By | August 2, 2023

27 minutes ago

Piper Sandler sees upside for the Alabama-based bank

Analysts at Piper Sandler are bullish on Regions Financial following a recent meeting with the Alabama-based bank’s management team.

“While others are more distracted by the implications of new regulations, RF remains on more solid footing and should continue to thrive,” analyst R. Scott Siefers said in a note to clients on Monday.

Piper Sandler has an overweight rating and a $22 price target on Regions. The stock rose 1.8% in early trading to settle just below $19 a share.

See chart…

Shares of Regions Financial were trending higher on Monday.

The regions’ shares have fallen by more than 12% so far this year.

— Jesse Pound

59 minutes ago

Morgan Stanley downgrades CrowdStrike

Morgan Stanley is worried CrowdStrike ahead of the company’s latest earnings report this week, downgrading the cybersecurity company to equal weight from overweight on Monday.

“We are cautious [on] CRWD ahead of FQ2 results this week as consensus estimates for 2H/CY24 recovery appear high in light of a tougher demand environment,” analyst Hamza Fodderwala said. “Another cut to consensus CY23/24 annualized recurring revenue estimates appears likely, while risk-reward seems more balanced now.”

CrowdStrike, which will report earnings on Wednesday after the market closes, is up more than 23% over the past six months. The stock lost nearly 2% on Monday.

CNBC Pro subscribers can read the full story here.

—Pia Singh

An hour ago

China’s ETFs rose on Monday, regaining some ground after a difficult month

An hour ago

UBS upgrades biotech Akero Therapeutics

thinks UBS Akero Therapeutics could be a winner in the race to treat nonalcoholic steatohepatitis, a potentially life-threatening liver disease.

Analyst Eliana Merle initiated the clinical-stage company with a buy rating. The stock rose more than 6% on Monday.

See chart…

Akero Therapeutics’ stock.

Akero develops treatments for patients with severe metabolic disease, including a treatment called efroxiferminwhich received breakthrough therapy designation from the US Food and Drug Administration in December for the treatment of nonalcoholic steatohepatitis, or Nash.

CNBC Pro subscribers can read the full story here.

—Pia Singh

2 hours ago

At the morning high, Dow Industrial leader 3M added 44 points to the average

As high in early trade on Monday, long-term lag 3M climbed $6.70 to a session high of $105.65, adding just over 44 points to the Dow Jones Industrial Average. (3M was subsequently overtaken by Goldman Sachs, which added the most points to the Dow.)

3M, shaken by medical liability claims and environmental responsibility processeswas on pace at the start, heading for its best trading day since June 2. So far this month, 3M is still down 7.4%.

The stock yields 5.8%, even with Monday’s run. Wolfe Research included 3M on a long list of “Dividend Aristocrats” it published Monday, noting its 68% payout ratio, 1% dividend growth over the past year and 2023 P/E of 12.4%.

Late Sunday, the Wall Street Journal reported it 3M approached a $5.5 billion settlement in litigation focused on its liability for the performance of military-grade earplugs.

See chart…

3M on Monday.

—Scott Schnipper, Gina Francolla

2 hours ago

Chart experts worried about “double tops” for key growth funds

Chart experts warn that some of the funds that have fueled the 2023 market rally could be poised for a move to the bottomincluding VanEck Semiconductor ETF (SMH).

“Was this the market calling the top? It certainly feels like it. The double top we’re seeing across many indexes and sectors also has us increasingly concerned,” Wolfe Research strategist Rob Ginsberg wrote in a note to clients on Saturday.

Check out more chart analysis coverage at CNBC Pro.

— Jesse Pound

2 hours ago

Boston Scientific shares rise

Boston Scientific the stock rose 5% on Monday. The manufacturer of medical devices notified positive results Sunday for its treatment of patients with atrial fibrillation or abnormal heartbeats.

See chart…

Boston Scientific shares 1-day

2 hours ago

Stocks open higher

3 hours ago

Equities can signal more than a seasonal shift, says Evercore ISI

The downward movement in shares after Nvidia’s second-quarter results hit recent weak points may signal more than a so-called “seasonal setback,” according to Evercore ISI senior managing director Julian Emanuel.

“The ‘Wall of Worry’ that had all but disappeared in July is rebuilding — US 10-year yields above 4%, worries rising in China, Europe’s economy falling and a more sober tone from some US retailers,” Emanuel wrote in a press release. Sunday note. “All are reminders that while Generative AI has extended the current economic cycle, it has not canceled it.”

-Brian Evans

4 hours ago

Stocks that make the biggest movements pre-market

Check out the companies making headlines before the clock.

Xpeng — US-traded shares of the Chinese electric vehicle company rose 5% on Monday. Xpeng notified it would buy Didi’s smart electric car business in a deal worth $744 million.

3M — The stock rose more than 5% after Bloomberg News reported that the company tentatively agreed to settle more than 330,000 lawsuits related to its defective earplugs, the company will pay more than $5.5 billion in the settlement, according to the report.

Mister Car Wash — Car wash shares climbed 5.7% in premarket trading after an upgrade to overweight from neutral by Piper Sandler. The company said Mister Car Wash has upside potential over the next two years.

The full list is available here.

—Hakyung Kim

4 hours ago

Tech stocks don’t rise on ‘good’ news, Goldman desk warns

Traders at Goldman Sachs warned on Monday that while the tech sector is coming off a strong week, it’s not rallying for the right reasons.

“The bad news for the sector right now = shares don’t rise on ‘good’ news … which raises obvious questions around positioning and valuation,” they said in a note. “This has been a key frustration all month – the latest being NVDA (.. which trails META, UBER, SPOT, AMZN & DASH all the way down in August despite beat/up pressure), creating a bit of a “if Nvidia can’t work, what else can“kind of feeling out there.”

The technology sector S&P 500 rose 2.6% last week, and the Nasdaq 100 rose 2.3% during that time.

“The good news for the sector right now = there also seems to be growing anxiety in pockets of the market outside of Big Tech (think China exposure or Specialty Retail or Payments), which could create a bit of a ‘TINA’ dynamic for Big Tech (again )”, they said.

— Fred Imbert, Michael Bloom

6 hours ago

3M shares jump on earplug lawsuit settlement report

Shares of 3M increased by almost 6% on the premarket after That was reported by Bloomberg News the company reached a preliminary agreement to settle more than 300,000 lawsuits related to combat earplugs sold to the US military. According to the report, 3M would pay more than $5.5 billion to settle the lawsuits.

— Fred Imbert

6 hours ago

Chinese stocks rise after government moves

Chinese stocks rose overnight after the country’s government took steps to try to strengthen its stock market, including halving the tax on stock trading. The Shanghai Composite rose 1.1% – its biggest one-day gain since July 28, when it rose 1.8%.

— Fred Imbert

7 hours ago

European stocks open higher; UBS up 1.7%

European shares rose on Monday morning, opening the last trading week of August on a positive note.

Traders weighed the prospect of higher interest rates from the Federal Reserve and looked ahead to upcoming US jobs data later this week.

Germany’s DAX 30 France’s rose 98 points, or 0.6% CAC 40 climbed 59 points, or 0.8%, and the Italian FTSE MIB scored 217 points, or 0.8%.

Markets are closed in the UK for a public holiday.

Investors remain fully focused on the direction of monetary policy from the US

Last week, said Fed Chairman Jerome Powell at the Kansas City Fed’s annual Jackson Hole symposium that inflation “remains too high,” adding that the central bank is “prepared to raise interest rates further if appropriate.”

In the case of individual shares, UBS The stock rose 1.7% in Europe.

Credit Suisse, which is now a subsidiary of UBS after a government-facilitated takeover, reported a loss of 3.5 billion Swiss francs ($4 billion), according to Swiss Sunday newspaper SonntagsZeitung.

Ryan Browne

12 hours ago

Xpeng shares soar after announcing $744 million deal with Didi

Chinese electric car company Xpengthe stock soared more than 13% in morning trading in Hong Kong following news of a $744 million deal with ride-hailing giant Didi.

Xpeng will acquire Didi’s smart electric car assets via a share swap, giving Didi the role of strategic shareholder, the two companies announced on Monday.

With the new assets, Xpeng plans to launch its first electric car model under a new mass market brand, which currently has the project code name “MONA”.

Read the full story here.

13 hours ago

Foxconn founder reportedly announces bid for Taiwan’s presidency

Billionaire and Foxconn founder Terry Gou said he would join the race to become Taiwan’s president, according to media reports.

This is the billionaire’s second bid for the presidency. He failed to win the nomination for the opposition Kuomintang party in 2019.

Currently, the president’s leader is Vice President William Lai of the Democratic Progressive Party, who transited the United States last week on his way to Paraguay, one of Taiwan’s few remaining allies.

Taiwan goes to the polls in January to choose its next president.

13 hours ago

Evergrande shares fall as much as 87% when trading resumes after 17 months

Shares of the world’s most indebted property developer China Evergrande Group fell as much as 87% on its opening Monday, trading for the first time since March 21, 2022.

The stock fell to as low as 22 Hong Kong cents on Monday, compared to its last close of 1.65 Hong Kong dollars per share on March 18, 2022.

The resumption of trading comes as the company posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, narrower than the loss of 86.17 billion yuan for the same period a year ago.

Read the full story here.

— Lim Hui Jie

17 hours ago

Where the big averages stand

This is where all the major averages stand as the final trading week of August begins:

Dow Jones Industrial Average:

  • Ended the week about 0.5% lower
  • Down 3.4% for the month
  • Up 3.6% for the year

S&P 500:

  • Ended up 0.8% for the week
  • Down 4% for the month
  • Up 14.8% for the year

Nasdaq Composite:

  • Closed up 2.3% for the week
  • Down 5.3% for the month
  • Up 29.9% so far this year

— Samantha Subin

18 hours ago

Stock futures open higher to start the week

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