPMorgan, PNC Financial, Citigroup, Bank of America, Investment, Banks, Citi, Goldman, BofA, PNC, New York, GOLDMAN, Reuters, Thomson Locations: New York, U.S, Wells Fargo, Wells, GOLDMAN SACHS BUCKS, headcount

☆ Wall Street brokerages raise China's 2023 economic growth forecast
▼ + stars: | 2023-10-18 | by ( Susan Mathew | ) www.reuters.com time to read: +2 min

REUTERS/Thomas Peter/File photo Acquire Licensing RightsOct 18 (Reuters) - JP Morgan, Citigroup and Nomura on Wednesday lifted their forecast for China's economic growth for the year following upbeat data, but highlighted the need for more stimulus. Citigroup now expects China's GDP to grow 5.3% in 2023 from 5% earlier, while JP Morgan and Nomura see it at 5.2% and 5.1%, respectively. JP Morgan expects the economic momentum to persist in the coming months. Since the 5% growth target looks achievable, policy space could be saved for next year, Zheng said. JP Morgan expects China's potential growth coming down faster than initially expected in 2024 and 2025 to a range of 4%-4.5% and 3.5%-4%, respectively.

Persons: Thomas Peter, JP Morgan, Nomura, Goldman Sachs, Haibin Zhu, Morgan Stanley, Jenny Zheng, Zheng, Albee Zhang, Susan Mathew, Christian Schmollinger, Eileen Soreng Organizations: REUTERS, Citigroup, Nomura, Thomson Locations: Beijing, China

☆ Banks report continued pain on commercial real estate loans
▼ + stars: | 2023-10-18 | by ( Matt Tracy | ) www.reuters.com time to read: +4 min

REUTERS/Amr Alfiky/File photo Acquire Licensing RightsOct 18(Reuters) - A number of U.S. banks saw continued pain in the third quarter on delinquent commercial real estate (CRE) loans in their portfolios, as stress in the sector persists. As a result, banks recorded continued provisions for credit losses and charge-offs from the previous quarter, driven by their non-performing (NPL), or delinquent, CRE loans. Borrowers have struggled to refinance their CRE loans as property values have declined and interest costs have risen. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp. "While overall credit quality remains strong across our portfolio, the pressures we anticipated within the commercial real estate office sector have begun to materialize," PNC Chief Financial Officer Robert Reilly told analysts.

Persons: Amr Alfiky, Cole, that's, Morgan Stanley, Goldman Sachs, JPMorgan, Mayra Rodriguez Valladares, Wells, Robert Reilly, Matt Tracy, Lananh Nguyen, Jonathan Oatis Organizations: REUTERS, Florida Atlantic University, Bank of America, Trepp, Regulators, JPMorgan, Citigroup, PNC, Thomson Locations: New York City, U.S

☆ This structured credit ETF offers a higher yield than Treasuries and just hit $4 billion in assets
▼ + stars: | 2023-10-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The Janus Henderson AAA CLO ETF (JAAA) , which buys highly rated collateralized loan obligations, has grown rapidly this year and outperformed many popular bond ETFs. The fund has a 30-day SEC yield of 6.66%, putting it above the yield of U.S. Treasuries. JAAA YTD mountain The JAAA ETF has held up this year despite rising interest rates. There are other CLO ETFs on the market, including the BlackRock AAA CLO ETF (CLOA) that launched earlier this year, but JAAA is the largest. Given the size and depth of the AAA CLO market, the fund should have no problems operating until it is about $20 billion in assets, at least, he estimated.

Persons: Janus Henderson, John Kerschner, Kerschner, JAAA Organizations: Janus Henderson AAA CLO, SEC, CLOs, Treasury, Treasury Bond ETF, CNBC, JPMorgan AAA CLO, BlackRock AAA, AAA Locations: JAAA

☆ Asia stocks rise on earnings hopes; keep wary eye on Mideast tensions
▼ + stars: | 2023-10-17 | by ( Selena Li | ) www.reuters.com time to read: +3 min

A man looks at an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan June 14, 2023. Overnight the S&P 500 (.SPX) had climbed 1%, while oil prices and the U.S. dollar had fallen. Benchmark 10-year Treasury yields are about 15 basis points off 16-year highs, though they crept higher in Asia trade Tuesday to 4.7331%. The euro traded at $1.0549 and the yen hovered just short of the 150-per-dollar mark at 149.53. If investors don't receive the coupon payment, all of Country Garden's offshore debts will be deemed in default.

Persons: Kim Kyung, Kerry Craig, Goldman Sachs, Morgan Stanley, Johnson, Craig, Joe Biden, Israel, Israel's shekel, Bitcoin, Selena Li, Shri Navaratnam Organizations: Nikkei, REUTERS, Tokyo's Nikkei, U.S ., Morgan Asset Management, Bank of America, Johnson, Netflix, Federal Reserve, Israel, Hamas, Iran's, HK, Brent, BlackRock, Thomson Locations: Tokyo, Japan, HONG KONG, U.S, Asia, Pacific, Gaza, Iran, Zealand, Brent

☆ America's poorest workers are getting raises, but 80% of their spending is on increasingly pricey basic needs
▼ + stars: | 2023-10-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

This comes even as real wages are growing faster for lower-income Americans. AdvertisementAdvertisementThat comes even as real wages are growing faster for lower-income Americans than those with higher incomes. But even as lower-income Americans continue to see wage growth outpace inflation, it's not helping them as much as some believed it would. While most Americans who received salary raises did increase their discretionary spending, Americans are cautious about navigating the economy. AdvertisementAdvertisementGiven that lower-income Americans are on the whole hurting for cash, this data suggests Americans are bracing up for more economic pain in the coming months.

Persons: —, Morgan, J.P, It's, they'd, it's Organizations: Service, Bureau of Labor Statistics, Workers, Economic Policy Institute, Dallas Fed, of Labor Statistics Locations: Morgan

It was unclear whether he would be able to unite his party enough to prevail in a floor vote expected on Tuesday. In a letter to Republicans, Jordan acknowledged those differences and promised to prioritize military and spending legislation. It was unclear how many Republican lawmakers still opposed Jordan's bid, sources familiar with internal Republican discussions said on Monday. 2 House Republican Steve Scalise, who won the endorsement last week but then withdrew after he was not able to consolidate support. 3 House Republican Tom Emmer, conservative Representatives Kevin Hern and Byron Donalds as well as acting Speaker Patrick McHenry, who is presiding over the speaker election.

Persons: Jim Jordan, Republican Jim Jordan, whittling, Jordan, Kevin McCarthy's, Israel, Vern Buchanan, Republican Steve Scalise, Chip Roy, Erik Erickson, Andy Ogles, McCarthy, TRUMP, Donald Trump, John Boehner, Paul Ryan, Republican Tom Emmer, Kevin Hern, Byron Donalds, Patrick McHenry, David Morgan, Makini Brice, Moira Warburton, Susan Heavey, Katharine Jackson, Andy Sullivan, Scott Malone, Deepa Babington, Grant McCool, Nick Zieminski Organizations: U.S . House, Republican Conference, Republican, Republicans, WSB Radio, Caucus, Thomson Locations: WASHINGTON, Ukraine, Jordan, States

☆ Instacart IPO banks tout e-grocery shopping potential, but challenges loom
▼ + stars: | 2023-10-16 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsOct 16 (Reuters) - Most Wall Street brokerages, including J.P.Morgan and Goldman Sachs, kicked off coverage on Instacart (CART.O) with a bullish view, betting on the grocery delivery app's growth amid a shift to online shopping. The stock — following a lukewarm debut in September — closed at $25.57 on Friday, below its $30 initial public offering (IPO) price. At least half of Instacart's 20 IPO underwriters have initiated coverage with their top ratings after the quiet period ended. Instacart's slow growth compared to rivals is a top concern, as a reduction in food stamp benefits and a shift back to in-store shopping could limit GTV growth, according to Piper Sandler analyst Alexander Potter. As of Friday, the six brokerages that were not involved in the IPO started coverage with an average rating of "hold", LSEG data showed.

Persons: Eric Cohn, Cheney Orr, Goldman Sachs, —, Baird, Colin Sebastian, Scott Devitt, Justin Post, Piper Sandler, Alexander Potter, Savyata Mishra, Shilpi Majumdar Organizations: Safeway, REUTERS, J.P.Morgan, underwriters, Walmart, Wedbush, BofA Global Research, Thomson Locations: Tucson , Arizona, U.S, Instacart, Bengaluru

GM will report third-quarter results Oct. 24, with Ford following on Oct. 26. The strikes have costing GM and Ford more than $500 million, JP Morgan analyst Ryan Brinkman estimated in a note Monday. Ford is now losing $44 million a day, while GM is losing $21 million a day, Brinkman estimated. GM and Ford shares have fallen sharply since July as the standoff with the UAW has intensified. GM has set up a new, $6 billion credit line as insurance against an expanded UAW strike.

Persons: Rebecca Cook, Morgan Stanley, Adam Jonas, Morgan, Ryan Brinkman, Ford, Brinkman, Shawn Fain, Fain, Mich, Farley, Tim Piechowski, Joe White, David Evans Organizations: Rouge Electric Vehicle, REUTERS, Rights, General Motors, Ford, United Auto Workers, GM, Ford's, Kentucky, Detroit, EV, UAW, Capital Research, Investments, Thomson Locations: Dearborn , Michigan, U.S, Ford's Kentucky, Marshall

☆ CNBC Daily Open: JPMorgan's big profit growth isn’t likely to persist
▼ + stars: | 2023-10-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

What you need to know todayThe bottom lineGoing into this earnings season, analysts feared big banks' income wouldn't hold up from the previous quarters. Net interest income, in particular, was higher than expected. interest rate on their savings, and charge borrowers a high interest rate, usually pegged to the federal funds rate. On the contrary, net interest income rose from a year ago at JPMorgan and Wells Fargo , and beat expectations at Citigroup . Dimon acknowledged that his bank's "over-earning" on net interest income, a benefit that will vanish eventually.

Persons: Michael Nagle, Wells, Jamie Dimon isn't, Dimon, Larry Fink, that's Organizations: JPMorgan Chase &, Bloomberg, Getty, CNBC, . Treasury, JPMorgan, Citigroup, Nasdaq, Dow Jones Industrial, University of Michigan's Locations: New York, Wells Fargo, Ukraine, Israel

☆ Ford says Tesla is 'loving this strike' as it pleads for a deal with the UAW
▼ + stars: | 2023-10-16 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

"Toyota, Honda, Tesla, and others are loving this strike," Bill Ford said Monday. Analysts have already said Tesla is winning the UAW strike. "Toyota, Honda, Tesla, and others are loving this strike because they know the longer it goes on, the better it is for them. But a fresh analysis released by the bank's analysts Monday found that, with Kentucky Truck down, the UAW strike has now cost Ford an estimated $517 million to GM's estimated $507 million. AdvertisementAdvertisementOne analyst called the UAW's strike a "nightmare scenario" for the Detroit Three, whose electric vehicle business models would be "torpedoed" by the UAW's demands.

Persons: Bill Ford, Ford, Tesla, —, Henry Ford, Stellantis, Ryan Brinkman, Shawn Fain, Fain, Dan Ives Organizations: Toyota, Honda, Kentucky, UAW, Service, United Auto Workers, Ford, Detroit, GM, Kentucky Truck, JPMorgan, General Motors, Wall Street Locations: Detroit, Kentucky

☆ Insider Today: Big banks' cloudy forecast
▼ + stars: | 2023-10-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn today's big story, we're looking at why strong earnings results from some big banks weren't necessarily the big win markets were hoping for. The big storyTrouble brewingAdvertisementAdvertisementOn the surface, earnings season got off to a great start. And that could spell trouble for the broader market hoping for a banner earnings season to help it finish the year on a positive. AdvertisementAdvertisement"This may be the most dangerous time the world has seen in decades," he said in a press release announcing the bank's earnings. One market veteran predicts stocks will rally for the final stretch of the year due to a strong earnings season.

Persons: Elon Musk, Steve Jobs, Wells, Jamie Dimon, Dimon, Julian Restrepo, Emmalyse Brownstein, Mark Mason, JPMorgan's, Teresa Heitsenrether, Goldman Sachs, Jane Fraser, Fraser, Michael Siluk, there's, Walter Isaacson, Justin Sullivan, Tim Mosenfelder, Elon, Tyler Le, Noah Webster, He's, Naomi Osaka, Angela Lansbury, Sue Bird, Oscar Wilde, Bryce Harper, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, JPMorgan, Citigroup, AP, Citi, Barclays, Suisse, New York Department of Labor, Getty, Wedbush Securities, Microsoft Outlook, Microsoft, Consumers, PETA, Dairy Summit Locations: Ukraine, Israel, Chicago, New York City, San Diego, London, New York

☆ Businessman Noboa to face economic, security hurdles as Ecuador president
▼ + stars: | 2023-10-16 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

"We do not anticipate the Noboa administration will be in the position to carry out deep structural reforms." Noboa is set to take office in December and complete the current administration's term through May 2025. Noboa will need to ensure some quick security wins during his first 90 days in office to appease social and political pressures, JPMorgan added. Noboa, Ecuador's youngest president in recent history, would be able to run again in the regularly scheduled 2025 contest. Noboa made a special point to woo young people, with some supporters touting his victory as a fresh start for the country's politics.

Persons: Daniel Noboa, Noboa, Luisa Gonzalez, Rafael Correa, Ecuadorean, Goldman Sachs, Fernando Villavicencio, Alvaro, Guillermo Lasso, Lasso, Alexandra Valencia, Rodrigo Campos, Julia Symmes Cobb, Gerry Doyle, Jonathan Oatis Organizations: Wall Street, JPMorgan, El, National Democratic Action, Thomson Locations: QUITO, American, Ecuador, Quito, Ecuador's

☆ There will be a 'very meaningful repricing' in corporate credit risk, says JPMorgan's Oksana Aronov
▼ + stars: | 2023-10-16 | 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 EmailThere will be a 'very meaningful repricing' in corporate credit risk, says JPMorgan's Oksana AronovOksana Aronov, JPMorgan Asset Management head of market strategy and alternative fixed income, joins 'Squawk Box' to discuss the latest market trends, the state of the economy and impact on rates, the Fed's inflation fight, and more.

Persons: JPMorgan's Oksana Aronov Oksana Aronov Organizations: JPMorgan Asset Management

☆ Charlie Javice, who faces charges after JP Morgan said she defrauded them out of $175 million, says US prosecutors are using 'cherry-picked' evidence to help their case
▼ + stars: | 2023-10-15 | by ( Katie Hawkinson | Jack Newsham | ) www.businessinsider.com time to read: +3 min

Charlie Javice says JP Morgan is withholding thousands of documents that could help her case. Javice is facing federal charges after JP Morgan claimed she defrauded them out of $175 million. Now, the 31-year-old claims JP Morgan has failed to produce "likely thousands" of documents that could help her defense. In April, the federal prosecutors charged Javice with making false claims and submitting false data to JP Morgan after the bank acquired Frank for $175 million. AdvertisementAdvertisementProsecutors said Javice lied to JP Morgan about the number of people relying on her company.

Persons: Charlie Javice, Morgan, Javice, JP Morgan, —, Frank, Slack, Damian Williams, Prosecutors, Mark Kantrowitz, Kantrowitz Organizations: Service, Department of Justice, JP, Federal Student Aid, Justice

☆ These companies reporting in the week ahead have a history of beating estimates and rising
▼ + stars: | 2023-10-15 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Elsewhere, UnitedHealth Group , a heavyweight in the Dow Jones Industrial Average, gained 2.6% after beating analysts' estimates for earnings and revenue. A number of stocks reporting in the week ahead have a great track record of topping earnings estimates and rallying, according to Bespoke Investment Group data. Citizens stock has slipped more than 34% in 2023. Western Alliance stock, meanwhile, has slipped more than 25% in 2023. WAL YTD mountain Western Alliance stock.

Persons: Goldman Sachs, Needham, Charles Shi, Michael Bloom Organizations: JPMorgan, Wells, UnitedHealth, Dow Jones, Investment, Financial, Citizens, Western Alliance, Lam Research Locations: Wells Fargo

☆ Top Wall Street analysts believe in the long-term potential of these stocks
▼ + stars: | 2023-10-15 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

In this article COSTMUINTCMETAAMZN Follow your favorite stocks CREATE FREE ACCOUNTAn Amazon delivery truck at the Amazon facility in Poway, California, Nov. 16, 2022. Investors seeking a sense of direction can turn to analysts who identify companies that have lucrative long-term prospects and the ability to navigate near-term pressures. To that end, here are five stocks favored by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. JPMorgan analyst Doug Anmuth noted the recent sell-off in AMZN stock and highlighted certain investor concerns. Also on investors' mind is Amazon Web Services' growth, with multiple third-party data sources indicating a slowdown in September.

Persons: Sandy Huffaker, Wall, Doug Anmuth, Anmuth, TipRanks, Needham, Quinn Bolton, Bolton, Sidney Ho, Ho Organizations: MU, Reuters Investors, Investors, JPMorgan, Federal Trade, Meta, Meta Connect, Intel, Systems Business, PSG, Bolton, TipRanks, Micron Technology, Deutsche Bank, Micron, Costco Locations: Poway , California

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

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