Stock News & Ratings Roundup for Friday January 12th

JP Morgan (JPM:NYE) Releases Q1 Earnings Report

Stock News

In Asia, Japan’s Nikkei continued its upward trend, while China’s stock markets remained subdued ahead of a key policy rate cut expected after the Taiwan election. The paradoxical situation of gold remaining attractive despite robust U.S. inflation data highlighted the impact of global conflicts on financial markets, where geopolitical concerns overshadowed traditional market dynamics.

The Canadian main stock index experienced a rise, propelled by a  increase in oil prices following air strikes aimed at safeguarding Red Sea shipping routes. Geopolitical tensions in the Middle East also boosted the appeal of gold, despite stronger-than-expected U.S. inflation data, which typically strengthens the U.S. dollar and Treasury yields. U.S. stock indexes declined due to concerns about lackluster earnings from major banks, while European shares climbed amid optimism about a potential interest rate cut from the European Central Bank.

Specifically in the United States, major banks like JPMorgan Chase and Bank of America reported declines in fourth-quarter profits. JPMorgan allocated nearly $3 billion to replenish a fund supporting failed banks, and Bank of America’s profit reduction was influenced by charges for replenishing a government deposit insurance fund and phasing out a loan index. However, BlackRock reported an 8% increase in quarterly profit due to a market rebound.

Delta Air Lines adjusted its 2024 profit outlook downward, citing challenges related to the supply chain and macroeconomic uncertainties. Conversely, UnitedHealth reported better-than-expected profits for the fourth quarter, demonstrating resilience in the healthcare sector.

In terms of global economic indicators, U.S. consumer prices increased more than expected in December, while China’s exports grew at a faster pace. Airbus reported record annual jet orders, and A.P. Moller-Maersk planned to use trains to bypass the drought-affected Panama Canal.

The EU’s antitrust chief, Margrethe Vestager, held meetings with the CEOs of Alphabet, Apple, and Qualcomm to discuss regulation and competition policy compliance. In the U.S., the Environmental Protection Agency sought meetings with AT&T and Verizon to review the potential impact of lead-containing telecommunications cables.

Several notable developments occurred in the banking sector, with JPMorgan, Bank of America, and Wells Fargo reporting financial results. BlackRock acquired Global Infrastructure Partners in a $12.5 billion deal, while Delta Air Lines and UnitedHealth faced challenges and opportunities in their respective sectors.

In the tech industry, Google partnered with the Chilean government for an undersea fiber-optic cable, and the EU’s antitrust chief discussed various issues with tech CEOs. Boeing faced challenges with its 737 MAX 9 model, and Choice Hotels International’s takeover offer faced regulatory scrutiny.

In the healthcare sector, ResMed faced an FDA classification of its respiratory masks recall as most serious, and McKesson planned to sell Canadian drugstore chain Rexall. Automotive companies Stellantis and Polestar reported annual performance, and Tesla suspended car production in its Berlin factory due to a lack of components.

TotalEnergies experienced a partial shutdown at its Port Arthur refinery, and UBS nominated Gail Kelly to its board. U.S. Steel appointed Eiji Hashimoto as CEO, and Nippon Steel planned to take over U.S. Steel.

In media and entertainment, former U.S. President Donald Trump’s town hall on Fox drew significant viewership. Pixar Animation Studios, owned by Disney, is set to cut jobs as it completes production on some shows.

These diverse events across industries underscore the complex and interconnected nature of global financial markets and economic activities.

Top Analyst Ratings

  1. Axonics Inc (AXNX):
    • Piper Sandler cuts the rating to neutral from overweight.
    • This decision follows Boston Scientific Corporation’s announcement to acquire Axonics Inc.
  2. D.R. Horton Inc (DHI):
    • RBC raises the target price to $142 from $116.
    • Citing a favorable competitive position and above-average profitability.
  3. Marathon Oil Corp (MRO):
    • JPMorgan cuts the target price to $32 from $33.
    • Believes the decline in global gas prices will impact earnings.
  4. Regeneron Pharmaceuticals Inc (REGN):
    • RBC raises the rating to outperform from sector perform.
    • Expects several of its commercial drugs to drive long-term growth.
  5. Snowflake Inc (SNOW):
    • Barclays cuts the rating to equal weight from overweight.
    • An increasingly competitive environment is expected to limit benefits from AI.
  6. Ero Copper Corp (ERO.TO):
    • Canaccord Genuity cuts the target price to C$27 from C$29.
    • Refers to the impact of a strong Brazilian currency on costs.
  7. First Quantum Minerals Ltd (FM.TO):
    • Canaccord Genuity raises the target price to C$19 from C$18.
    • Refers to better performance despite operational struggles.
  8. Hudbay Minerals Inc (HBM.TO):
    • Canaccord Genuity raises the target price to C$9.25 from C$9.
    • Expects an increase in the company’s copper production in 2024.
  9. Ivanhoe Mines Ltd (IVN.TO):
    • Canaccord Genuity raises the target price to C$16 from C$13.
    • Cites substantial progress of several projects in 2023.
  10. Teck Resources Ltd (TECK.B.TO):
  • Canaccord Genuity cuts the target price to C$62 from C$63.
  • Expects volatility and headline risks before its coal business sale is completed.

 

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