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2023 Nov 15, US Market
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Stocks extended their November gains on expectations that the Federal Reserve will be able to achieve a soft landing as the US economy remains relatively resilient and inflation begins to cool.
The S&P 500 surpassed 4,500, though the gain was much smaller than the previous day's surge, when equities were boosted by short covering and bets that the Fed's hiking cycle has ended. Target soared on strong earnings, while Nvidia fell after a 10-day winning streak. Treasuries fell as traders reloaded bearish bets following a rally that nearly erased global bonds' 2023 decline. The dollar has recovered.
Wall Street sifted through a slew of economic data for hints about the Fed's next moves. Retail sales slowed in October, but prior months were revised higher, indicating some resilience as the holiday season approaches. Prices paid to US producers dropped unexpectedly by the most since April 2020.
Oil fell after a government report showed rising US crude inventories, and a Federal Reserve official suggested interest rates could remain high.
Target (TGT) reported upbeat Q3 earnings but lower-than-expected quarterly revenue
Advance Auto Parts (AAP) reported downbeat Q3 results, lowered its FY23 earnings outlook, launched a $150M cost reduction program and named Ryan Grimsland CFO
Goodyear Tire (GT) announced a transformation plan and said that CEO Richard Kramer will retire in 2024
TJX (TJX) provided a "beat and raise" report for Q3
Delta Air Lines (DAL) projects 6.2M-6.4M customers over the Thanksgiving period
Activist investing firm ValueAct has taken a "large" position in Disney (DIS), CNBC says
Yandex (YNDX) plans to sell its entire Russian business, Bloomberg reports
The EU plans to file anti-competitive charges against Adobe's (ADBE) $20B Figma deal, FT says
Eli Lilly (LLY) will invest a "single-digit billion" in a new German plant, Reuters reports
Clorox (CLX) chief information security officer Amy Bogac has left the company, Bloomberg says
Dada Nexus (DADA) higher in New York after reporting Q3 results and providing guidance for Q4
Taysha Gene Therapies (TSHA) increases after reporting quarterly results
Global-e Online (GLBE) declines in New York after reporting Q3 results and providing guidance for Q4 and FY23
Guardant Health (GH) falls after announcing it intends to appeal the recent verdict in the U.S. District Court for the District of Delaware related to IP claims against the company
Nu Holdings (NU) and ZIM Integrated (ZIM) lower in New York after reporting Q3 results
Catalent (CTLT) provided guidance for Q1 and FY24
JD.com (JD) reported Q3 results, with CEO Sandy Xu commenting ""We reported steady top-line performance for the quarter with record profitability"
Fiserv (FI) reaffirmed its FY23 guidance and provided its outlook for FY24
Griffon (GFF) reported Q4 results and provided guidance for FY24, with CEO Ronald Kramer commenting "We are pleased with Griffon's results for the fourth quarter and fiscal year"
Daiwa upgraded Block (SQ) to Buy from Outperform with a price target of $77, up from $71. The stock had seen a significant price adjustment due to continued negative news, such as consumption adjustment and a short seller report, but due to what the firm sees as "a significant improvement in the profit outlook" after the Q3 financial results, it judges that the shares have "become extremely undervalued" and although concerns simmer.
Barclays upgraded Wix.com (WIX) to Overweight from Equal Weight with a price target of $130, up from $105. The firm says Wix.com's Partners is scaling well as few competitors address this channel effectively.
JPMorgan upgraded VF Corp. (VFC) to Neutral from Underweight with a price target of $19, up from $15, after meeting with management. The firm cites greater clarity on VF's profit inflection in fiscal 2025 for the upgrade.
BofA upgraded American Eagle (AEO) to Neutral from Underperform with a price target of $19, up from $12.50. The firm sees near-term momentum for upward estimate revisions driven by stronger than expected revenue.
Citi upgraded Vipshop (VIPS) to Buy from Neutral with a price target of $20, up from $18. The company reported a solid Q3 and the Q4 sales guidance reflects management's conservative style following a warmer October that negatively impacted apparel demand, the firm tells investors in a research note.
Cantor Fitzgerald downgraded Bristol Myers (BMY) to Neutral from Overweight with a price target of $55, down from $68. The firm says its "new launch thesis just hasn't materialized" and there is no line of sight to restoring investor confidence in Bristol's new product launches and pipeline.
Jefferies downgraded Beauty Health (SKIN) to Hold from Buy with a price target of $1.50, down from $11. The firm sees potential for more issues to arise, including the same problems happening to Syndeo 3.0, issues spreading to international, balance sheet risk with $700M debt due in 2026, and investor confidence impaired.
JPMorgan downgraded Canadian Solar (CSIQ) to Underweight from Neutral with a price target of $22, down from $32. The stock has modestly outperformed peers over the past couple of months despite significant declines in global module selling prices, which presents downside risk over the next few quarters, the firm tells investors in a research note.
BTIG downgraded Workhorse Group (WKHS) to Neutral from Buy with no price target after the company reported Q3 earnings and lowered revenue guidance "again."
Canaccord downgraded Fluent (FLNT) to Hold from Buy with a price target of $2, down from $3. The company reported "pressured" Q3 results, with revenue, media margin, and profitability all down significantly year-over-year and quarter-over-quarter as the recent FTC settlement led to the company exiting certain revenue streams that no longer meet its evolving quality standards, and a major gaming client reduced spend, the firm says.
Wells Fargo initiated coverage of BioMarin (BMRN) with an Overweight rating and $100 price target. The firm says the company's enzyme replacement therapy business alone could be worth $87 per share, and margin expansion could lead to 23% annual earnings growth in the next five years.
Wells Fargo initiated coverage of Warner Music (WMG) with an Equal Weight rating and $35 price target. While the cadence of new releases has improved, Wells remains on the sidelines until it sees sustained share recovery and get more clarity on tech investments.
Barclays initiated coverage of several within U.S. consumer finance. The firm is taking a selective stance, balancing the uncertainty around the macro and rate outlook with discounted valuations. Barclays put Overweight ratings on nine stocks: American Express (AXP), OneMain Holdings (OMF), SLM (SLM), PennyMac Financial (PFSI), Mr. Cooper (COOP), Essent Group (ESNT), NMI Holdings (NMIH), AerCap (AER) and Air Lease (AL). The firm put Underweight ratings on three stocks: Rocket Companies (RKT), UWM Holdings (UWMC) and Bread Financial (BFH).
Northland initiated coverage of Hyster-Yale Materials (HY) with an Outperform rating and $80 price target. While current revenue generation from this business is "immaterial," the firm sees it as "a low-priced call option on an exciting market."
William Blair initiated coverage of Reneo Pharmaceuticals (RPHM) with an Outperform rating and $35.55 fair value estimate. Blair says that although Reneo has a minimalist pipeline, it sees potential for the roliferator-activated receptor-delta agonist agonist mechanism to be applied in other mitochondrial disorders.
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