2023 Nov 2, US Market
Pivotal Research upgraded Roku (ROKU) to Hold from Sell with a price target of $75, up from $58, post the Q3 report. The firm cites the in-line net new active account results, better than expected revenue, good prospects for Roku to materially beat its "as usual conservative" guidance, the high likelihood the company will easily be able to hit its 2024 positive EBITDA targets and what appears to be the end of the actor's strike soon for the upgrade.
New Street upgraded Trade Desk (TTD) to Neutral from Sell. The shares have "de-risked" due to cautious commentary on brand advertising spending by Snap (SNAP), Meta (META) and Amazon as well as macro concerns and spending pauses owing to the conflict in the Middle East, the firm tells investors in a research note.
Truist upgraded Amgen (AMGN) to Buy from Hold with a price target of $320, up from $260. The firm says Amgen has historically shown the ability to grow mid-cycle assets, despite underwhelming initial launches.
Citi upgraded Clorox (CLX) to Buy from Neutral with a price target of $150, up from $135. The company delivered better than expected fiscal Q1 results compared to guidance provided post the August cybersecurity incident, and lowered fiscal 2024 guidance, as expected, to account for the impact of the cyberattack, the firm tells investors in a research note.
Bernstein upgraded Chevron (CVX) to Outperform from Market Perform with a price target of $182, down from $184. The company's volumes were sequentially down in Q3 but guided up in Q4 amid a "barrage of issues that veered toward mundane rather than impactful," the firm tells investors in a research note.
Telsey Advisory downgraded Estee Lauder (EL) to Market Perform from Outperform with a price target of $115, down from $210, post the fiscal Q1 report. Despite a solid start to fiscal 2024, Estee is taking a more cautious view of the balance of the year, reflecting slower growth in prestige beauty in mainland China, an incremental 22c drag from business disruption in Israel/Middle East, and continued pressure in Asia travel retail, the analyst tells investors in a research note. RBC Capital also downgraded Estee Lauder to Sector Perform from Outperform with a price target of $115, down from $195.
Summit Insights downgraded Qorvo (QRVO) to Hold from Buy. The firm cites the company's Q2 results and notes that while it is positive on Qorvo's diversification strategy and believes that it has sufficient enough catalysts to outperform through the first half of 2024, it also sees the company struggling again in the second half of next year due to increased competition from Qualcomm (QCOM).
Deutsche Bank downgraded Moderna (MRNA) to Sell from Hold with a price target of $60, down from $125, calling the company's Q3 report "another tough update." Preliminary FY24/25 guidance confirms the company is looking at "another couple of years of heavy cash burn" and the report "incredibly" featured a further R&D increase despite the headwinds Moderna is seeing on revenue and gross margin, the firm tells investors.
Daiwa downgraded Bristol Myers (BMY) to Neutral from Outperform with a price target of $54, down from $68. The company's medium-term plan delays achieving new product sales targets and lowers operating profit margin, the firm tells investors in a research note.
Guggenheim downgraded SolarEdge (SEDG) to Neutral from Buy and removed the firm's prior price target on shares as the firm is giving up on a positive stance on the shares given that the depth and duration of the downturn in revenue has exceeded its expectations. BMO Capital and Truist also downgraded SolarEdge Technologies to Neutral-equivalent ratings.
HSBC initiated coverage of Amazon.com (AMZN) with a Buy rating and $160 price target. Amazon's structural opportunity in cloud surpasses even the lock-in effect with consumers in e-commerce, the firm tells investors in a research note.
JPMorgan initiated coverage of WK Kellogg (KLG) with a Neutral rating and $11 price target. The firm sees the potential for gross margin expansion over time, lowered by supply chain investments, but says it is not sure if this will translate into quite the level of EBITDA growth that WK Kellogg expects.
Cantor Fitzgerald initiated coverage of Immatics (IMTX) with an Overweight rating. Immatics features a comprehensive suite of pipeline candidates, platforms, and partnerships centered around directing T cells to solid tumors, and a modest stock valuation makes shares highly attractive, the firm tells investors in a research note.
Cantor Fitzgerald initiated coverage of Immunocore (IMCR) with an Overweight rating and no price target. Immunocore represents an exceedingly rare "all-in-one" Product, Pipeline, and Platform story and is a top pick, the firm says.
H.C. Wainwright initiated coverage of OKYO Pharma (OKYO) with a Buy rating and $4 price target. If the Phase 2 trial meets both sign and symptom endpoints, it would be a major de-risking event for OK-101, says the firm.
Apple Q4 2023 Earnings $AAPL
Revenue $89.50b, est. $89.35
EPS $1.46, est. $1.39
Greater China revenue $15.08b, est. $17.01b
Services revenue $22.31, est. $21.37b
iPhone revenue $43.81, est. $43.73b
iPad revenue $6.44b, est. $6.12b
Mac revenue $7.61b, est. $8.76b
Wearables, home & accessories $9.32b, est. $9.41b
S&P Posts it's Best Day since April ahead of Nonfarm Payrolls
Wall Street pushed the stock market higher a day after the Federal Reserve hinted that interest-rate hikes may be coming to an end, with traders now anticipating Friday's jobs report.
The S&P 500 gained nearly 2% in a rally fueled by oversold conditions and positioning, its best session since April. The VIX - the market's "fear gauge" - fell below 16 and breached a key technical level. Tesla led the way in megacap gains. Apple rose ahead of its earnings report. Long-term Treasury yields fell 13 basis points to 4.8%, outperforming short-term yields. The value of the dollar fell. The pound rose as the Bank of England resisted talk of rate cuts. The price of oil surpassed $82.
In the run-up to the jobs report, a report showed that labour productivity in the United States increased by the most in three years, helping to offset the inflationary impact of recent wage growth. Continuing jobless claims increased for the sixth week in a row, indicating that those who have lost their jobs are having more difficulty finding new ones. Economists predict that nonfarm payrolls will increase by 180,000 in October, following a gain of 336,000 in September.
While the Federal Open Market Committee maintained the possibility of additional policy action in response to strong economic growth, Jerome Powell speculated that high Treasury yields could instead help the Fed keep monetary conditions restrictive in order to wring out the inflationary excesses of this business cycle.
Disney (DIS) agreed to buy the remaining 33% stake in Hulu from Comcast (CMCSA)
Qualcomm (QCOM) reported better-than-expected Q4 results and provided upbeat Q1 guidance
Starbucks (SBUX) reported upbeat Q4 results, with global same-store sales up 8%
Eli Lilly (LLY) reported upbeat Q3 earnings and revenue but lowered its FY23 earnings outlook
Theme park operators Six Flags (SIX) and Cedar Fair (FUN) agreed to combine in a merger of equals
Tesla (TSLA) delivered 72,115 China-made electric vehicles in October, down 2.6% from a month earlier, Reuters reports
Uber (UBER) and Lyft (LYFT) have entered into a settlement agreement in which they will pay New York drivers $328M, NY Times says
Apple (AAPL) lost a bid to block a London lawsuit worth up to $2B, that accuses the company of hiding defective batteries in iPhones, Reuters reports
Boeing (BA) is investigating a cyber incident that impacted its parts and distribution agreement, Reuters reports
The FTC said Amazon's (AMZN) secret pricing algorithm generated an extra $1B in revenue, The Verge reports
Affirm (AFRM) higher after the company and Amazon expanded their Buy Now, Pay Later partnership
Joby Aviation (JOBY) and Palantir (PLTR) gain after reporting quarterly results
Roku (ROKU) increases after reporting quarterly results and providing guidance for Q4 video ads growth
Confluent (CFLT) falls after reporting quarterly results and providing guidance for Q4 and FY23
Remitly Global (RELY) and Procore (PCOR) decline after reporting quarterly results
Moderna (MRNA) reported Q3 results, with Deutsche Bank calling the report "another tough update"
Airbnb (ABNB) reported Q3 results and provided guidance for Q4
PayPal (PYPL) reported Q3 results, provided guidance for Q4, and announced its outlook for FY23
Shopify (SHOP) reported Q3 results, with CEO Harley Finkelstein commenting that the third-quarter results "demonstrate the progress we are making to further solidify Shopify's position as the global leader in commerce"
Constellation Brands (STZ) said it is "committed" to its 7%-9% annual net sales growth goal for its Beer business and announced an additional $2B share repurchase authorization
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