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☆ CVS Health lifts forecast as PBM, insurance units drive profit beat
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - CVS Health Corp (CVS.N) on Wednesday raised its annual profit forecast after topping quarterly estimates on strong performance at its health insurance and pharmacy benefit management businesses, sending its shares up 1% in premarket trade. CVS' health insurance business benefited from a slow recovery in elective procedures and a fall in COVID cases, which kept costs in check, as did peers Elevance Health (ELV.N) and UnitedHealth (UNH.N). Revenue from the insurance and pharmacy benefit management businesses rose around 10% each, while retail and pharmacy sales gained about 7%. Excluding some one-off items, CVS Health reported a profit of $2.09 per share, compared with analysts' average estimate of $1.99 per share. It removes an "overhang" on CVS and is lower than investor expectations, Evercore ISI analyst Elizabeth Anderson said in a note.

☆ Here are Wednesday's biggest analyst calls: Tesla, Netflix, Carvana, Exxon, Meta, Apple & more
▼ + stars: | 2022-11-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bernstein reiterates Tesla as underperform Bernstein said shares of Tesla remain extremely overvalued. Needham reiterates Netflix as hold Needham said the streaming giant could see "negative revenue growth near-term" due to its new ad-based product. Bank of America downgrades Twilio to underperform from buy Bank of America double downgraded the communications tools company due to rising competition. Bank of America reiterates Peloton as buy Bank of America said it's standing by shares of Peloton heading into earnings on Thursday. Bank of America reiterates Carvana as buy Bank of America said in a note on Wednesday that it's standing by shares of Carvana.

☆ Despite 'not fully positive results,' Evercore ISI still thinks Airbnb is one of the best fundamental stories
▼ + stars: | 2022-11-02 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

There are still several reasons to own Airbnb 's stock despite its latest quarterly numbers, according to Evercore ISI. Analyst Mark Mahaney reiterated the stock as an outperform with a price target of $150, which implies a 37.7% upside. Airbnb dropped 5% in premarket trading after the company reported "not fully positive results," though he said the travel platform's performance was "more of an Expectations Correction than a Fundamentals Correction." He also pointed to the 15% supply growth disclosure which countered arguments that supply has peaked, which would in turn stunt growth. Revenue growth, in turn, is expected to slow down to 20% in 2023 from 39% in 2022.

☆ Shares of Airbnb tumble 13% on low fourth-quarter guidance
▼ + stars: | 2022-11-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Shares of Airbnb fell more than 13% Wednesday, a day after the company released third-quarter earnings that beat Wall Street's estimates but fell short on fourth-quarter guidance. The company posted revenue of $2.9 billion, up 29% year-over-year for its strongest quarter ever, and topped analysts' estimates of $2.8 billion, according to Refinitiv. But Airbnb provided fourth-quarter revenue guidance of $1.80 billion and $1.88 billion, below the midpoint of $1.85 billion as expected by analysts, according to Refinitiv. Evercore ISI maintained its outperform rating on the stock but removed Airbnb from their TAP Outperform list, according to a Tuesday note. Airbnb benefited from booming travel demand and said in a release that it has seen growth in the number of new hosts on its platform.

During long, cold winters, the U.S. Northeast consumes more oil and gas for heat than most of the country, especially the six-state New England region. Exacerbating those high energy costs, New England lacks enough gas pipeline capacity to meet all its heating and power generation needs on the coldest winter days. "The worse conditions get for Europe, the more exposed New England will be to elevated gas prices and LNG cargo shortages this winter." U.S. pipeline gas costs about $6 per million British thermal units, far cheaper than in Europe where gas is trading around $39 to attract LNG cargoes. But LNG accounts for about 5% of New England's gas supply, so power generators there are competing with global markets for the fuel.

☆ What's bad for TikTok is good for Meta, says Evercore ISI's Mark Mahaney
▼ + stars: | 2022-11-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat's bad for TikTok is good for Meta, says Evercore ISI's Mark MahaneyMark Mahaney, Evercore ISI head of internet research, joins 'Closing Bell' to discuss the likelihood the FCC will ban TikTok, tech capex spending and consumer discretionary spending concerns.

☆ The Fed is about to 'downshift' and weaker earnings don't matter to stocks, says top Evercore strategist
▼ + stars: | 2022-11-01 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Julian Emanuel also told Bloomberg on Tuesday that earnings don't matter that much for stocks. "I don't want to call it 'pause' ... but we know the trajectory is gonna change, and the market is getting comfortable with that." "At the same time, just like the July earnings season, we know that the numbers are coming down," Emanuel said. "It didn't matter [for] stocks in July, and it doesn't matter now, because frankly people have been, for the most part, underinvested." That view contrasts with those of other Wall Street analysts, who have said earnings could lead stocks lower.

☆ The Fed is expected to raise interest rates by three-quarters of a point and then signal it could slow the pace
▼ + stars: | 2022-11-01 | by ( Patti Domm | In | ) www.cnbc.com time to read: +5 min

The Federal Reserve is expected to raise interest rates by three-quarters of a percentage point Wednesday and then signal that it could reduce the size of its rate hikes starting as soon as December. Markets are primed for the fourth 75-basis point hike in a row, and investors are anticipating the Fed will slow down its pace before winding down the rate-hiking cycle in March. Gapen said he expects Fed Chair Jerome Powell to indicate during his press briefing that the Fed discussed slowing the pace of rate hikes but did not commit to it. He expects the Fed would then raise interest rates by a half percentage point in December. The stock market has already rallied on expectations of a slowdown in rate hikes by the Fed, after a final 75 basis point hike Wednesday afternoon.

☆ Pakistan's powerful spy agency comes out of the shadows to deny role in the killing of a high-profile journalist in Kenya
▼ + stars: | 2022-10-29 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +4 min

Pakistani journalist Arshad Sharif was shot dead in Kenya in what police said was a case of "mistaken identity." In an unprecedented move, Pakistan's spy agency held its first-ever press conference to deny the claims. The chief of Pakistan's Inter-Services Intelligence (ISI), Lieutenant General Nadeem Ahmed Anjum, spoke to the media on Thursday alongside a military spokesperson to address Sharif's killing. Arshad Sharif, an investigative journalist known for being critical of Pakistan's powerful military, was shot dead by Kenyan police on Sunday night. The Human Rights Commission of Pakistan has demanded an inquiry into Sharif's death.

☆ Evercore's Mark Mahaney explains why he's still buying Meta shares
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvercore's Mark Mahaney explains why he's still buying Meta sharesMark Mahaney, head of internet research at Evercore ISI, joins CNBC's 'Squawk Box' to react to Meta's disappointing third-quarter earnings report. "I'm sticking with a buy on it," Mahaney tells CNBC.

☆ Watch CNBC's full interview with RBC Capital Markets' Rishi Jaluria and Evercore ISI's Mark Mahaney
▼ + stars: | 2022-10-26 | 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 EmailWatch CNBC's full interview with RBC Capital Markets' Rishi Jaluria and Evercore ISI's Mark MahaneyRBC Capital Markets' Rishi Jaluria and Evercore ISI's Mark Mahaney join 'Squawk on the Street' to discuss Google calling out weakness in search and mega cap companies acting on risk concerns.

☆ Google reporting Search weakness could be harbinger for further slowdowns in ad market, says Mark Mahaney
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoogle reporting Search weakness could be harbinger for further slowdowns in ad market, says Mark MahaneyRBC Capital Markets' Rishi Jaluria and Evercore ISI's Mark Mahaney join 'Squawk on the Street' to talk Google calling out weakness in Search, mega cap companies acting on risk concerns, and Microsoft and Alphabet print findings.

☆ Watch CNBC's full interview with Evercore's Julian Emanuel
▼ + stars: | 2022-10-25 | 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 EmailWatch CNBC's full interview with Evercore's Julian EmanuelJulian Emanuel, Evercore ISI head of U.S. equity and derivatives strategy, joins 'Squawk on the Street' to discuss what's priced into the stock and bond markets, if his strategy relies on yields coming down and much more.

☆ These are times when you want to recommit to long-term investing discipline, says Evercore's Emanuel
▼ + stars: | 2022-10-25 | 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 EmailThese are times when you want to recommit to long-term investing discipline, says Evercore's EmanuelJulian Emanuel, Evercore ISI head of U.S. equity and derivatives strategy, joins 'Squawk on the Street' to discuss what's priced into the stock and bond markets, if his strategy relies on yields coming down and more.

☆ The saying as go iPhone sales, so goes Apple stock will hold up, says Evercore's Daryanani
▼ + stars: | 2022-10-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe saying as go iPhone sales, so goes Apple stock will hold up, says Evercore's DaryananiAmit Daryanani, Evercore ISI analyst, joins 'TechCheck' to discuss whether Apple had a massive expansion in headcount during the pandemic, insight into Apple's narrative and more.

☆ 10 ‘babies in the bathwater’ to buy from Evercore ISI, down 40% from pandemic highs
▼ + stars: | 2022-10-24 | by ( Patti Domm | In | ) www.cnbc.com time to read: +1 min

Investors will be clearing out their losers as year end approaches, and Evercore ISI says it's time to buy some of these stocks that are being tossed like "babies in the bathwater." "2022 is likely to be a year in which tax loss selling, both at the 10/31 mutual fund year-end and into the 12/31 calendar year end, dominates flows," Evercore ISI strategists write. "As is often the case when hope is all but abandoned, particularly as so many stocks have declined so much from their Pandemic peaks, opportunity awaits." The criteria included stocks in the bottom 50 percentile of the Russell 3000 that were down 24.4% year-to-date and 40.8% from pandemic highs. The companies also have positive earnings growth in the upper 50 percentile for 2022 and 2023, as well as positive 2023 earnings revisions.

☆ Investors should swap these 39 big portfolio losers for more promising counterparts to cut their tax bills and position themselves for bigger profits, Wall Street firm Evercore says
▼ + stars: | 2022-10-23 | by ( Marley Jay | ) www.businessinsider.com time to read: +3 min

As the year ends, investors will start to incorporate tax loss harvesting into their strategies. Selling some stocks at a loss can allow investors to defer taxes on more successful positions. Julian Emanuel at Evercore explains what to sell at a loss, and what to swap in for 2023. The stock and bond markets have given investors headaches this year, but as 2022 comes to a close, at least their losses can give investors a tax break. Below are the stocks Evercore thinks investors should use as tax loss targets, and those they think investors should swap them out for.

☆ Analysts are pounding the table for these 'well positioned' stocks head of earnings
▼ + stars: | 2022-10-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Analysts say there are a handful of buying opportunities as earnings season continues, including a slew of big names. CNBC Pro combed through the top Wall Street research to find stocks to buy ahead of earnings. In fact, Keane said the company's upside potential is so large, it hasn't even begun to scratch the surface. In fact, the firm said it sees "potential upside" due to iPhone "share gains in China and the enterprise market." "We believe CMG represents a rarity as we hunt through our coverage for earnings upside," Bittner said.

☆ Stocks are suddenly getting hit with higher Treasury yields and some worrisome earnings
▼ + stars: | 2022-10-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Markets are being hit with a double whammy this morning: multi-year high in Treasury yields, and earnings. Earnings and revenues were higher than expected. Spending was strong (consumer and commercial-billed business growing 22% and 20% year-over-year), new card growth (3.3 million) was good. But AmEx set aside $778 million for potential future losses, nearly $200 million higher than expected. Robert Ottenstein at Evercore ISI said in a note, commenting late last night on very strong earnings from French spirits maker Pernod Ricard.

☆ Baker Hughes Recruits New CFO as It Seeks Cost Savings
▼ + stars: | 2022-10-19 | by ( Mark Maurer | ) www.wsj.com time to read: +3 min

Baker Hughes Co. hired a gold-production executive to be its next finance chief as the oilfield-services company seeks to reduce costs and boost profit through a reorganization into two business units. Ms. Buese is set to succeed Brian Worrell, who was Baker Hughes’s CFO since 2017. Baker Hughes in recent months has faced high supply-chain costs and volatility in global currencies. Baker Hughes named Nancy Buese as chief financial officer, effective Nov. 2. Photo: Baker Hughes Co.

☆ Lowe's downgraded at Evercore ISI, cites slowing home improvement demand
▼ + stars: | 2022-10-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

A slowdown in home improvement demand could spell trouble for Lowe's future growth outlook, Evercore ISI says. "Our downgrade is based on the view that slower [home improvement] demand and disinflation could push comps lower in 2023, making margin gains muted," Melich said. In the home improvement market, Evercore ISI views shares of Home Depot more attractively, given that retailer's Pro business and exposure to contractors and professionals. Lowe's shares have slumped about 25% this year (vs a 30% loss at Home Depot). Despite a tricky outlook ahead, Evercore ISI expects Lowe's to benefit from damage brought about by Hurricane Ian.

☆ Evercore ISI downgrades Best Buy as consumer electronics market comes under pressure
▼ + stars: | 2022-10-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Expect little upside to shares of Best Buy in the near term as deflation returns to consumer electronics, Evercore ISI said. "In other words, two years of counter-normative inflationary support is now rolling off, and comes at a time when traffic is falling," Melich said. Along with the downgrade, Evercore trimmed its price target on the stock to $70 from $80 a share, reflecting a 5% upside from Tuesday's close. Shares are down 34.5% this year and sit more than 53% off their 52-week highs. "BBY is a well-managed company facing a compressing discretionary market unlikely to see much improvement into 2023," Melich wrote.

☆ Here are Wednesday's biggest analyst calls: Tesla, Netflix, Apple, Exxon, Robinhood, Alphabet & more
▼ + stars: | 2022-10-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Wednesday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's staying bullish heading into earnings next week. Evercore ISI downgrade Petco to in line from outperform Evercore said in its downgrade of the pet store that it sees too many headwinds. " Evercore ISI downgrades Lowe's to in line from outperform Evercore said in its downgrade of Lowe's that it sees slowing home improvement demand. Evercore ISI downgrades Boston Beer to in line from outperform Evercore said in its downgrade of Boston Beer that estimates are too high. Bank of America reiterates Alphabet as buy Bank of America s aid Alphabet is a "defensive stock with valuation support."

☆ Stocks making the biggest moves midday: Netflix, Intuitive Surgical, Generac, Winnebago and more
▼ + stars: | 2022-10-19 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The power company also reported preliminary third-quarter results, with earnings per share expected to come in at $1.75 compared to the $3.21 estimate. Netflix — Shares of the streaming media company soared 13.1% after the firm on Tuesday posted better-than-expected results on the top and bottom lines. Netflix also reported the addition of 2.41 million net global subscribers, more than doubling the adds the company had projected a quarter ago. Intuitive also reported growth in its da Vinci procedures of about 20% compared with the third quarter of 2021. Snap — The social media stock climbed 2.5% after Citi added a positive catalyst watch on Snap heading into its earnings results Thursday.

☆ U.S. oil service firms' results to show impact of demand, inflation
▼ + stars: | 2022-10-18 | by ( Liz Hampton | ) www.reuters.com time to read: +3 min

Oct 18 (Reuters) - Oilfield service firms are poised to deliver the strongest third quarter results in years as demand for equipment and services has risen despite supply chain snags and higher costs from inflation, according to analyst forecasts. Oil prices remain near their highest levels in about eight years, spurring more producer demand for services. The international rig count rose to 879 last month, up from 787 a year ago, according to Baker Hughes. The Philadelphia Oil Service Index (.OSX) this summer hit its highest level since March 2020, trading around $90, but has dropped to about $68.50 on fears of a recession. The oilfield sector has faced capital constraints, "supply chain issues, workforce shortages and inflation impacts," said Leslie Beyer, CEO of the Energy Workforce & Technology Council, which represents oilfield service companies.

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