Stock News
- Global Markets Mixed: Nikkei Rises on Weak Wage Data, Chinese Shares Rebound, European Equities Gain: The Nikkei closed higher due to weak wage data reducing expectations of an early Bank of Japan rate hike. Chinese shares rebounded, while European equities rose, driven by gains in the automobile and technology sectors. US and Canadian markets trade lower as macro and inflationary concerns persist.
- Crypto Markets React to U.S.-Listed Bitcoin ETFs Approval: Regulatory approval for the first U.S.-listed ETFs tracking bitcoin boosts crypto stocks, drawing attention to the crypto market.
- Fed’s John Williams Cautious on Rate Cuts as Focus Shifts to Job Market: Federal Reserve Bank of New York President John Williams states that it’s too soon to call for rate cuts, emphasizing the importance of monitoring the job market as inflation slows.
- SAP Settles Bribery Investigations with $222 Million Payment: German software company SAP agrees to pay $222 million to resolve investigations into bribery schemes in seven countries, according to U.S. authorities.
- Danone Faces Lawsuit Over “Carbon Neutral” Claim on Evian Bottles: A judge in New York rules that Danone must confront a lawsuit challenging its “carbon neutral” assertion on bottles of Evian spring water.
- Land & Buildings Challenges Ventas Inc with Director Nominations: Activist investor Land & Buildings nominates three director candidates at Ventas Inc, seeking changes to improve performance at the senior housing communities owner.
- Thomson Reuters Bids $627 Million for Swedish Company Pagero: Thomson Reuters offers $627 million to acquire Swedish e-invoicing and tax solutions company Pagero, surpassing a previous offer from U.S. tax technology firm Vertex.
- Chesapeake Energy to Acquire Southwestern Energy in $7.4 Billion Deal: Chesapeake Energy plans to buy Southwestern Energy in an all-stock transaction valued at $7.4 billion, aiming to become the top U.S. natural gas producer.
- Google Announces Layoffs Across Various Teams, Including Assistant and Hardware: Alphabet’s Google lays off hundreds of employees, including roles in the Assistant, hardware, and engineering teams, as part of ongoing cost-cutting efforts.
- Estee Lauder Dodges Lawsuit Over Virtual “Try-On” Tool: Estee Lauder and its brands avoid a proposed class action claiming their virtual “try-on” tool violates Illinois’ biometric privacy law, as the judge grants a motion to dismiss.
- Netflix’s Ad-Supported Tier Surpasses 23 Million Global Users: Netflix’s ad-supported tier reaches over 23 million monthly active users globally, marking continued growth since its launch in November 2022.
- Toyota Plans to Launch Vehicles with Solid-State Batteries: Toyota aims to introduce vehicles with solid-state batteries in the next couple of years, offering faster charging times and longer battery life.
- Morgan Stanley Promotes 155 Employees to Managing Directors: Morgan Stanley promotes 155 employees to managing directors in 2024, a smaller cohort compared to the previous year, reflecting challenges faced by investment banks in 2023.
- Microsoft to Allow EU Cloud Customers to Process and Store Personal Data in the Region: Microsoft announces that its European Union cloud customers will be able to process and store all personal data in the region as part of a phased roll-out plan.
- Airbnb, Alphabet, and Amazon Exempted from Italian Rule on Information Disclosure: Airbnb, Alphabet, and Amazon are not required to comply with an Italian rule demanding information disclosure, as an adviser to Europe’s top court states that they are already subject to laws in Ireland and Luxembourg.
- Enbridge Eyes Offshore Wind Investments in France, Avoids U.S.: Canadian pipeline company Enbridge expresses interest in further offshore wind investments in France while avoiding the United States due to cost and supply chain issues in the offshore projects.
- First Quantum’s Panama Copper Mine Presents Initial Preservation Plan: The Panama unit of Canadian miner First Quantum Minerals will present the first phase of its mine preservation plan on January 16 after the ordered closure of its copper mine last year.
- Boeing CEO Assures Passengers Unfazed by Recent 737 MAX Grounding: Boeing CEO Michael O’Leary states that passengers have not expressed concerns about flying on Boeing 737 aircraft following the grounding of some 737 MAX jets due to a cabin panel blowout.
- Citigroup Expects $3.8 Billion Hit on Charges and Reserves in Q4 Earnings: Citigroup anticipates a $3.8 billion hit on combined charges and reserves, affecting its fourth-quarter earnings, with reserves allocated for risks outside the U.S., including currency exposure.
- Noyb Expands Complaint Against Meta’s No-Ads Subscription Service: Privacy activist Max Schrems’ group Noyb expands its complaint against Meta’s no-ads subscription service, urging the Austrian privacy watchdog to investigate difficulties users face when withdrawing consent to being tracked.
TOP ANALYSTS’ RATINGS
Alamos Gold Inc (AGI):
Rating Upgrade: RBC upgrades the rating to “Outperform” from “Sector Perform.”
Reasoning: Expects an increase in long-term production as Alamos Gold Inc invests in several projects.
Canadian National Railway Co (CNR):
Target Price Increase: Barclays raises the target price to C$170 from C$155.
Rationale: Anticipates continued profitability and return on capital.
Canadian Natural Resources Ltd (CNQ):
Target Price Adjustment: JPMorgan increases the target price to C$102 from C$101.
Basis: Reflects a comparably solid performance relative to its peers.
Canadian Pacific Kansas City Ltd (CP):
Target Price Revision: Barclays raises the target price to C$120 from C$115.
Driver: Strong management action expected to drive long-term growth.
Saputo Inc (SAP):
Target Price Reduction: National Bank of Canada lowers the target price to C$33 from C$35.
Reason: Cites weaker market conditions as a contributing factor.
Juniper Networks Inc (JNPR):
Rating Downgrade: Jefferies downgrades the rating to “Hold” from “Buy.”
Expectation: Foresees a more favorable outcome for investors after the HPE acquisition concludes by year-end.
L3Harris Technologies Inc (LHX):
Rating Upgrade: JPMorgan upgrades the rating to “Overweight” from “Neutral.”
Belief: Expects free cash flow to benefit the firm’s growth.
Par Pacific Holdings Inc (PARR):
Target Price Cut: JPMorgan reduces the target price to $39 from $40.
Reasoning: Cites the potential impact of any export declines to Asia.
Phillips 66 (PSX):
Target Price Adjustment: JPMorgan lowers the target price to $148 from $150.
Anticipation: Expects headwinds to working capital on lower earnings.
Restaurant Brands International Inc (QSR):
Target Price Increase: CIBC raises the target price to $88 from $82.
Justification: Points to the brand’s resilience in a challenging economic scenario.
