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Lyft (LYFT) downgraded to in line from outperform (hold from buy) at Evercore, one of many negative Wall Street notes. Price target cuts: Credit Suisse to $122 per share from $137 and Baird to $120 from $140. Raymond James cuts price target on Palantir (PLTR) to $15 per share from $20 but has strong buy. Meanwhile, multiple price cuts on Celanese. Mizuho cut price target on cloud data provider Snowflake (SNOW) to $185 per share from $225 but keeps buy rating.
Here are the biggest calls on Wall Street on Tuesday: Deutsche Bank reiterates Roblox as buy Deutsche says it expects a strong earnings report for Roblox when the online gaming platform company releases results on Wednesday. Deutsche Bank upgrades Dave & Buster's to buy from hold Deutsche said in its upgrade of the stock that it sees a "compelling" risk/reward. Bank of America reiterates Meta as neutral Bank of America says it sees too many headwinds for Meta shares right now. Bank of America reiterates Nvidia as buy Bank of America says it's standing by shares of Nvidia heading into earnings next week. Deutsche Bank reiterates Electronic Arts as a top pick Deutsche says it's very bullish on the company's upcoming release slate. "
Ukraine and Russia together account for nearly a third of global wheat exports, according to Gro Intelligence, an agricultural data firm. Russia suspended its participation in the grain deal indefinitely on Saturday, after what it claimed was a drone attack by Ukrainian armed forces on its Black Sea fleet in the Crimean city of Sevastopol. After reaching a record high in March, the UN Food and Agriculture Organization’s global food price index has declined for seven months in a row. Russia’s decision to suspend its participation “is adding immense volatility to global grain prices,” said Tracey Allen, an agricultural commodities strategist at JPMorgan Chase. Twelve vessels left Ukraine’s Black Sea ports on Monday, Ukraine’s Minister of Infrastructure Oleksandr Kubrakov said on Twitter.
The coming week is also the busiest of the corporate earnings season, with about a third of the S & P 500 companies releasing results. "Historically, the market waits for the last Fed rate hike to be introduced and then the market climbs higher. The S & P 500 was up more than 8.8% for the month. The Dow was up 5.7% on the week, the S & P 500 was up 5.7% and the Nasdaq was up 2.2%. The 50-day moving average is 3,841 for the S & P 500, and it was well above it Friday afternoon for the second time in the past week.
Margarine prices swelled by about 4% in the month from August to September, meaning they've continued to trend upward in the short term. 1 producer and exporter of sunflower oil, which accounts for 9% of all vegetable oil produced globally. "Supplies of these alternatives are expected to be tight in the 2021/22 marketing year, contributing to elevated vegetable oil prices." Palm oil accounts for 35% of all vegetable oil made globally, the largest share relative to the aforementioned oil commodities. Annual oil prices — and those of its byproducts, like gasoline and diesel — skyrocketed as a result.
It's time to sell stocks that are seeing inventory pile up at the same time as consumer demand slows, according to Adam Parker of Trivariate Research. "Inventory levels are a growing problem: For large cap stocks, inventory-to-sales is near all-time highs," wrote Parker, who was formerly the chief U.S. equity strategist at Morgan Stanley. Meanwhile, sectors where the firm is not worried about inventory levels are the energy and metals and mining industries. The firm identified companies with high inventory, high capital expenditures and declining revenue growth over the next year. Consumer staples stocks have inventory-to-sales levels that are nearing all-time highs, the note said.
Amid this troublesome backdrop, not all companies will win big this season, but some names reporting earnings in coming days tend to beat analyst estimates and see their stocks trade higher on the back of those results. Microchip When Microchip reports earnings Tuesday, investors could see better-than-estimated results. Qorvo Qorvo is slated to post earnings on Wednesday after the bell. On average shares gain 1.58% after the company reports earnings. The company reports earnings on Wednesday before the stock market opens.
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