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☆ Bank of America upgrades this software stock, says it can be the next A.I. leader
▼ + stars: | 2023-08-17 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

"In a blue-sky scenario, we arrive at AI revenue of $1 billion in FY24, growing to $2.9 billion by FY26 (which assumes 33% Firefly penetration to Creative Cloud/Express users)." Bank of America's upgrade follows a similar move from Morgan Stanley last month . Morgan Stanley raised its rating on Adobe to overweight from equal weight — also citing the company's AI potential. Adobe stock has soared more than 52% in 2023. ADBE YTD mountain Bank of America's forecast implies more than 22% upside for Adobe.

Persons: Brad Sills, Adobe, Sills, Morgan Stanley, —, CNBC's Michael Bloom Organizations: of America, Adobe, Cloud, Bank of, America's

☆ This company is the No. 1 software player in A.I. right now, says Jim Cramer
▼ + stars: | 2023-08-17 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

Adobe (ADBE) has the best artificial intelligence offerings among software companies right now, CNBC's Jim Cramer said Thursday. The maker of Photoshop and InDesign earlier this year launched a generative AI tool called Firefly, which allows users to edit images simply through type commands. Cramer said he believes the rollout of Firefly has been successful, giving Adobe a strong position in the budding AI adoption cycle. "It is so good, this Firefly," Cramer said. Back in March, Adobe and Nvidia (NVDA), a top-performing stock in the CNBC Investing Club's portfolio, announced a deeper partnership to co-develop advanced generative AI models.

Persons: CNBC's Jim Cramer, Cramer, Jim Cramer's Organizations: Adobe, Bank of America, Bank of America's, Nvidia, CNBC

☆ A former BlackRock stock chief shares 5 stocks and one area of the bond market he likes right now as growing recessionary pressures threaten to spoil the S&P 500's rally
▼ + stars: | 2023-08-16 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Bob Doll thinks a mild recession will hit the US economy sometime in the near-to-mid future. Outside of the stock market, Doll also thinks bonds are relatively attractive compared to last year. Within the bond market, he likes Treasurys most, with 10-year yields offering more than a 4% coupon. A 1.5% 10-year Treasury is a bad deal, and of course bonds have sold off hard," he said. Treasury bonds can be bought via a brokerage or through TreasuryDirect.

Persons: Bob Doll, Bob Doll isn't, Doll, Phillips, refiners Organizations: Conference, BlackRock, Valero, Aaa, Treasury Locations: HMOs, TreasuryDirect

☆ BMO names this software stock as a top pick, citing A.I. tailwinds
▼ + stars: | 2023-08-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Adobe could be another generative AI winner, according to BMO Capital Markets. Analyst Keith Bachman named Adobe its top pick in a Tuesday note, replacing Palo Alto Networks . "For ADBE, we believe that generative AI can be a meaningful tailwind to net new ARR, starting mostly in FY24. Generative AI can also help with the price and mix of Creative Cloud solutions, according to the analyst. Bachman raised his price target on shares to $600 from $575, implying more than 13% upside from Monday's close.

Persons: Keith Bachman, Bachman, —, Michael Bloom Organizations: BMO Capital Markets, Adobe, Palo Alto Networks, BMO

☆ Akamai Technologies forecasts upbeat third-quarter revenue, profit
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

The Cambridge, Massachusetts-based company forecasts revenue to be between $937 million and $952 million for the quarter ending Sept. 30, compared with analysts' average estimate of $931 million, according to Refinitiv data. The company expects adjusted profit per share for the third quarter to be between $1.48 and $1.52, while analysts estimated $1.41. Akamai also raised its full-year revenue forecast to between $3.77 billion and $3.80 billion, compared with its prior projection of $3.74 billion to $3.79 billion. Security and compute revenue, which formed 59% of the company's total revenue in the quarter, grew 14% over the year earlier, the company said. Excluding items, the company's profit per share was $1.49, compared with analysts' expectations of $1.41.

Persons: Akamai, Rishi Jaluria, Jaluria, Zaheer Kachwala, Jaspreet Singh, Shilpi Majumdar Organizations: Akamai Technologies, Wall, RBC Capital Markets, U.S . Department of Labor, Census Bureau, Department of Defense, eBay, Electronic Arts, Thomson Locations: Cambridge , Massachusetts, Bengaluru

☆ Here are Tuesday's biggest analyst calls: Apple, Home Depot, Tesla, Adobe, Walmart, Disney and more
▼ + stars: | 2023-08-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it's still bullish heading into Walmart earnings Aug. 17. Deutsche Bank reiterates Estée Lauder as buy Deutsche Bank said it sees a "difficult" quarter when Estée Lauder reports earnings next week. Citi opens a negative catalyst watch on Spirit Airlines Citi opened a negative catalyst watch on the discount airline and said it sees a "bumpy ride" to gain regulatory approval for the merger with JetBlue. Citi reiterates TJX Companies as buy Citi said it's bullish heading into earnings next week. JPMorgan downgrades Freshpet to neutral from overweight JPMorgan said it downgraded Freshpet mainly on valuation.

Persons: Tesla, We'll, Truist, DraftKings, Ralph Lauren, Morgan Stanley, it's, Fisker, Estée Lauder, Telsey, JPMorgan Organizations: BMO, Adobe, Bank of America, of America, Management, Walmart, UW, Deutsche Bank, Citi, Spirit Airlines Citi, JetBlue, Watch, JPMorgan, Boston, Networks, Disney, UBS, Apple, FX, TJX Companies, Cellular, USM, US Cellular Locations: China, Orlando

☆ Adobe's Figma deal faces EU competition investigation
▼ + stars: | 2023-08-07 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRUSSELS, Aug 7 (Reuters) - Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma could reduce competition in global markets for interactive product design tools and also shut out rivals, EU antitrust regulators said on Monday. The European Commission said it opened a full-scale investigation into the deal after a preliminary review triggered concerns, confirming a Reuters story last month. The deal would remove an important rival and could allow Photoshop maker Adobe to restrict competition in the global markets for supply of interactive product design tools, the EU antitrust watchdog said. It said the acquisition could also affect Figma's potential for growth into an effective competitor to Adobe's asset creation tools and effectively reduce competition in interactive product design tools by bundling Figma with Adobe's Creative Cloud suite. The EU competition enforcer said it would decide by Dec. 14 whether to clear or block the deal.

Persons: Dado Ruvic, Competition Margrethe Vestager, Adobe, Foo Yun, Sharon Singleton, David Goodman Organizations: REUTERS, European Commission, Reuters, Tech, Zoom Video Communications, Adobe, Competition, EU, Thomson Locations: BRUSSELS

Second-quarter earnings for S&P 500 companies are estimated to have fallen 6.4% year-over-year, Refinitiv data through Friday showed. Citigroup raised its 2023-end and mid-2024 S&P 500 targets to 4,600 and 5,000, respectively, to reflect a higher possibility of a soft landing. According to preliminary data, the S&P 500 (.SPX) gained 7.64 points, or 0.17%, to end at 4,589.15 points, while the Nasdaq Composite (.IXIC) gained 29.37 points, or 0.21%, to 14,348.50. Nearly half of the top 11 S&P 500 sectors posted gains, led by a rise in energy stocks (.SPNY). Adobe (ADBE.O) stocks rose, outperforming tech peers, after Morgan Stanley raised its rating to "overweight" on the photoshop maker.

Persons: Dow, Ross Mayfield, Austan Goolsbee, Jay Hatfield, Johnson, Morgan Stanley, Echo Wang, Johann M Cherian, Vinay Dwivedi, Richard Chang Organizations: Citigroup, Nasdaq, Amazon.com, Apple, Baird, Intel, Lam Research, Chicago Fed, Dow Jones, Infrastructure Capital Advisors, SoFi Technologies, ON Semiconductor, Dow, Johnson, Adobe, Thomson, & & ' Locations: Louisville , Kentucky, New York, U.S, Bengaluru

☆ Morgan Stanley upgrades Adobe, cites A.I. acceleration
▼ + stars: | 2023-07-31 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Morgan Stanley thinks Adobe can benefit from artificial intelligence-powered products even more. The bank upgraded Adobe to overweight from equal weight on Monday and hiked its price target to $660 per share from $510. Morgan Stanley's new forecast now implies nearly 25% upside. "Importantly, GenAI products like Firefly coupled with enhancements to flagship applications renew our confidence in a robust product innovation engine at Adobe," Weiss said. Weiss also pointed to the popular Adobe Creative Cloud, which could push the company's earnings-per-share compounded annual growth rate to toward 17% from 2022 to 2025.

Persons: Morgan Stanley, Adobe, Morgan Stanley's, Keith Weiss, Weiss, — CNBC's Michael Bloom Organizations: Adobe

Second-quarter earnings for S&P 500 companies are now estimated to have fallen 6.4% year-over-year, according to Refinitiv data. Citigroup raised its 2023-end and mid-2024 S&P 500 targets to 4,600 and 5,000, respectively, to reflect a higher possibility of a soft landing. Seven of the top 11 S&P 500 sectors gained, led by a 2.0% rise in energy stocks (.SPNY). The S&P index recorded 25 new 52-week highs and no new low, while the Nasdaq recorded 71 new highs and 37 new lows. Reporting by Johann M Cherian and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Zaccarelli, Austan Goolsbee, Johnson, Morgan Stanley, Johann M Cherian, Vinay Dwivedi Organizations: Citigroup, Dow, Nasdaq, Apple, AMD, Independent, Alliance, Microsoft, Intel, Lam Research, Chicago Fed, Dow Jones, Financial, SoFi Technologies, ON Semiconductor, Johnson, UBS, Adobe, NYSE, Thomson, & & ' Locations: U.S, Xpeng, Bengaluru

Second-quarter earnings for S&P 500 companies are estimated to have fallen 6.4% year-over-year, Refinitiv data through Friday showed. The tech-heavy Nasdaq led Wall Street higher last week as megacap growth companies such as Alphabet (GOOGL.O), Meta Platforms (META.O) as well as chipmakers Intel (INTC.O) and Lam Research (LRCX.O) posted strong quarterly earnings. Citigroup raised its 2023-end and mid-2024 S&P 500 targets to 4,600 and 5,000, respectively, to reflect a higher possibility of a soft landing. Eight of the top 11 S&P 500 sectors posted gains, led by a 2% rise in energy stocks (.SPNY). The S&P 500 posted 27 new 52-week highs and one new low; the Nasdaq Composite recorded 95 new highs and 57 new lows.

Persons: Ross Mayfield, Austan Goolsbee, Jay Hatfield, Johnson, Morgan Stanley, decliners, Echo Wang, Johann M Cherian, Vinay Dwivedi, Richard Chang Organizations: Citigroup, Dow, Nasdaq, Amazon.com, Apple, Baird, Intel, Lam Research, Chicago Fed, Dow Jones, Infrastructure Capital Advisors, Financial, SoFi Technologies, ON Semiconductor, Johnson, Adobe, NYSE, Thomson, & & ' Locations: Louisville , Kentucky, New York, U.S, Bengaluru

☆ Adobe's Figma deal faces full-scale EU antitrust probe, sources say
▼ + stars: | 2023-07-24 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma will face a full-scale EU antitrust investigation following EU regulators' preliminary review, people familiar with the matter said on Monday. The move underscores antitrust watchdogs' wariness of tech deals where bigger companies may acquire rival start-ups to shut them down. The European Commission earlier this year warned of the threat the deal poses to competition in the market for interactive product design and whiteboarding software. The EU competition enforcer, which is scheduled to finish its initial scrutiny by Aug. 7, did not immediately respond to a request for comment. Figma's Web-based collaborative platform for designs and brainstorming is hugely popular among tech firms including Zoom Video Communications (ZM.O), Airbnb (ABNB.O) and Coinbase (COIN.O).

Persons: Foo Yun Chee, Matthew Lewis Organizations: European, EU, Adobe, Zoom Video Communications, Thomson Locations: Brussels

☆ UK announces in-depth probe of Adobe's $20 billion Figma deal
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Britain's antitrust regulator on Thursday announced an in-depth probe of Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma, after the Photoshop owner said it would not offer any remedies to ease the regulator's concerns. But on July 7, the U.S. company told the CMA it would not offer any remedies, the CMA said on Thursday. Figma and Adobe both directed Reuters to the companies' response in June, when the regulator had flagged these concerns. An in-depth, or phase two, probe by the CMA is conducted by an inquiry group selected from independent experts. It has said it expects to close the deal by end of this year, as U.S. and EU regulators also probe the deal.

Persons: Yadarisa, Chavi Mehta, Nivedita Bhattacharjee, Mark Potter Organizations: Markets Authority, U.S ., CMA, Adobe, Reuters, Zoom Video Communications, Figma, Thomson Locations: U.S, EU, Bengaluru

☆ EU antitrust regulators set Aug. 7 deadline for Adobe, Figma deal
▼ + stars: | 2023-07-03 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 3 (Reuters) - EU antitrust regulators will decide by Aug. 7 whether to clear Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma after a preliminary review, according to a European Commission filing on Monday. Photoshop maker Adobe sought EU approval last Friday. A request made a month before the summer holidays suggests the company expects the EU competition enforcer to open a full-scale investigation following its initial scrutiny. The Commission earlier this year warned the deal threatens to significantly affect competition in the market for interactive product design and whiteboarding software. Britain's competition watchdog on Friday gave Adobe a week to offer remedies to address its concerns or face a deeper investigation.

Persons: Foo Yun Chee, Marguerita Choy Organizations: Adobe, Zoom Video Communications, Thomson Locations: BRUSSELS

☆ Futures rise ahead of inflation data
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Nike slides after downbeat Q1 sales outlookApple up as Citigroup starts coverage with "buy"May PCE data due at 8:30 a.m. "The backdrop for equities is still no recession, inflation is sticky and financial conditions are still loose. "Key risks ahead for U.S. equities remain potential expanded export controls on AI chips and the upcoming Q2 earnings season." The Fed's preferred inflation gauge, the Personal Consumption Expenditure index (PCE) for May, will be released at 8:30 a.m. Adobe (ADBE.O) slipped 0.8% after UK's competition regulator ordered a second round of review of its deal to buy Figma.

Persons: Jerome Powell, Peter Garnry, Jefferies, Sruthi Shankar, Johann M, Shinjini Organizations: Nike, Apple, Citigroup, Dow, Federal Reserve, Saxo Bank, Nasdaq, Reuters, Traders, Dow e, Nike Inc, Apple Inc, Carnival Corp, Thomson Locations: U.S, North America, Bengaluru

☆ UK regulator may refer Adobe's $20 bln Figma deal to deeper probe
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Britain's competition regulator on Friday said Photoshop owner Adobe Inc's (ADBE.O) $20 billion buyout of cloud-based designer platform Figma may be referred to a deeper investigation as it could "reduce innovation". The Competition and Markets Authority (CMA) said unless the parties offer acceptable undertakings to address competition concerns, the deal would be referred to a Phase 2 investigation. CMA had said in May it was looking into the deal, announced in September last year. "Adobe has no meaningful plans to compete in the product design space," Adobe said in a statement. "We remain confident in the merits of the case as Figma's product design is an adjacency to Adobe’s core creative products."

Persons: We're, Sorcha O'Carroll, Adobe, Eva Mathews, Radhika Anilkumar, Chavi Mehta, Janane Venkatraman, Angus MacSwan Organizations: Adobe, Markets Authority, CMA, Regulators, Big Tech, Activision, Thomson Locations: U.S, Bengaluru

☆ These are the 4 AI stocks retail investors are pouring into as they chase the next tech rally
▼ + stars: | 2023-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Retail investors are chasing the next tech rally with AI-related stocks like Micron, Vanda said. Though retail investor flows fell slightly, stock purchases are above the daily average since SVB's collapse. The firm identified four stocks that were gaining traction among retail investors as they search for new winners in the AI space. Still, retail investors had taken interest in the stock even before it posted its financial results, Vanda said, thanks to speculation it could be another AI gamble. Retail net purchases of the stock were about 145 times the daily average before its latest earnings report.

Persons: Vanda, —, " Vanda, NVDA Organizations: Micron, Service, Vanda Research, Silicon Valley Bank, Nvidia, Oracle, Retail, Adobe, Microsoft Locations: Silicon

☆ Databricks rolls out AI assistant to help analyze business data
▼ + stars: | 2023-06-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Databricks on Wednesday introduced an artificial intelligence assistant intended to help business users ask complicated questions about their corporate data in everyday language. Behind the scenes, an AI system will interpret the question, fetch the needed data, read it and produce an answer. Ali Ghodsi, chief executive of Databricks, hopes that the AI system will be especially useful because it will be trained on a company's own data, rather than generic data from the internet. That should get the AI quickly up to speed on relevant information like the dates of the company's fiscal year or industry-specific jargon, Databricks believes. By training on the customer's specific data, the new Databricks offering "understands the jargon.

Persons: Databricks, Ali Ghodsi, Ghodsi, Stephen Nellis, Cynthia Osterman Organizations: Adobe Inc, Intel Corp, Databricks, Thomson Locations: San Francisco

☆ Jim Cramer: Here's my outlook on stocks for the rest of 2023 — and how I'm playing it
▼ + stars: | 2023-06-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +13 min

A 6% solution to no inflation from the stock market. But not enough, again, because of the wave of money that's now flowing through the sand of the economy. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: —, Jensen Huang, Jensen, ChatGPT, Leonardo Da Vinci, Tesla, Elon, let's, Jerome Powell, Powell, Joseph Stalin, dismissively, FANG, That's, Wall, LEN, Salesforces, Cook, Zuckerberg, Huang, Jim Cramer's, Jim Cramer, Jim, Jim Cramer Rob Kim Organizations: Apple, Microsoft, Nvidia, Treasury, Federal Reserve, Tesla, Fed, Boeing, Devices, Adobe, Toll, Royal, Holdings, Musk, Jim Cramer's Charitable, CNBC Locations: Ukraine, Royal Caribbean

[1/2] U.S. President Joe Biden and India's Prime Minister Narendra Modi attend an official state dinner at the White House in Washington, U.S., June 22, 2023. Biden and Modi gathered with CEOs including Apple's (AAPL.O) Tim Cook, Google's (GOOGL.O) Sundar Pichai and Microsoft's (MSFT.O) Satya Nadella. Modi, who has appealed to global companies to "Make in India," will also address business leaders at the Kennedy Center for Performing Arts. Modi praised Gopalan for keeping India "close to her heart" despite the distance to her new home, and called Harris "really inspiring." On Friday evening, Modi will address members of the Indian diaspora, many of whom have turned out at events during the visit to enthusiastically fete him, at times chanting "Modi!

Persons: Joe Biden, Narendra Modi, Elizabeth Frantz WASHINGTON, Modi, Biden, Tim Cook, Sundar Pichai, Satya Nadella, Sam Altman, OpenAI, Sunita Williams, Anand Mahindra, Mukesh Ambani, Farwa Aamer, John Kirby, Kirby, India's, Kamala Harris, Antony Blinken, Harris, Shyamala Gopalan, Gopalan, Steve Holland, Simon Lewis, Jeff Mason, Trevor Hunnicutt, Don Durfee, Grant McCool Organizations: India's, White, REUTERS, Indian, U.S, NASA, Mahindra Group, Reliance Industries, Kennedy Center for Performing Arts, FedEx, MasterCard, Adobe, South China Seas, South, Asia Society Policy Institute, White House, Washington, State Department, Bharatiya Janata Party, BJP, Thomson Locations: Washington , U.S, Washington, China . U.S, India, United States, CHINA, Beijing, China, South, South Asia, New Delhi, Taiwan, Russia, Moscow, Ukraine, American

☆ Indian PM Modi to meet CEOs as Washington visit concludes
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +3 min

[1/2] U.S. President Joe Biden and India's Prime Minister Narendra Modi attend an official state dinner at the White House in Washington, U.S., June 22, 2023. REUTERS/Elizabeth FrantzWASHINGTON, June 23 (Reuters) - Indian Prime Minister Narendra Modi will meet U.S. and Indian business leaders in Washington on Friday, the final day of a state visit marked by pledges of deeper U.S.-India cooperation on areas including space, artificial intelligence and quantum computing. 2 position in the White House, and Secretary of State Antony Blinken. The White House also announced plans to cooperate on quantum computing, scientific research and technological innovation, alongside plans to manufacture weapons in India. On Friday evening, Modi will address members of the Indian diaspora, many of whom have turned out at events during the visit to enthusiastically fete him, at times chanting "Modi!

Persons: Joe Biden, Narendra Modi, Elizabeth Frantz WASHINGTON, Modi, Kamala Harris, Antony Blinken, India's, Biden, Simon Lewis, Don Durfee, Grant McCool Organizations: India's, White, REUTERS, Indian, U.S, State Department, Kennedy Center for Performing Arts, FedEx, MasterCard, Adobe, Tech Mahindra, Congress, Thomson Locations: Washington , U.S, Washington, India, American, Delhi, China, Beijing, Taiwan, Russia, Moscow, Ukraine

☆ These are the most-loved Club stocks on Wall Street. Here’s where we stand
▼ + stars: | 2023-06-23 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +7 min

HAL YTD mountain Halliburton's year-to-date stock performance. AMZN YTD mountain Amazon's year-to-date stock performance. GOOGL YTD mountain Alphabet's year-to-date stock performance. That's lagged many other large-cap tech peers over the same stretch, including Club stock Nvidia (NVDA), which climbed 11%, and Adobe (ADBE), which advanced 10%. PANW YTD mountain Palo Alto Networks' year-to-date stock performance.

Persons: It's, hasn't, it's, Halliburton, We're, we'd, it'd, what's, we're, Linde, Jim Cramer's, Jim Cramer, Jim, Pat Carter Organizations: Halliburton, HAL, Linde, LIN, Palo Alto Networks, Wall, Club, Coterra Energy, Federal, Amazon, Amazon Web, Microsoft, Nvidia, Adobe, Networks, CNBC, Getty Locations: Thursday's, Palo, U.S, Europe, Stillwater , Oklahoma

☆ Here are Wednesday's biggest analyst calls: Nike, Tesla, Amazon, Apple, Adobe, Uber, Micron and more
▼ + stars: | 2023-06-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.

Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's

☆ A.I. should help this software company get customers to stay and spend more, BMO says
▼ + stars: | 2023-06-21 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Artificial intelligence could help Adobe win customers and get them to pay more for products, according to BMO Capital Markets. Analyst Keith Bachman upgraded the software stock to outperform from market perform and hiked his price target by $70 to $570. His new price target implies shares could rally 17.3% in the next year from Tuesday's close. "We believe that ADBE can capture price/mix, as well as new users, through generative AI," he said in a note to clients Wednesday. He added that users would likely be willing to spend more on solutions that utilize AI.

Persons: Keith Bachman, Bachman, — CNBC's Michael Bloom Organizations: Adobe, BMO Capital Markets, Adobe Express Locations: Tuesday's

All S&P 500 sub-sectors fell, with the rate-sensitive real estate sector (.SPLRCR) leading the declines, with a 0.8% drop. In the previous session, Wall Street's main indexes fell as investors booked profits in the wake of a sustained market rally amid signs of weakening global demand. Still, the benchmark S&P 500 (.SPX) has advanced around 14% so far this year. If a U.S. recession becomes more likely, Goldman Sachs (GS.N) said investors should maintain upside exposure to equities by using options to hedge a potential 23% fall in the S&P 500 index (.SPX). It holds chances of a recession at 25%, and in that base case, it expects the S&P 500 to rise to 4,500 - about 2.5% higher than current levels.

Persons: Jerome Powell, Powell, Volcker, that's, Peter Cardillo, Goldman Sachs, Li Auto, advancers, Shubham Batra, Johann M Cherian, Ankika Biswas, Stephen Culp, Arun Koyyur Organizations: FedEx, China EV, Dow, Financial, U.S, Fed, Spartan Capital Securities, United Parcel Service, Dow Jones, Nasdaq, Nio Inc, Xpeng, Adobe, Capital Markets, NYSE, Thomson Locations: China, U.S, Bengaluru

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