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Delta posted adjusted earnings per share of $2.68 cents, more than the $2.40 expected by analysts polled by Refinitiv. It gained adjusted revenue of $14.61 billion, greater than the $14.49 billion consensus estimate. MillerKnoll posted adjusted earnings of 41 cents per share on revenues of $957 million. PepsiCo — The beverage stock rose 2% after PepsiCo on Thursday beat earnings and revenue expectation in its recent results, and raised its full-year outlook. The firm reported adjusted earnings of $2.09 per share, more than the $1.96 per share consensus estimate from Refinitiv.
Persons: MillerKnoll, Noguchi, Eames, Refinitiv, Bob Iger's, Iger, Carvana, Bard chatbot, Morgan Stanley, SoFi, — CNBC's Michelle Fox, Jesse Pound Organizations: Delta Airlines, JFK International, Delta Air Lines, Air Lines, Refinitiv, PepsiCo, Walt Disney Company, Disney, CNBC, ViaSat, JPMorgan, European Union, Financial, Microsoft, Cirrus Logic, Barclays Locations: New York City, Americas, Brazil
The KraneShares CSI China Internet ETF is up 5.4% since Friday, while back home the CSI Overseas China Internet Index (.CSIH11136) is up nearly 3%. Yet China tech valuations have been gutted in the nearly 3 years since Ant was forced to shelve its initial share offering, and fund managers see plenty of headwinds, apart from just policy scrutiny. "The government has learned that the private sector - particularly the tech sector - is a critical partner in jump-starting growth. The government will continue to exert pressure on key tech companies even as they allow growth to resume," he said. For some sell-side analysts, though, China tech has turned a corner.
Persons: Jack Ma, Jon Withaar, Ant, Wong Kok Hoi, Wong, Kai Kong Chay, Derrick Irwin, Xi Jinping's, Alibaba's ADRs, Morgan Stanley, Min Lan Tan, Vidya Ranganathan, Kim Coghill Organizations: Group, Alibaba, HK, Pictet Asset Management, CSI China, CSI Overseas, CSI Overseas China Internet, Amazon Inc, APS Asset Management, Greater, Manulife Investment Management, UBS Global Wealth Management, Thomson Locations: HONG KONG, China, Asia, Hong Kong, Alibaba, CSI Overseas China, Singapore, Greater China, Boston
It's time to step to the sidelines on Coinbase after its recent rally, according to Atlantic Equities. Analyst Simon Clinch downgraded Coinbase to neutral but raised his price target, following the crypto exchange operator's run-up. "We are raising our target price to $80, reflecting the impact of higher crypto prices, but downgrading the shares to Neutral given the limited upside." COIN 1D mountain Coinbase shares 1-day The analyst's price target represents downside of about 10% for Coinbase shares from Tuesday's closing price of $89.15. But the analyst pointed out cryptocurrency volumes are currently low, even as high prices buoy investor sentiment.
Persons: Simon Clinch, Clinch, Coinbase, USDC, Michael Bloom Organizations: Coinbase, U.S . Securities, Exchange Commission Locations: Coinbase
There's a buying opportunity in shares of Stellantis as the automaker navigates the electric vehicle transition, Bank of America said. Analyst Michael Jacks upgraded Stellantis to buy from neutral and raised his price target, saying there are more reasons to be positive on the Netherlands-based automaker than investors expect. We think the trajectory may prove more gradual," Jacks wrote Wednesday. STLA 1D mountain Stellantis shares 1-day Of course, there are challenges ahead for Stellantis as it, along with other EU automakers, navigate the EV transition to meet the region's Fit for 55 climate requirements and fight competition from China. "[We] believe Stellantis can weather the storm, and having already de-rated by 40% vs. 2016-19 levels, that the market is already pricing for worse," Jacks wrote.
Persons: Michael Jacks, Ram, Jacks, There's, — CNBC's Michael Bloom Organizations: Bank of America, Chrysler Locations: Stellantis, Netherlands, China, North America, Tuesday's
Investors can expect a strong showing for Netflix during earnings season, UBS said. Netflix shares rose 0.6% in the premarket. NFLX 1D mountain Netflix shares 1-day "We are raising estimates following positive data on paid sharing. Checks on engagement, downloads & search interest were all constructive for the newly launched paid sharing markets," Hodulik wrote Tuesday. Netflix shares are already outperforming this year, up nearly 50%.
Persons: John Hodulik, Hodulik, — CNBC's Michael Bloom Organizations: Netflix, UBS Locations: Tuesday's, Canada
It's time to buy the recent weakness in SunPower , Raymond James said. SPWR 1D mountain SunPower shares 1-day SunPower shares are down by more than 45% this year, a sell-off that the analyst views as "excessive." The sell-off is driven in part by the firm's exposure to California, which earlier this year passed NEM 3.0. That points to further growth for residential solar ahead. Thus, we look at the recent underperformance in SunPower shares as a buying opportunity."
Persons: Raymond James, Pavel Molchanov, Molchanov, SunPower, Michael Bloom Locations: SunPower, California, U.S, Germany, Australia
The Mexico nearshoring play is real, but investors should be aware of some pitfalls. Nearshoring — also called reshoring, onshoring, inshoring or backshoring — is helping drive Mexican stocks higher this year. For U.S. companies, there are compelling advantages to moving operations to Mexico from Asia, including geographical proximity, as well as low labor costs. "There is no nearshoring industrial revolution without electricity," according to a March note where Lippmann discusses Mexico's need to revamp its electricity infrastructure. According to Nace, the firm is the largest auto insurance company in Mexico, "similar to a Progressive in the United States.
Persons: , Andrés Manuel López Obrador's, Meagan Nace, Nace, Morgan, Nikolaj Lippmann, Lippmann, Lippman, López Obrador, Tesla Organizations: U.S, Grupo, Artisan Partners, Companies, Partners, Semiconductor, New York Stock Exchange Locations: Mexico, Asia, Mexican, nearshoring, Baja California, United States, Monterrey, Nuevo Leon, U.S
A return to deal-making on Wall Street suggests there's a buying opportunity in financial advisory firm Lazard , Morgan Stanley said. Analyst Ryan Kenny upgraded Lazard to overweight from equal weight and raised his price target, saying it's poised to benefit from growing merger and acquisition activity. Time to be nimble and get ahead of it," Kenny wrote Wednesday. LAZ 1D mountain Lazard shares 1-day Lazard shares are underperforming this year, down more than 1%. The analyst's $43 price target, raised from $36, is 31% above where shares closed Tuesday.
Persons: Lazard, Morgan Stanley, Ryan Kenny, it's, Kenny, Michael Bloom Organizations: Advisors, Lazard
SUWON, South Korea, July 12 (Reuters) - The trial of a South Korean chip executive accused of stealing sensitive information developed by Samsung Electronics (005930.KS) began on Wednesday in a case that underscores South Korea's crackdown on industrial espionage. Prosecutors have alleged that Choi Jinseog, a former Samsung Elec executive and a South Korean chip expert, stole sensitive information developed by the world's top memory chipmaker to help his client set up a chip factory in China. The high-profile criminal case against Choi, an award-winning engineer once seen as a star in South Korea's chip industry, highlights Seoul's efforts to crack down on industrial espionage and slow China's progress in chip manufacturing. Prosecutors have also charged five former employees at Choi's chip consultancy firm, Jin Semiconductor, and a former employee at a Samsung contractor. In a letter to Reuters from prison last month, Choi rejected allegations he had sought to build a copycat chip factory in China with information illegally obtained via Samsung's supplier network.
Persons: Choi Jinseog, Choi, Kim Pilsung, Stephen Coates Organizations: Samsung Electronics, Prosecutors, Samsung, Jin Semiconductor, Thomson Locations: SUWON, South Korea, Korean, KS, China, South, Suwon, Seoul
The KraneShares CSI China Internet ETF is up 5.4% since Friday, while back home the CSI Overseas China Internet Index (.CSIH11136) is up nearly 3%. Yet China tech valuations have been gutted in the nearly 3 years since Ant was forced to shelve its initial share offering, and fund managers see plenty of headwinds, apart from just policy scrutiny. "The government has learned that the private sector - particularly the tech sector - is a critical partner in jump-starting growth. The government will continue to exert pressure on key tech companies even as they allow growth to resume," he said. For some sell-side analysts, though, China tech has turned a corner.
Persons: Jack Ma, Jon Withaar, Ant, Wong Kok Hoi, Wong, Kai Kong Chay, Derrick Irwin, Xi Jinping's, Alibaba's ADRs, Morgan Stanley, Min Lan Tan, Vidya Ranganathan, Kim Coghill Organizations: Group, Alibaba, HK, Pictet Asset Management, CSI China, CSI Overseas, CSI Overseas China Internet, Amazon Inc, APS Asset Management, Greater, Manulife Investment Management, UBS Global Wealth Management, Thomson Locations: HONG KONG, China, Asia, Hong Kong, Alibaba, CSI Overseas China, Singapore, Greater China, Boston
Investors should buy more government bonds to brace for the likelihood of a recession hitting later this year, JPMorgan's top equity strategist says. Investors are increasingly deserting defensive positions as more market participants expect a soft landing scenario for the economy. But JPMorgan's Marko Kolanovic said investors are mistaken and continues to see a year-end recession as his base case outlook. "This benign and complacent pricing of recession risk, along with increasing signs that a credit cycle is emerging, makes us turn more negative on corporate bonds and more positive on government bonds," Kolanovic wrote to clients Monday. "We therefore trim our allocation to credit by shifting two percentage points away from corporate bonds and into government bonds in our model portfolio," Kolanovic wrote.
Persons: JPMorgan's Marko Kolanovic, Kolanovic Organizations: Nasdaq Locations: 4Q23
Shutterstock — Shares of the stock image, video and music provider jumped 10% after Shutterstock announced a six-year, expanded partnership with OpenAI, the maker of ChatGPT. Newell Brands — Shares of the consumer goods company jumped more than 10% after Canaccord initiated its coverage with a buy rating. Salesforce — Shares gained more than 2% after the software company announced it would hike prices across its cloud-based offerings starting in August. Scotts Miracle-Gro — Scotts Miracle-Gro shares gained 7% after Truist upgraded the stock to buy from hold. U.S. Bancorp — Shares gained more than 3% after Bank of America upgraded them to buy from neutral, saying earnings and strong execution should foster outperformance.
Persons: Shutterstock, ChatGPT, Canaccord, Zillow, Piper Sandler, Wells Fargo, Goldman Sachs, Goldman, Xpeng, JPMorgan Chase, Jefferies, Wegovy, Gro —, Generac, , Alex Harring, Michelle Fox, Sarah Min, Yun Li Organizations: OpenAI, Newell, Bank of America, Amazon, Amazon Web Services, Prime, JetBlue Airways —, American Airlines, JPMorgan, Novo Nordisk — Novo Nordisk, Reuters, Scotts Miracle, Gro, Miracle, Truist, Argus Research, Bancorp — Locations: underperform, Xpeng —, Xpeng, U.S
JPMorgan Chase — The Wall Street heavyweight added 1.2% in premarket trading after an upgrade from Jefferies to buy from hold on Tuesday. U.S. Bancorp — Shares of the Minnesota-based bank gained 2.2% following an upgrade to buy from neutral by Bank of America. 3M — Shares rose nearly 2% in premarket trading following an upgrade to neutral from underperform by Bank of America. Shares of Zions fell 1.5% in premarket trading, while Truist's were down 1%. The biotech company on Monday said the pricing of its underwritten public offering, of 20 million shares of common stock, would be at $7.50 per share.
Persons: New York John F, Piper Sandler, Thomas Champion, JPMorgan Chase, Ebrahim Poonawala, Wells Fargo, Jefferies, Truist's, Iovance Biotherapeutics, , Jesse Pound, Alex Harring, Samantha Subin, Brian Evans, Sarah Min, Michael Bloom Organizations: JetBlue Airways Airbus, New York, Kennedy International Airport, JetBlue Airways — JetBlue Airways, JPMorgan, Wall, Jefferies, U.S . Bancorp, Bank of America, Bancorp, Amazon Web Services, Prime, Zions Bancorp Locations: New, USA, U.S, Minnesota, underperform
Carvana — Shares soared 10% in midday trading. The company said on Monday it expected exponential growth within its used electric vehicle segment as consumer demand for EVs skyrocket. Lucid — The luxury electric vehicle company added 3.4%. Fisker — Fisker rose 2% after the electric vehicle maker said it's issuing a $340 million convertible note offering. On Friday, the company disclosed in a securities filing that it would receive $350 million from Canada for unused Covid-19 vaccines.
Persons: EVs skyrocket, Morgan Stanley, Jefferies, DraftKings, Carl Icahn's, Fisker, Jesse Pound, Sarah Min, Yun Li, Samantha Subin Organizations: EVs, Shockwave, JPMorgan, Cava, Icahn Locations: Cava, Canada
U.S. stock futures were little changed on Monday night after the major averages snapped a three-day decline. Nasdaq-100 futures nudged lower by 0.02%, while Dow Jones Industrial Average futures ticked down by 0.01%. On Monday, the Dow Jones Industrial Average gained 209.52 points, or 0.62%, while the S&P 500 advanced 0.24%. On the economic front, June's NFIB Small Business Index, a measure of business confidence, is set for release Tuesday before the bell. Economists polled by Dow Jones are anticipating a reading of 90.0, slightly higher than the 89.4 level in May.
Persons: Dan Greenhaus, Dow Jones, Wells Organizations: Nasdaq, Dow Jones Industrial, Investors, Federal, JPMorgan Chase, Citigroup, BlackRock, PepsiCo, Delta Air, Dow Locations: Wells Fargo
A strong showing at the highly anticipated Prime Day summer sale could boost Amazon , Bank of America said. Analyst Justin Post reiterated a buy rating on Amazon ahead of the start of its Prime Day, which opens July 11 and goes through July 12. The analyst noted this year's Prime Day marks the first since Amazon's transition to a regionalized logistics network, which suggests the online retailer can make even faster Prime Day deliveries than in years past. "With consumers looking for deals, more merchant participation, faster deliveries, and steep discounts, we expect a relatively strong Prime Day, with potential for upside to our 12% growth estimate vs. Prime Day last July, and potentially setting up Amazon for modest GMV acceleration in 3Q. Maintain Buy," Post wrote.
Persons: Justin Post, Post, — CNBC's Michael Bloom Organizations: Bank of America, Amazon, Bank of Locations: Friday's
An exterior view of the Advance Auto Parts store at the Sunbury Plaza. Check out the companies making the biggest moves before the bell:Advance Auto Parts — Advance Auto Parts declined 2.4% in the premarket after Atlantic Equities on Monday downgraded the stock to underweight, and cut its price target to $50. Meta Platforms — Shares of the social media company rose about 1% in premarket trading. Fisker — The electric vehicle maker's stock rose less than 1% after the company announced a $340 million convertible note offering, with the potential to increase it to $680 million. Charles Schwab — Shares of the brokerage firm rose 1.9% in premarket trading after JMP upgraded Schwab to market outperform from market perform.
Persons: Sam Hudson, Carl Icahn, Mark Zuckerberg, Fisker, Charles Schwab —, JMP, Schwab, Morgan Stanley, Yun Li, Sarah Min, Jesse Pound Organizations: Advance, Journal, Shockwave Locations: Sunbury
Investors are turning their attention to inflation data in the week ahead, following this week's hot jobs data, to further clarify the path of future monetary policy. Market participants are hoping next week's release of the June consumer price index on Wednesday, as well as last month's producer price index on Thursday, will show a downward trajectory in inflation after this week's strong ADP data spurred investor fears of further rate hikes ahead. Broadly speaking, investors are pricing in another quarter point rate hike at the July meeting. Of note, stocks tumbled Thursday after hotter-than-expected ADP data suggested the Federal Reserve has further to go in its tightening campaign. FactSet data shows analysts expect S & P 500 earnings fell 7% in the second quarter against the same quarter a year ago.
Persons: James Ragan, Davidson, Hogan, Rhys Williams, Williams, you've, Davidson's Ragan, Citigroup startegists, Wells, UnitedHealth, Michael Barr Organizations: Traders, Federal Reserve, Riley, Dow Jones Industrial, Treasury, Asset Management, JPMorgan, Citigroup, JPMorgan Chase, BlackRock, Dow, PepsiCo, Delta Air, Conagra, Delta Air Lines, Fastenal Locations: Wells Fargo, Cintas, UnitedHealth
In 2019, it launched its International Fund. Today, the investor manages the Diamond Hill International Fund (DHIAX) , rated five stars by Morningstar. Mohanraj expects that's because of the fund's emphasis on differentiated bets. The Diamond Hill fund, which is benchmarked against the MSCI ACWI ex USA Index, has roughly $65 million in assets, a 1.150% expense ratio, and . "And it's that idea of a highly curated portfolio, of what I want to own in international, that's the mindset."
Persons: Krishna Mohanraj, Sanford C, Bernstein, that's, Mohanraj, Morningstar, DHIAX, What's, Dino, they've, Mario, V, Prem Watsa who's, Warren Buffett, Berkshire Hathaway, Warren Buffett's Organizations: Diamond Hill Capital Management, Diamond Hill, International Fund, i2 Technologies, Sanford, Dino Polska SA, Polska, Dino Polska, Nintendo, Mario Bros, Office, Fairfax Financial Locations: Diamond, South India, U.S, Warsaw, Poland, Japanese, Fairfax, Canadian, Canada, Berkshire
The Levi Strauss & Co. label is seen on jeans in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Check out the companies making the biggest moves before the bell:Levi Strauss — The apparel retailer fell 7.7% after slashing its profit outlook for the year postmarket Thursday. Levi now expects adjusted earnings per share of $1.10 to $1.20 for the year, down from $1.30 to $1.40 previously. Alibaba — U.S. listed shares of the Chinese ecommerce retailer gained about 3% before the opening bell. First Solar - Shares added 1.7% after the solar company secured a five-year revolving credit and guarantee facility worth $1 billion.
Persons: Levi Strauss, Levi, Alibaba, Ant, Wanxiang, JPMorgan Chase, Tesla, Twitter, , Jesse Pound, Sarah Min Organizations: Woodbury, and Drug Administration, Medicare, Reuters, Ant Group, JPMorgan, Bloom, Bloom Energy, RBC Capital Markets, Costco —, Costco, Meta Locations: Central Valley , New York, U.S, Alibaba —, China, Shanghai
Chief prosecutor Karim Khan visited Cox’s Bazar, Bangladesh, for four days this week to hear testimony from survivors of alleged genocide by Myanmar’s military against its Rohingya population. “There is heartbreak in these camps,” Khan said in an exclusive interview with CNN. Meanwhile, the Rohingya have been waiting six years and no such action has been taken against the Myanmar military leaders who ordered the attacks. “The big difference is that we have access to Ukraine, we don’t have access to Myanmar,” Khan said. Chief prosecutor Khan believed that Myanmar’s military leaders, including junta leader Min Aung Hlaing could be held to account.
Persons: Court’s, Karim Khan, ” Khan, , Vladimir Putin, Kutupalong, Ziabul Hossain, ICC’s Khan, Volker Türk, Khan, , can’t, taka, Mohamed Rofique, Mohammad, Rofique, Min Aung, Slobodan Milošević, Charles Taylor, Jean Kambanda Organizations: CNN, ICC, Myanmar, Criminal, Getty, UN, Human, International Court of Justice, ICJ, Liberian, Rwandan Locations: Cox’s Bazar, Bangladesh, Ukraine, Rakhine, Russia, Myanmar, Kutupalong Rohingya, Cox's Bazar, Tanbir Miraj, AFP, Gambia, Maungdaw, Rohingya, Bazar
On Elon Musk's Twitter, Threads, Meta, and Goodbye Twitter were all trending on Thursday morning. Some Twitter users took to the platform to say their goodbyes. Over on Elon Musk's Twitter, "Threads," "Meta," and "Goodbye Twitter" were all trending topics on Thursday morning. One Twitter user wrote: "Instagram Threads.... Goodbye Twitter I found a better app." Another Twitter user shared a video of crowds, along with the caption: "Everyone running back to twitter after trying Threads App for 5 min.. #ThreadsApp"
Persons: Mark Zuckerberg, Zuckerberg, Elon Organizations: Elon, Twitter
UBS sees investment opportunities in Japan
  + stars: | 2023-07-06 | 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 are investment opportunities in Japan after potential profit-taking around summerTan Min Lan of UBS Global Wealth Management says structural changes have been positive drivers for the Japanese markets and discusses the sectors she finds attractive investment opportunities.
Persons: Min Lan Organizations: UBS Global Wealth Management Locations: Japan
Investors hoping to capture more upside from artificial intelligence could turn to a sector that's underperformed this year, and maybe not immediately associated with AI: Health care. Greater drug discovery The bull case for health care boils down to several factors including improvements made in drug discovery. Cox added that one overlooked health care and AI beneficiary would be Amazon , which he called a "sleeper" pick for investors. This year, it closed a $3.9 billion transaction for primary health care provider One Medical . The investor also called Rockwell Automation one of his stock picks that could benefit from AI in health care.
Persons: Jamie Cox, Morgan Stanley, Cox, Mizuho, Rockwell Organizations: Nvidia, Harris Financial, Johnson, Merck, Pfizer, Exscientia, Amazon, Rockwell Automation, . UnitedHealth Locations: U.S, U.K
Check out the companies making headlines before the bell:JetBlue Airways — JetBlue Airways declined 1.3% in premarket trading after the company said it would end its partnership in the northeastern U.S. with American Airlines and focus on Spirit Airlines . Meta Platforms — The social media giant added about 2% in premarket trading after the launch of Threads, a direct competitor to Twitter. Sweetgreen — Sweetgreen jumped more than 4% after Bank of America upgraded the stock to buy from neutral. Keurig Dr Pepper — Shares added nearly 2% after being upgraded by Morgan Stanley to overweight from equal weight. Shares rose nearly 0.9% in premarket trading.
Persons: Mark Zuckerberg, — Sweetgreen, Dr Pepper —, Morgan Stanley, — CNBC's Brian Evans, Michelle Fox, Jesse Pound Organizations: JetBlue Airways — JetBlue Airways, American Airlines, Spirit Airlines, Twitter, Meta, Bank of America, Microsoft, Citi, Textron — Citi, Textron
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