Stock Market News and Ratings Roundup for January 2nd 2024

Stock News

EQ Bank’s Positive Performance: Investors are optimistic about mid-sized Canadian lender EQ Bank, as it showcased outstanding performance in 2023 despite challenges faced by Canadian banks. EQB’s shares surged on robust earnings growth, making it the top-performing banking stock, and investors anticipate further gains.
Tesla’s Market Dominance in Norway: Tesla maintained its dominance in car sales in Norway for the third consecutive year in 2023, capturing an impressive 82% market share for electric vehicles, overcoming ongoing conflicts with Nordic labor unions.
China’s Criticism of Netherlands Over ASML Export Block: China criticized the Netherlands for blocking the export of chip equipment from ASML, urging respect for market principles. This followed the Dutch government’s revocation of an export license, impacting the shipment of certain chip-making equipment to China.
Concerns Over AI Industry in 2024: There are growing concerns about potential threats to the artificial intelligence (AI) industry in 2024, driven by changes in U.S. copyright law. The transformative impact of AI in 2023 raises apprehensions about the industry’s future.
Avangrid’s Termination of PNM Resources Deal: Iberdrola’s U.S. unit, Avangrid, decided to terminate its $8.3 billion deal to acquire PNM Resources due to the inability to secure all necessary regulatory approvals by the end of 2023, highlighting challenges in completing major acquisitions in the power utility sector.
Asia’s Manufacturing Outlook: Asia’s factory activity is displaying signs of weakness in December, indicating a potentially uncertain start for the region’s manufacturing powerhouses in 2024. China’s patchy economic recovery is seen as a hindrance to broader demand revival.
ASML’s Export License Revoked: Dutch chip machine manufacturer ASML revealed that the Dutch government had partially revoked an export license for the shipment of chip-making equipment to China, following U.S. export restrictions. China criticized the move, emphasizing the need to respect market principles.
Danone’s Sale of Premium Organic Dairy Units: French food group Danone signed an agreement to sell its premium organic dairy units in the United States to investment firm Platinum Equity.
Germany’s Gas Supply Situation: Germany’s gas supply situation is reported to be better than last winter after Russia’s supply cut. However, instability in the Middle East could still impact energy prices, according to the head of energy firm E.ON.
Alibaba’s Share Repurchase: Alibaba Group Holding Ltd announced the repurchase of 897.9 million of its shares for $9.5 billion in 2023, resulting in a 3.3% reduction in outstanding shares.
AllianceBernstein’s Entry into China’s Mutual Fund Market: U.S.-based AllianceBernstein obtained a license to run its wholly-owned mutual fund business in China, tapping into the country’s $3.8 trillion mutual fund market.
Avangrid’s Termination of PNM Deal: Iberdrola’s U.S. unit, Avangrid, terminated its $8.3 billion deal to acquire PNM Resources due to the inability to secure all necessary regulatory approvals by the end of 2023.
Baidu’s Termination of JOYY Acquisition: Baidu Inc terminated its planned $3.6 billion acquisition of Nasdaq-listed JOYY live-streaming business in China, impacting Baidu’s diversification plans.
AstraZeneca and Sanofi’s RSV Immunization Approval: AstraZeneca and Sanofi received approval in China for their respiratory syncytial virus (RSV) immunization for infants called Beyfortus.
ExxonMobil’s Exit from West Qurna 1 Oilfield: ExxonMobil formally exited the West Qurna 1 oilfield in southern Iraq, handing over operations to PetroChina.
Activist Fund’s Move on Gildan Activewear: Activist fund Browning West seeks five seats on Gildan Activewear’s board following the sudden ouster of its co-founder and former CEO.
Hershey’s Lawsuit over Reese’s Peanut Butter Candies: Hershey Co faces a proposed federal class action lawsuit alleging that its Reese’s peanut butter candies lack the artistic details shown on the packaging.
HSBC’s Sale of Retail Banking Business in France: HSBC Continental Europe completed the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group.
FTC Blocks IQVIA’s Acquisition of DeepIntent: A U.S. court upholds a Federal Trade Commission (FTC) order blocking IQVIA’s acquisition of healthcare advertising firm DeepIntent, citing potential harm to competition.
MiMedx’s FDA Warning Letter: MiMedx received a warning letter from the U.S. FDA related to the classification of its placental-derived tissue product Axiofill.
Nokia’s Failure to Meet Financial Targets: Nokia Oyj announces it will not meet its financial targets for the year due to delays in closing outstanding license renewals in Nokia Technologies.
Taiwan Semiconductor Manufacturing Co. in Election Discourse: TSMC becomes a topic of discussion in Taiwan’s election campaigning, with vice presidential candidates debating the company’s overseas investments amid tensions with China.

Top Analyst Ratings

Cytokinetics Inc: JPMorgan has increased the target price for Cytokinetics Inc to $78 from $48 following positive trial results for its experimental heart disease drug.
Metropolitan Bank Holding Corp: Piper Sandler reduced the target price for Metropolitan Bank Holding Corp to $59 from $60. This decision comes as the company opts to concentrate solely on its business-to-business vertical.
Lyft Inc: Nomura downgraded Lyft Inc from neutral to reduce, indicating limited potential for the ridesharing platform to increase its fares.
Tapestry Inc: JPMorgan raised the target price for Tapestry Inc to $46 from $41, citing the strong performance of the Coach brand during the holiday season.
Uber Technologies Inc: Nomura downgraded Uber Technologies Inc from buy to neutral, noting that investors have already acknowledged the firm for successfully scaling its business model profitably.
Constellation Software: STA Research has downgraded Constellation Software to a “Sell” rating from “Hold” and set a new target price of $2800, which represents an increase from the previous target of $2500.

	AVG Analyst Rating	STA Analysis
A 137.32 (0.00%)	Buy	Bullish
AAPL 217.96 (0.00%)	Buy	Very Bullish
AMZN 182.50 (0.00%)	Strong Buy	Bullish
ATD:CA 82.62 (0.00%)	Strong Buy	Slightly Bullish
GOOGL 167.00 (0.00%)	Strong Buy	Very Bullish
MAXXF 0.30 (0.00%)	N/A	Bearish
MSFT 425.27 (0.00%)	Strong Buy	Very Bullish
NVDA 113.06 (0.00%)	Strong Buy	Slightly Bullish
PRZZX 29.03 (0.00%)	N/A	N/A
QTHLF 0.00 (0.00%)	N/A	Neutral

AVG Analyst Rating

STA Analysis