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Meta Platforms (META) price target raised to $250 from $225 at Jeffries. Federal Realty (FRT) price target lowered to $111 from $118 at Piper Sandler. Bank of America raises price target for Apple to $168 from $158, keeps a neutral rating on shares. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Reuters GraphicsIn a quarterly update to shareholders published on March 13, Apollo outlined how Athene's funding model is different than a bank's. In the wake of the banking crisis, however, Apollo has been fielding questions from analysts and investors about Athene's funding model. Following a meeting with Apollo executives, Hone wrote in a note last week that he does not anticipate a spike in withdrawals from Athene's annuity holders and that Athene's funding base was stable. Apollo said in its March 13 presentation to investors that it had seen inflows of $8.8 billion to Athene from the start of the year to March 10. Questions from investors and analysts to Apollo have focused on this subset of annuity policies that have a potentially higher flight risk.
Regulators shuttered Silicon Valley Bank (SVB) and Signature Bank, the second and third largest closures in the nation's history. Authorities then took unprecedented action to backstop the collapsed companies' deposits and introduced new measures to shore up confidence. The ups and downs may have helped banks' trading desks as choppy markets fueled client activity. While billions of dollars of those deposits landed at the biggest banks, some analysts said the influx was unlikely to provide a major boost to their earnings. Investors are becoming increasingly focused on the rising cost of funding for banks, which could weigh on earnings, analysts at Piper Sandler wrote in a note last week.
Here are Monday's biggest calls on Wall Street: Susquehanna upgrades Roku to positive from neutral Susquehanna said it sees an attractive risk/reward for the stock. Citi upgrades KeyCorp and M & T Bank to buy from neutral Citi upgraded several regional banks on Monday and said the risk/reward looks compelling. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it sees 50% upside for shares of the e-commerce giant. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it sees an attractive risk/reward heading into the company's investment community meeting on April 4. Morgan Stanley moves First Republic to no rating Morgan Stanley removed its estimates and ratings on the stock due to too much uncertainty.
Here are Friday's biggest calls on Wall Street: UBS reiterates Tesla as buy UBS said it's recent survey checks show Tesla is "best positioned" to win the EV race. Wells Fargo reiterates Microsoft as a top AI pick Wells said Microsoft is one of the biggest beneficiaries of AI. Jefferies downgrades UBS to hold from buy Jefferies said it sees too much uncertainty after the banking giant's acquisition of Credit Suisse. Jefferies upgrades Regeneron to buy from hold Jefferies said it's bullish on several of the pharmaceutical company's products. Citi reiterates Nvidia as buy Citi said Nvidia is a top beneficiary of AI.
It's likely that the pace of imports has been maintained in March, with Refinitiv estimating arrivals of around 103 million tonnes, while Kpler forecasts 102.7 million. The question becomes what the risks are to the so far bullish start to 2023 for iron ore prices and volumes. The chief one is that China's economic recovery focuses more on boosting consumer spending than it does on rebuilding the residential property sector. CHINA IRON ORE IMPORTS VS SPOT PRICESTEEL DECLINE? The risk is that iron ore demand is being front-loaded into the first half of the year, and potentially will decline in the second, with the concomitant risk prices will also come under pressure.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo top bank analysts say the backstopping that's going on at the federal level will help stem the tide of recent losses in the sectorStephen Biggar of Argus Research and Stephen Scouten of Piper Sandler discuss the health of the bank sector -- large-cap, regional and mid-size lenders -- amid the ongoing turmoil in the wake of the collapse of SVB and Signature Bank, pressure on First Republic and UBS' takeover of Credit Suisse.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCollapse of U.S. banks: There's a catharsis happening in bank deposits, says research firmStephen Biggar of Argus Research discusses the collapse of banks like Silicon Valley Bank and Signature Bank, and says "it seems like the contagion … is now a bit contained."
Here are Friday's biggest calls on Wall Street: JPMorgan upgrades Chubb to overweight from neutral JPMorgan said the insurance company is defensive. CFRA upgrade Whirlpool to buy from hold CFRA said in its upgrade of the stock that shares are attractive. Citi initiates Bumble as buy Citi said the dating app continues to take market share. Citi reiterates Nvidia as buy Citi said it's bullish on Nvidia's adoption of AI. Citi reiterates Meta as buy Citi said it likes Meta's improved operating leverage. "
China is on track to import 5.39 million tonnes of LNG in March, according to data compiled by commodity analysts Kpler. This would be up from February's 4.96 million tonnes and also above the 4.77 million from March last year. Spot LNG prices soared last year in the wake of Russia's invasion of Ukraine as European buyers sought large volumes in an effort to replace Russian pipeline natural gas. Effectively, Asia's LNG market has two current drivers, with cheaper spot prices encouraging buying in China, India and other price-sensitive importers such as Bangladesh. The other driver is milder than usual temperatures, which has curbed LNG imports in Japan, South Korea and Taiwan.
Here are Wednesday's biggest calls on Wall Street: Oppenheimer reiterates Netflix as outperform Oppenheimer said investors should buy the dip in Netflix shares. Bank of America upgrades W.R. Berkley to buy from neutral Bank of America said buy the dip in shares of the insurance company. "A recent sell-off in financial and insurers more specifically gives an opportunity to upgrade shares of WRB." Deutsche Bank reiterates Nike as buy Deutsche said it's staying bullish on shares of Nike heading into earnings next week. Bank of America reiterates FedEx as buy Bank of America said it's standing by its buy rating on FedEx heading into earnings on Thursday.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. inflation isn't falling — it's just not rising as quickly as it was, strategist saysKevin Heal of Argus Research says the U.S. Federal Reserve won't change its "mantra" of getting inflation back to 2%.
The collapse of three crypto-friendly banks is a boon for stablecoin issuer Circle, investors said. Slivergate Bank, Silicon Valley Bank, and Signature all imploded in the space of a week. Circle keeps its reserves at BNY Mellon, which helped its stablecoin USDC recover after SVB's fall. Circle, the company behind the stablecoin USDC, is set to come ahead in the aftermath of the collapses of Silvergate Bank, Silicon Valley Bank, and Signature Bank, according to several investors and founders. One risk, however, is that recent bank failures prompt regulators to bar crypto companies, including Circle, from accessing the US banking system altogether.
The weekend came and went without a buyer for SVB Financial Group, the parent company of the failed Silicon Valley Bank. SVB Capital focuses on venture capital and credit investing and SVB Securities is its investment banking arm. Axios reported Monday morning that JPMorgan and PNC were in talks to acquire SVB Financial Group but not the failed commercial bank. SVB Securities, better known as SVB Leerink, the investment banking arm born out of SVB's 2018 acquisition of Leerink, is a very desirable business, he added. "SVB Leerink is a well-known name in the tech and healthcare space that will be attractive to someone," said Healy.
SVB Bank, which catered to startups and tech founders, imploded in three days after a run on the bank. SVB Financial is reportedly looking to find a buyer by Monday. The implosion of Silicon Valley Bank means a working weekend for some bankers. SVB Financial Group is on the hunt for a buyer after regulators closed its Silicon Valley Banking business, according to Bloomberg. Though SVB's bond losses are taking up the headlines, its parent company SVB Financial has two business segments that are enticing.
It read: "Operations of the SVB Securities broker dealer are distinct from the receivership of SVB Financial." The SVB Securities employee called the whirlwind leading up to SVB's meltdown as "scary, scary stuff." Kevin Heal, senior analyst at Argus Research, said he sees both SVB Securities and SVB Private being sold. SVB bought the healthcare investment bank Leerink Partners in 2018, renaming it SVB Leerink and then SVB Securities. PATRICK T. FALLON/AFP via Getty ImagesHeal thinks the investment banking operations could be purchased by a smaller investment banking firm that doesn't have tech or healthcare prowess, like US Bancorp or PNC.
Here are the stocks making notable moves in premarket trading on Wednesday, March 8. CrowdStrike — Shares of the cybersecurity firm climbed more than 6% in premarket trading after a stronger-than-expected report for the fourth quarter. Occidental Petroleum — The energy stock climbed nearly 3% in premarket trading after a new regulatory filing showed Warren Buffett's Berkshire Hathaway added to its already large stake in the company over the past trading sessions. Tesla — Shares of the automaker fell less than 1% in premarket trading after Tesla was downgraded to hold from buy at Berenberg. Maxeon Solar Technologies — Shares of the Singapore-based solar panel company jumped nearly 15% in premarket trading after the company's fourth-quarter report.
Here are Wednesday's biggest calls on Wall Street: Canaccord initiates Bowlero as buy Canaccord said the bowling company has a "unique growth and profitability story." Bank of America reiterates Meta as buy Bank of America said Meta is well positioned for "revenue acceleration." Deutsche Bank reiterates Ulta as buy Deutsche called Ulta "resilient." Bank of America reiterates On Semiconductor as a top pick Bank of America said the semiconductor company is a top autos pick that has the "right execution." Needham reiterates Alphabet as buy Needham said investors shouldn't be concerned about any legislative risks for Alphabet.
Here are Tuesday's biggest calls on Wall Street: Northcoast upgrades Costco to buy from hold Northcoast said it sees more upside for the wholesale retailer. " Goldman Sachs initiates Arista Networks and Juniper as buy Goldman initiated several networking equipment stocks, noting they are attractively valued. Deutsche Bank downgrades Joby to sell from hold Deutsche said it sees too many risks for the aviation company. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said its standing by shares of Walmart as the retail giant continues to sign up new members for its Walmart+. Loop reiterates Netflix as hold Loop said its survey checks show that password sharing charging is increasing revenue for Netflix.
Here are Tuesday's biggest calls on Wall Street: Mizuho reiterates Tesla as buy Mizuho said it's standing by its buy rating heading into the company's analyst day on March 1. Barclays reiterates Apple as equal weight Barclays said low growth in the App Store is the "new norm" for Apple. Morgan Stand reiterates Dick's as overweight Morgan Stanley said it's standing by its overweight rating heading into Dick's earnings on March 7. Bank of America downgrades Dish to underperform from buy Bank of America said it sees inflationary pressure for the satellite TV company. Deutsche Bank reiterates Salesforce as buy Deutsche Bank said it's standing by shares of Salesforce heading into earnings on Wednesday.
NEW DELHI, Feb 27 (Reuters) - Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world's second-biggest importer of the fuel used to generate electricity. India has about 17 gigawatts of generation that relies on coal imports and the directive, which comes into effect on March 16, means power plants will have time to import coal ahead of the expected surge in consumption. Even without this boost to imports, India's coal arrivals are heading higher, with data from commodity analysts Kpler pointing to a rise in thermal coal imports to 10.19 million tonnes in February, up from 9.71 million tonnes in January and the most since November. Thermal coal imports by China, Japan, IndiaAUSTRALIAN IMPORTSIt is also possible that India will seek to boost imports from Australia, especially of the 5,500 kcal/kg grade that it has been buying. This ban was lifted last month and there are already some signs that Chinese utilities are resuming imports of Australian coal, although mainly coking coal used to make steel.
Goldman Sachs has invited wealth management clients to invest in fintech unicorn Stripe, as reported by Bloomberg. The message was a rare peek into how the richest bank clients can access investments normally off-limits to individual investors. Insider redacted the wealth management vice president's name and email address to protect their privacy. Citi and JPMorgan, for instance, both have teams dedicated to direct private investments for private bank clients. Private wealth is a real power alley for us, and those continue to be good sources of funding," said Salisbury at a conference in September.
Benchmark Australian thermal coal at Newcastle Port closed last week at $195.13 a tonne, down from the $249.25 the week prior to the attack on Ukraine. But these fears were never fully realised, largely because Russian commodities were re-routed to new buyers and some consuming nations cut consumption of commodities such as natural gas. There are ongoing consequences of the initial spike in commodity prices, with retail fuel and electricity costs in many countries still well above pre-invasion levels. Such a situation maintains China's access to cheap Russian commodities, increases Moscow's dependence on Beijing, while keeping Western countries focused on the war and its costs to their economies and political unity. It's also worth noting that in the months after the invasion much commentary was devoted to how Russia was benefiting from the higher commodity prices and how the Western sanctions on Moscow's exports were failing.
The gains are being driven by restocking by steel mills in China, which buys about 70% of global seaborne iron ore and produces half of the world's steel. It's worth noting that stockpiles remain well below the same week last year, when they were at 160.95 million tonnes. Australia's iron ore exports are likely to drop in February, with Kpler estimating shipments of 57.7 million tonnes, while Refinitiv is forecasting 58.74 million. While Australia and Brazil dominate the global seaborne iron ore trade, it's worth noting that other exporters aren't adding much to the overall supply story. The supply shortage and expectations of increasing Chinese demand are likely to provide a solid base for further gains in spot iron ore prices.
REUTERS/Sergei Karpukhin/File PhotoHOUSTON, Feb 16 (Reuters) - Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday. Russia's Deputy Prime Minister Alexander Novak last week said it would voluntarily cut production beginning next month following the start of Western price caps on Russian oil and oil products on Feb. 5. Poland, Latvia, Lithuania and Estonia have pushed for lowering the crude oil cap. There have been no American companies involved in trading Russian oil above the price cap, he said. Phillips 66's (PSX.N) Chief Executive Mark Lashier said the company's base assumption is that Russia's crude and oil products will find their way into the marketplace.
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