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Check out the companies making headlines in premarket trading. Shares of GE were up about 2% in premarket trading. Microsoft — Microsoft shares dropped about 2% after UBS downgraded the tech giant to neutral from buy. Merck — Merck's stock rose about 1.7% after being upgraded to buy from neutral by Bank of America. Honeywell — Shares of Honeywell slipped 1.8% in the premarket after being double downgraded by UBS to sell from buy.
Here are Monday's biggest calls on Wall Street: Morgan Stanley names Microsoft a top 2023 pick Morgan Stanley said it sees accelerating earnings per share growth for Microsoft in 2023. Morgan Stanley reiterates Netflix as equal weight Morgan Stanley raised its price target on Netflix to $275 per share from $250 but said the valuation has come too far too fast. Telsey names Amazon a top 2023 pick Telsey said the e-commerce giant will continue to gain share in 2023. " Morgan Stanley names Formula One Group a top 2023 pick Morgan Stanley said the company is top beneficiary in the rising popularity of auto racing. Goldman Sachs names SolarEdge a top 2023 pick Goldman said shares of the solar company are attractive heading into next year. "
Photo: Sarah Oden/Associated PressWomen and people of color are being hired into top roles in the logistics industry. United Parcel Service Inc. turned to Carol Tomé, a former finance chief at Home Depot Inc., in 2020 to become chief executive officer. Raj Subramaniam, who is from India, was chosen to succeed FedEx Corp. founder Fred Smith as chief executive earlier this year. Judy McReynolds has been chief executive of ArcBest Corp. , one of the largest trucking companies in the U.S., since 2010. Studies also show there is a big gap in pay across the logistics industry.
After the pandemic-driven surge in consumer demand that triggered a frenzy of shipping activity and skyrocketing prices, logistics and transportation companies are signaling a fast slowdown. The weekly Shanghai Containerized Freight Index, which measures shipping prices out of China, recently dropped to $1,443.29, about one-third the level it hit in early June. The jaw-dropping declines also measure the spot market prices. Most freight business moves on contract rates, and those long-term prices haven’t fallen nearly as fast as the spot market. Here are some tips for logistics and supply-chain managers to take advantage of a changing market.
Travelers (TRV) – Travelers added 1% in premarket trading after beating top and bottom line estimates for its latest quarter. Nasdaq (NDAQ) – Nasdaq gained 1.5% in premarket action after reporting better-than-expected profit and revenue for the third quarter. Netflix (NFLX) – Netflix surged 12.2% in premarket trading after reporting it added 2.4 million subscribers during its latest quarter. United Airlines (UAL) – United Airlines jumped 5.3% in premarket trading after reporting better-than-expected quarterly results and issuing an upbeat earnings forecast for the current quarter amid a continued surge in travel demand. ASML (ASML) – ASML reported better-than-expected quarterly sales and profit, as the semiconductor manufacturing equipment maker managed to thrive despite an overall industry slowdown.
Deutsche Bank upgrades NFLX to buy with a price target of $350, up from $270, sees more levers to drive growth. Microsoft (MSFT) price target lowered to $282 from $300 at Citi — estimates still too high ... ServiceNow (NOW) — expect disappointment according Citi analyst's "cautious" conversations with partners … lowered price target to $488 from $575. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Freight bellwether J.B. Hunt Transport Services Inc. said it is planning for a damped holiday shipping season, as cargo volumes fall ahead of what is typically the busiest period of the year for logistics operators. PREVIEWDarren Field, president of intermodal at J.B. Hunt, said on an earnings call Tuesday that peak season volumes aren’t where the company had anticipated they would be. J.B. Hunt executives said the company is seeing some of that in its freight-brokerage business, where volumes have been softening. Revenue in its brokerage business was down 11% in the third quarter year-over-year and volume was down 8%. Mr. Field said he attributed the September drop-off to the threat of a national rail strike that month.
Freight Operators’ Peak Shipping Season Is Crumbling
  + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com   time to read: +7 min
The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas. Citi analysts say they expect a “weaker peak season and a large amount of uncertainty in terms of the magnitude of demand.”—Esther Fung and Liz Young contributed to this article.
Freight Operators’ Peak Shipping Season is Crumbling
  + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com   time to read: +6 min
The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. But a range of measures of shipping demand across the U.S. are sliding, freight rates are falling as a result, leading carriers to pull back capacity amid concerns a deeper downturn is coming. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas.
Netflix — The streaming giant's shares skyrocketed more than 14% after the bell Tuesday after the company reported better-than-expected earnings and revenue for the most recent quarter. Intuitive Surgical — The medical equipment maker jumped 11% after the company reported quarterly earnings and revenue that came in slightly higher than expected, according to FactSet. United Airlines — The airline saw its shares move higher by more than 6% after-hours following its quarterly results. Adjusted revenue came in at $847 million, while FactSet estimates put it at $797.6 million. J.B. Hunt Transport — Shares of the transportation and logistics company gained more than 2% in extended trading following its quarterly earnings report.
But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.
Washington, DC CNN —Tesla CEO Elon Musk said Thursday that production of its Semi truck has begun, and deliveries to one customer, Pepsi, will occur in December. Tesla first announced the Semi in November 2017 and production was said to begin in 2019. Musk, the world’s richest man, has sold about $15 billion in Tesla stock this year, but it’s still not clear if Musk has sufficient liquid funds to close the Twitter deal. Musk, who has received commitments for debt and equity financing, may need to sell additional shares of Tesla to finance the purchase. Tesla shares fell roughly 5% in trading Friday morning.
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