Stock News & Ratings Roundup for Tuesday January 9th

Stock News & Ratings Roundup for Tuesday January 9th

Market Highlights Summary:

Market Overview:

    • Canada’s main stock index and U.S. stock indexes marginally lower.
    • European equities weighed down by declines in technology and financial stocks.
    • Japanese shares rise, while Chinese blue-chip stocks recover slightly.
    • U.S. dollar edges higher against major currencies.
    • Gold prices rise amid reassessment of Fed rate cut chances.
    • Ongoing Middle East conflict and supply outage in Libya support oil prices.
  1. UK Mortgage Rates: UK mortgage rates are pricing in a at 6 month lows
  2. Japan’s Core Inflation Slows: Core inflation in Japan’s capital slowed for the second consecutive month in December, easing cost-push price pressures. This might reduce pressure on the central bank to hastily exit ultra-loose monetary policy.
  3. Canadian Bank CEOs Expect Loan Loss Provisions: CEOs of Canadian banks anticipate further loan loss provisions in 2024.
  4. Soft Landing for Global Economy in 2024: The World Bank suggests that a soft landing is increasingly possible for the global economy in 2024.
  5. Airbus Nearing Deal with Delta Air Lines: Airbus is close to securing an order from Delta Air Lines for dozens of wide-body jets, including extra A350-1000 aircraft.
  6. Mercedes-Benz Launches AI Virtual Assistant: Mercedes-Benz introduced a new virtual assistant at the CES electronics trade fair capable of providing context-based suggestions and engaging in dialogue with users, signaling advancements in AI for cars.
  7. Bayer’s Expansion into the U.S.: Despite a setback in November, Bayer plans to continue its expansion into the U.S. pharmaceutical market.
  8. Boeing 737 MAX Panel Investigation: U.S. investigators are probing whether a cabin panel on an Alaska Airlines Boeing 737 MAX 9 was properly bolted.
  9. Juniper Networks’ Potential Deal with Hewlett Packard Enterprise: Juniper Networks’ shares rise amid reports of Hewlett Packard Enterprise nearing a $13 billion deal, capitalizing on the AI boom.
  10. Biden Administration Rule on Gig Work: The U.S. Department of Labor issued a rule that could curb ‘gig’ work by forcing companies to treat some workers as employees rather than independent contractors.
  11. Google Faces Patent Trial over AI Technology: Alphabet’s Google is set to go to trial over accusations that processors it uses for AI technology infringe a computer scientist’s patents.
  12. Big Tech Opposes Consumer Watchdog Plans: Big Tech companies, including Apple and Google, rebuff U.S. consumer watchdog plans to supervise digital wallets, citing potential innovation stifling.
  13. Big Banks Fail to Exclude States from Rate-Rigging Class Action: Bank of America and other big banks fail in an attempt to exclude states from a rate-rigging class action lawsuit.
  14. Jefferies Financial Group Q4 Results: Jefferies reports a smaller-than-expected Q4 profit, citing economic uncertainty impacting dealmaking.
  15. Leadership Change at JetBlue Airways: Joanna Geraghty appointed CEO of JetBlue Airways, succeeding Robin Hayes.
  16. Alaska Airlines Boeing 737 MAX Panel Investigation: U.S. National Transportation Safety Board (NTSB) investigates a recovered cabin panel that blew off an Alaska Airlines Boeing 737 MAX 9 plane.
  17. Alcoa to Halt Production at Kwinana Alumina Refinery: Alcoa plans to stop production at its loss-making Kwinana Alumina Refinery in Western Australia due to challenging market conditions.
  18. Google Faces Multibillion-Dollar Patent Trial: Google faces a multibillion-dollar patent trial in Boston over accusations that its processors infringe a computer scientist’s patents.
  19. U.S. Watchdog’s Plan on Digital Wallets Opposed by Big Tech: Big Tech companies oppose a U.S. watchdog’s plan to supervise digital wallets, citing innovation risks.
  20. Earnings Report – Jefferies Financial Group Inc: Jefferies reports a smaller-than-expected Q4 profit due to economic uncertainty impacting dealmaking.
  21. Earnings Report – JetBlue Airways Corp: JetBlue names Joanna Geraghty as CEO; outgoing CEO Robin Hayes cites toll of job challenges as he retires.
  22. Earnings Report – Alaska Air Group Inc: NTSB investigates a recovered cabin panel on an Alaska Boeing 737 MAX 9, raising concerns about Boeing’s manufacturing.
  23. Earnings Report – Alcoa Corp: Alcoa plans to stop production at its Kwinana Alumina Refinery in Western Australia due to challenging market conditions.
  24. Earnings Report – Alphabet Inc (Google): Google faces a federal jury trial in Boston over accusations that its processors infringe a computer scientist’s patents.
  25. Earnings Report – Alphabet Inc & Apple Inc: Big Tech companies warn that a U.S. watchdog’s plan to supervise digital wallets may stifle innovation and limit market access.
  26. Earnings Report – Jefferies Financial Group Inc: Jefferies reports a smaller-than-expected Q4 profit, citing economic uncertainty impacting dealmaking.
  27. Earnings Report – Match Group Inc: Activist investor Elliott Investment Management builds a $1 billion stake in Match Group, pushing for performance improvement and stock price boost.
  28. Earnings Report – Pfizer Inc: Pfizer remains aggressive in breaking into the obesity market despite dropping a high-profile weight-loss drug candidate.
  29. Earnings Report – Ryanair Holdings Plc: Ryanair expects to be short on aircraft for its peak 2024 summer season due to Boeing delivery delays, likely revising down its traffic growth.
  30. Earnings Report – Sony Group Corp & Zee Entertainment: Zee commits to its merger with Sony’s local arm amid reports of Sony planning to scrap the $10 billion deal.
  31. Earnings Report – Tata Starbucks: Tata Starbucks plans to operate 1,000 cafes in India, doubling its workforce by 2028.
  32. Earnings Report – Unity Software Inc: Unity Software plans to lay off approximately 25% of its workforce (1,800 jobs) in its largest layoff ever.

ANALYSTS’ RECOMMENDATION

Boyd Group Services Inc:

Analyst Action: TD Securities raised the target price for Boyd Group Services Inc from C$300 to C$320.
Rationale: TD Securities cited stronger growth prospects through 2025 as the reason for increasing the target price.

Brookfield Asset Management Ltd:

Analyst Action: TD Securities raised the target price for Brookfield Asset Management Ltd from $42 to $49.
Rationale: TD Securities referred to the firm’s fundraising success amid a difficult external environment as the basis for the target price increase.

Enthusiast Gaming Holdings Inc:

Analyst Action: Canaccord Genuity cut the rating for Enthusiast Gaming Holdings Inc from speculative buy to hold.
Rationale: The downgrade was attributed to potential impacts from recent management changes within the company.

TMX Group Ltd:

Analyst Action: Barclays raised the target price for TMX Group Ltd from C$31 to C$34.
Rationale: Barclays expects more promising macro conditions for equity trading and IPO activity, influencing the decision to raise the target price.

East West Bancorp Inc:

Analyst Action: Jefferies raised the target price for East West Bancorp Inc from $64 to $83.
Rationale: Jefferies cited benefits from East West Bancorp’s close relationship with its Chinese-origin customer base as the reason for increasing the target price.

Fifth Third Bancorp:

Analyst Action: Jefferies raised the target price for Fifth Third Bancorp from $29 to $40.
Rationale: The increase in target price is attributed to the expectation that Fifth Third Bancorp’s southeast expansion will likely contribute to credit growth.

JPMorgan Chase & Co:

Analyst Action: Jefferies raised the target price for JPMorgan Chase & Co from $172 to $202.
Rationale: Jefferies expects JPMorgan Chase’s diversified business model to continue outperforming peers, leading to an increase in the target price.

M&T Bank Corp:

Analyst Action: Jefferies raised the target price for M&T Bank Corp from $133 to $148.
Rationale: Jefferies highlighted M&T Bank Corp’s stronger balance sheet, which might lead to potential merger and acquisition (M&A) opportunities, as the reason for the target price increase.

Netflix Inc:

Analyst Action: Citigroup cut the rating for Netflix Inc from buy to neutral.
Rationale: Citigroup anticipates higher cash content costs and lower revenue for Netflix, leading to the downgrade in rating from buy to neutral.

Top Trending Stocks

AVG Analyst Rating STA Analysis
StockTargetAdvisor
Buy
StockTargetAdvisor
Slightly Bullish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bullish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bullish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bullish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bearish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bullish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bullish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bullish
StockTargetAdvisor
Strong Buy
StockTargetAdvisor
Slightly Bullish
N/A
StockTargetAdvisor
Neutral
Ad
Ad

Leave a Reply

Your email address will not be published. Required fields are marked *