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UBS reiterates Apple as buy UBS said Apple's iPhone Pro and Pro Max demand remains "solid." Bank of America names Northrop Grumman and Rocket Lab top picks Bank of America said it likes Northrop's defensiveness. Bank of America reiterates Microsoft as buy Bank of America said it still sees a solid risk/reward outlook for Microsoft. Cowen reiterates Amazon as outperform Cowen said that its recent survey shows Amazon is still the preferred place for shopping. Stifel upgrades Biogen to buy from hold Stifel said in its upgrade of Biogen that concerns about the company's Alzheimer's drug, lecanemab, are overdone.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 7, 2022. ET, Dow e-minis were down 139 points, or 0.47%, S&P 500 e-minis were down 21 points, or 0.57%, and Nasdaq 100 e-minis were down 51 points, or 0.45%. In premarket trading on Monday, cyclical stocks traded lower on worries that such sharp rate hikes could rattle the economy. The CBOE Volatility index (.VIX), also commonly known as Wall Street's fear gauge, hovered near three month highs. Register now for FREE unlimited access to Reuters.com RegisterReporting by Shreyashi Sanyal and Ankika Biswas in Bengaluru; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Futures shackled by rate-hike, recession worries
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: +2 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 7, 2022. REUTERS/Brendan McDermidSummarySummary Companies Futures down: Dow 0.76%, S&P 0.75%, Nasdaq 0.47%Sept 26 (Reuters) - U.S. stock index futures fell on Monday, kicking off another week on softer footing, as investors worried that the Federal Reserve's aggressive push to curb inflation may tip the American economy into recession. ET, Dow e-minis were down 225 points, or 0.76%, S&P 500 e-minis were down 27.75 points, or 0.75%, and Nasdaq 100 e-minis were down 54 points, or 0.47%. "As the SPX tests its June lows, the question becomes is that alone good enough reason to buy?" "Given the acceleration higher in the dollar, global yields, and the breakdowns across global FX, it's hard to not have concerns about longer-term implications."
Jefferies on Monday upgraded Las Vegas Sands and Wynn Resorts after Macao announced its plan to allow Chinese tour groups back in the casinos as soon as November. "The moment we've been waiting for," Jefferies analysts led by David Katz said in a note to clients Monday. Shares of Wynn Resorts rallied 14% Monday, while Las Vegas Sands also soared a similar amount. Jefferies also lifted the price target for Las Vegas Sands to $50 from $40, Wynn to $75 from $62. Still, the analysts raised the question about the concession renewal process following the reopening.
Wall Street ends lower, Dow confirms bear market
  + stars: | 2022-09-26 | by ( Noel Randewich | ) www.reuters.com   time to read: +3 min
After two weeks of mostly steady losses on the U.S. stock market, the Dow Jones Industrial Average (.DJI) confirmed it has been in a bear market since early January. With the Fed signaling last Wednesday that high interest rates could last through 2023, the S&P 500 has relinquished the last of its gains made in a summer rally. According to a widely used definition, ending the session down 20% or more from its record high close confirms the Dow has been in a bear market since hitting its January peak. In Monday's session, the Dow Jones Industrial Average (.DJI) fell 1.11% to end at 29,260.81 points, while the S&P 500 (.SPX) lost 1.03% to 3,655.04. The S&P 500 posted no new 52-week highs and 120 new lows; the Nasdaq Composite recorded 16 new highs and 594 new lows.
CNBC's "Trading Nation" asked two of its traders which of the most beaten-down stocks could be setting up to rebound in the new year. Nancy Tengler, CEO and chief investment officer at Laffer Tengler Investments, highlighted payments company Block , the company formerly known as Square. Joule Financial president Quint Tatro instead is focusing on casino stock Las Vegas Sands, which is down more than 35% this year. "Las Vegas Sands has really experienced a double whammy this year. Las Vegas Sands generates nearly half of its revenue from Macao, a gambling destination off the coast of mainland China.
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