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Software-as-a-service company Freshworks has several positive catalysts ahead, according to Canaccord Genuity. He also increased his price target to $25 from $15. The new price target implies 37% upside from where shares closed on Tuesday. The company is "bringing it all together — [Go-to-market (GTM)] enhancements, operating efficiency, AI products and more," Hynes added. Freshworks' operating margins in the second quarter demonstrated significant upside and improved marketing and sales efficiency, Hynes said.
Persons: Freshworks, Canaccord, David Hynes, Hynes, Freddy Self, — CNBC's Michael Bloom Organizations: Service Locations: Freshworks
CVS Health — Shares of the retail pharmacy giant rose 1.8% premarket after the company posted strong earnings and revenue for the second quarter. CVS reported earnings of $2.21 per share on revenue of $88.9 billion. Wall Street analysts expected $2.11 per share on earnings of $86.5 billion, according to Refinitiv. AMD — The chip stock climbed more than 2% in premarket trading after the company posted better-than-expected second-quarter earnings and revenue. Match Group — The Tinder and Match parent jumped 10% on a strong second-quarter earnings report.
Persons: Kraft Heinz, Freshworks, Wall, David Hynes, BTIG, Macheel, Alex Harring, Yun Li, Jesse Pound, Samantha Subin, Brian Evans, Michelle Fox Theobald Organizations: CVS, Wall Street, Refinitiv, Norwegian Cruise, Susquehanna, Technologies, FactSet, AMD, Starbucks Locations: Norwegian, China
SolarEdge Technologies — The solar stock tumbled about 19% after the company reported $991 million in revenue, missing analysts' estimates of $992 million, according to Refinitiv. CVS Health — The retail pharmacy stock gained 4% during midday trading Wednesday after the company posted strong earnings and revenue for the second quarter. The company reported adjusted earnings per share of $1.29, topping the $1.10 expected from analysts polled by StreetAccount. Starbucks' adjusted earnings per share for the fiscal third quarter was $1, versus the 95 cents expected by analysts, per Refinitiv. Chinese tech stocks — Shares of Chinese technology stocks dropped after regulators in China proposed limits on smartphone use for minors.
Persons: SolarEdge, Norwegian's, Emerson Electric's, Pinterest, Generac, Freshworks, Genuity, Robinhood, CNBC's Hakyung Kim, Pia Singh, Alex Harring Organizations: SolarEdge Technologies, CVS Health, CVS, Wall Street, Cruise, Susquehanna, Emerson, StreetAccount, Revenue, Wall, FactSet's, Starbucks, Bank of America, JPMorgan, Scotts Miracle, Gro, Scotts, JD.com, Baidu, Tencent Locations: Refinitiv, China
Company insolvencies are on the rise in Britain , and analysts are expecting two U.K.-based consultancies to be major beneficiaries. Earlier in the month, Begbies Traynor beat its rival and delivered a double-digit annual growth rate. Begbies Traynor Analysts expect Begbies Traynor's core insolvency division to benefit from rising U.K. insolvencies as economic conditions worsen. BEG-GB FRP-GB YTD line Analysts at Canaccord Genuity and Stifel echoed that view, saying that Begbies Traynor is strongly positioned, with over 80% of revenue derived from counter-cyclical insolvency services. The bank raised its forecasts for the firm's earnings for the rest of the year and expects FRP's stock to rise by 47% to £1.75.
Persons: Begbies Traynor, FRP, , James Bayliss, Bayliss, Stifel, Sam Dindol, Berenberg Organizations: Bank of England, FRP, FRP Advisory Locations: Britain, United States, Canaccord
Canaccord Genuity sees a stronger future for Coinbase , doubling its price target on the company on the back of some wins for the crypto industry. The ruling places "further doubt" on the argument of the SEC's case against Coinbase, Vafi said. Coinbase reported earlier this year first-quarter revenue that was up 22% from the prior quarter. The crypto exchange's subscription and services revenue also came in at par with its trading revenue. Shares of Coinbase have gained more than 23% this month and are up nearly 194% year to date.
Persons: Canaccord Genuity, Joseph Vafi, Coinbase, Vafi, — CNBC's Michael Bloom Organizations: Coinbase, BTC, SEC, ETH
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should be 'light and tight' on stocks, says Canaccord's Tony DwyerTony Dwyer, Canaccord Genuity Chief Market Strategist, joins 'Closing Bell: Overtime' to discuss markets and his takeaways from a busy earnings season.
Persons: Canaccord's Tony Dwyer Tony Dwyer, Canaccord
In this article META Follow your favorite stocks CREATE FREE ACCOUNTMark Zuckerberg, CEO, Meta Platforms, in July 2021. Kevin Dietsch | Getty Images News | Getty ImagesA year ago, Meta's stock was in the midst of a nosedive as Wall Street grew concerned that threats to the business were increasingly existential. Despite slipping on Monday, Meta's stock climbed 11% in July, wrapping up its ninth straight month of gains, by far the longest such stretch since Facebook's IPO in 2012. watch nowMeta has been the second-best performing stock in the S&P 500 this year, behind only Nvidia . Then came the cost cuts and Zuckerberg's promise early this year that 2023 would be the "year of efficiency."
Persons: Mark Zuckerberg, Kevin Dietsch, Mark Zuckerberg's, Zuckerberg, Frances Haugen, Haugen's Organizations: Meta, Getty, Facebook, Nvidia, Apple, Nurphoto Locations: Ukraine, Russia, China
July 31 (Reuters) - New Relic (NEWR.N) said it has agreed to be taken private by TPG (TPG.O) and Francisco Partners in a $6.5 billion all-cash deal amid stiff competition in the application performance monitoring space from rival software companies Datadog and Dynatrace. New Relic's shares rose about 13% to $83.85 on Monday following the deal involving the private equity firms. New Relic reported annual revenue growth of about 18% compared with Dynatrace's (DT.N) 25% jump. New Relic on Monday reported first-quarter revenue of $242.6 million, compared with analysts' estimates of $239.2 million, according to Refinitiv IBES data. Qatalyst Partners is the company's financial adviser, while Morgan Stanley is the lead financial adviser for Francisco Partners and TPG.
Persons: Kingsley Crane, Genuity, Jana, Morgan Stanley, Akash Sriram, Zaheer Kachwala, Sriraj Kalluvila, Shounak Organizations: TPG, Francisco Partners, Francisco, New, Jana Partners, Eminence Capital, Qatalyst, Thomson Locations: ., Bengaluru
Albemarle, the world's biggest lithium producer, is acquiring the stake in Patriot just as the Canadian company estimated its Corvette resource as the biggest hardrock lithium deposit in the Americas. Patriot also agreed to study with Albemarle the viability of a downstream lithium hydroxide plant integrated with its Corvette deposit. The battery metals miner on Monday announced the first mineral resource estimate for spodumene pegmatite at Corvette, which showed deposits of 109.2 million tonnes of lithium oxide. Albemarle will subscribe to about 7.1 million Patriot shares for C$15.29 apiece, a near 7% premium to the stock's July 31 closing price on the TSX Venture Exchange. Patriot's Australia-listed shares jumped as much as 20.7% to A$1.823 by 0053 GMT, posting their biggest intraday percentage gain since March 28.
Persons: pegmatite, Reg Spencer, Blair Way, Echha Jain, Melanie Burton, Subhranshu Sahu Organizations: Battery Metals, Albemarle, Canadian, Monday, TSX Venture Exchange, Patriot, Patriot's, Thomson Locations: Australia, Canada, Albemarle, Americas, Genuity, Patriot's Australia, Bengaluru, Melbourne
Both Amazon and Alphabet will likely report their lowest-ever growth for the cloud computing business at 9.8% and 24.4%, respectively, according to analysts polled by Refinitiv. Meanwhile Microsoft Intelligent Cloud, home to Azure, is expected to grow at 13.7%, the slowest rate since 2017. The digital ad market recovery will also aid Alphabet, whose Google Search has so far avoided any meaningful market share loss to Microsoft's AI-powered Bing. Alphabet is expected to report 4.5% revenue growth in the April-June period, its best in three quarters. Microsoft and Alphabet will report quarterly results on July 25, Meta on July 26 and Amazon on Aug. 3.
Persons: Lucy Nicholson, Kingsley Crane, Rishi Jaluria, Jaluria, Bernstein, Yuvraj Malik, Aditya Soni, Shounak Dasgupta Organizations: Los Angeles , California U.S, REUTERS, Microsoft, Google, Refinitiv, RBC Capital, Facebook, Meta, BofA Global Research, Thomson Locations: Los Angeles , California, Bengaluru
"It's more of an evolutionary technology than a revolutionary technology." But Cowen managing director Cai von Rumohr said investors should be prepared for timelines to be pushed back, as this is still considered "early-stage tech." "Given the push for climate and to basically reduce carbon emissions, I think, at some point, there's going to be a market," von Rumohr said. The outlook is still clouded by many variables, von Rumohr said. "It's definitely an important investment opportunity for investors," Moeller said.
Persons: Harry Potter, Austin Moeller, Moeller, Archer, Joby, Cowen, Cai von Rumohr, von Rumohr, Lilium, Von Rumohr, Marco Iachini, Vanda Research's, Bill Peterson, It's Organizations: Archer, Federal Aviation Administration, FAA, Toyota, Stellantis, Air Force, Aerospace, JPMorgan
Tesla 's plan to share its full self-driving capabilities with original equipment manufacturers has Wall Street analysts talking. TSLA 1D mountain Tesla shares fall after second-quarter earnings The comments from Musk came after Tesla topped second-quarter earnings expectations but showed margin weakness due to recent price cuts. Despite these near-term margin concerns , Morgan Stanley's Adam Jonas highlighted the FSD commentary as his biggest takeaway from the call. He did, however, stress some logistical concerns, including whether Tesla would need "greater involvement" in full software system of its peers. "A potential licensing of FSD would represent an important change of scope in how investors measure the TAM for Tesla."
Persons: Tesla, Elon Musk, we're, Musk, Morgan Stanley's Adam Jonas, Jonas, Goldman Sachs, Mark Delaney, Evercore ISI's Chris McNally, Canaccord, George Gianarikas, — CNBC's Michael Bloom Organizations: Wall, TAM, Tesla
He told investors to "utilize pending near-term weakness to add exposure near important technical support at their 50-day moving averages." Investors should expect the first level of resistance at about $30,493 on the upside and the next at $31,476, he said. Should the bitcoin price turn lower, first support would be at $28,717, about the level of its 50-day moving average. "This confirms the long-term trend is now up, a strong technical positive, and is consistent with a four-year cycle taking hold in cryptocurrencies," Mirza wrote. Lately, investors have been drawing similarities between the cryptocurrency's recent behavior and its moves in the lead up to the last halving.
Persons: Canaccord, Bitcoin, Javed Mirza, Canaccord Genuity, Mirza, bitcoin, CNBC's Michael Bloom Locations: cryptocurrencies
The dollar index, which usually moves inversely with bitcoin, also hit its lowest level in more than a year last week, and bitcoin didn't budge. "It wasn't until the bitcoin halving a year later, in the spring of 2020, that we saw a market recovery transform into a sustained rally. Investors tend to expect seasonal gains in the fourth quarter, which has brought bitcoin a 93.38% return on average since 2013. The Ripple case also gives the industry hope that the SEC "takes its foot off of the enforcement pedal," Canaccord Genuity said. "Until the next difficulty adjustment, which will happen in about two weeks, miners' selling pressure will likely continue," Hasegawa added.
Persons: Bitcoin, bitcoin, pullbacks, Andrew Lawrence, Censo, Lawrence, it's, Cantor Fitzgerald, Canaccord Genuity, Chase White, they've, bitcoin's, Yuya Hasegawa, Hasegawa Organizations: BlackRock, SEC, Investors
Thursday's judgment was only a partial win for Ripple, but significant nonetheless for both the company and the wider crypto market. Coinbase shares rallied more than 24% the day of the ruling on optimism that it might prevail in its own battle with the SEC. Regulators in June sued Coinbase, alleging it was operating as a broker, an exchange and a clearinghouse for unregistered securities – and named 13 such securities. "In our view, [the] decision in the Ripple case helps tip the scale even more toward a favorable outcome for Coinbase." Needham has a buy rating on Coinbase and on Friday raised its price target to $120 from $70.
Persons: Coinbase, it's, Canaccord, Joseph Vafi, Vafi, Needham, John Todaro, Genuity, Raymond James, Berenberg, Cowen, Ramsey El Organizations: Labs, SEC, Regulators, Wedbush Securities, Berenberg, BTC, Coinbase, Barclays Locations: Coinbase
[1/2] The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File PhotoJuly 3 (Reuters) - Tesla (TSLA.O) shares jumped 6% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk's plan of boosting volumes through discounts was working. "Tesla's price cuts are working in a big way," said Gene Munster, managing partner at investment firm Deepwater Asset Management. The median price target on the stock stands at $210, which is about 20% below its last closing price. "Our money's on Elon," said Canaccord Genuity analyst George Gianarikas, who lifted his price target on Tesla by $36 to $293.
Persons: Lucy Nicholson, Elon Musk's, Gene Munster, Tesla, Bernstein, Toni Sacconaghi, Canaccord, George Gianarikas, Aditya Soni, Shounak Dasgupta Organizations: REUTERS, Asset Management, Thomson Locations: Los Angeles , California, U.S, Elon
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla has long-term earnings power and strong demand, says Canaccord Genuity's George GianarikasCanaccord Genuity's George Gianarikas joins 'Squawk on the Street' to discuss Tesla's delivery performance, the A.I. impact on Tesla, and how Tesla's cost cutting measures are affecting its bottom line.
Persons: Tesla, Canaccord Genuity's George Gianarikas Canaccord, George Gianarikas
Tesla shares rose more than 6% in the premarket, giving Nasdaq-100 futures a boost . Goldman Sachs took the higher vehicle deliveries as a bullish signal. Canaccord's $293 price target implies about 12% upside for Tesla shares. Citi has a $215 per share price target on Tesla, a which the stock has already surpassed by more than 21%. Sacconaghi's $150 price target implies downside of more than 40% from Friday's close.
Persons: Tesla, FactSet, Goldman Sachs, Mark Delaney, Canaccord Genuity, George Gianarikas, Gianarikas, Itay Michaeli, Bernstein's Toni Sacconaghi Jr, Sacconaghi, Michael Bloom Organizations: Nasdaq, Tesla, Citi Locations: Friday's
TipRanks recognized the 10 best analysts in the basic materials sector who delivered noteworthy returns and whose recommendations outperformed their peers. In the process, it analyzed every recommendation by analysts in the basic materials sector over the past 10 years. Then, TipRanks' algorithms calculated the statistical significance of each rating, analysts' overall success rate and the average return. Top 10 analysts from the basic materials sectorThe image below shows the most successful Wall Street analysts from the basic materials sector. T J Schultz — RBC CapitalT J Schultz has the 10th spot on the list, with a success rate of 63%.
Persons: Rafael Henrique, Lightrocket, TipRanks, Dan Payne, Bank Dan Payne, Payne, Leo Mariani — Roth MKM Leo Mariani, John Freeman — Raymond James Raymond James, John Freeman, Freeman, Poe Fratt, Global Partners Poe, Elvira Scotto —, Elvira Scotto, Vincent Lovaglio, Scott Hanold, Michael Harvey —, Michael Harvey, Harvey, Dalton Baretto, Canaccord Genuity Dalton Baretto, T J Schultz —, J Schultz Organizations: Bank, Birchcliff Energy, Resources, Vital Energy, Global Partners, Elvira Scotto — RBC, Crestwood Equity Partners, Mizuho Securities, Comstock Resources, RBC Capital RBC Capital, Matador Resources, Michael Harvey — RBC Capital, RBC Capital, Seven Generations Energy, Generations Energy, ARC Resources, T J Schultz — RBC, Targa Resources Locations: Canada
Even obtaining cash through investments isn't as lucrative despite the gains in the S & P 500 this year, Dwyer explained. Despite the benchmark's 14% gain this year, Dwyer explained that the median stock in the NYSE is only up 3%. And 54% of the S & P 500 is trading 20% below its 52-week high. According to FactSet, consensus estimates for S & P 500 earnings per share this year are hovering just under $220, which generates an earnings yield of about 4.75%, based on current prices. The strategy doesn't mean going short when markets go negative, Dwyer explained, but rather looking to take advantage of the downside ahead.
Persons: Canaccord, Tony Dwyer, Dwyer, Melissa Lee, Lehman Organizations: NYSE, & $
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket strategies for the second half of 2023 with Canaccord's Tony DwyerTony Dwyer, Canaccord Genuity Chief Market Strategist, joins 'Fast Money' to talk reading macro indicators and his second half playbook.
Persons: Canaccord's Tony Dwyer Tony Dwyer, Canaccord
The tech-heavy index has soared nearly 29% this year and is currently on pace for its best first half since 1983. That year, the Nasdaq rallied 37.1% in the first half and finished 1983 up nearly 20%. Their average price target implies about 34% upside compared with current levels. Three-quarters of analysts covering the stock rate it a buy, and the average price target indicates 30% upside over the next 12 months. Of the 14 analysts covering the stock, 71% rate it a buy, while the average analyst price target implies upside of nearly 64%.
Persons: Ambrx, FANG, Canaccord Genuity Organizations: Nasdaq, Apple, Google, Nvidia, CNBC Pro, Diamondback Energy, Mobileye, Sarepta Therapeutics, U.S . Food, Drug Administration Locations: Texas, U.S
CNBC Pro combed through top research to find stocks best positioned for multiyear growth. "A multi-year growth story & we're just getting started," the analyst said. "If that's the case, we see the firm's current valuation as at least sustainable, if not with bias to the upside as conviction builds in the multiyear growth story," he wrote. Entegris — BMO Capital Markets, outperform rating "A Multi-Year Growth Story & We're Just Getting Started. If that's the case, we see the firm's current valuation as at least sustainable, if not with bias to the upside as conviction builds in the multiyear growth story."
Persons: Bhavesh Lodaya, Lodaya, David Hynes Jr, Hynes, Matthew Smith, Smith, Westrock, Macy's —, — Morgan Stanley, Bloom, Conway, Sprout Organizations: CNBC, Bloom Energy, Entegris BMO Capital Markets, Sprout, Westrock, Macy's — JPMorgan, BMO Capital Markets Locations: Rock , Arkansas
Shares of U.S. biotech firm Exact Sciences have surged by almost 90% this year. But the run may not be over just yet, according to fund manager Dani Saurymper. Earlier this week it said its next-generation screening test, Cologuard 2.0, showed a 30% lower false positive rate for detecting the disease in a study compared to its already approved test. This is where Exact Sciences fits in. Saurymper believes that the stock has corrected and has a significant runway ahead.
Persons: Dani Saurymper, Saurymper, CNBC's, EXAS, Kyle Mikson, Canaccord Genuity, CNBC's Arabile, it's Organizations: Sciences, Nasdaq, Companies, FDA
After much pain and a brutal bear market, the S&P 500 has erased all of the losses from the past year and then some. It's true: the S&P 500 has erased all of its losses since the Fed's first rate hike in March 2022. What's your stock market outlook for the rest of the year? In other news:: Traders work on the floor of the New York Stock Exchange (NYSE) on June 01, 2023 in New York City. US stock futures rise early Friday as the S&P 500 extended its winning run with a sixth straight day of gains.
Persons: Phil Rosen, It's, Jerome Powell, Alex Wong, Powell, Spencer Platt, Morgan Stanley, Brian Frank —, , Bitcoin, hawkishness, Max Adams, Nathan Rennolds Organizations: Federal Reserve, Fed, Nvidia, Meta, New York Stock Exchange, U.S . House, Dow, Getty, Kremlin, Financial Times, Coinbase Locations: Washington ,, New York City, U.S, Moscow, Russia, New York, London
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