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☆ Qualcomm amplifies chip gloom with 'sobering report'
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Qualcomm Inc's (QCOM.O) shares sank nearly 8% premarket on Thursday after the chip designer signalled it would take longer for its crucial smartphone market to rebound from a post-pandemic slump. Qualcomm's quarterly revenue outlook was the second time a chip firm has underwhelmed Wall Street this week. "While we believe investors were expecting a miss, this was admittedly a somewhat sobering report," said Bernstein analysts, among the 13 brokerages that cut price targets on Qualcomm's stock. Qualcomm did not name the modem customer, but analysts pointed to Apple, which will report results after markets close. Automotive revenue jumped 20% and the internet-of-things unit reported in line sales, indicating that Qualcomm's efforts to diversify away from the smartphone market were on track.

☆ Dow Industrials are now in the red for 2023, but these stocks may lead it back into the black, analysts say
▼ + stars: | 2023-05-04 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Among the index's biggest losers were Disney , American Express , Goldman Sachs and Boeing . Here are the top 10 names with the largest upside to the average price target, according to data pulled from FactSet. American Express can rally 23.5%, while Goldman Sachs has 21% upside, according to analysts' average price targets. AXP YTD mountain American Express year to date Last month, American Express reported an earnings miss for the first quarter, but its revenue beat expectations, per Refinitiv. Goldman Sachs, however, missed on revenue thanks to a $470 million loss on the partial sale of its Marcus loans portfolio.

☆ Moor Insights’ Patrick Moorhead expects iPhone sales to take a hit in the future
▼ + stars: | 2023-05-04 | 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 EmailMoor Insights’ Patrick Moorhead expects iPhone sales to take a hit in the futureEvercore ISI’s Amit Daryanani, Moor Insights’ Patrick Moorhead and Pitt Capital’s Dan Eye, join 'Closing Bell: Overtime' to discuss Apple after the company reported better-than-expected earnings.

☆ Regional bank stocks edge higher after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares rose 6.5% in early afternoon trading after tumbling 28% to close at their lowest level on record on Tuesday. Western Alliance Bank (WAL.N) advanced 4.2%, while Comerica (CMA.N) and Valley National Bankcorp (VLY.O) added nearly 1% and more than 2%, respectively. The KBW Regional Banking Index (.KRX) rose 2% after closing at its lowest level since December 2020 on Tuesday. The plunge in regional bank stocks came after U.S. regulators seized First Republic Bank and sold off its assets to JPMorgan Chase & Co (JPM.N) for $10.6 billion. The bank selloff indicates investor unease over their outlook following the First Republic deal, Brown Brothers Harriman analysts wrote in a note.

☆ US regional lenders notch modest gains after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares gained 2.1% in early trading after tumbling 28% to close at their lowest level on record on Tuesday. The KBW Regional Banking Index (.KRX) rose 1% after closing at its lowest level since December 2020. Evercore ISI analysts lowered their 2023 earnings outlook for regional lenders. The brokerage now estimates a nearly 1%decline from a year earlier, compared to an already lowered expectations of a 4% growth, blaming it on intensifying funding cost pressures amid declining regional bank deposits. Meanwhile, short sellers have pocketed $1.2 billion in paper profits betting against regional lenders in the first two days of May, with Truist Financial Corp (TFC.N) and PacWest generating the highest gains, analytics firm Ortex said.

☆ Watch CNBC's full interview with Evercore ISI's Krishna Guha
▼ + stars: | 2023-05-03 | 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 EmailWatch CNBC's full interview with Evercore ISI's Krishna GuhaKrishna Guha, Evercore ISI vice chairman, joins 'Squawk on the Street' to discuss expectations for a 25 bps Fed hike, the Fed's credibility concerns, and the probability of a recession this year.

☆ Here are Wednesday's biggest analyst calls: Apple, Chewy, Disney, Wells Fargo, AMD, Coinbase & more
▼ + stars: | 2023-05-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America upgrades Pearson to buy from underperform Bank of America said the selloff in the British education company is overdone. Bank of America upgrades Cogent to buy from underperform Bank of America upgraded the internet services provider and says it sees "new sales growth." Bernstein upgrades Marriott to outperform from market perform Bernstein said the hotel giant has the "highest quality" earnings stream. " Evercore ISI reiterates Wells Fargo as outperform Evercore said it's sticking with the larger banks as regional concerns continue. Berenberg upgrades HSBC to buy from hold Berenberg said in its upgrade of the UK bank that it's "structurally attractive."

☆ 'Self-fulfilling prophecy is a risk' in regional bank crisis, Evercore ISI says
▼ + stars: | 2023-05-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Regional bank stocks have fallen sharply this week after the failure and sale of First Republic, with the SPDR S & P Regional Banking ETF (KRE) tumbling 8.9% in just two days, on Monday and Tuesday. KRE 5D mountain Regional bank stocks have fallen after First Republic's failure. But even if the immediate concerns have been put to rest, now the falling bank stocks could create a new round of issues, according to Evercore ISI. ... regional banks' troubles are earnings issues for most, rather than liquidity issues," Pancari said. He added that "select regionals appear oversold," highlighting Fifth Third Bancorp as one of Evercore ISI's favorite mid-sized banks.

Investors anticipate the U.S. central bank will follow through with a quarter-percentage-point rate hike at the end of its latest two-day policy meeting. The policy statement is due to be released at 2 p.m. EDT (1800 GMT), with Fed Chair Jerome Powell scheduled to speak to reporters half an hour later. But the new statement, and Powell's elaboration on it, will have to reconcile a set of risks that have grown more into conflict. Between that consensus and other problems that have intensified in the meantime, the Fed is likely to at least open the door to the prospect that this hike will be the last of the current tightening cycle, absent a future inflation surprise. Doing otherwise might hint that those projections had changed, a hawkish tilt towards more rate hikes that the Fed won't want to close off but also won't want to guarantee.

☆ I am expecting a 25 bps rate hike, says Evercore ISI's Krishna Guha
▼ + stars: | 2023-05-03 | 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 EmailI am expecting a 25 bps rate hike, says Evercore ISI's Krishna GuhaKrishna Guha, Evercore ISI vice chairman, joins 'Squawk on the Street' to discuss expectations for a 25 bps Fed hike, the Fed's credibility concerns, and the probability of a recession this year.

☆ Here are Tuesday's biggest analyst calls of the day: Apple, Ferrari, Dell, Tesla, Chegg, Penn & more
▼ + stars: | 2023-05-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

"We initiate coverage of AMRC shares with a Buy rating and $60 PT implying ~45% upside potential." Barclays downgrades Shoals to underweight from equal weight Barclays said in its downgrade of the solar company that shares of Shoals are overvalued. Morgan Stanley upgrades Dell to overweight from equal weight Morgan Stanley says it's getting more constructive on shares of the PC giant. " Barclays initiates Ferrari as equal weight Barclays said in its initiation of the stock that it's waiting for a better entry point. Cowen reiterates Target and Walmart as outperform Cowen said it's standing by its outperform rating on the big box giants.

☆ Analyst Mark Mahaney shares his top two tech stock picks, giving one 152% upside
▼ + stars: | 2023-05-02 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

And top tech analyst Mark Mahaney of Evercore ISI is giving one tech stock further upside: Meta . He pointed to the monetization of Meta's Reels product, via "better and better" campaign tracking and performance management. "I think this is a global opportunity for Meta but it's particularly strong in markets where WhatsApp is particularly strong," Mahaney said, adding that the strategy is under-monetized. 2 pick Mahaney said his second pick in large-cap tech would be ride-hailing app Uber . Mahaney gave Uber a price target of $75, implying potential upside of 152%.

☆ US regional bank stocks fall for second day as First Republic failure weighs
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Shares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank (FRC.N), the largest U.S. bank failure since the 2008 financial crisis. Investors are still concerned that the crisis started by the closure of Silicon Valley Bank and Signature Bank in March could engulf other mid-sized lenders. Shares of PacWest Bancorp (PACW.O) tumbled nearly 30%, while Western Alliance Bank (WAL.N) and KeyCorp (KEY.N) fell 21% and 10%, respectively. Some investors are also concerned about the long-term impact of the JPMorgan deal, which risks worsening the "too-big-to-fail" problem regulators have been trying to solve for years. Reporting by Niket Nishant and Jaiveer Singh Shekhawat in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ The First Republic deal has come at a crucial point for the markets and economy
▼ + stars: | 2023-05-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Michael M. Santiago | Getty ImagesJPMorgan Chase's takeover of First Republic likely ends the panic phase of the banking crisis, with the fallout left to come in a pivotal week for markets and the economy. Following an unsuccessful effort to keep First Republic open, the largest U.S. bank by deposits reached a deal to take over the 14th-largest financial institution. With financial services covering such a wide swath of activities in the $26.5 trillion U.S. economy, the failures of Silicon Valley Bank, Signature Bank and now First Republic Bank will reverberate. Stocks nudged higher Monday morning on hopes that the worst of a banking crisis that began in early March has drifted into the rear view. "Resolving FRC should end the 7-week post SVB bank crisis phase."

☆ Here are Monday's biggest analyst calls: Apple, JPMorgan, Zillow, General Motors, Exxon, Tesla & more
▼ + stars: | 2023-05-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Monday's biggest calls on Wall Street: Morgan Stanley upgrades General Motors to overweight from equal weight Morgan Stanley said the auto giant's stock is oversold. Guggenheim initiates Endeavor as buy Guggenheim initiated the sports and entertainment company and says it's "well positioned." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said Tesla's price cuts are the best measure of electric vehicle demand. Morgan Stanley upgrades Logitech to equal weight from underweight Morgan Stanley upgraded the stock mainly on valuation. Guggenheim upgrades Teradata to buy from neutral Guggenheim upgraded the software company based on positive channel checks.

☆ UK blocks Microsoft's $69 bln Activision deal over cloud gaming concerns
▼ + stars: | 2023-04-26 | by ( Paul Sandle | ) www.reuters.com time to read: +4 min

The country's antitrust regulator said on Wednesday that Microsoft's commitment to offer access to Activision's multi-billion dollar "Call of Duty" franchise to leading cloud gaming platforms would not effectively remedy its concerns. The gaming company also reported quarterly results on Wednesday, a day earlier than scheduled, beating quarterly bookings estimates although that seemed to do little to allay investor concerns about Britain's move. Europe will decide on the Activision deal by May 22. The CMA said the cloud gaming market was forecast to be worth 11 billion pounds ($13.7 billion) globally by 2026. The CMA said Microsoft had an estimated 60%-70% of global cloud gaming services as well as competitive advantages including owning Xbox, PC operating system Windows and cloud provider Azure.

☆ Watch CNBC's full interview with EMJ Capital's Eric Jackson
▼ + stars: | 2023-04-26 | 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 EmailWatch CNBC's full interview with EMJ Capital's Eric JacksonJulian Emanuel, Evercore ISI senior managing director, joins 'Squawk on the Street' to discuss why tech earnings could surprise the upside, Jackson's thoughts on the small to mid-cap tech stocks, and more.

☆ Debt ceiling is a catalyst for an S&P move to 3,800: Evercore ISI's Julian Emanuel
▼ + stars: | 2023-04-26 | 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 EmailDebt ceiling is a catalyst for an S&P move to 3,800: Evercore ISI's Julian EmanuelJulian Emanuel, Evercore senior managing director, joins 'Squawk on the Street' to discuss why the debt ceiling could send markets lower, when stocks start paying attention to macro concerns and more.

☆ There's a clear distinction in earnings between big tech and the rest: EMJ Capital's Eric Jackson
▼ + stars: | 2023-04-26 | 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's a clear distinction in earnings between big tech and the rest: EMJ Capital's Eric JacksonJulian Emanuel, Evercore ISI senior managing director, joins 'Squawk on the Street' to discuss why tech earnings could surprise the upside, Jackson's thoughts on the small to mid-cap tech stocks, and more.

First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.

☆ Inside Meta's scramble to catch up on A.I.
▼ + stars: | 2023-04-25 | by ( ) www.cnbc.com time to read: +8 min

For more than a year, Meta has been engaged in a massive project to whip its AI infrastructure into shape. He declined to comment on whether Meta abandoned its AI chip. Generative AI gobbles up reams of computing power, amplifying the urgency of Meta's capacity scramble, said five of the sources. By 2021, that two-pronged approach proved slower and less efficient than one built around GPUs, which were also more flexible in running different types of models than Meta's chip, the two people said. Executives also that spring set about reorganizing Meta's AI units, naming two new heads of engineering in the process, including Janardhan, the author of the September memo.

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☆ Here are Monday's biggest analyst calls: Apple, Amazon, Chipotle, Ford, Disney, Nvidia, Sunrun & more
▼ + stars: | 2023-04-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

"We upgrade ALLY to Neutral (from Underperform) and raise our PO to $28 from $24, implying ~8% upside potential." Goldman Sachs reiterates Apple as buy Goldman said in its Apple earnings preview note that "solid iPhone demand to offset Mac weakness." Wells Fargo names Disney a top pick in media Wells said in a note on Monday that Disney is the "best opportunity in media." JPMorgan reiterates Ford & General Motors as overweight JPMorgan said in an earnings preview note that it's standing by both automakers heading into earnings tomorrow for GM and next week for Ford . Mizuho initiates Tencent Music Entertainment as buy Mizuho said in its initiation of the China music company that the stock has upside potential. "

☆ CNBC Daily Open: Earnings are starting to look weak
▼ + stars: | 2023-04-20 | by ( Yeo Boon Ping | ) 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. In other words, investors think stock prices will rise over the next 30 days. As CNBC Pro's Scott Schnipper wrote, "Expectations about the immediate earnings outlook have been down for so long, the actual numbers themselves could look like up to investors." Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Earnings look weak despite beating expectations
▼ + stars: | 2023-04-20 | by ( Yeo Boon Ping | ) 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. In other words, investors think stock prices will rise over the next 30 days. First, even though companies have been reporting better-than-expected results, that trend could have low base expectations to thank: Analysts think S&P 500 earnings will fall 5.2% in the first quarter. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Major analysts are cautious on Tesla, say EV leader may be going too far with price cuts
▼ + stars: | 2023-04-20 | by ( Brian Evans | ) www.cnbc.com time to read: +6 min

But the focus of analysts were the price cuts and how far the company will go to juice demand. That said, this is balanced by concerns of increased EV competition, further price cuts, and macro challenges. Evercore ISI, In Line rating, $165 price target: "Gross margin red line of "20%" breached (Q2 will be lower)." Bernstein, Underperform rating, $150 price target: "Importantly, despite significant price cuts, demand still appears challenged for Tesla and price elasticity appears to be more muted than Tesla believed. Citigroup, Neutral rating, $175 price target (Down from $192): "The Q1 margin miss confirms that price cuts weren't offset to the extent previously expected.

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