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0 | https://www.cnbc.com/2023/06/05/stocks-making-biggest-midday-moves-palo-alto-3m-target-and-more.html | MMM | 3M | Stocks making the biggest moves midday: Palo Alto Networks, 3M, Amedisys, Target and more | A view of the exterior of the new Dutch head office of international technology company 3M in Delft, Netherlands, November 5, 2014.
Check out the companies making headlines in midday trading.
Palo Alto Networks — The cybersecurity stock jumped more than 4% after S&P Dow Jones Indices announced Friday postmarket it will replace Dish Network in the S&P 500, effective June 20. Dish Network dipped about 1%.
3M — The industrial manufacturer's shares slid 3% after the judge in the company's multidistrict litigation over so-called forever chemicals agreed to delay the first trial three weeks so parties can finalize a settlement of claims with municipal water providers, Bloomberg reported Monday.
Coinbase — Shares of the crypto exchange and services company tumbled 10% after the U.S. Securities and Exchange Commission sued crypto exchange Binance on Monday, alleging Binance and its co-founder Changpeng Zhao commingled billions of dollars of investor funds with their own and violated securities laws.
EPAM Systems — Shares of the software engineering firm tumbled 18% after it cut guidance amid further deterioration in near-term demand. Q2 earnings per share guidance of between $2.33 and $2.40 was slightly below the FactSet estimate of $2.43. It also lowered full-year earnings estimates and revenue estimates for both the second quarter and full year to below analysts' estimates.
Amedisys — The health care company's shares rallied 14% after it received an unsolicited buyout offer from Optum, a unit of UnitedHealth , to acquire Amedisys for $100 a share in cash. Shares in Option Care Health , which has a competing agreed upon offer to buy Amedisys, surged 7%.
ImmunoGen — The biotechnology company's shares gained 5% after it announced results from ovarian cancer treatment Elahere showing a roughly 35% reduction in the risk of disease progression or death compared to chemotherapy.
C.H. Robinson Worldwide — The transport company lost about 5% following a report from trade publication FreightWaves that it has selected Ford's David Bozeman as its next CEO. Bozeman is currently vice president of the customer services division and enthusiast brands at Ford.
Equitrans Midstream Corporation — The natural gas provider added 4.5% in midday trading following a double upgrade from Morgan Stanley to overweight earlier in the day. The bank cited potential growth for the stock on the heels of language included in the Fiscal Responsibility Act, which is the debt ceiling bill, that would allow for the completion of the Mountain Valley Pipeline.
Ford Motor Co. — Shares of the automaker rose nearly 2% after Citi upgraded Ford to buy from neutral. Rising demand for cars in the U.S. broadly is one reason for optimism about Ford, according to Citi.
Spotify — Spotify added 3% after the music streaming company said it's laying off 200 employees, mainly within its podcast division, or about 2% of its in-person workforce.
Target — The big-box retailer's stock fell more than 2% after KeyBanc downgraded the retailer to sector weight from overweight, warning the resumption of student loan repayments could squeeze Target's margins.
Dollar General — Shares fell 2.7% after Morgan Stanley downgraded the discount retailer's stock to equal weight from overweight Sunday. The firm said Dollar General was not showing as much resiliency as expected. Last week, Dollar General reported a miss on quarterly earnings and cut its guidance, citing a "challenging" economic environment.
Apple — Shares of the iPhone maker rose more than 1% to hit an all-time high as it kicked off its annual Worldwide Developers Conference in Cupertino, California. Apple is widely expected to reveal its long-awaited virtual and augmented reality headset, "Reality Pro."
— CNBC's Yun Li, Alex Harring, Jesse Pound, Samantha Subin and Brian Evans contributed reporting. | 2023-06-05T00:00:00 |
1 | https://www.cnbc.com/2022/07/26/3m-will-spin-off-its-health-care-business-into-a-new-public-company.html | MMM | 3M | 3M will spin off its health-care business into a new public company | 3M announced Tuesday it will spin off its health-care business into a separate publicly traded company.
The new business will focus on wound and oral care, health-care IT and biopharma filtration, the material science company said in a release. That includes products like its bandages, skin adhesives, oral aligners, air purifiers and optical lenses.
The company's health-care products also include the Bair Hugger surgical warming system, which is currently the subject of nearly 6,000 lawsuits. 3M maintains that the product has no relation to surgical-site infections.
3M health-care products recorded more than $8 billion in sales in 2021. The transaction is expected to be completed by the end of next year, and 3M will maintain a 19.9% stake in the new company.
The announcement comes as 3M said its second-quarter revenue fell nearly 3% to $8.7 billion. Net income dropped to $78 million from $1.5 billion a year earlier, including a $1.2 billion pretax charge tied to resolving litigation related to Combat Arms Earplugs.
The company said Aearo Technologies, its subsidiary that produces Combat Arms Earplugs, filed for chapter 11 bankruptcy proceedings to establish a trust to resolve all legal claims related to the product. 3M said it believe the earplugs were safe and effective when used properly, but that they nevertheless face increasing litigation.
After excluding that one-time charge, 3M earned $2.48 per share. The performance topped expectations. According to Refinitv, analysts expected 3M to earn $2.42 per share on revenue of $8.58 billion.
Shares of the company closed up 5% at $140.82.
3M is also simultaneously spinning off its food safety business. That branch will merge with Neogen and is expected to be divested by September.
— Reuters contributed to this report. | 2022-07-26T00:00:00 |
2 | https://www.cnbc.com/2023/01/24/stocks-making-the-biggest-moves-midday-lyft-3m-lululemon-and-more.html | MMM | 3M | Stocks making the biggest moves midday: 3M, Paccar, Bed Bath & Beyond, AMD and more | A woman walks near a Bed Bath & Beyond branch on January 11, 2023 in New York City.
Check out the companies making headlines in midday trading Tuesday.
Lyft — The ride-sharing app's stock lost 0.7% following an upgrade to overweight from sector weight by KeyBanc. The firm said cost-saving strategies such as layoffs and stabilizing demand could help the stock.
Bed Bath & Beyond — The retail stock gained 15.3% as traders continued to pile into the heavily shorted name. Bed Bath & Beyond has warned of a potential bankruptcy and recently beefed up its legal team ahead of a possible filing. Shares of the meme-stock favorite are up 32% year to date.
Paccar — Shares of Paccar rose 8.6% after the truck manufacturer reported fourth-quarter results, posting a profit of $2.64 per share and $8.13 billion in revenue. An increasing number of e-commerce deliveries have boosted demand for trucks. The company beat analysts' expectations for per-share earnings, according to StreetAccount.
Advanced Micro Devices — Shares slid 2.4% after Bernstein downgraded the semiconductor maker to market perform from outperform. The firm said the personal computer market and new parts markets were growing increasingly unfavorable for the company.
3M — Shares of the industrial conglomerate lost 6.2% to hit a new 52-week low after the company said it would cut 2,500 manufacturing jobs amid a demand slowdown. 3M also reported lower earnings excluding items with a profit of $2.28 per share compared to $2.45 per share a year earlier.
Synchrony Financial — Shares of the financial company rose 2.3% on Tuesday, erasing a post-earnings drop for the stock in the previous trading session. An analyst at JMP reiterated a market outperform rating for Synchrony on Tuesday, saying in a note that the company appears more resilient than its peers in the consumer lending space.
Union Pacific — Shares of the railroad stock ticked 3.3% lower after posting fourth-quarter earnings that fell short of analysts' expectations on both the top and bottom lines, according to StreetAccount. Union Pacific reported earnings of $2.67 a share on $6.18 billion in revenue.
Lululemon — Shares of Lululemon slid 1.5% after Bernstein downgraded the apparel company to underperform from market-perform and slashed its price target to $290, a $50 cut. The firm cited slowing earnings growth as demand cools and consumers become more cautious.
Raytheon Technologies – Shares of the aerospace company added 3.4% after Raytheon posted its fourth quarter. Raytheon posted adjusted earnings per share of $1.27, compared with analysts' estimates of $1.24 per share, according to Refinitiv. The company posted $18.09 billion in revenue, falling short of the Street's expectations of $18.15 billion.
Zions Bancorp — The bank's shares slumped 1.7% even after Zions posted fourth-quarter earnings per share that beat analysts' expectations. The company posted per-share earnings of $1.84, compared to the $1.64 anticipated by analysts polled by Refinitiv. In a statement, Harris Simmons, CEO of Zions, noted that the company has "continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months."
— CNBC's Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald, Samantha Subin and Darla Mercado contributed reporting. | 2023-01-24T00:00:00 |
3 | https://www.cnbc.com/2023/01/24/3m-to-cut-2500-jobs-as-demand-weakens-profit-drops.html | MMM | 3M | 3M to cut 2,500 jobs as demand weakens, profit drops | An employee unboxes N95 masks as part of a government strategy to distribute them to reduce the spread of coronavirus disease (COVID-19) at Meijer in Southfield, Michigan, U.S., January 25, 2022.
3M said on Tuesday it would cut 2,500 manufacturing jobs after reporting a lower profit, as the U.S. industrial conglomerate faces a demand slowdown in its unit that sells products including notebooks, air purifiers and respirators.
The move comes as corporate America has seen a string of layoffs with companies trying to rein in costs amid fears of a potential economic downturn.
The diversified manufacturer said demand for its consumer-facing unit fell faster in December as weaker customer spending spilled into the holiday season, sending its shares down 4.7% to $116.79 in premarket trading.
3M expects adjusted sales growth to drop 6% to 2% this year due to declining disposable respirator sales and its exit from Russia.
"We expect macroeconomic challenges to persist in 2023," Chief Executive Mike Roman said.
A softer-than-expected consumer spending and a cut back from U.S. retailers amid inflationary pressures has eaten into the sales of 3M's consumer unit which generated about $5.30 billion in revenue in 2022.
"As demand weakened, we adjusted manufacturing output and controlled costs, which enabled us to improve inventory levels," Roman added.
The company was able to offset higher raw material and logistics costs by raising prices which helped it beat profit in the previous quarter.
Sales in the quarter fell 6% to $8.1 billion. Excluding items, the company reported a profit of $2.28 per share compared to $2.45 per share a year earlier. | 2023-01-24T00:00:00 |
4 | https://www.cnbc.com/2022/08/26/3m-combat-earplug-lawsuits-to-proceed-judge-rules-despite-bankruptcy-case-.html | MMM | 3M | 3M combat earplug lawsuits to proceed, judge rules, despite bankruptcy case | 3M must face more than 230,000 lawsuits accusing it of selling defective earplugs to the U.S. military, after a U.S. judge on Friday ruled that the bankruptcy of a subsidiary did not stop lawsuits against the non-bankrupt parent company.
Companies that file for bankruptcy typically receive an immediate reprieve from lawsuits, and 3M subsidiary Aearo Technologies LLC argued that extending those protections to 3M would buy Aearo time to address its debts and restructuring goals.
Aearo and 3M had argued that bankruptcy offered a faster and fairer way to compensate veterans who say that earplugs made by Aearo caused hearing loss.
But bankruptcy Judge Jeffrey J. Graham in Indianapolis said that Aearo's bankruptcy restructuring could proceed in parallel with the lawsuits.
While the "sheer size" of the consolidated litigation may have spurred 3M and Aearo to seek "additional leverage" through the bankruptcy proceedings, that did not create a legal need to protect 3M, Graham ruled.
Attorneys representing the veterans with hearing loss said they looked forward to continuing their lawsuits against 3M in other courts.
"Judge Graham's decision is a complete rejection of 3M's attempt to evade accountability and hide in bankruptcy after multiple juries found it liable for knowingly causing hearing damage to those who served our nation," plaintiff attorneys Bryan Aylstock and Christopher Seeger said in a statement.
A spokesman for 3M said it intended to appeal. 3M has set aside $1 billion to settle the earplug litigation.
"Continuing to litigate these cases one-by-one over the coming years will not provide certainty or fairness for any party," 3M spokesman Sean Lynch said.
3M subsidiary Aearo Technologies LLC filed for bankruptcy protection in Indiana on July 26, seeking to resolve lawsuits alleging that 3M's Combat Arms Earplugs Version 2 (CAEv2) caused hearing loss.
The lawsuits have been consolidated in federal court in Florida and have grown into the largest mass tort litigation in U.S. history. Aearo placed $1 billion in a trust to settle them and agreed to indemnify 3M for all liability related to CAEv2.
3M has denied liability, saying its earplugs offered protection to soldiers while allowing them to hear on the battlefield.
| 2022-08-26T00:00:00 |
5 | https://www.cnbc.com/2021/12/15/neogen-ceo-3m-food-safety-unit-deal-improves-blockchain-innovation.html | MMM | 3M | Neogen CEO touts deal with 3M's food-safety unit, says it improves blockchain innovation | Neogen CEO John Adent on Wednesday touted the company's deal to merge with 3M 's food-safety unit, telling CNBC's Jim Cramer it improves revenue growth opportunities and fuels innovation on emerging technologies such as the blockchain.
Neogen — which makes animal health-care products and food safety tests, including those that can be used to detect pathogens and allergens — announced merger plans Tuesday. The news sent the Michigan-based company's stock higher by 8.2% Tuesday, although it gave back some of those gains Wednesday when it lost 1.34%.
Combining with 3M's food-safety unit "doubles the size of our business," Adent said in an interview on "Mad Money." "It really allows us to reach more customers more often with an unparalleled product offering. ... It's going to help us drive this industry forward through our data analytics platform and our blockchain solution that really increases the efficiency, traceability and enhance the food-safety protocols for customers."
Blockchains are decentralized digital ledgers that are most commonly associated with cryptocurrencies such as bitcoin and ether. However, that's not its only use case.
Neogen partnered with Ripe Technology nearly two years ago to start adapting the blockchain into its work on food safety diagnostics and animal genomics. The blockchain is helpful to Neogen because it "permanently connects a tremendous amount of potentially critical data," Adent said in a release at the time.
On Wednesday, he further elaborated on how Neogen uses blockchain technology for food safety.
"When you go to the store and buy one of our customers' steaks and you take it home, if you send me a sample, I'm going to be able to tell you where that animal lived, what that animal ate, all the inputs into that animal, every single stop along the way until it got to your dinner plate," Adent told Cramer. | 2021-12-15T00:00:00 |
6 | https://www.cnbc.com/2023/03/01/stocks-moving-big-midday-low-mmm-fhn-nio.html | MMM | 3M | Stocks making the biggest moves midday: Lowe's, 3M, First Horizon, Nio and more | The Lowe's logo is displayed on the front of the store near Bloomsburg.
Check out the companies making the biggest moves midday:
Lowe's — Shares fell 5.56% after the home improvement retailer's fiscal fourth-quarter sales fell short of Wall Street's expectations, with revenue coming in at $22.45 billion versus the $22.69 billion estimate from Refinitiv. While it topped EPS estimates, Lowe's gave sales guidance for 2023 that missed expectations.
3M — The stock gained 2.29% following 3M's announcement that Department of Defense records show the vast majority of the claimants in the Combat Arms earplug litigation against the company have no hearing impairment.
First Horizon — Shares sank 10.62% after its acquisition by Toronto-Dominion Bank was delayed. TD informed First Horizon that it doesn't expect the necessary regulatory approvals to be received in time to complete the merger by May 27, according to a filing with the Securities and Exchange Commission. TD said it could not provide a new projected closing at this time, but said in an email to Bloomberg that it was committed to the transaction.
Sarepta Therapeutics — The biotech stock surged 19.24% after Morgan Stanley upgraded it to overweight from equal weight. The Wall Street firm said Sarepta Therapeutics' path for its investigational gene therapy for Duchenne muscular dystrophy (DMD), SRP-9001, now appears "de-risked."
Rivian Automotive — Rivian's stock plummeted 18.34% after the car manufacturer posted mixed fourth-quarter results. Rivian also shared an electric vehicle production outlook that fell short of analysts' expectations.
Nio — Shares of the Chinese electric vehicle company dropped 5.96% after the firm reported a widening net loss in the fourth quarter. The stock has fallen more than 8% year to date, following a nearly 70% loss in 2022.
Monster Beverage — The beverage producer dropped 2.53% after missing expectations of analysts polled by FactSet for fourth-quarter earnings. Monster posted 57 cents in per-share earnings, which is 6 cents below the consensus estimate. Quarterly revenue came in at $1.51 billion, below the $1.6 billion expected. Additionally, the company announced a two-to-one stock split.
Marqeta — Shares sank 22.41% after being downgraded by JPMorgan to neutral from overweight. The firm cited uncertainty over the company's growth for its move to the sidelines.
Novavax — The vaccine developer's stock price dropped 25.92% after it said on Tuesday that "substantial doubt exists regarding our ability to operate as a going concern" through the next year.
First Solar — Shares of First Solar gained 15.69% after the solar company issued full-year guidance on Tuesday that came out ahead of expectations on per-share earnings and revenue. First Solar reported a fourth-quarter loss of 7 cents per share compared with a 17 cent per-share loss expected by analysts surveyed by FactSet. The company's revenue was in line with analysts' expectations of $1 billion.
AMC Entertainment — Shares of the movie-theater chain dropped 7.98% a day after AMC reported a wider-than-expected loss for the fourth quarter. AMC lost 26 cents per share, compared with the 21 cents expected by analysts according to Refinitiv, even though revenue came in ahead of estimates.
Warby Parker — The stock lost 5.76% after being downgraded to neutral from buy by Citi, who said the eyeglass company's growth outlook was "too blurry."
Red Robin Gourmet Burgers — The restaurant chain's stock soared 27.14%. Benchmark upgraded Red Robin to buy from hold, saying a turnaround story is underway. The company posted its latest quarterly results after the bell Tuesday, with an adjusted fourth-quarter loss of $1.35 per share compared to analysts' estimate of a per-share loss of 62 cents, according to FactSet.
Ambarella —The semiconductor stock shed 11.49% after being downgraded to neutral from buy by Roth MKM. The Wall Street firm cited "inventory digestion" for the call. Ambarella gave first-quarter guidance that missed analysts' expectations on Tuesday, according to FactSet.
— CNBC's Alex Harring, Jesse Pound, Sam Subin, Pia Singh and Yun Li contributed reporting. | 2023-03-01T00:00:00 |
7 | https://www.cnbc.com/2022/02/17/morgan-stanley-downgrades-3m-to-underweight-sees-legal-issues-and-weak-growth-holding-stock-back.html | MMM | 3M | Morgan Stanley downgrades 3M to underweight, sees legal issues and weak growth holding stock back | The market appears to be underestimating the hit 3M is going to take from ongoing lawsuits, creating downside risk for investors, according to Morgan Stanley. Analyst Joshua Pokrzywinski downgraded the stock to underweight from equal weight, saying in a note to clients that the company's fundamentals would struggle to overcome the hit from lawsuits over an ear protection product and the use of chemicals known as PFAS. "Our analysis of Combat Arms implies that the market's estimate of PFAS has declined (despite negative news flow) or that valuation of the core business is too high," Pokrzywinski said. "While we see the fundamental picture improving through price/cost, overall organic growth remains cloudy as priority platforms are muted by a large, stable portfolio that struggles to outgrow IP given its sheer size and global ubiquity." Morgan Stanley cut its price target for 3M to $150 per share from $185. The stock closed at $154.14 on Wednesday. Shares were off 1.9% in premarket trading Thursday. 3M has been named in thousands of lawsuits over its Combat Arms earplug product, which it discontinued in 2015, according to 3M. For the perfluoroalkyl and polyfluoroalkyl substances, or PFAS, lawsuits, 3M has already logged hundreds of millions of dollars in pretax charges and could have to take more hits in the future. At the same time, 3M has seen its sales and earnings grow at a slower rate than its peers in recent years, Morgan Stanley said. "In other words, after taking into account weaker fundamental performance we think the market appears to be understating the combined liabilities from Combat Arms and PFAS by ~$15B," the analyst said. — CNBC's Michael Bloom contributed to this report.
Traders work under monitors displaying 3M Co. signage on the floor of the New York Stock Exchange (NYSE) in New York. Michael Nagle | Bloomberg | Getty Images | 2022-02-17T00:00:00 |
8 | https://www.cnbc.com/2023/01/25/jim-cramers-top-8-things-wednesday-microsoft-3m-boeing-earnings.html | MMM | 3M | Jim Cramer's top 8 things to watch in the market Wednesday: Microsoft, 3M, Boeing earnings | My top 8 things to watch Wednesday, Jan. 25 1. Microsoft (MSFT) shares sink nearly 3% early Wednesday, pressuring the broader market after the Dow Jones Industrial Average , the S & P 500 and the Nasdaq . Microsoft's fiscal second-quarter earnings beat estimates. Revenue missed. Guidance short. CEO Satya Nadella excited about OpenAI's ChatGPT. But CFO Amy Hood plays grim reaper halfway through the call. Maturing tech. MUST WAIT UNTIL AMY. Only thing that matters. Azure cloud sales up 38% year over year in constant currency. Lots of price target cuts by Wall Street analysts, but they largely keep their buy ratings. The Club has MSFT at our 2 rating , meaning we'd like to see more pullback before considering buying more. 2. 3M (MMM) was bad. I mean terrible on every line item for the quarter. Full-year sales decline of 2% to 6%, worse than estimates at the midpoint. You have to wonder what the heck management is going to do besides come up with a new kind of scotch tape. Multiple PT cuts on the Street. The industrial giant announces 2,500 manufacturing job cuts . 3. Boeing (BA) reports big fourth-quarter loss. Supply chain snarls outweigh surging travel demand as the world learns to live with Covid. Aircraft manufacturing suffered during the height of the pandemic. Revenue of $19.98 billion fell short of estimates. Reaffirms guidance on Max and Dreamliner. Positive annual free cash flow. 4. AT & T (T) fourth-quarter earnings beat but revenue misses. Not great but better than Verizon (VZ). Full-year guidance free cash flow of $16 billion or better versus $16.2 billion expected. FCF in 2022 was $14.1 billion. Increase in subscribers but annual profit outlook below expectations. 5. JPMorgan cuts Ford (F) price target to $15 per share from $16 and General Motors (GM) PT to $57 from $59; keeps overweight (buy) ratings on both. Analysts at JPMorgan also cut Tesla (TSLA) price target to $120 from $125; keep underweight (sell) rating. Tesla shares bounce 16% year to date but still down over 53% over the past 12 months. Elon Musk's electric vehicle maker is set to report quarterly results after the closing bell Wednesday. 6. Baird keeps Danaher (DHR) at an overweight (buy) rating but cuts price target to $309 per share from $321. Analysts say the life sciences and medical diagnostics company now derisked from Covid. We saw Tuesday's DHR stock drop after largely solid quarterly results was a buying opportunity. 7. Barclays raises price target on SLB (SLB) to $74 per share from $62. Already in the stock? That's the question with all oil and gas companies. I say no. We had the nation's strategic petroleum reserve (SPR) being emptied, and there's no shortage of places that are being drilled. Instead of SLB, we own oilfield services giant Halliburton (HAL), which reported a strong quarter Tuesday. 8. Bank of America (BAC) gives employees who make up to $500,000 a year restricted stock. In a memo to staff, CEO Brian Moynihan said the bank is investing its people "at a time of change in the global economy." (Jim Cramer's Charitable Trust is long MSFT, F, DHR, HAL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
My top 8 things to watch Wednesday, Jan. 25
1. Microsoft (MSFT) shares sink nearly 3% early Wednesday, pressuring the broader market after the Dow Jones Industrial Average , the S&P 500 and the Nasdaq . Microsoft's fiscal second-quarter earnings beat estimates. Revenue missed. Guidance short. CEO Satya Nadella excited about OpenAI's ChatGPT. But CFO Amy Hood plays grim reaper halfway through the call. Maturing tech. MUST WAIT UNTIL AMY. Only thing that matters. Azure cloud sales up 38% year over year in constant currency. Lots of price target cuts by Wall Street analysts, but they largely keep their buy ratings. The Club has MSFT at our 2 rating, meaning we'd like to see more pullback before considering buying more. 2. 3M (MMM) was bad. I mean terrible on every line item for the quarter. Full-year sales decline of 2% to 6%, worse than estimates at the midpoint. You have to wonder what the heck management is going to do besides come up with a new kind of scotch tape. Multiple PT cuts on the Street. The industrial giant announces 2,500 manufacturing job cuts. 3. Boeing (BA) reports big fourth-quarter loss. Supply chain snarls outweigh surging travel demand as the world learns to live with Covid. Aircraft manufacturing suffered during the height of the pandemic. Revenue of $19.98 billion fell short of estimates. Reaffirms guidance on Max and Dreamliner. Positive annual free cash flow. 4. AT&T (T) fourth-quarter earnings beat but revenue misses. Not great but better than Verizon (VZ). Full-year guidance free cash flow of $16 billion or better versus $16.2 billion expected. FCF in 2022 was $14.1 billion. Increase in subscribers but annual profit outlook below expectations. 5. JPMorgan cuts Ford (F) price target to $15 per share from $16 and General Motors (GM) PT to $57 from $59; keeps overweight (buy) ratings on both. Analysts at JPMorgan also cut Tesla (TSLA) price target to $120 from $125; keep underweight (sell) rating. Tesla shares bounce 16% year to date but still down over 53% over the past 12 months. Elon Musk's electric vehicle maker is set to report quarterly results after the closing bell Wednesday. 6. Baird keeps Danaher (DHR) at an overweight (buy) rating but cuts price target to $309 per share from $321. Analysts say the life sciences and medical diagnostics company now derisked from Covid. We saw Tuesday's DHR stock drop after largely solid quarterly results was a buying opportunity. 7. Barclays raises price target on SLB (SLB) to $74 per share from $62. Already in the stock? That's the question with all oil and gas companies. I say no. We had the nation's strategic petroleum reserve (SPR) being emptied, and there's no shortage of places that are being drilled. Instead of SLB, we own oilfield services giant Halliburton (HAL), which reported a strong quarter Tuesday. 8. Bank of America (BAC) gives employees who make up to $500,000 a year restricted stock. In a memo to staff, CEO Brian Moynihan said the bank is investing its people "at a time of change in the global economy." (Jim Cramer's Charitable Trust is long MSFT, F, DHR, HAL. See here for a full list of the stocks.) | 2023-01-25T00:00:00 |
9 | https://www.cnbc.com/2022/01/05/rbc-downgrades-3m-to-underperform-says-inflation-and-legal-issues-will-hold-stock-back.html | MMM | 3M | RBC downgrades 3M to underperform, says inflation and legal issues will hamper stock | It will be a tough road for 3M before its stock can catch up to the broader market, according to RBC Capital Markets. Analyst Deane Dray downgraded 3M to underperform from sector perform, saying in a note to clients Tuesday night that the company had little upside for the foreseeable future. "We are downgrading MMM from Sector Perform to Underperform as the company faces mounting operating and legal challenges in 2022. Ongoing inflation/supply chain pressures have exposed fundamental weaknesses in 3M's price/cost actions that are unlikely to be remedied soon," Dray wrote. Shares of the industrial company underperformed the broader market in 2021 and are still trading near pre-pandemic levels, compared to a roughly 40% gain for the S & P 500. RBC slashed its price target to $166 per share from $199. The new target is nearly 8% below where the stock closed on Tuesday. Shares fell 1% in premarket trading Wednesday. On the legal front, 3M is facing challenges in multiple areas related to its use of a class of chemical substances known as PFAS. The company's "litigation outlook will get much worse before it gets better," according to RBC. "Along with headline risk, we believe 3M will likely have to take more legal reserves to address its mounting PFAS and military hearing-loss litigation," the note said. -CNBC's Michael Bloom contributed to this report.
Traders work under monitors displaying 3M Co. signage on the floor of the New York Stock Exchange (NYSE) in New York. Michael Nagle | Bloomberg | Getty Images | 2022-01-05T00:00:00 |
10 | https://www.cnbc.com/id/100956179 | AOS | A. O. Smith | With I.P.O.’s on the rise, analysts get new scrutiny | Read more from The New York Times:
BlackBerry to explore its strategic alternatives, including a sale
Campbell Soup to sell some European operations
Dole's chief to buy out company for $13.50 a share
Interviewing analysts as part of the process of going public has become more prevalent, several analysts said, with the proliferation of so-called I.P.O. advisers, firms that advise companies in the early stages of an offering. These firms are paid to help companies and, often, their private equity owners screen banks vying to take companies public. Among other things, they arrange for meetings between companies and the Wall Street analysts and bankers.
"If you are going to see the people who are screening the underwriters you are there for one purpose, to win banking business," said another Wall Street analyst, who also requested anonymity because his company prohibits employees from speaking to the media without prior approval. This analyst said he knew of the practice but had not taken part in any meetings.
Participants say company meetings with the analysts and bankers are held separately, but can happen within hours of each other, and banks rarely send compliance officers to monitor the discussions. Analysts say that when private equity executives are involved, the sessions can turn especially uncomfortable, veering into questions about a company's valuation.
Solebury Capital, Rothschild and Lazard are among the leading firms in this area. Solebury has recently guided a number of companies through the I.P.O. process, including the discount retailer Five Below; Bloomin' Brands, which owns Outback Steakhouse and Bonefish Grill; and HD Supply Holdings, according to regulatory filings.
In an interview, Solebury's co-chief executives, Alan Sheriff and Ted Hatfield, said that their corporate clients meet with analysts as well as bankers as they work through the offering process, but that the meetings with analysts are "informational," regarding general market trends.
"Pitching investment banking in analyst meetings is strictly off limits," Mr. Sheriff said.
(Read more: Hot IPO Cvent praises JOBS Act, talks disruption)
A senior research executive at one major Wall Street firm says he thinks it is acceptable for an analyst to have a broad chat with a company looking to go public, and the analyst can benefit from that meeting by learning more about the industry. But he expressed concern about meetings with companies in the process of choosing banks to underwrite their I.P.O.'s.
"I am not O.K. with a third party organizing a beauty contest with the express purpose of winning banking business," said the executive, whose firm has a policy against speaking to the media. "The problem is, the analyst going to the meeting knows the purpose and couldn't help but feel pressured. You are selling your bank."
Investors both large and small often rely on the recommendations of analysts, who issue buy and sell recommendations on stocks. Questions about the legitimacy of Wall Street research came into focus during the height of the Internet and telecommunications bubble. During that heady time, analysts worked closely with banking colleagues to secure profitable I.P.O. assignments from fast-growing tech companies.
Mr. Spitzer, as attorney general, spearheaded an investigation that helped solidify his reputation at the time as the "sheriff of Wall Street." He released incriminating e-mails that showed analysts privately disparaged the very companies they were publicly telling investors to buy. They also showed how influential investment bankers were in securing positive research reports for companies that were either clients of a firm or prospective customers.
In one e-mail, an investor asked Henry Blodget, then a Merrill Lynch analyst, what was so interesting about GoTo.com, an Internet company he was recommending, except for the banking fees that it generated.
(Read more: Seeking capital, some companies turn to 'do-it-yourself I.P.O.'s')
"Nothing," Mr. Blodget replied.
In another e-mail message, Mr. Blodget called InfoSpace, an Internet company that he favored publicly, "a piece of junk."
Federal regulators barred Mr. Blodget, who now runs Business Insider, a business news Web site, and Jack B. Grubman, another prominent analyst who worked at Salomon Smith Barney, from the securities industry.
In 2003, 10 Wall Street banks agreed to pay a collective $1.4 billion to resolve the government's accusations. As part of the settlement, the firms agreed to separate their banking and research departments, a move that regulators said would ensure that analysts operated more autonomously.
Analysts were also expressly "prohibited from participating in efforts to solicit investment banking business," including pitches and road shows. Over the years, that language has been incorporated into rules policed by Finra, the regulator. | 2013-08-12T00:00:00 |
11 | https://www.cnbc.com/id/100679205 | AOS | A. O. Smith | Manti Te'o Misses Out on Millions at NFL Draft | A Wild Night of Surprises at the NFL Draft 9:10 AM ET Fri, 26 April 2013
All of those forces resulted in the once-unthinkable on Thursday night: He was not even chosen in the first round. That's right—32 teams had the chance to select him, and 32 teams said "no thank you."
And he lost millions of dollars.
(Read More: New Facebook Tool, Te'o Scandal Fan Flames of Privacy Debate)
Look at it this way: If an NFL team picked Te'o at No. 5, he would have received a contract in the vicinity of four years and $20 million, with roughly half of that guaranteed. The millions from a rookie contract likely would have been matched by off-field endorsements.
None of that has materialized, and now he's looking at a contract that will pay him about half a million with, perhaps, $2 million guaranteed.
That's a net loss of at least $8 million.
"Even if he plays 10 years in the league, this is millions over the first four years that he never gets back," said sports economist Patrick Rishe. "His endorsement value took an even bigger hit."
"Here's a guy who was a hot commodity during his senior year at Notre Dame," he said. "If he performs well in the national championship game, if there isn't a story about the hoax girlfriend, and he had performed well at the combines, not only is he going to be picked in the top 10 and earn more money, but he's going to be more likely to get the endorsement deals."
(Read More: Get a Fake Facebook Girlfriend for $20)
Te'o must have known there was a possibility that he would not be picked because he did not attend the Radio City festivities at all Thursday night, avoiding the awkward possibility of multiple camera shots of him waiting in the green room as team after team passed him by.
That's what happened to West Virginia quarterback Geno Smith, and he was so upset that he declined all interviews afterward.
Smith was projected as the top quarterback in the draft, but there was only one QB picked in the first round. His name was EJ Manuel and not Geno Smith.
As for Te'o, he assuredly will get drafted at some point.
The rest is up to him.
"If he plays and performs well, if he's a marketable player, if he's great in the community, all of those (other) things get washed away," Rishe said.
But as you just saw, that is a lot of "ifs." | 2013-04-26T00:00:00 |
12 | https://www.cnbc.com/id/21491393 | AOS | A. O. Smith | Replacing O'Neal: Who Waits in The Wings? | If Merrill Lynch Chief Executive Stan O'Neal is forced out, there's little doubt who the firm's army of more than 16,000 brokers would like to see replace him: their own boss.
Robert McCann, president of Merrill Lynch's global private client business, has emerged as a potential candidate to replace the embattled O'Neal. Other candidates include BlackRock Chief Executive Larry Fink and NYSE Euronext CEO John Thain as possible replacements.
O'Neal's grip on Merrill has weakened after the company posted its biggest quarterly loss in its history. O'Neal admitted this week he and his team misjudged the company's exposure to subprime mortgages, triggering an $8.4 billion write-down in the third quarter.
McCann looked to have been sidelined just a few months ago after his direct reporting line to O'Neal was severed. But now he's making a comeback.
"If naming your CEO was a popularity contest, Stan would be out and McCann would be in. But we know it doesn't work that way," said a Merrill Lynch executive, who declined to be named.
It's unclear if McCann has enough recognition among Merrill Board members, a group put together during O'Neal's tenure.
But Tom Sowanick, chief investment officer of Clearbrook Financial in Princeton, N.J., said McCann has the experience and leadership skills to run Merrill. Sowanick, a former Merrill Lynch wealth management strategist, worked for McCann before leaving the company.
"Bob is a very demanding yet capable leader. He will be able to shepherd Merrill Lynch out of this storm," Sowanick said.
Fink's candidacy has gathered steam because he is considered one of the top U.S. bond managers. He also is seen as someone who can remedy Merrill Lynch's fixed-income problems.
Thain has a blue-chip Wall Street resume, with credentials sharpened by running NYSE and his time as a former co-president at Goldman Sachs.
A spokeswoman for BlackRock, an asset manager in which Merrill holds a large stake, declined to comment, saying the company does not comment on market speculation and rumors. NYSE spokesmen were not immediately available to comment.
Merrill's retail brokers have already lost confidence in O'Neal, thanks to the massive writedowns that happened on his watch. And some brokers are nervous that Merrill could be an attractive takeover target for a foreign bank. The company's depressed stock price and nearly $2 trillion in client assets might spur action from bidders.
Deutsche Bank analyst Mike Mayo said Merrill could fetch $100 to $120 a share in a takeover. That's a 90 percent premium over the company's current trading price.
A report in the New York Times Friday said O'Neal directed investment bank head Greg Fleming to approach Wachovia about a merger. Dick Bove, an analyst at Punk Ziegel & Co., said the overture "may indicate some panic on Mr. O'Neal's part."
Many investors share the brokers' feelings about O'Neal, who the Times said has also angered the board by authorizing the Wachovia talks without consulting with it.
Merrill Lynch declined comment for this story.
"We're clearly disappointed in Stan O'Neal..." one of Merrill's largest investors said on condition of anonymity.
CNBC learned on Friday that O'Neal had conceded to friends he could be out of a job by the end of the weekend. | 2007-10-26T00:00:00 |
13 | https://www.cnbc.com/id/21233232 | AOS | A. O. Smith | Travel Business Helps WH Smith Profit | British bookseller and stationer WH Smith reported full-year profits ahead of market forecasts on Thursday and said it expected the key Christmas trading season t o be very competitive.
Pretax profit before exceptional items was 61 million pounds ($124.6 million) for the year to Aug. 31, up 29% from last year's 51 million, on revenue down 3% at 1.299 billion.
According to Reuters Estimates, the group had been expected by analysts to report profit of around 62.6 million pounds, within a range of 59.0 million to 64.2 million, with revenue seen about 1.28 billion.
"We have delivered another year of strong profit performance ... Our Travel business grew strongly, and our High Street business made further progress in line with its plan," Chief Executive Kate Swann said in the results statement.
"In an uncertain consumer environment, we expect the key Christmas season to be very competitive, however we have planned accordingly," she added.
The company did not give an update on current trading, saying an interim management statement on Nov. 15 will cover the period from Sept. 1 to Nov. 10.
In August, the retailer said it expected its annual results to be towards the top end of analysts' forecasts, helped by a good performance from its shops at train stations and airports.
WH Smith had also said in August its high street shops would deliver a solid performance, underpinned by tight cost controls.
The retailer proposed a final dividend of 8.1 pence, making a total payout of 11.8%, up 27% on last year.
WH Smith shares, which have outperformed the UK retail sector by more than 22% so far this year, closed at 420 pence on Wednesday, valuing the company at around 768.4 million pounds. | 2007-10-11T00:00:00 |
14 | https://www.cnbc.com/id/29164195 | AOS | A. O. Smith | Game Of G-E-I-C-O Will Be All-Star Weekend Highlight | When the NBA needed something to spice up its All-Star Saturday night — as the Slam Dunk Contest (since 1984) and the three-point contest (since 1986) got stale — they unveiled the Skills Challenge in 2003.
What they should have done was unveiled the game of H-O-R-S-E. The league will realize this when the game is played by Kevin Durant, Joe Johnson and O.J. Mayo on TNT's lead-up to Saturday night's festivities. The idea was dreamed up by the network to create some action around "Inside the NBA," which will be set up outside US Airways Arena and will broadcast live with Ernie Johnson, Kenny Smith and Chris Webber from 5 to 7 p.m. ET on Saturday night.
It's easy to see why this is going to be popular. As someone who has seen pros play a game of horse, or something close to it, it's really exciting. They'll play on a 45-by-50 foot court, where something called the NBA All-Star Block Party is being held. They'll wear microphones so you can hear them call every shot and there is, of course, no dunking allowed.
"Everyone played H-O-R-S-E as a kid," said Jon Diament, executive vice president of ad sales and marketing for Turner. "Who has played slam dunk?"
Except, and you might have heard this, the guys aren't playing H-O-R-S-E. They are actually playing G-E-I-C-O, thanks to the insurance company paying a premium for the name change. They'll also get scoreboard signage and on-air graphics and probably get an incredible bang for the buck.
The only thing we can think of that we thought Geico should have done was to pay a former NBA player to wear a caveman outfit and try to beat the current guys. Not only would you get people to laugh while working in one of your brand mascots, but if the caveman actually won it would generate actual news stories. The last time that was done successfully was when Nokia had a dressed up rabbit win a road race it sponsored. Diament said there will be no geckos or cavemen on the court this time around.
The competition is set to start at 6 p.m. ET and we figure there's enough of a pad so that if it gets ridiculous, they'll be done by the time they have to be off the air by 7 p.m. But to us, this is the most exciting part of the weekend, including the game.
It's why we're saying it here right now that next year's Saturday night ticket will get you a seat into the arena to see H-O-R-S-E, or G-E-I-C-O, or whatever it's called then.
Questions? Comments? SportsBiz@cnbc.com | 2009-02-12T00:00:00 |
15 | https://www.cnbc.com/id/16146460 | AOS | A. O. Smith | Smith & Nephew to Launch $11 Billion Bid for Biomet | Europe's biggest medical device maker, Smith & Nephew, is close to bidding about $11 billion for its U.S. rival Biomet, sources familiar with the situation said Sunday (Play-By-Play: Conditions Right For More Merger Mania).
One of the sources told Reuters bids were due by Tuesday and other companies were also likely to submit offers for Biomet.
S&N, which would not comment, said on Nov. 2 it had held "very preliminary talks" over a tie-up with Biomet. Combining S&N and Biomet would help the two companies close the gap on the
market leaders for joint implants -- U.S. groups Johnson & Johnson, Stryker and Zimmer.
Analysts have said a tie-up would probably take the form of an offer by S&N for Biomet pitched at between $10.5 billion and $12 billion, although a deal between the two is not certain since the U.S. company is likely to attract interest from rivals.
S&N has long been tipped as a bidder for Biomet, which hired investment bank Morgan Stanley in April to consider its strategic options after long-time Chief Executive Dane Miller resigned.
A source close to the matter told Reuters earlier in the year that the two companies held talks this summer, but no offer was made at the time.
Higher Margins
S&N Chief Executive Chris O'Donnell has said in the past he saw disadvantages to S&N being smaller than its major U.S. rivals and economies of scale could help improve margins.
But he has also cautioned that achieving cost savings in sales forces would not be easy, given the specialist nature of the products being sold.
The move on Biomet marks S&N's second recent attempt to grow via large-scale acquisition. It bid for Switzerland's Centerpulse in 2003, only to be beaten out by Zimmer. It may face stiff competition this time round, too.
The Sunday Telegraph newspaper reported that S&N could face rival trade buyers such as Johnson & Johnson, Stryker and Zimmer, while the Sunday Times newspaper said a private equity bidder may prove the main opposition for S&N.
S&N itself is regularly rumored as a takeover target for larger U.S. peers and industry analysts believe an unsuccessful attempt to acquire Biomet could leave it vulnerable.
Makers of joint implants have enjoyed strong sales growth in the past few years, driven by technological innovation, an aging population and increased demand for elective surgery among the "baby boomers." But more recently investors have become concerned about pressure on prices charged for devices. | 2006-12-11T00:00:00 |
16 | https://www.cnbc.com/2013/09/28/house-gop-to-plan-next-step-as-budget-clock-runs-down.html | AOS | A. O. Smith | House G.O.P. to Plan Next Step as Budget Clock Runs Down | House Speaker John Boehner, R-Ohio. Getty Images
WASHINGTON — House Republicans will meet in a rare Saturday session as they plan their next move to keep the government open past midnight on Monday while extracting major concessions on President Obama's health care law. The Senate turned up the pressure on the House on Friday, passing a stopgap spending bill that would keep the government financed through Nov. 15 while leaving the health care law intact. Now, House Republicans must decide whether to accept the measure, attach minor changes to the health care law that could win Democratic support, or confront the Senate anew by again tying further government financing to a gutting of the law. Any move short of passing the Senate bill is likely to shut down the government, at least briefly, unless it is accompanied by a measure that would finance the government for at least a few days. That would allow the Republican to keep their struggle alive.
(Read more: Why markets should pray for a US government shutdown)
watch now
In his Saturday radio and Internet address, the president will accuse Republicans in the House of being "more concerned with appeasing an extreme faction of their party than working to pass a budget that creates new jobs or strengthens the middle class," according to a transcript released in advance. "And in the next couple days, these Republicans will have to decide whether to join the Senate and keep the government open, or create a crisis that will hurt people for the sole purpose of advancing their ideological agenda," he adds. "The American people have worked too hard to recover from crisis to see extremists in their Congress cause another one."
Representative Cathy McMorris Rodgers of Washington, the chairwoman of the House Republican Conference, will use the Republican radio address on Saturday to shift the debate to another important deadline, Oct. 17, when Congress must raise the government's statutory borrowing limit or risk a potentially catastrophic default on the national debt.
More from The New York Times: U.S. and Iran Agree to Speed Talks Over Nuclear Dispute
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InKenya Attack, Narrow Escapes and Questions "The president is now demanding that we increase the debt limit without engaging in any kind of bipartisan discussions about addressing our spending problem," Ms. Rodgers said. "He wants to take the easy way out — exactly the kind of foolishness that got us here in the first place."
Congressional Republicans are waging a two-front political war: one with Mr. Obama and the Democrats, the other within their own ranks.
The House Republicans' meeting, which is to begin at noon, is intended to produce spending legislation that is coupled with Republican health care demands, and the measure would face a vote on Sunday. That would leave the Senate just one day to deal with the House legislation before much of the government closes down for lack of funds. Without unanimous support in the Senate, the rules of the chamber would never let any such measure pass that quickly.
watch now | 2013-09-28T00:00:00 |
17 | https://www.cnbc.com/2024/03/20/the-best-jobs-for-introverts-according-to-new-researchsome-pay-over-100k.html | AOS | A. O. Smith | The best jobs for introverts, according to new research—some pay over $100,000 | If you're introverted, you might not want a job that requires constant meetings or working in large groups of people.
While some jobs might be more tailored to extroverts, dozens of high-paying roles allow introverts to leverage their natural tendencies and unique strengths.
Resume Genius recently curated a list of 15 high-paying jobs with strong job growth projections that are well-suited for introverts.
To compile the list, researchers looked at recent data from the U.S. Bureau of Labor Statistics (BLS) and O*NET Online and identified roles that are compatible with common introverted traits and preferences including creative thinking, deep engagement, autonomy and meaningful interactions. Then, Resume Genius picked out jobs that paid a minimum annual salary of $56,240 and had strong 10-year outlooks, according to BLS data.
Whether you're someone who prefers to work in quiet environments or simply want the flexibility to work independently, consider pursuing one of these careers:
1. Database architect
Median annual salary: $134,870
2. Software developer
Median annual salary: $127,260
3. Actuary
Median annual salary: $113,990
4. Information security analyst
Median annual salary: $112,000
5. Data scientist
Median annual salary: $103,500
6. Computer systems analyst
Median annual salary: $102,240
7. Mechanical engineer
Median annual salary: $96,310
8. Digital (UX) designer
Median annual salary: $83,240
9. Technical writer
Median annual salary: $79,960
10. Occupational health and safety specialist
Median annual salary: $78,570
11. Accountant and auditor
Median annual salary: $78,000
12. Market research analyst
Median annual salary: $68,230
13. Film and video editor
Median annual salary: $63,520
14. Millwright
Median annual salary: $59,470
15. Graphic designer
Median annual salary: $57,990
While jobs in tech or finance are big draws for introverts, as these industries are conducive to introverted tendencies such as independent work and creative problem-solving, other non-tech roles are equally suitable for this personality type, Eva Chan, a career expert at Resume Genius, tells CNBC Make It.
That includes millwrights, who install, maintain and repair construction machinery, as well as occupational health and safety specialists, who conduct assessments and analyze data related to workplace safety.
"Introverts have a unique professional strength: when they need to learn something new, they're often happy to dive in and require little supervision or external help," Chan says. "This capacity to self-start and carry out independent research not only distinguishes introverts from other personality types but also makes them highly valuable in any job that emphasizes autonomy and initiative."
To land one of these roles, Chan recommends using "introvert-friendly" job search methods like networking online in forums or groups on LinkedIn and Slack that align with your interests and career aspirations.
When it comes to networking, introverts don't have to stretch too far outside of their comfort zone, Chan adds. Instead, you should focus on "quality over quantity" by looking for smaller, more intimate networking opportunities (like a one-on-one informational interview) with colleagues and industry peers, which can make it easier to forge genuine relationships.
You can also use your resume or cover letter to highlight specific instances where your independent actions at work led to tangible outcomes, such as solving a complex problem, innovating a process or contributing to a project's overall success.
Want to land your dream job in 2024? Take CNBC's new online course How to Ace Your Job Interview to learn what hiring managers are really looking for, body language techniques, what to say and not to say, and the best way to talk about pay. CNBC Make It readers can save 25% with discount code 25OFF.
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4 side hustles for introverts: Some can bring in tens of thousands of dollars | 2024-03-20T00:00:00 |
18 | https://www.cnbc.com/2024/03/20/analyst-calls-all-the-market-moving-wall-street-chatter-from-wednesday.html | AOS | A. O. Smith | Wednesday's analyst calls: Nvidia price target increases and an alternative trade for the '2nd wave of AI' | (This is CNBC Pro's live coverage of Wednesday's analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) Analyst chatter on Wednesday featured Nvidia and another possible way to capitalize on the artificial intelligence craze. Several analysts raised their price targets on Nvidia after the company's GTC Conference, in which the chipmaker unveiled a new graphics processing unit. Elsewhere, Barclays reinstated coverage of Broadcom, noting the stock could be an alternative AI play. Check out the latest calls and chatter below. All times ET. 8:23 a.m.: Citi upgrades International Paper after new CEO named A new CEO could bring improvements to International Paper , according to Citi. The bank upgraded the packaging and paper products company on Tuesday to buy from neutral and raised its price target to $46 from $36, suggesting nearly 19% upside from Tuesday's close. International Paper on Tuesday named Andy Silvernail its new CEO, effective May 1. The stock popped 11% on the news.The company has been long burdened with an overly complex portfolio and has chronically underperformed, Citi analyst Anthony Pettinari said in a note to clients. "While outgoing CEO Mark Sutton made major strides in simplifying IP's portfolio (White Paper spin, China/India/Russia exit, asset sales), we view the job as partly done. Mr. Silvernail is an outsider and a potential change agent," he wrote. Pettinari believes priorities include divesting underperforming assets and fixing its box business. He also expects Silvernail to address the performance gap with competitor Packaging Corp of America. — Michelle Fox 8:08 a.m.: Telsey Advisory Group upgrades Best Buy, sees more than 20% upside ahead Telsey Advisory Group upgraded Best Buy to outperform from market perform on Wednesday, a day after meeting with the retailer's management, including CEO Corrie Barry. The firm also hiked its price target to $95 per share from $85, suggesting nearly 23% upside from Tuesday's close. "Our meetings with Best Buy increased our confidence in the business showing signs of stabilization and improvement after nine consecutive quarters of negative comps, as the replacement cycle kicks in," analyst Joseph Feldman wrote in a note to clients. In fact, Best Buy is already seeing positive comparables in select categories like laptops, he said. Product innovation is also on the rise, which should help attract consumers and fuel growth, he added. In addition, the company is being cautious on capital spending, he said. Shares of Best Buy added more than 2% in premarket trading. — Michelle Fox 7:57 a.m.: Citi upgrades Tencent Music to buy after fourth-quarter report Tencent Music Entertainment may have found a path to steady growth and a higher stock price, according to Citi Analyst. Alicia Yap upgraded the Chinese entertainment stock to buy from neutral after Tencent released its fourth-quarter results. Tencent's total revenue for the fourth quarter was down year over year, but its subscription business grew. "We believe TME's steady/resilient subscription music business with expanding capabilities of music value chain and ramp-up of long-form audio and diversified use case scenarios across multi-channels/devices would support sustained growth outlook," Yap said in a note to clients. Those subscriptions are expected to continue to be the key driver for the business moving forward. "For 2024, management is confident that the online music business will maintain solid growth with subscription services serving as a primary driving force while continuing to explore new opportunities in advertising and artist merchandise to grow the business," the note said. Citi hiked its price target on Tencent Music to $13 per share from $9. The stock closed at $11.04 per share on Tuesday. — Jesse Pound 7:43 a.m.: Mizuho names Chevron a top pick, highlights delayed acquisition of Hess as catalyst A delayed acquisition has opened up a good entry point for shares of Chevron , according to Mizuho. The bank maintained its buy rating on the multinational energy giant and called Chevron a top pick. Analyst Nitin Kumar also raised his price target to $200 from $195, implying a 28% increase from the stock's Tuesday closing price. Chevron stock has added 5% so far this year. Kumar noted that the stock began the year outperforming its peers due to strong fourth-quarter earnings, until the company filed its proposed acquisition of Hess. "Since then the stock has underperformed peers by ~6% as investors are concerned whether the deal will be completed since XOM and its partners are moving to," he wrote. Kumar's base case assumption still shows the deal going through, just with a Sep 30 close date versus June 30. Additionally, the analyst expects total production for Chevron to grow at a compound annual growth rate of between 10% to 11%, assuming that the Hess acquisition closes at the end of the third quarter. He also sees the company's current net asset value as looking attractive. "Although the HES acquisition is ~7% accretive to NAV in our opinion, we still see value in standalone CVX especially given the recent underperformance compared to peers," Kumar wrote. — Lisa Kailai Han 7:38 a.m.: Needham upgrades Carmax to buy Carmax could soon be the upswing once again as the used car market begins to look more like it did before the Covid pandemic, according to Needham. Analyst Chris Pierce upgraded the stock to buy from hold, saying in a note to clients that the used car market could be on the road to recovery after a rocky few years. "We see potential for a multi-year recovery, with interest rate relief and rising used vehicle supply pushing down [average selling prices] and monthly payments. We are confident in our above-consensus FY25 and FY26 retail unit estimates, which assume KMX's share gains resume and its omni-channel investments pay off as units grow," the note said. And even with concerns about the U.S. consumer weakening, the Carmax loan book appears to be in good shape, Pierce said. "KMX's December loan default commentary was a positive surprise, with higher value loans on higher ASP vehicles seeing elevated early defaults, but subsequently reverting toward expectations as the loans season," the note said. Needham set a price target of $99 per share for Carmax, which is about 22% above where the stock closed Tuesday. — Jesse Pound 7:34 a.m.: Chipotle shares can continue rising amid strong growth, Deutsche Bank says Deutsche Bank sees more room to run for Chipotle shares as the fast-casual Mexican chain continues growing. Analyst Lauren Silberman raised her price target by $200 to $3,300 per share, which now implies an upside of 18% over Tuesday's close. Silberman also reiterated her buy rating. In a note titled "Guac Costs Extra and So Does Growth," Silberman said she has high conviction in the near-term and long-term growth outlooks for the stock. The analyst said a premium multiple is deserved, given that there's few high-quality U.S. companies with clean balance sheets, strong fundamentals and the potential to see upside to performance metrics. "CMG has been among the best-performing restaurant stocks and we expect fundamental strength to continue to drive outperformance," she wrote to clients. Silberman also praised Chipotle for its visibility into the path to 30% on margins. Its "best-in-class" unit economics offer another quality to like, she said. On Tuesday, Chipotle said its board approved a 50-to-1 stock split . The change is expected to go into effect in June if approved by shareholders earlier that month. Shares of Chipotle rose more than 6% in Wednesday premarket trading. The stock has climbed more than 22% this year. CMG YTD mountain CMG year to date — Alex Harring 7:31 a.m.: Spotify shares could still gain nearly 25%, according to Bank of America Bank of America is increasingly confident in Spotify's long-term potential. The firm maintained its buy rating on the streaming company and also raised its price target by $50 to $315, which suggests shares could climb 24.6%. The stock has already jumped more than 35% this year. "The company is now at an inflection point which is driving share price performance over the last ~18 months and we are confident in the sustainability of this momentum driven by: 1) subscriber growth, 2) monetization opportunities (e.g. price increases), 3) scaling of advertising driven in large part by podcasting, 4) continued operating leverage," analyst Jessica Ehrlich wrote in a Wednesday note, adding that first-quarter earnings should come out at least in line with guidance. Spotify is on track to see positive gross margins, operating income and free cash flow, according to Ehrlich. The company's free cash flow trajectory and strong balance sheet pave the way for it to initiate a share repurchase program, which could boost shares higher in the second half of this year, the analyst added. — Pia Singh 6:48 a.m.: JPMorgan upgrades bitcoin mining firm Riot Platforms, forecasts more than 35% upside Investors should look to bitcoin mining company Riot Platforms after the recent increase in bitcoin prices, according to JPMorgan. Although shares on Tuesday declined to their lowest level, $11.09, since the Securities and Exchange Commission's bitcoin ETF approval, analyst Reginald Smith remains optimistic and upgraded the stock to overweight from neutral. His $15 price target assumes a $60,000 bitcoin price and suggests 35.2% potential upside for the stock. Smith cited the Riot's decline as a result of the stagnant hashrate growth, equity dilution and broader industry profit taking. "We like Riot's unique combination of industry-leading power contracts, scale and liquidity (Riot last reported ~$600M in cash and $470M worth of bitcoin), and think shares offer the best relative upside among the three largest and most liquid U.S.-listed mining stocks," Smith wrote in a Wednesday note. Riot shares are down more than 28% year to date. RIOT YTD mountain RIOT in 2024 — Pia Singh 6:23 a.m.: Citi downgrades Wells Fargo Citi downgraded Wells Fargo to neutral from buy, saying the bank's valuation has already priced in the potential for earnings per share revisions. Analyst Keith Horowitz raised his target price by $6 to $63, however, which implies the stock could gain 10.5% from Tuesday's close. Shares are up 15.8% year to date. "We continue to see tailwinds from fixed asset repricing, growth across fee categories and improved efficiency, but our estimates are not too far above the Street. With WFC trading at a premium relative to peers on our implied cost of equity metric, we believe the risk/reward is fairly balanced," analyst Horowitz wrote in a Tuesday note, saying Wells Fargo has been one of his top picks among the G-SIBs, or global systemically important banks. — Pia Singh 6:03 a.m.: Netflix shares should 'trade at a premium,' according to KeyBanc KeyBanc Capital Markets thinks Netflix can grow consistently going forward. Analyst Justin Patterson maintained his overweight rating and upped his price target by $125 to $705, suggesting shares of the streaming giant could gain 13.6% over the next year. He also increased his earnings per share estimates for this year and 2024. "We continue to see signs that: 1) Netflix's content quality is improving; and 2) in our view, this creates a clear catalyst path as engagement should drive a monetization ramp (both in price increases and ad revenue)," Patterson wrote in a Tuesday, anticipating Netflix to have a more balanced growth between subscribers and monetization over the medium term. "Given more recurring revenue, an emerging ad revenue stream, and consistent 20%+ EPS growth, we believe NFLX should trade at a premium to peers." Netflix shares are up 27.5% so far this year. — Pia Singh 5:55 a.m.: Analysts think Nvidia is still a buy after GTC conference Several analysts remain bullish on Nvidia after the darling chipmaker's artificial intelligence GTC conference this week, during which CEO Jensen Huang gave a two-hour keynote speech about Nvidia's growing lineup of software and hardware products. Here's what some of them had to say: Oppenheimer analyst Rick Schafer raised his price target on the stock to $1,100, implying upside of 23%. "Nvidia has transformed from a graphics company to a premier leading AI computing platform company. GPUs were initially used for graphics in video games and film. Given its parallel processing capabilities and thousands of computing cores, GPU are now optimized for deep learning AI algorithms in datacenters." Piper Sandler hiked its price target to $1,050 from $850, noting: "We view the new architecture as an expansion of the already dominant market positioning of NVDA's hardware offering. We maintain that NVDA is the leading company in offering the full hardware and software stack to address the decade long transition to accelerated computing and generative AI." The new price target implies upside of 17.5%. Bank of America reiterated its buy rating and $1,100 price target, naming Nvidia a "top compute pick" following the conference. Blackwell's pricing should allow Nvidia to sustain mid-70% gross margins, and adoption of the new chips could be among the fastest in company history given its affordability across various customer bases, analyst Vivek Arya said. Nvidia shares closed at $893.98 on Tuesday. The stock — which is up 80.5% for the year — traded 0.2% lower in premarket trading. — Pia Singh 5:55 a.m.: Broadcom a strong play for '2nd wave of AI', Barclays says Looking for another way to capitalize on the artificial intelligence craze? Barclays thinks investors should look no further than Broadcom . The bank reinstated coverage of the semiconductor stock at an overweight rating. Its price target of $1,405 implies upside of nearly 14%. "The company joins our preferred names this year as another way to play the 2nd Wave of AI via a best-in-class data center silicon portfolio," analyst Tom O'Malley wrote. "In the near term, AI is all that matters and the custom silicon/switching businesses are driving a significant portion of near-term growth (we forecast a mid/high-20% range next year and for it to accelerate longer term)." "Outside of AI, the company is seeing many of the same cyclical downturns as Semi peers but a growing software business helps boost profitability and [free cash flow] generation," he said. Broadcom shares are up 10% year to date, lagging Nvidia — which has soared 80%. That said, Broadcom is outperforming the S & P 500's 8.6% gain. AVGO YTD mountain AVGO year to date — Fred Imbert | 2024-03-20T00:00:00 |
19 | https://www.cnbc.com/2024/02/06/northern-ireland-united-ireland-in-focus-with-sinn-feins-michelle-oneill.html | AOS | A. O. Smith | The prospect of a united Ireland emerges as a republican leader takes office in Belfast | BELFAST, NORTHERN IRELAND - FEBRUARY 3: First Minister Michelle O'Neill speaks during proceedings of the Northern Ireland Assembly at Stormont on February 3, 2024 in Belfast, Northern Ireland.
LONDON — A referendum on Irish reunification could be in the cards within a decade, according to Northern Ireland's first-ever nationalist first minister, who took office at the weekend.
Sinn Fein's Michelle O'Neill was appointed as first minister on Saturday, the first Irish nationalist to hold the office since Northern Ireland was founded as a Protestant-majority state in 1921. The Democratic Unionist Party's Emma Little-Pengelly was appointed deputy first minister.
It came after the Northern Ireland Assembly, the country's devolved parliament, reconvened for the first time in two years on Saturday after the U.K. loyalist DUP reached a deal with the British government to end a boycott over post-Brexit trade arrangements.
The island to the west of England is divided in two; Northern Ireland is part of the U.K., whereas its neighbor, the Republic of Ireland, is an independent nation and a member of the European Union.
Until now, Northern Ireland's first minister has always come from a British unionist party, but Sinn Fein, which advocates for Northern Ireland to rejoin the Republic, won the most seats in the assembly for the first time in 2022.
The DUP, Northern Ireland's largest British unionist party, boycotted the assembly in February 2022 in protest over post-Brexit trade rules and refused to return for two years, leaving the country of 1.9 million people without a functioning administration. The deal that secured its return includes a contribution of more than £3 billion ($3.8 billion) from the British government for Northern Ireland's public services.
The power-sharing rules of the assembly, enshrined in the Good Friday Agreement — a landmark 1998 peace deal that brought an end to three decades of sectarian violence in Northern Ireland — mean that the executive, which runs the country, must include both unionist and nationalist representatives. | 2024-02-06T00:00:00 |
20 | https://www.cnbc.com/2021/11/11/judge-rules-texas-gov-greg-abbotts-ban-on-school-mask-mandates-violates-federal-law.html | ABT | Abbott | Judge rules Texas Gov. Greg Abbott's ban on school mask mandates violates federal law | Children participate in an activity in class at the Xavier Academy on August 23, 2021 in Houston, Texas. In-person classroom sessions are resuming and schools around Houston are requiring mask mandates, keeping in accordance with CDC guidelines.
A federal judge in Texas ruled Wednesday that Gov. Greg Abbott's executive order banning mask mandates in schools violates the Americans with Disabilities Act, setting the stage for school districts in the state to decide whether they want to impose mask rules.
U.S. District Judge Lee Yeakel wrote in a 29-page ruling that the ADA, a federal law enacted in 1990, supersedes Abbott's July order banning facial coverings in schools.
"The spread of COVID-19 poses an even greater risk for children with special health needs. Children with certain underlying conditions who contract COVID-19 are more likely to experience severe acute biological effects and to require admission to a hospital and the hospital's intensive-care unit," Yeakel said. "This includes children with conditions including, Down syndrome, organ transplants, lung conditions, heart conditions, and weakened immune systems."
Yeakel added, "The evidence presented by Plaintiffs establishes that Plaintiffs are being denied the benefits of in-person learning on an equal basis as their peers without disabilities."
The ruling also prohibits Texas Attorney General Ken Paxton from enforcing the governor's order, which imposes a fine of up to $1,000 for any entity that issues a mask mandate.
Paxton's office did not immediately respond to a request for comment.
The lawsuit was filed in August by families of students with disabilities and an advocacy group called Disability Rights Texas. The suit argued that Abbott's ban denies children with pre-existing conditions equal access to a safe education.
"Governor Abbott's executive order clearly violates federal law, and Attorney General Paxton's enforcement of the order against school districts is now stopped," said Kym Davis Rogers, an attorney for the group, in a statement.
"As the court found, Texas is not above federal law, and state officials cannot prevent school districts from providing accommodations to students who are especially vulnerable to the risks of COVID-19. We are thankful that school districts can now take the steps necessary to protect these students. No student should be forced to make the choice of forfeiting their education or risking their health, and now they won't have to."
Wednesday's ruling comes as GOP-led states such as Florida and Iowa have banned mask mandates in schools.
The majority of public schools in Texas began in-person classes in August. More than 210,000 students have tested positive for Covid-19, according to state data.
The Department of Justice filed a statement of interest in the Texas case in late September, arguing Abbott's executive order would harm students with disabilities.
"The serious adverse consequences on students with certain disabilities is readily foreseeable," the Justice Department wrote. "Some parents of children at heightened COVID-19 risk will likely keep their children at home—even though the children could safely attend school if mask protocols could be put in place." | 2021-11-11T00:00:00 |
21 | https://www.cnbc.com/2021/08/17/jim-cramer-says-abbott-laboratories-shares-can-go-higher-thanks-to-covid-delta-surge.html | ABT | Abbott | Jim Cramer says Abbott Laboratories shares can go higher thanks to Covid delta surge | CNBC's Jim Cramer said Tuesday he sees more near-term upside for shares of Abbott Laboratories as the U.S. grapples with the Covid delta variant.
The "Mad Money" host pointed specifically to the company's BinaxNOW coronavirus test, a self-administered diagnostic that can be bought over the counter at pharmacy chains like Walgreens and CVS .
"This Binax is now the hottest product on the market. Just as Abbott had to pre-announce how poorly Binax was doing, sometimes I wonder if they have to pre-announce to the upside now that it's doing so well," Cramer said.
The Food and Drug Administration authorized Abbott Labs' rapid Covid test for at-home use in December, right around the time vaccines for the disease were cleared on an emergency use basis. As availability of the BinaxNOW test increased during the spring, so too did access to Covid vaccines, which helped drive down coronavirus infection levels across the country.
Now, in recent weeks, coronavirus cases have jumped in the U.S., leading Cramer to believe more and more Americans are going to seek out Abbott Labs' rapid test.
"We've got so many antivaxxers in this country that they've kept the pandemic alive and now we've got new variants with a decent chance of breaking through the vaccines from Pfizer and, to a lesser extent, Moderna. You know what that means? Testing, testing, testing," Cramer said.
The Covid situation also is benefiting shares of Regeneron , which makes an antibody therapy to treat the disease, Cramer said.
"The tables have turned, the fortunes restored for Regeneron and Abbott Labs. Their stocks have been up all along with all the other slowdown winners," Cramer said, alluding to the fact shares of Regeneron and Abbott Labs are up 11% and 7%, respectively, in the past month. That compares with the S&P 500's roughly 2.8% gain in the same time period.
"Now they have another kicker, and I think they've still got higher to go," Cramer said. | 2021-08-17T00:00:00 |
22 | https://www.cnbc.com/2021/10/11/texas-gov-abbott-issues-order-banning-covid-vaccination-mandates-in-rebuke-of-biden.html | ABT | Abbott | Texas Gov. Abbott issues order banning Covid vaccination mandates in rebuke of Biden | Texas Gov. Greg Abbott issued an executive order on Monday prohibiting any entity, including private businesses, from imposing Covid-19 vaccination requirements on employees or customers.
"The COVID-19 vaccine is safe, effective, and our best defense against the virus, but should remain voluntary and never forced," said Abbott said in a statement.
Abbott, a Republican, said in his order that it was prompted by the Biden administration's vaccine federal mandate, which the governor called federal overreach.
President Joe Biden announced a mandate last month requiring companies with 100 or more employees to ensure that their workforces are vaccinated or regularly tested. The Labor Department has yet to release details of the emergency rule, but Biden last week called on companies to act now and not to wait for the requirement to go into effect.
Abbott, who tested positive for Covid in August, has also resisted mask mandates and requiring proof of vaccination in the state. The state has continued to experience a rise in cases and crowded hospitals, prompting the governor to invest in monoclonal antibody infusion centers.
Abbott issued executive orders over the summer banning local governments and school districts from requiring either masks or vaccines, issuing a $1,000 fine to those who failed to comply. School districts in San Antonio and Dallas, however, have challenged the order in court. The state legislature also passed a bill in June banning private businesses requiring vaccination proof from customers.
In Monday's order, Abbott also sent a memo to the chief clerk of the state House of Representatives and the secretary of the state Senate requesting to codify the mandate in a bill. The governor said the order will be rescinded when the GOP-controlled legislature passes the bill.
Other GOP-led states have taken similar approaches to Texas. Montana passed a bill banning vaccine requirements by employers. Earlier this year, Florida also banned businesses from requiring proof of vaccination. | 2021-10-11T00:00:00 |
23 | https://www.cnbc.com/2021/10/19/walmart-donated-to-texas-gov-greg-abbott-as-he-fought-biden-vaccine-mandate.html | ABT | Abbott | Walmart donated to Texas Gov. Greg Abbott as he fought Biden Covid vaccine mandate | A worker delivers groceries to a customer's vehicle outside a Walmart Inc. store in Amsterdam, New York, on Friday, May 15, 2020.
Walmart's political action committee donated to Texas Gov. Greg Abbott's reelection campaign last month, as he geared up to fight a federal Covid-19 vaccine mandate, according to a new federal filing.
The donation came as the retail industry has expressed concerns about the mandate weighing on operations as the holiday shopping season approaches and America faces labor shortages.
The contribution also came after Abbott, a Republican who is up for reelection next year, signed a law that effectively bans abortions after six weeks of pregnancy, as well as legislation that includes voting restrictions.
Arkansas-based Walmart made the $10,000 donation, dated Sept. 29, through its "PAC for sustainable government," according to a Federal Election Commission filing.
The mega retailer's donation to Abbott was the biggest contribution it gave to any state or federal elected official that month. The Walmart PAC also contributed $5,000 to Texas Lt. Gov. Dan Patrick, also a Republican.
Records show Walmart has contributed to both Abbott's and Patrick's campaigns in the past. The company has also contributed to Democrats.
"As a company that operates in all 50 states, it is necessary for us to engage political leaders from both parties across a broad spectrum of policy matters. Our company and PAC engage in a bipartisan manner based on a range of issues that impact our associates, customers and shareholders," a Walmart representative told CNBC.
"We have not been and will never be a single-issue contributor, and we recognize that at times elected officials will back legislation we don't support or condone. However, it's important that we continue to engage in the political process and make our views known to policymakers and other stakeholders."
President Joe Biden in September announced that his administration would implement a Covid vaccine mandate that would cover private businesses with 100 or more workers. It will apply to about two-thirds of the private sector's workforce. The administration is expected to publish the rules soon. | 2021-10-19T00:00:00 |
24 | https://www.cnbc.com/2021/08/26/texas-covid-gov-abbott-deploys-thousands-of-out-of-state-medical-staff-to-battle-delta-surge.html | ABT | Abbott | Texas Gov. Abbott to deploy 2,500 more out-of-state medical staff to battle delta Covid surge | Texas Governor Greg Abbott speaking at a press conference at the Texas State Capitol in Austin on May 18, 2020.
Texas Gov. Greg Abbott said Thursday the state will get 2,500 additional medical personnel from across the country to help alleviate pressure on the state's health-care system imposed by this summer's Covid surge.
Texas began requesting external assistance just two weeks ago, when Abbott announced that the Texas Department of State Health Services had coordinated a first wave of over 2,500 out-of-state workers to respond to the delta variant. With this latest addition, the state will have approximately 8,100 outside medical personnel, including nurses and respiratory therapists.
Covid patients are currently taking up more than half of all intensive care beds in Texas as of Thursday, compared with 30% nationwide, according to the U.S. Department of Health and Human Services.
"The medical personnel and equipment deployed by DSHS will provide crucial support to our health care facilities as they treat hospitalized cases of COVID-19," Abbott said in a statement.
The Texas health services department is also distributing ventilators, hospital beds, heart monitors and oxygen machines, the statement said. More than a quarter of Texas' nearly 52,000 reported hospital inpatients have Covid, HHS recorded Thursday. | 2021-08-26T00:00:00 |
25 | https://www.cnbc.com/2021/08/05/texas-gov-abbott-orders-new-special-session-to-pass-gop-voting-laws.html | ABT | Abbott | Texas Gov. Abbott orders new special session to pass GOP voting laws | Texas Governor Greg Abbott announced the US Army Corps of Engineers and the state are putting up a 250-bed field hospital at the Kay Bailey Hutchison Convention Center in downtown Dallas during a press conference at the Texas State Capitol in Austin, Sunday, March 29, 2020.
Texas Gov. Greg Abbott on Thursday ordered the Legislature to reconvene for a third time to try to pass a Republican-backed voting restrictions bill that Democratic members blocked by leaving the state nearly a month ago.
The announcement, which had been expected, puts new pressure on the more than 50 Democratic lawmakers who left Texas for Washington, D.C., on July 12 and have remained there since. They had been preparing to celebrate running out the clock on the current 30-day special session that ends Friday, which would torpedo the sweeping elections overhaul for the second time since May.
But their holdout may not be over. Some Democrats said this week that they had no intention of returning to the state Capitol, even after they return to Texas and face possible arrest to compel their attendance.
State Rep. Chris Turner, the leader of the House Democratic Caucus, would not say following Abbott's announcement whether they would return before the new session begins Saturday. But asked about members who say they will keep refusing to show up, Turner told The Associated Press: "It's very much under discussion. I'll just leave it at that."
Abbott, who is up for reelection in 2022, made a new elections package part of a 17-item agenda he instructed the GOP-led Legislature to consider over the next month. It includes other hot-button measures sought by conservative activists, including new border security measures and rules over how race is taught in public schools.
"I will continue to call special session after special session to reform our broken bail system, uphold election integrity, and pass other important items that Texans demand and deserve," Abbott said.
The cross-country exodus last month marked the second time that Democratic lawmakers staged a walkout on the voting overhaul, which they say would make it harder for young people, people of color and people with disabilities to vote. But like the first effort in May, there remains no clear path for Democrats to permanently block the voting measures or the other contentious GOP-backed proposals up for debate.
But Democratic state Rep. Eddie Rodriguez said Wednesday that there was enough will to keep trying.
"A vast majority, enough to break quorum, have committed to each other to not be in the Capitol when the second called session happens," Rodriguez said.
Abbott last month vowed to arrest Democrats once they return to Texas.
"I don't think arresting Democrats and forcing them to the Statehouse, most of us being Hispanic or African American, or Asian American for that matter, that's not a good look," Rodriguez said. "I would hope they would take that into account. But that's up to them. Again, we don't have a lot in our control."
In choosing to hunker down in Washington, the Democrats sought to put pressure on President Joe Biden and Congress to pass new federal voting rights legislation that would blunt the impact of the GOP bill in Texas. A group of key Democratic senators, including West Virginia's Joe Manchin, met Wednesday in Senate Majority Leader Chuck Schumer's office to discuss a compromise on voting legislation.
The group's members have been working for weeks with their counterparts in the U.S. House to develop a narrower approach. But even with a retooled bill, they would still face the same challenge as before: a filibuster by Senate Republicans, who overwhelmingly oppose the measure. Overcoming that hurdle would require changes to Senate procedural rules, which many moderate Democrats oppose — denying the party the votes to change the rule.
Although the Texas Democrats have met with Vice President Kamala Harris, a White House official said Biden had no plans to meet with them. | 2021-08-05T00:00:00 |
26 | https://www.cnbc.com/2021/07/29/texas-gov-abbott-doubles-down-against-covid-health-limits.html | ABT | Abbott | Texas Gov. Abbott threatens fines again against local officials and businesses that enforce mask mandates, vaccine requirements | Texas Gov. Greg Abbott issued an executive order Thursday, reiterating his opposition to mask mandates, Covid-related business restrictions and vaccination requirements and issuing fines of up to $1,000 on those who fail to comply.
The governor also called on state hospitals to deliver daily reports on their capacity to the Texas Department of State Health Services to send to the Centers for Disease Control and Prevention.
"The new Executive Order emphasizes that the path forward relies on personal responsibility rather than government mandates," Abbott said in a statement. Abbott's order reiterates and extends previous orders he's issued penalizing local officials and others for enforcing various Covid safety protocols. | 2021-07-29T00:00:00 |
27 | https://www.cnbc.com/2021/09/02/texas-abortion-law-elon-musk-reacts-to-gov-greg-abbotts-comments.html | ABT | Abbott | Elon Musk declines to address Texas abortion law directly after Gov. Greg Abbott's comments | Elon Musk on Thursday declined to weigh in directly on Texas' abortion law after Gov. Greg Abbott said the Tesla and SpaceX CEO supported his state's "social policies" following the implementation of the harshly restrictive measure.
"In general, I believe government should rarely impose its will upon the people, and, when doing so, should aspire to maximize their cumulative happiness," Musk told CNBC in a tweet.
"That said, I would prefer to stay out of politics," said Musk, whose companies and private foundation are both growing their operations in Texas.
Abortion rights advocates and providers say the law effectively overturns precedent for abortion protections set under Roe v. Wade in 1973. President Joe Biden and others in his administration, as well as House Speaker Nancy Pelosi, D-Calif., have vowed to take action after the Supreme Court refused to block the law from taking effect.
Earlier Thursday, Abbott told CNBC's "Squawk on the Street" that the new law and other politically divisive social issue laws will not make his state less appealing to businesses or individuals.
"You need to understand that there's a lot of businesses and a lot of Americans who like the social positions that the state of Texas is taking," Abbott said. | 2021-09-02T00:00:00 |
28 | https://www.cnbc.com/2021/03/04/texas-gov-abbott-blames-covid-spread-on-immigrants-criticizes-bidens-neanderthal-comment-.html | ABT | Abbott | Texas Gov. Abbott blames Covid spread on immigrants, criticizes Biden's 'Neanderthal' comment | watch now
Texas Gov. Greg Abbott on Thursday criticized President Joe Biden for calling his decisions to lift Covid-19 restrictions and mask mandates earlier this week "Neanderthal thinking" and blamed the state's ongoing outbreak on undocumented immigrants. Abbott's comments come after his widely criticized decision on Tuesday to rescind most of the state's Covid-19 restrictions, including a statewide mask mandate. Texas businesses will be allowed to open "100%," effective March 10, he said. Mississippi Gov. Tate Reeves made a similar move at roughly the same time. Biden on Wednesday slammed the governors for what he said was a "big mistake" and added that "the last thing we need is Neanderthal thinking." Abbott told CNBC's "Squawk Box" that the comment was "not the type of word that a president should be using" and blamed the spread of the coronavirus on immigrants crossing the southern border. The Republican governor said the Biden administration has "refused to test" them for the virus.
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"The Biden administration has been releasing immigrants in South Texas that have been exposing Texans to Covid. Some of those people have been put on buses, taking that Covid to other states in the United States," Abbott told CNBC. "That is Neanderthal-type approach to dealing with the Covid situation." While the Republican governor didn't provide specifics, Telemundo reported on Tuesday that some migrants released by Border Patrol in the Texas city of Brownsville subsequently tested positive for Covid-19. Since the city began testing on Jan. 25, 108 migrants have tested positive for Covid-19, which is 6.3% of all those who took a test, according to the report. "The Biden administration must stop importing Covid into our country," Abbott said. Top U.S. health officials have repeatedly urged states not to lift Covid-19 restrictions as nationwide coronavirus cases and deaths stall and highly transmissible variants threaten to "hijack" the recent decline in infections. However, Abbott defended his decision to lift the state's mask requirements, claiming that Texans already know that "the safe standard, among other things, is to wear a mask." "Do they really need the state to tell them what they already know for their own personal behavior?" Abbott told CNBC. The governor added that the state's coronavirus infections are "at four-month lows" and Texas hospitals stand ready to treat an influx of patients if needed. Texas is reporting a daily average of roughly 7,265 new cases over the last week, a drop compared with the peak of more than 20,400 daily cases the state reported in January, according to a CNBC analysis of data compiled by Johns Hopkins University.
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However, new infections have started to creep back up across the state, with average daily new cases growing by nearly 13% compared with a week ago. Abbott said most of the state's coronavirus spread over the holiday was driven by indoor gatherings, not by restaurants and other businesses. The newly lifted restrictions "are not really that transformative" because the state's mask mandate wasn't enforced and businesses were already at 75% capacity, he said. "Maybe to people in New York it seems like this is a big difference," Abbott said. — CNBC's Will Feuer contributed to this report. | 2021-03-04T00:00:00 |
29 | https://www.cnbc.com/2020/12/16/fda-authorizes-abbotts-rapid-25-covid-test-for-at-home-use.html | ABT | Abbott | FDA authorizes Abbott's rapid $25 Covid test for at-home use | The Food and Drug Administration on Wednesday announced that it has authorized Abbott Labs ' rapid Covid-19 test for at-home use, though doctors must prescribe the test for patients.
The test, which is an antigen test that delivers results in about 15 minutes, had previously been authorized for use by trained personnel only, but the new clearance will allow patients to test themselves at home with virtual assistance from a doctor. It's the third test authorized in the U.S. "that can be used completely at home," Dr. Jeff Shuren, director of the FDA's Center for Devices and Radiological Health, said in a statement.
To deliver the test, which is called BinaxNOW and costs $25 for at-home use, to people's homes and to supervise the collection and testing process, Abbott said it has partnered with telehealth provider eMed. Patients collect the sample with a nasal swab themselves and an app helps guide the testing process and provide results, Abbott said.
Everyone 15 years or older who are suspected of having Covid-19 by their health-care provider and is within the first seven days of symptom onset are eligible for the test, the FDA said. The test can also be used in people 4 years or older, though an adult needs to collect the sample, the agency said.
"FDA continues to authorize COVID-19 tests that will give more Americans access to greater testing flexibility and options," FDA Commissioner Dr. Stephen Hahn said in a statement. "The BinaxNOW COVID-19 Ag Home Test will have a significant manufacturing footprint with the potential to support testing for millions of people."
Abbott said it expects to deliver 30 million at-home tests in the first quarter of 2021, with another 90 million in the second quarter. The FDA noted that antigen tests are not as accurate as many molecular tests.
"As the pandemic has evolved, the need for rapid testing has only grown. Unfortunately, we're still hearing that many people can't access testing as quickly as they need it," Robert Ford, Abbott's president and CEO, said in a statement. "That's why Abbott is bringing our rapid BinaxNOW test and NAVICA platform into homes."
The FDA first authorized the test for use by trained personnel in August, touting it at the time as the first Covid-19 test that costs about $5 and delivers results in minutes on a testing card without lab equipment, similar to a pregnancy test. The U.S. quickly purchased 150 million of the tests for $750 million to expand testing capacity.
However, at-home use of the test will cost $25, more than the $5 it costs in medical settings, Abbott said Wednesday.
"FDA's authorization of the BinaxNOW card test for home use means we should have tens of millions of COVID-19 tests in the coming months that Americans can use without leaving their home," Health and Human Services Secretary Alex Azar said Wednesday in a statement.
The authorization comes after the FDA cleared Ellume's at-home Covid test on Tuesday. That product was authorized for use in anyone 2 years or older and does not require a prescription. | 2020-12-16T00:00:00 |
30 | https://www.cnbc.com/2020/05/19/coronavirus-vaccine-two-health-care-stocks-are-best-plays-analysts-say.html | ABBV | AbbVie | AbbVie and one other health stock offer best way to play vaccine hopes, these analysts say | One group of health care stocks is standing out in the space.
Stocks such as Moderna and Novavax — names in the testing and treatment space — have soared as investors place bets in the race for a Covid-19 vaccine.
"We remain bullish on the biotech industry broadly because, aside from tech, it's difficult to find that type of broad-based strength anywhere else in the market," Ari Wald, head of technical analysis at Oppenheimer, told CNBC's "Trading Nation" on Monday.
Moderna led the group Monday after the company reported positive data in its early-stage human trial for a coronavirus vaccine. That news kicked off a rally in the S&P 500 .
However, Wald is placing his bets on another health-care name.
"AbbVie is a standout in our work. The stock reversed a two-year downtrend last November before falling victim to indiscriminate market selling in March. We think that long-term reversal is resuming higher now that market conditions are firming," said Wald.
Nancy Tengler, chief investment officer at Laffer Tengler Investments, is also bullish on AbbVie, and on Johnson & Johnson.
"We own Johnson & Johnson which declared their vaccine news, the initial news, on Feb. 12 and then found the lead candidate for the vaccine on March 30. We liked that company before Covid, but it is certainly well-positioned along with AbbVie and Amgen ," Tengler said during the same segment.
AbbVie and Johnson & Johnson are positive this year, while Amgen is down 3%.
"Valuation led us to this group. Politics were not in favor of this group last year and I think that's gone away as we all strive to find a vaccine," said Tengler.
Disclosure: Laffer Tengler Investments holds ABBV, JNJ and AMGN.
Disclaimer | 2020-05-19T00:00:00 |
31 | https://www.cnbc.com/2019/09/20/jim-cramers-mad-money-recap-stock-picks-sept-20-2019.html | ABBV | AbbVie | Everything Jim Cramer said about the stock market on 'Mad Money,' including the week ahead, iPhone sales, AbbVie vs. Bristol-Myers and Zscaler CEO | watch now
CNBC's Jim Cramer take a look at the week ahead in stock investing. The "Mad Money" host explains why he has a good feeling about new iPhone sales in China. He sits down with the CEO of cloud-based cybersecurity provider Zscaler to get an understanding of the competitive landscape.
Eye on the market: Ignore the Fed talk next week
Two conflicting forces are working to influence the market and the "bad set" happened to win out on Friday, CNBC's said. China's trade delegation decided to cut short its trip to Washington for trade talks with the United States. The major averages all finished the session down less than 1% as it seemed unlikely the country would resume buying goods from American farmers. Looking past parts of the economy implicated in the U.S.-China trade war, employment is strong and domestic companies without Chinese exposure continue to have a positive impact, Cramer said. In the week ahead, the "Mad Money" host advised viewers not to pay attention to Federal Reserve reactions and to realize that the strong domestic economy and internationally-oriented economy are both balancing "on a knife's edge." "That's the right prism to use if you want to understand this market," he said.
Projecting iPhone sales and the market's reaction
A customer inspects two Apple iPhones at an Apple Store in Shanghai, China. Qilai Shen | Bloomberg | Getty Images
Cramer is bullish about 's iPhone potential in China. The tech titan has been a focal point of the trade war between the United States and China, but the dispute reportedly has not damped Chinese consumer interest in the latest iPhone launch that hit stores worldwide on Friday. Demand for the cheaper of the three iPhone 11 models in China has been . "Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," the host said. "That's why I'm a lot less worried about how the iPhone 11 will sell in China ... I'm actually excited about Apple's prospects in the People's Republic."
AbbVie vs. Bristol-Myers — Who made the best acquisition?
A trader works by the post that trades AbbVie on the floor of the New York Stock Exchange. Brendan McDermid | Reuters
A war of words heats up as Zscaler, Palo Alto Networks spar for clients
Jay Chaudry, founder and chief executive officer of Zscaler Inc. David Paul Morris | Bloomberg | Getty Images
Zscaler CEO Jay Chaudhry shrugged off any worries of stiff competition from rival Palo Alto Networks . "You know, when paradigm shift takes place, incumbent and legacy vendors are often displaced, Chaudhry said in a one-on-one with Cramer. "They feel the pain and they try to attack everyone," Earlier this month, Palo Alto executives made comments to shareholders that sent Zscaler's stock down nearly 5%. Leadership at the firewall provider said "We displaced" Zscaler as a supplier to a Fortune 50 U.S. retailer and a "major" health care provider in Europe. Palo Alto also took aim at Symantec , and . Shares of Zscaler are down more than 23% since that day, according to FactSet. The stock, however, is up more than 31% this year.
Cramer's lightning round | 2019-09-20T00:00:00 |
32 | https://www.cnbc.com/2019/06/25/abbvie-deal-may-conclude-a-tumultuous-4-years-for-botox-maker-allergan.html | ABBV | AbbVie | AbbVie deal may conclude a tumultuous 4 years for Botox-maker Allergan | The company's leadership has come under pressure from activist investor from David Tepper for management changes. Shareholders have been calling for Allergan to split or sell the company.
Allergan, the maker of Botox and blockbuster eye treatment Restatis, isn't the same industry leader it once was. The stock has lost about half its value since 2017. The drugmaker has struggled ever since its planned $160 billion mega deal with Pfizer fell through in 2016 after pushback from the Obama administration, analysts say. The pharmaceutical company has also been hit with drug trial setbacks and generic competition.
At the time, Allergan was selling its generic drug business to Israel drugmaker Teva Pharmaceutical for $40.5 billion. The cash and stock deal, announced in July 2015, was seen by investors as a positive for the Ireland-based pharmaceutical company. It freed Allergan to focus on more bankable brand-name drugs, while also providing it with more cash to pay down debt. Allergan is "trying to move higher up into the food chain, so they'll probably go after a branded drug company," Cooperman, the Omega Advisors chairman and CEO, told CNBC in an interview on July 28, 2015 . "Maybe AbbVie."
"Investors have been frustrated," said RBC Capital Markets analyst Randall Stanicky, who has been calling for a break up Allergan since 2017. He said a combination of drug trial setbacks, disappointments with capital deployment, strategic missteps and the company's inability to grow earnings has pressured the stock.
Now, Allergan's fortunes may change. AbbVie announced Tuesday it would buy Allergan for about $63 billion, a 45% premium over Allergan's closing share price of $129.57 on Monday. According to the deal, Allergan shareholders will receive 0.866 AbbiVie share and $120.30 in cash for each Allergan share for a total value of $188.24 a share. If approved, the deal would combine two struggling companies seeking growth.
Stanicky said the deal is a "nice exit from a tough situation" for Allergan. "I think investors should be happy with this exit," he added.
Allergan investors cheered the deal Tuesday. Shares of Allergan surged 25.4% on Tuesday while AbbVie shares fell 16.3%.
AbbVie has been looking to diversify its portfolio as blockbuster arthritis treatment Humira faces competition from cheaper versions in Europe and faces expiration of its patents in the U.S. in 2023. Allergan's aesthetics products and eye care and other medicines could help AbbVie shore up revenue.
David Maris, a research analyst at Wells Fargo who covers Allergan, told CNBC's "Power Lunch" on Tuesday that he isn't convinced that the deal is a better long-term alternative for Allergan shareholders looking past Humira's patent expiration. But in a follow-up phone interview, Maris added that the stock had been underpeforming for so long, the board had to do something.
The deal is a "little disappointing," Maris said." "I can see why AbbVie wants to diversify away from Humira. I don't know why an Allergan shareholder would want to diversify into Humaria."
Jefferies health-care desk analyst Jared Holz said AbbVie's stock decline is a "bit overdone," saying this solves a growth problem for each company. "I feel like I'm the only person in the world who feels this deal isn't a disaster," he said. "It is a homerun for Allergan shareholders." | 2019-06-25T00:00:00 |
33 | https://www.cnbc.com/2018/09/18/abbvie-shares-fall-after-california-insurance-regulator-sues-company-over-alleged-kickbacks.html | ABBV | AbbVie | AbbVie shares fall after California insurance regulator sues company over alleged kickbacks | AbbVie shares fell almost 3 percent on Tuesday after the California Department of Insurance sued the pharmaceutical company for allegedly giving health-care providers kickbacks for prescribing its arthritis drug Humira.
The suit alleges that AbbVie provided cash, trips and other gifts to health-care providers as incentives to prescribe the drug. The company allegedly also provided additional professional services, such as free insurance processing and marketing assistance.
The scheme was pulled off by a group of registered nurses known as Abbvie Nurse Ambassadors, who are sent into patients' homes after they are prescribed Humira and were trained to downplay potential risks of the drug, according to the suit.
The company "only provides the Ambassadors as long as the physicians continue to prescribe AbbVie's drug instead of selecting another course of treatment," according to the California Department of Insurance.
AbbVie spokeswoman Adelle Infante said in a statement that the allegations had no merit.
"AbbVie provides a number of support services for patients, once they are prescribed Humira, that both educate and assist patients with their therapy, including nursing support, and these resources are beneficial to patients dealing with a chronic condition," Infante said. "They in no way replace or interfere with interactions between patients and their healthcare providers."
The allegations were brought to the attention of the department by Lazaro Suarez, who was employed as an AbbVie Nurse Ambassador in Florida.
According to the lawsuit, private insurers have paid out $1.2 billion in pharmacy claims for Humira, which would make the case the largest instance of insurance fraud in the history of the California regulator. | 2018-09-18T00:00:00 |
34 | https://www.cnbc.com/2019/02/26/senate-panel-grills-abbvie-ceo-over-bonuses-tied-to-sales-of-humira.html | ABBV | AbbVie | Senate panel grills pharma CEO over executive bonuses and sales of AbbVie blockbuster drug Humira | Richard Gonzalez, chairman and chief executive officer of AbbVie Inc., listens during a Senate Finance Committee hearing on drug pricing on Capitol Hill in Washington, D.C., U.S., on Tuesday, Feb. 26, 2019.
Humira sales are one of the company's four main financial targets — along with net revenues, operating margin and return on assets — that accounted for 60 percent of Gonzalez's short-term incentive plan. The plan pays out a cash award for each of the top five executives equal to up to 200 percent of their base salary, depending on if they meet the targets and other performance measures.
Humira's $18.3 billion in 2017 sales — which rose 14.6 percent from the previous year and accounted for about 65 percent of the company's $28.1 billion in revenue — were a major factor in calculating the compensation for AbbVie's top executives last year, according to the company's most recent compensation data.
A Senate panel grilled AbbVie Chairman and CEO Richard Gonzalez about tying executive bonuses to sales of the U.S. drugmaker's blockbuster arthritis treatment Humira.
The company hit its internal target for Humira sales last year, helping its top five executives to nearly max out their cash bonuses with a payout equal to 175 percent of their annual base pay, the company said.
"In 2017 all financial and strategic goals were materially achieved, resulting in performance scores between 99% and 100% of target," the company said.
Gonzalez, 64, made a total of $22.6 million for his performance in 2017, $4.3 million of which was his cash bonus. The rest of his compensation was base salary and a mix of stock, restricted shares and options.
"This strikes me as problematic," Sen. Ron Wyden, D-Ore., said in questioning the CEO at a hearing on prescription drug costs before the Senate Finance Committee on Tuesday. "Would you make a smaller bonus if you dropped the price of Humira?"
In response, Gonzalez said, "Humira was one element of a set of financial factors that were evaluated as part of my compensation. It's obviously a very significant product for us. So it is clear it would be a part of the evaluation."
Wyden snapped back with, "I'd like that in writing. It looks to me you'd be making a smaller bonus if you dropped the price of Humira. I'd like that in writing within 10 days."
Since 2014, AbbVie has nearly doubled the price of its top-selling drug Humira, which is used to treat diseases including arthritis, plaque psoriasis and Crohn's, according to a review of data provided by Rx Savings Solutions. The drug now carries a list price of more than $60,000 per year.
AbbVie has been aggressive in keeping cheaper copycat versions of its drug off the U.S. market. The company is not expected to face biosimilar competition in the U.S. until 2023.
The drug's list price and patent faced the brunt of the heat from senators at the hearing. At one point, Wyden likened AbbVie's patent practices to Gollum, the slimy "Lord of the Rings" character who coveted the ring of power.
"Can the patients opt for a less expensive alternative? They can't, because AbbVie protects the exclusivity of Humira like Gollum with his ring. Thick cobwebs of patents and shadowy deals with drugmakers, all of them are in place to keep the cash flowing," Wyden said.
Gonzalez argued the drug has so many patents because it's used to treat several different ailments.
WATCH: Lawmakers grill pharma execs over high drug costs | 2019-02-26T00:00:00 |
35 | https://www.cnbc.com/2018/10/12/abbvie-settles-humira-patent-disputes-with-novartis-unit.html | ABBV | AbbVie | Abbvie settles Humira patent disputes with Novartis unit | Humira, the injectable rheumatoid arthritis treatment is pictured in a pharmacy in Cambridge, Massachusetts.
Abbvie said on Thursday it settled all patent disputes with Novartis , granting it a non-exclusive license to manufacture and sell a copycat version of blockbuster drug, Humira.
Abbvie, however, did not disclose details regarding the royalties it will receive from Novartis generics unit, Sandoz, as part of the agreement.
Shares of Abbvie rose 2.39 percent to $92.87 in after-market trading.
The license period will begin on Sept. 30, 2023 in the United States and on Oct. 16 in most countries in the European Union, Abbvie said in a statement.
Sandoz received marketing approval for its Humira biosimilar from the European Commission in July and had submitted its application to the U.S. health regulator early this year.
Last year, Abbvie reached a settlement with Amgen Inc , delaying Amgen's cheaper biosimilar version of Humira until Jan. 31, 2023.
Humira is the world's best-selling prescription medicine and has long buoyed AbbVie's business, raking in $5.19 billion in second-quarter sales.
But as cheaper biosimilar versions come closer to entering the market, the company has been trying to grow sales from its other medicines, including cancer treatment Imbruvica. | 2018-10-12T00:00:00 |
36 | https://www.cnbc.com/2019/08/16/fda-approves-humira-maker-abbvies-new-rheumatoid-arthritis-drug.html | ABBV | AbbVie | FDA approves Humira maker AbbVie's new rheumatoid arthritis drug | A screen displays the share price for pharmaceutical maker AbbVie on the floor of the New York Stock Exchange.
The U.S. Food and Drug Administration on Friday approved AbbVie 's new treatment for rheumatoid arthritis, a win for the drugmaker seeking to widen its portfolio as its blockbuster flagship therapy Humira faces competition.
The drug, Rinvoq, also called upadacitinib, belongs to a class of drugs known as JAK inhibitors that block inflammation-causing enzymes called Janus kinases.
It is set to compete with Pfizer 's Xeljanz and Eli Lilly 's Olumiant.
Rinvoq's label has a warning that flags risks of serious infections and lymphoma. In a notice, the FDA also said that patients taking JAK inhibitors in general risked developing blood clots.
AbbVie has been aggressively fending off competition for Humira by signing deals with rival companies to prevent their cheap versions of the drug from entering the United States, its biggest market, until 2023.
Humira, which treats rheumatoid arthritis and psoriasis, is the world's best-selling medicine, and brought in global revenue of $4.87 billion in the second quarter, but sales have been falling as it faces competition from cheaper rivals in Europe.
To further diversify its pipeline, AbbVie in June announced a deal to buy Botox-maker Allergan for $63 billion.
It has also launched a new psoriasis medicine, Skyrizi, to help retain some market share.
Shares of the company rose 2.2% to $64.36 in early afternoon trade. | 2019-08-16T00:00:00 |
37 | https://www.cnbc.com/2019/08/20/analyst-calls-of-the-day-beyond-meat-abbvie-hewlett-packard-more.html | ABBV | AbbVie | Here are the biggest analyst calls of the day: Beyond Meat, AbbVie, Hewlett Packard & more | Ethan Brown, founder and chief executive officer of Beyond Meat Inc., second right, looks at a monitor during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, May 2, 2019.
Here are the biggest calls on Wall Street on Tuesday:
J.P. Morgan said it saw potential for Beyond Meat to acquire new customers following a secondary stock offering.
"We see three primary reasons for renewed optimism: (1) The potential to acquire new food service customers, (2) Continued strength in measured data, and (3) Valuation. We appreciate that the secondary offering spooked many investors; however, founder/CEO Ethan Brown trimmed only a tiny portion of his holdings, and we cannot blame anyone involved pre-IPO for locking in some gains."
Read more about this call here. | 2019-08-20T00:00:00 |
38 | https://www.cnbc.com/2019/12/19/cramer-lightning-round-abbvie-is-a-rocket-ship-going-higher.html | ABBV | AbbVie | Cramer's lightning round: Abbvie is a 'rocket ship' going higher | Starwood Property Trust : "I think it's still cheap. It's had a nice run, but I still like it very much and I think it should be bought right here."
Masimo Corp. : "I've liked it since it came public. I think it's terrific."
Abbvie : "The stock is a rocket ship and it's terrific. It's at $88, it's still got a 5% yield, it goes higher."
Idexx Laboratories : "It's no longer run by John Ayers and I do like the thesis very much ... but I understand the trepidation. I'm reserving some judgment on Idexx myself."
United Natural Foods : "I'm not as big a fan of it as you are."
Sea : Need to do homework on it.
PG&E Corp .: "Sarah, [it's] too hard." | 2019-12-19T00:00:00 |
39 | https://www.cnbc.com/2019/09/26/stocks-making-the-biggest-moves-premarket-beyond-meat-accenture-target-rite-aid-kb-home-more.html | ACN | Accenture | Stocks making the biggest moves premarket: Beyond Meat, Accenture, Target, Rite Aid & more | Check out the companies making headlines before the bell:
Beyond Meat – McDonald's is testing a new "PLT" – a plant, lettuce, and tomato sandwich – that uses Beyond Meat's plant-based patties. The tests will take place in 28 restaurants in Canada.
Accenture – The consulting firm earned $1.74 per share for its fiscal fourth quarter, 3 cents a share above estimates. Earnings growth was helped by improvement in digital and cloud services. Revenue was slightly shy of analysts' forecasts, however, and Accenture gave a current-quarter revenue forecast below estimates due to a stronger dollar.
Conagra Brands – The food producer reported adjusted quarterly profit of 43 cents per share, 4 cents a share above estimates. Revenue was below Wall Street forecasts, with organic net sales falling 1.7%.
FactSet – The financial information provider earned an adjusted $2.61 per share for its latest quarter, beating the consensus estimate of $2.47 a share. Revenue was also above Wall Street forecasts, but the company gave a fiscal 2020 earnings forecast that is below current consensus.
Target – The retailer's stock was raised to the No. 1 position on Cowen's "Conviction List," based on strong recent results and an improved profit margin outlook.
Rite Aid – The pharmacy chain operator for its latest quarter, 5 cents a share above estimates. Revenue missed forecasts, however, as did comparable-store sales.
KB Home – KB Home reported quarterly profit of 73 cents per share, 7 cents a share above estimates. The home builder's revenue was below Wall Street forecasts. KB Home saw a 24% rise in net orders during the quarter.
Peloton – Peloton priced its initial public offering at $29 per share, at the high end of the expected range. The offering values the fitness bicycle maker at $8.1 billion, nearly double its most recent valuation. | 2019-09-26T00:00:00 |
40 | https://www.cnbc.com/2020/09/24/stocks-making-the-biggest-moves-in-the-premarket-accenture-darden-restaurants-blackberry-more.html | ACN | Accenture | Stocks making the biggest moves in the premarket: Accenture, Darden Restaurants, BlackBerry & more | Take a look at some of the biggest movers in the premarket:
Accenture (ACN) – The consulting firm reported quarterly profit of $1.70 per share, falling 3 cents a share short of Wall Street forecasts. Revenue also came in slightly shy of estimates and the company gave a weaker-than-expected current-quarter revenue forecast, as clients spend less due to the Covid-19 pandemic.
E.W. Scripps (SSP) – Scripps announced a deal buy privately held TV network operator ION Media for $2.65 billion. The deal is being backed by Warren Buffett's Berkshire Hathaway (BRK.B), with Berkshire making a $600 million preferred equity investment in Scripps to help finance the purchase.
BlackBerry (BB) – The software company beat estimates by 9 cents a share, with quarterly earnings of 11 cents per share. Revenue was also above expectations, on strong demand for its security and car software.
CarMax (KMX) – The used-vehicle retailer earned $1.79 per share for its latest quarter, well above the consensus estimate of $1.08 a share. Revenue was also above analysts' forecasts. CarMax saw vehicle sales rise by 3.9%, with comparable-store sales up 1.2%, and its financing profit increased by 29%.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains earned 28 cents per share for its latest quarter, beating the consensus estimate of 5 cents a share. Revenue was very slightly below Street forecasts with sales during the quarter at about 82% of prior-year levels. The company also reinstated its dividend.
FactSet (FDS) – The financial information and services provider earned $2.88 per share for its latest quarter, 34 cents a share above estimates. Revenue came in above forecasts as well. FactSet said it expected fiscal 2021 adjusted earnings of $10.75 to $11.15 per share, compared to a consensus estimate of $10.84 a share.
Rite Aid (RAD) – The drugstore chain reported a quarterly profit of 25 cents per share, compared to analysts' expectations of a 1 cent per share loss. Revenue was also above estimates, with strength in both the retail pharmacy and pharmacy services segments.
UnitedHealth (UNH) – The health insurer is in advanced talks to buy online pharmacy startup DivvyDose, according to a Bloomberg report. The proposed deal is said to be worth about $300 million, according to people familiar with the matter, although nothing has been finalized.
Nikola (NKLA) – Nathan Anderson, head of short-selling firm Hindenburg Research, told The Wall Street Journal that more bad news will emerge about the electric truck maker Nikola. Hindenburg recently released a report about a series of improprieties at Nikola, which has hit the stock hard even as Nikola calls the report "false and misleading."
Dollar Tree (DLTR) – Dollar Tree is resuming its stock buyback program, after suspending it in March due to the pandemic. The discount retailer has roughly $800 million in buyback authorization remaining under that program.
H.B. Fuller (FUL) – Fuller reported quarterly earnings of 76 cents per share, 6 cents a share above estimates. The adhesives maker's revenue also topped forecasts. The company said it has performed well during the pandemic, although it does expect current-quarter revenue to be flat to lower compared to a year ago.
Jefferies Financial (JEF) – Jefferies earned $1.07 per share for its third quarter, well above the consensus forecast of 34 cents a share. The investment firm also saw revenue top estimates, helped by record investment banking and asset management revenue.
Goldman Sachs (GS) – Goldman was upgraded to "buy" from "neutral" at UBS, which said Goldman is already generating solid results in the current environment and could benefit further from election-related volatility.
FedEx (FDX) – FedEx was upgraded to "buy" from "hold" at Stifel, which said FedEx is benefiting from pandemic-related changes, including much faster growth in demand levels than originally anticipated. | 2020-09-24T00:00:00 |
41 | https://www.cnbc.com/2020/03/19/stocks-making-the-biggest-moves-in-the-premarket.html | ACN | Accenture | Stocks making the biggest moves in the premarket: Darden, Lennar, Accenture, Marriott & more | Take a look at some of the biggest movers in the premarket:
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains beat estimates by a penny a share, with quarterly earnings of $1.89 per share. Revenue was also above estimates. Same-restaurant sales were up 2.3%, compared to the consensus Refinitiv estimate of a 1.2% increase. Darden suspended its dividend, withdrew its forward guidance due to the coronavirus outbreak, and that same-restaurant sales are down 5.9% so far for the current quarter.
Lennar (LEN) – The homebuilder reported quarterly profit of $1.27 per share, well above the consensus estimate of 84 cents per share. Revenue came in above estimates as well. Going forward, Lennar said it is managing every element of its balance sheet, cash management, and cash flow to maintain its strength as it deals with the coronavirus outbreak.
Accenture (ACN) – The consulting firm earned $1.91 per share for its latest quarter, beating the consensus estimate of $1.72 a share. Revenue came in above estimates. Unlike many companies, Accenture did issue a full-year forecast that it said reflects current assumptions about the coronavirus impact but added that the ultimate result depends on many factors that it may not be able to predict.
PNC Financial (PNC) – Wells Fargo upgraded PNC to "overweight" from "equal weight" at Wells Fargo Securities, which calls PNC the "Bank of Steel" due to its strong risk management and superior positioning during difficult times.
Marriott (MAR) – Marriott has withdrawn its 2020 guidance and is eliminating its dividend due to the coronavirus outbreak. It will make a final dividend payment on March 31. The hotel chain said occupancy has fallen below 25% in both North America and Europe.
JPMorgan Chase (JPM) – The bank will temporarily close about 1,000 branches, to help protect employees and reduce the spread of the coronavirus.
Williams-Sonoma (WSM) – Williams-Sonoma reported quarterly earnings of $2.13 per share, 8 cents a share above estimates. The housewares retailer's revenue also beat forecasts as same-store sales jumped 7.6%. As many other companies have done, Williams-Sonoma did not give any forward guidance due to coronavirus-related uncertainty.
Five Below (FIVE) – Five Below came in 3 cents a share ahead of estimates with quarterly earnings of $1.97 a share. The discount retailer's revenue matching Wall Street forecasts. Five Below also declined to give forward guidance.
Square (SQ) – Square won the approval of federal and state banking regulators to open its own bank in Utah, expected to launch in 2021. The mobile payments company had been trying to gain approval to start a bank for 2-1/2 years.
Walmart (WMT) – Walmart will remain open but will shorten operating hours, and also announced it would hold an hour-long "senior shopping event" each Tuesday that would be limited to customers aged 60 and older.
Dollar Tree (DLTR) – The discount retailer was named a "Catalyst Call Buy" at Deutsche Bank, which points to elevated sales volumes at both Dollar Tree and Family Dollar due to demand for cleaning supplies, food, and household essentials.
Best Buy (BBY) – Best Buy will remain open, but will shorten hours and only permit a small number of customers in a store at one time.
AbbVie (ABBV) – AbbVie's Kaletra HIV treatment did not prove effective against the coronavirus, according to a study released by the New England Journal of Medicine.
Guess (GES) – Guess reported quarterly earnings of $1.22 per share, 10 cents a share above estimates. The apparel maker's revenue came in below forecasts. Guess also said it was a "strong position" to handle the impact of the coronavirus on its business.
TripAdvisor (TRIP) – TripAdvisor has withdrawn its prior 2020 financial outlook. The travel review site had said last month it was seeing a limited impact from the virus outbreak but is now seeing a more significant impact.
Clorox (CLX) – The household products maker was downgraded to "neutral" from "outperform" at Credit Suisse, which cited valuation following its recent outperformance. | 2020-03-19T00:00:00 |
42 | https://www.cnbc.com/2024/03/16/2-ai-beneficiaries-that-havent-caught-up-yet-according-to-top-value-investor.html | ACN | Accenture | 2 AI beneficiaries that haven't caught up yet, according to top value investor | Artificial intelligence-adjacent stocks have been the clear leaders of this bull rally, but there may still be some potential beneficiaries of the trend that haven't caught up yet, according to Aaron Dunn. While some investors have voiced their concerns over lofty valuations, Dunn, the co-head of value equity at Morgan Stanley Investment Management and a portfolio manager on the Eaton Vance Value team, told CNBC in a recent interview that he's been keeping an eye on Micron and Accenture . Both stocks represent businesses with good returns, he said. Micron benefits from the consolidation of the memory business, while Accenture is capital light. Accenture is profitable, while Micron is not too far behind. Dunn believes that semiconductor manufacturer Micron could benefit as demand for memory chips begins to outpace supply once again. "With AI, you need more memory," he said. "I think we're going to go back to a period where memory is tight, and Micron has really good new technology that's also going to soak up excess capacity." In February, the firm announced that it had started production of its HBM3E, or High Bandwidth Memory wafer. These chips would be comparable with Nvidia's graphic processing units for AI capabilities, while also requiring less power and acting at higher speeds, Dunn said. Meanwhile, Micron could also be a beneficiary of the U.S.'s desire to have more of a domestic presence in the semiconductor chip market. "Effectively, MU will be getting paid by the U.S. government to build in-country capacity," Dunn said. Shares of Micron have rallied 9% so far this year, but Nvidia has gained 77% over the same time period. The portfolio manger cautioned that while Micron shares have had a big runup — it's gained 77% since hitting a 52-week low last March — and may be at risk of a modest pullback, the stock's long-term fundamentals look to be very strong. MU 6M mountain MU 6-month chart Dunn also listed professional services firm Accenture as a potential AI beneficiary. Shares have added 7% so far this year, as of Friday's close. Accenture is likely to rally as firms begin to adopt AI and large language learning models into their business operations, Dunn said. "Businesses will need help in understanding how AI should be used and the eventual implementation of those technologies," he said. "Accenture is positioned to provide this. This is likely an inflection point for them that will define the intermediate trends for them." ACN 6M mountain ACN 6-month chart Dunn's fund, Eaton Vance's Focused Value Opportunities Fund , has underperformed its benchmark, the Russell 1000 Value Index , so far this year. Since 2014, the fund has outperformed its benchmark in five of the past nine years. It has an expense ratio of 1.04% and a neutral rating from Morningstar, which is partly attributed to its fee structure. | 2024-03-16T00:00:00 |
43 | https://www.cnbc.com/2024/04/16/these-are-the-top-5-companies-to-work-for-in-india-says-linkedin.html | ACN | Accenture | These are the top 5 companies to work for in India, according to LinkedIn | These are the 2024 top companies in India, according to LinkedIn.
LinkedIn has released its eighth annual list of top companies to work for in India, and companies that prioritized its employees' experience and growth dominated this year's ranking.
From mass layoffs to the adoption of generative AI, the global work landscape has seen some major shifts in the past several years and employees and employers alike are learning how to adapt with the times.
"Whether it's launching upskilling initiatives to accelerate the AI proficiency of their professionals or offering flexible working arrangements, these are the companies leading the way in attracting professionals as well as retaining them in our ever-changing world of work," says Pooja Chhabria, LinkedIn career expert.
The ranking is based on eight pillars: the ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, educational background, and employee presence in the country.
Here are the top 5 places to work for in India in 2024, according to LinkedIn: | 2024-04-16T00:00:00 |
44 | https://www.cnbc.com/2019/03/29/analysts-say-buy-these-stocks-in-a-recession.html | ACN | Accenture | Accenture and these other stocks could hold up in a recession, Wall Street says | The debate rolls on about the chances of an economic downturn, but Wall Street analysts said this week there's plenty of quality companies to invest in if a recession occurs.
CNBC combed through company research to find analysts from different industries singling out stocks in their coverage universes. They cited stocks that are compelling to investors such as Verra Mobility , Accenture , Autodesk , MasterCraft Boat Holdings and A.O. Smith .
Accenture continues to impress analysts at Bernstein. The consulting company reported earnings this week and not only beat expectations on revenue but raised its full year outlook. Bernstein analyst Harshita Rawat said unlike the last recession, this time would be different if there is one. Accenture "is likely better positioned due to diversified revenue growth and higher share of cloud," she said.
Shares are Accenture are up 0.41 percent, to $175.77.
In new coverage this week, analysts at BTIG initiated Verra Mobility with a buy. The company, which provides toll management to rental car companies, "offers a recession-resistant story at a time when concerns about a potential economic slowdown have arisen among investors," analyst Mark Palmer said.
The stock is up today 12 percent, to $11.73.
MasterCraft Boat Holdings , which designs and manufactures recreational powerboats, may be of interest to small-cap investors, according to Baird analyst Craig Kennison. This is because many of them have a, "contrarian mindset and assume the next recession could be just around the corner," Kennison said. "We see exceptional value for investors that can look through a potential downturn," he said.
Shares are down in early trading 0.87 percent, to $22.43.
Here are some other stocks analysts think would weather a recession: | 2019-03-29T00:00:00 |
45 | https://www.cnbc.com/2019/03/28/stocks-making-the-biggest-moves-premarket-accenture-fedex-lululemon-office-depot-pvh-more.html | ACN | Accenture | Stocks making the biggest moves premarket: Accenture, FedEx, Lululemon, Office Depot & more | Check out the companies making headlines before the bell:
Accenture — The consulting firm earned $1.73 per share for its latest quarter, 16 cents a share above estimates. Revenue also beat Wall Street forecasts and Accenture raised its full-year outlook, as it benefits from its investments in digital and cloud-based services.
Movado Group — The watch maker reported adjusted quarterly profit of 67 cents per share, 12 cents a share above consensus. Revenue also topped estimates and Movado said it saw a significant increase in profit margins during the quarter.
Lululemon — Lululemon reported adjusted quarterly profit of $1.85 per share, beating forecasts by 9 cents, a share, while revenue was above Wall Street forecasts. The yoga wear maker also issued better-than-expected guidance for the full year and announced a $500 million stock buyback.
PVH — PVH beat estimates by 8 cents a share, with quarterly profit of $1.84 per share. The apparel maker's revenue also beat analysts' projections. PVH's results were helped by a strong performance for its Tommy Hilfiger brand, and it also issued an upbeat outlook for the full year.
FedEx — Susquehanna downgraded FedEx shares to "neutral" from "positive," noting an uncertain macroeconomic environment as well as an anticipated increase in capital spending by FedEx.
Five Below — Five Below came in a penny a share ahead of estimates, with quarterly earnings of $1.59 per share. The discount retailer's revenue also registering a beat. Five Below did, however, issue a 2019 earnings outlook of $3 to $3.07 per share, below the consensus estimate of $3.13 a share. Five Below was also added to the "Conviction Buy" list at Goldman Sachs, with a price target of $147.
Church & Dwight —The maker of Arm & Hammer baking soda and other consumer products announced a deal to buy the Flawless and Finishing Touch brands of hair removal products from Ideavillage Products for $475 million in cash, plus a possible additional payout of up to $425 million depending on sales levels.
Office Depot — Office Depot and software supplier Support.com will pay a total of $35 million to settle Federal Trade Commission (FTC) charges that consumers were tricked into buying computer repair services. The FTC said the two allegedly deceived consumers with misleading malware claims.
Johnson & Johnson — J&J was cleared of liability in a New Jersey case involving claims that asbestos in J&J's talc products had caused the plaintiff's mesothelioma. J&J is currently facing about 13,000 talc-related lawsuits, and also announced settlements in three other cases Wednesday.
Fiat Chrysler — Volkswagen CEO Herbert Diess told reporters he is not interesting in any tie-up with Fiat Chrysler. That comes a day after reports said Renault planned to pursue Fiat Chrysler if it can restart and successfully conclude merger talks with longtime partner Nissan.
Nielsen Holdings — Blackstone has reportedly dropped out of the auction to buy Nielsen, the company best known for TV ratings.
Verint Systems — Verint reported adjusted quarterly profit of $1.08 per share, beating consensus estimates by 7 cents a share. The maker of software for call centers and intelligence agencies did see revenue fall below Street forecasts. Verint's bottom line was helped by an increasing number of customers moving to cloud-based applications.
Monster Beverage — The energy drink maker was named "top pick" at Credit Suisse, citing an attractive valuation and excessive worries by investors over potential competition from Red Bull and Bang. | 2019-03-28T00:00:00 |
46 | https://www.cnbc.com/2019/12/19/stocks-making-the-biggest-moves-premarket-accenture-conagra-rite-aid-tivo-more.html | ACN | Accenture | Stocks making the biggest moves premarket: Accenture, Conagra, Rite Aid, TiVo & more | Check out the companies making headlines before the bell:
Accenture (ACN) – The consulting firm reported quarterly profit of $2.09 per share, 9 cents a share above estimates. Revenue also beat forecasts, and Accenture raised the lower end of its 2020 adjusted earnings forecast.
Conagra Brands (CAG) – Conagra beat estimates by 6 cents a share, with adjusted quarterly earnings of 63 cents per share. Revenue topped estimates as well. The maker of food brands like Birds Eye, Healthy Choice, and Vlasic also raised the amount of cost synergies related to its 2018 acquisition of Pinnacle Foods.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains earned an adjusted $1.12 per share for its latest quarter, 5 cents a share above estimates. Revenue was slightly below forecasts. Sales at restaurants open at least a year rose 2%, in line with analysts' forecasts.
FactSet (FDS) – FactSet beat estimates by 16 cents a share, with quarterly profit of $2.58 per share. The provider of financial information services saw revenue miss forecasts. The bottom line was helped by an increase in profit margins.
Rite Aid (RAD) – The drugstore chain reported quarterly profit of 54 cents per share, compared with a consensus estimate of 9 cents a share. Revenue also beat forecasts, with results boosted by better expense control and increased prescription business at Rite Aid pharmacies.
Micron Technology (MU) – Micron reported adjusted quarterly earnings of 48 cents per share, a penny a share above estimates. The chip maker's revenue came in above Wall Street forecasts as well. Micron said the current-quarter would represent the bottom of what's been a difficult period for the memory chip market. The news is also giving a boost to other chip stocks like Western Digital (WDC) and Nvidia (NVDA).
Boeing (BA) – Boeing's debt rating was cut one notch by Moody's, as the grounding of the jet maker's 737 Max aircraft continues. Moody's said it sees long term risk to Boeing's reputation following its move to suspend production of the jet in January.
Seattle Genetics (SGEN) – The drugmaker and Japan's Astellas Pharma won U.S. approval for their experimental drug to treat advanced bladder cancer, the first such drug to win Food and Drug Administration approval.
TiVo (TIVO) – TiVo will merge with technology licensor Xperi (XPER) in a stock-swap deal. TiVo shareholders will own about 53.5% of the combined company.
Freddie Mac (FMCC) – Freddie Mac is offering early retirement to 25% of its workers, according to a Reuters report. The move is said to be part of an effort to reform the housing finance agency.
Green Dot (GDOT) – Green Dot announced the retirement of Chief Executive Officer and founder Steve Streit, as well as Chief Financial Officer Mark Shifke. The financial technology company's chairman, William Jacobs, will serve as interim CEO.
Herman Miller (MLHR) – Herman Miller beat estimates by a penny a share, with quarterly profit of 88 cents per share. The office furniture maker's revenue came in below analysts' forecasts. The company said its results were impacted by lower-than-anticipated order levels in an uncertain economic environment, although it added that profit came in at the higher end of its forecasts despite those difficulties. | 2019-12-19T00:00:00 |
47 | https://www.cnbc.com/2018/07/10/accenture-interactive-anatoly-roytman-on-his-career-path.html | ACN | Accenture | How Accenture Interactive’s Anatoly Roytman rebuilt his career from scratch after the dotcom bubble burst | It may seem in the not-too-distant past, but when Anatoly Roytman started his own digital agency in the second half of the 1990s, digital was deemed “a very new field.”
Yet it “worked great,” he said — that is until the internet bubble burst and he went bankrupt. So in a way, he had made it, and then lost everything.
“I was starting from scratch (again),” said Roytman, now senior managing director of Accenture Interactive across Europe, Africa and Latin America (EALA).
He told CNBC’s Karen Tso on an episode of “What Drives You” how he had to find a new job and pick himself back up.
“I joined Digitas — Digitas is an agency in the States. I was with them for six years until Publicis bought them. Then I decided to go and look for different types of companies where we could combine technology and creativity,” he said. | 2018-07-10T00:00:00 |
48 | https://www.cnbc.com/2019/03/28/accenture-tops-second-quarter-estimates-raises-profit-forecast.html | ACN | Accenture | Accenture tops second-quarter estimates, raises profit forecast | Accenture on Thursday raised its full-year profit forecast after reporting better-than-expected second-quarter earnings, benefiting from its investments in digital and cloud services.
The consulting and outsourcing services provider's shares rose 4 percent before the opening bell.
Much of Accenture's recent growth has been driven by digital and cloud services, which include everything from managing clients' social media marketing strategies to helping them migrate to the cloud.
Revenue from digital, cloud and security-related services, which the company calls "the New," constituted more than 60 percent of its total revenue in the second quarter.
Accenture raised its full-year earnings per share forecast range to $7.18 to $7.32, from $7.01 to $7.25.
Net income attributable to the company rose to $1.12 billion, or $1.73 per share, in the quarter ended Feb. 28, from $863.7 million, or $1.37 per share, a year earlier.
Analysts on average had expected a profit of $1.57 per share.
Revenue rose 5.5 percent to $10.45 billion, ahead of estimates of $10.30 billion, according to IBES data from Refinitiv. | 2019-03-28T00:00:00 |
49 | https://www.cnbc.com/2023/09/15/adobe-falls-after-posting-quarterly-results-how-to-play-the-stock.html | ADBE | Adobe Inc. | Adobe falls after the software giant posts quarterly results. Here’s how to play the stock | Market Movers rounded up the latest reactions on Adobe from investors and analysts. The pros discussed the software company after it reported fiscal third-quarter earnings and revenue that beat analysts' expectations. Adobe also reported in-line forward guidance with expected fourth-quarter revenue of $4.975 billion to $5.025 billion . Bank of America and Goldman Sachs reiterated Adobe as buy . The stock closed down 4.2% Friday. Shares are up 57% for the year, getting a boost from the hype around artificial intelligence. | 2023-09-15T00:00:00 |
50 | https://www.cnbc.com/2023/11/14/tuesdays-top-stocks-that-analysts-are-watching.html | ADBE | Adobe Inc. | Here are Tuesday's biggest analyst calls: Nvidia, Tesla, Apple, Disney, Microsoft, AMD, Amazon, Adobe & more | Here are Tuesday's biggest calls on Wall Street: Wells Fargo reiterates Microsoft as overweight Wells raised its price target on the stock to $425 per share from $410 and said it still sees a slew of positive catalysts. "Post FQ1 results, we are revisiting our Q4 tactical call on MSFT . We see a favorable catalyst path still ahead, inc. updates at this week's Ignite conf + future evidence of Copilot monetization." Needham initiates Docebo as buy Needham said the learning management software company has a large total addressable market. "Our industry work suggests that learning/training are top priorities for HR buyers heading into 2024 and the TAM [total addressable market] for Docebo is significant, at $25B." Deutsche Bank upgrades Take-Two to buy from hold Deutsche said in its upgrade of the video game company that it has "increased long-term visibility." "We are upgrading Take-Two to Buy (from Hold), and increasing our 12-month price target to $175 (up from $155)." UBS upgrades Agiliti to buy from hold UBS said in its upgrade of the medical equipment company that it sees plenty of upside. "We upgrade AGTI to Buy ahead of cost improvement upside, execution of a turnaround plan, and a solution for a challenged customer base." Morgan Stanley downgrades Freyr Battery to equal weight from overweight Morgan Stanley said the battery maker faces "significant challenges." "While cash burn is manageable the stock should trade at discount to cash value until FREY shows progress on its sample cell campaign." Barclays upgrades Fortrea to overweight from equal weight Barclays said in its upgrade of the health contract research company that it sees improved bookings. "We upgrade FTRE to Overweight from Equal Weight on a stronger bookings trajectory that is likely to start flowing through to an improving top line and OpEx discipline that likely leads to EBITDA upside in '24." Barclays upgrades Mosaic and Nutrien to overweight from underweight Barclays upgraded several potash and aggriculture companies and said a compelling entry point. " MOS, NTR and ICL - Potash producers go all-in. We upgrade MOS and NTR to OW from UW, and ICL to OW from EW, as we see an attractive entry point after recent relative underperformance." JPMorgan downgrades BeautyHealth to underweight from neutral JPMorgan said there are too many negative catalysts for the beauty company. "We think investors were prepared for a softer quarter from BeautyHealth given the aesthetic prints weve seen to date; however, there's clearly more to unpack from a 3Q23 headlined by both a significant negative revision to the financial outlook and the exit of CEO Andrew Stanleick." Bernstein reiterates Apple as market perform Bernstein said it's analysis shows Apple is seeing gross margin improvement, but that's standing by its equal weight rating on the stock. "Beyond FY 24, we believe that Apple may be able to sustain flattish product gross margins, but see overall margins improving 50-100 bps per year due to a continued mix shift to services." Redburn Atlantic Equities reiterates Amazon as buy Redburn said it sees "material upside" for shares of Amazon. "We see material upside for the stock, with AWS poised for a reacceleration, ecommerce performance remaining robust and free cash flow improving." Goldman Sachs reiterates Nvidia as buy Goldman said it's bullish heading into Nvidia earnings next week. "While we do not expect the debate around CY2025 earnings power to be settled on this upcoming earnings call, we expect strong FY3Q results and FY4Q guidance as well as constructive forward-looking commentary from management to reinforce our bullish view on the stock." Baird upgrades Aspen Technology to outperform from neutral Baird said in its upgrade of the software company that it has "best-in-class" profitability. " Aspen is known in the industry as an established player with 35+ years selling optimization software to process industries including over 2,100 customers globally." Bernstein upgrades Kraft Heinz to outperform from market perform Bernstein said the stock is cheap. "We are upgrading Kraft Heinz to Outperform with a TP of $40 due to its cheap valuation, fair relative positioning in a GLP-1 world given its protein-forward portfolio in the U.S., and an improved business model implemented under Mr. Miguel Patricio." Roth MKM initiates Marvell as buy Roth said the semiconductor company is well positioned. "We are initiating coverage on Marvell Technology (MRVL) with a Buy rating and a $60 price target. We believe MRVL's broad data-infrastructure-centric portfolio is well-positioned to benefit from high-performance data center infrastructure upgrades." Roth MKM initiates Advanced Micro Devices as buy Roth initiated the stock with a buy and said it has a "differentiated portfolio." "We are initiating coverage on Advanced Micro Devices with a Buy rating and a $125 price target. We believe AMD's differentiated portfolio of high performance compute/networking processors and accelerators represents a strong investment opportunity." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by its overweight rating on shares of Tesla . "More than ever, we believe share price performance leaders/laggards will come down to capital efficiency." Evercore ISI adds Adobe to the core ideas list Evercore said the stock is well positioned heading into 2024. "While the ~78% move in Adobe shares YTD requires investors to have some patience in the near-term, we believe that Adobe is well positioned into CY24." TD Cowen upgrades Surgery Partners to outperform from market perform TD Cowen upgraded the surgical facilities company mainly on valuation. "We've patiently waited for an opportunity to recommend SGRY shares at what we deem a still-reasonable growth valuation." Barclays reiterates Disney as equal weight Barclays said it's having trouble finding upside for Disney shares. "While there could be enough variables to provide downside support at present levels, upside narrative, important for valuation expansion, remains difficult to articulate." | 2023-11-14T00:00:00 |
51 | https://www.cnbc.com/2023/11/08/wednesdays-biggest-stocks-to-watch-on-wall-street.html | ADBE | Adobe Inc. | Here are Wednesday's biggest analyst calls: Apple, Rivian, Datadog, DraftKings, Lucid, Target, Adobe and more | Here are Wednesday's biggest calls on Wall Street: UBS reiterates Apple as neutral UBS said its checks show wait times for Apple's iPhone Pro and Pro Max have fallen. "Utilizing UBS Evidence Lab that tracks iPhone availability across 30 countries, wait times for the iPhone 15 Pro and Pro Max across the US, China, Europe, and Japan fell WoW to 15 days and 10 days, respectively, on average." Loop upgrades Context Logic to hold from sell Loop upgraded the e-commerce platform company as it "seeks strategic alternatives." "We are upgrading our rating from Sell to Hold and lowering our price target from $6 to $4 on shares of WISH as the company seeks strategic alternatives." UBS reiterates Target as buy UBS lowered its price target on the stock to $174 per share from $184 but said it's standing by Target shares. "By now, we think it's well understood that Target's sales remain pressured in 3Q. The company's CEO has been vocal about the consumer pulling back, not only on discretionary items, but also on consumables. Still, we think Target managed its margin well in the quarter." Wells Fargo initiates Fair Isaac as overweight Wells Fargo said in its initiation of the software credit scoring company that it has unique assets. " FICO Scores achieved enviable de facto "market standard" status, becoming the benchmark for credit worthiness across several key verticals such as mortgage, auto, and card." Wells Fargo upgrades Glaukos to overweight from equal weight Wells Fargo upgraded the ophthalmic disease company and said it sees a slew of positive catalysts. "We are upgrading GKOS to Overweight and raising our PT to $83 due to two recent positive reimbursement updates and the upcoming launch of iDose, which represents a significant growth driver." Citi downgrades NXP Semiconductors to sell from neutral Citi said it's concerned about sales declines for the chipmaker. "It will get much worse – expect 40% downside to Consensus. We note all NXP peers are guiding sales to decline roughly 20% peak to trough and NXPI has underperformed during corrections." Bank of America upgrades Fluence Energy to buy from neutral Bank of America said the energy storage is the next big thing in renewables. "We are raising shares of FLNC to Buy with a tweaked $26 PO (+$2) as we get ourselves incrementally comfortable on accelerating storage backdrop." Cantor Fitzgerald downgrades Lucid to neutral from buy Cantor downgraded the electric vehicle company after it revised down its annual production guidance. "We are downgrading Lucid (LCID) to Neutral and lowering our PT to $6 (from $10) amidst lower expected revenues, persistent large negative gross margins, revision of the company's annual production guidance, and industry demand slowdown." TD Cowen downgrades Estée Lauder to market perform from outperform TD Cowen said in its downgrade of Estée Lauder that it sees China deteriorating. "Moving to Market Perform as Mainland China could see continued softness due to a volatile Chinese consumer, and Hainan & South Korea Travel Retail may worsen before getting better." Bank of America reiterates Rivian as buy Bank of America said Rivian is "still in [the] right place/time with right product/strategy." "We reiterate our Buy rating on RIVN, which is predicated on our view that the company is one of the most viable among the start-up EV automakers and also a relative competitive threat to incumbent OEMs." Susquehanna initiates Marqeta as positive Susquehanna said it's bullish on the fintech company for the short and long term. "We think there are a number of ways for investors to win with MQ , and a clear catalyst path to get there." Goldman Sachs upgrades Quanta Services to buy from neutral Goldman Sachs said the construction company is executing well. "On a relative basis, given PWR's continued execution track record and greater exposure to seemingly more resilient customers, we believe the pullback presents investors an opportunity to gain exposure." Raymond James downgrades Masimo to market perform from outperform Raymond James said it sees a lack of visibility for the med-tech company. "We are lowering our rating on MASI to Market Perform (from Outperform). The lack of visibility into growth, and the sizable estimate reduction are thesis-changing, combined with a valuation that is less compelling." Bank of America reiterates DraftKings as buy Bank of America said it's bullish heading in to DraftKing's investor day next week. "We think the day will focus on 1) a new medium-term revenue and profit bridge for 2026 or 2027, 2) detailed cohort and profit analyses across existing/more mature states and 3) updated TAM and market share assumptions." Bernstein reiterates Adobe as outperform Bernstein raised its price target on the stock to $660 per share from $627 and said it's growing more bullish. " Adobe has delivered on a wide and growing set of unique and valuable AI driven capabilities that are going to drive not only additional revenue from existing customers (price increase, upsell, and Gen AI tokens in the future) but more importantly attract new users." Mizuho downgrades Datadog to neutral from buy Mizuho said in its downgrade that "additional upside looks too modest." "Yesterday, DDOG defied many skeptics with a much better than expected 3Q. Total revenue growth of 25% Y/Y significantly surpassed the Street's 20% forecast." Citi upgrades Microchip to buy from neutral Citi said estimates are close to bottoming for the integrated circuits manufacturer. "We are upgrading MCHP to Buy as we believe the Consensus estimates are close to bottoming and the three factors that caused MCHP to trade at a discount – high debt, low tax, conglomerate discount – are going away." JPMorgan upgrades Datadog to overweight from neutral JPMorgan said the worst is behind Datadog. "We are upgrading Datadog shares to OW from Neutral and increasing our price target to $115. As a reminder, DDOG shares peaked at nearly $200 per share in 2021 and have produced zero return for the past three years– so the bigger picture has been a challenging multi-year period." | 2023-11-08T00:00:00 |
52 | https://www.cnbc.com/2023/07/31/morgan-stanley-upgrades-adobe-cites-ai-acceleration.html | ADBE | Adobe Inc. | Morgan Stanley upgrades Adobe, cites A.I. acceleration | Morgan Stanley thinks Adobe can benefit from artificial intelligence-powered products even more. The bank upgraded Adobe to overweight from equal weight Monday and hiked its price target to $660 per share from $510. Morgan Stanley's new forecast now implies nearly 25% upside. The stock had climbed more than 57% year to date. ADBE YTD mountain Adobe year to date Analyst Keith Weiss said that while Adobe may have been "late to the party," the company still stands to gain from artificial intelligence integration across its line of products. "Importantly, GenAI products like Firefly coupled with enhancements to flagship applications renew our confidence in a robust product innovation engine at Adobe," Weiss said. Weiss also pointed to the popular Adobe Creative Cloud, which could push the company's earnings-per-share compounded annual growth rate toward 17% from 2022 to 2025. "Supported by one of the strongest franchises in software, Adobe's Creative Cloud is well positioned to integrate Generative AI functionality into existing workflows of a broad base of subscribers, enabling stickier customer engagement and opportunity to monetize incremental productivity provided to users," he said. — CNBC's Michael Bloom contributed to this report. | 2023-07-31T00:00:00 |
53 | https://www.cnbc.com/2024/04/11/a-dreaded-death-cross-chart-pattern-points-to-even-more-losses-for-this-struggling-software-stock.html | ADBE | Adobe Inc. | A dreaded 'death cross' chart pattern points to even more losses for this struggling software stock | Adobe showed all the technical characteristics of a top performer during the second half of 2023. After a key breakout in May of last year, ADBE pounded out a clear pattern of higher highs and higher lows, along with consistently strong momentum and impressive relative strength. But 2024 has been a dramatically different year, with almost every bullish factor listed above reversing to a more bearish reading. This week, ADBE flashed the dreaded "death cross" signal — a pattern that typically points to further downside — with the 50-day moving average crossing down through the 200-day moving average. Is this just the beginning of a protracted downtrend for this software name? The technical evidence would suggest further downside is very much a possibility. Adobe created a classic double top pattern in January, when the stock retested the December 2023 high around $630 and failed to break above this resistance level. Price momentum has shifted to a bearish range, with the relative strength consistently below 50 over the past two months. It's worth noting that the death cross observed this week happened only after the stock had established a clear downtrend of lower highs and lower lows. This sort of moving average technique is very much a lagging indicator, meant to confirm a downtrend that has already begun. In fact, the last time Adobe flashed a death cross was in January 2022. The stock was already down about 25% from its November 2021 high when the pattern appeared, and ADBE lost another 45% in value after that bearish signal. What downside objectives can we identify based on the current setup? Let's incorporate Fibonacci retracements as a way to anticipate potential support levels, assuming this downtrend continues. Now we can see that the gap lower in March, after the Q1 earnings release, dropped the price right down to the 38.2% Fibonacci retracement level. This support level, just below $500, aligns well with the September 2023 price low. Although ADBE experienced a brief bounce higher after that downside gap, the bears regained control in recent weeks. Now that the first Fibonacci level has been broken, this would suggest further downside with potential support at the 61.8% level around $411, along with secondary support at the 50% level around $453. Back in 2022, a similar death cross resulted in an additional 45% drop for Adobe before the eventual low was established. While a repeat of that sort of extreme downtrend may seem unlikely, the bearish configuration of price action, moving averages, RSI, and relative strength suggests that investors should treat this stock as guilty until proven innocent. -David Keller, CMT marketmisbehavior.com DISCLOSURES: None THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer. | 2024-04-11T00:00:00 |
54 | https://www.cnbc.com/2023/06/15/adobe-ceo-says-ai-will-wont-replace-human-ingenuity-itll-augment-it.html | ADBE | Adobe Inc. | Adobe CEO says A.I. will won't replace human ingenuity, it'll augment it | Adobe CEO Shantanu Narayen told CNBC's Jim Cramer that generative artificial intelligence will augment human ingenuity, not replace it.
Adobe's Firefly software makes heavy use of generative AI, which users can employ in the company's popular suite of programs like Photoshop and Illustrator.
Narayen said the software will increase productivity and give smaller businesses the chance to more easily develop their ideas.
"It's going to bring so many more marketing folks, or small or medium business, into the fold in terms of saying, we have this creative idea, and now we can use the tools even more easily to create it," he said. "And so, it really is about this accelerant, it's about more affordability, and it's about more accessibility. And Adobe has always, always won when we solve problems and we allow more people into the field."
He called generative AI's ability to "hallucinate," or generate new images, magic.
"It is almost like you can focus exactly on what you want the output to be, and the computer does this magic, and so often, as I've been playing with it, I tell myself, 'How did it do that?'" Narayen said. "So, you know, it really is this sort of incredible co-pilot, or agent on your behalf that's able to understand what you're trying to accomplish before you even have the desire to do it, it does it for you."
Narayen added that Firefly is integrated with the company's free software, Adobe Express.
The company is fresh off a successful quarter, reporting $4.82 billion in revenue, exceeding estimates of $4.77 billion. Adobe stock finished up more than 2% on Thursday. | 2023-06-15T00:00:00 |
55 | https://www.cnbc.com/2023/10/26/thursdays-biggest-stocks-to-watch-on-wall-street.html | ADBE | Adobe Inc. | Here are Thursday's biggest analyst calls: Meta, Apple, Microsoft, Live Nation, Adobe, Disney & more | Here are Thursday's biggest calls on Wall Street: Evercore ISI upgrades Live Nation to outperform from market perform Evercore said it sees an attractive entry point for the live theater and entertainment company. "Regulatory overhang, uncertainty about '24 growth, and upside to nearterm estimates creates an attractive entry point for Live Nation's equity. Bank of America reiterates Meta as buy Bank of America said it's standing by its buy rating after Meta's earnings report on Wednesday. "With expense guide resolving some uncertainty, we believe stock can see renewed enthusiasm on 2024 upside, while growing optimism on AI capabilities can drive multiple expansion. Piper Sandler reiterates Apple as overweight Piper said it's standing by its overweight rating on the stock ahead of earnings next week. "We are reducing estimates on Apple's December quarter guide ahead of earnings next week. The primary reasons for our cut are a tough global phone environment, initial weakness for iPhones in China, and slightly tough compares for Mac and iPad." Goldman Sachs reiterates ServiceNow as buy Goldman said it's standing by its buy rating on the stock after Wednesday's robust earnings report. "With its strategic positioning across multiple end-markets in enterprise software ($220bn TAM), coupled with still significant margin unlock vs. scale peers (e.g. MSFT, ADBE), we continue to view ServiceNow as amongst the most compelling investment opportunities in software." DA Davidson upgrades Adobe to buy from hold DA said the stock is "best-in-class." "We are upgrading Adobe to a BUY rating and adding it to D.A. Davidson's 'Best-of-Breed Bison' list, comprising a select group of long-term best in class companies with sustainable competitive moats." KeyBanc downgrades Thermo Fisher to sector weight from overweight Key said it sees too many moving parts for Thermo Fisher. "We see lower growth than peers in FY24 and release a revised earnings model." Oppenheimer upgrades Adobe to outperform from market perform Oppenheimer said the stock has a "favorable outlook." "We raise our rating on Adobe to Outperform from Perform and initiate a $660 target on the stock as we see a strengthening business momentum, a favorable outlook for FY2024, and durable growth based on positive fundamental trends and a top position in software for the generative AI opportunity gleaned from our customer and industry surveys." HSBC upgrades Microsoft to buy from hold HSBC said the Microsoft has an "attractive valuation." "We upgrade MSFT to Buy (from Hold) after stronger-than expected 1Q FY24 results and on our improved outlook." Bank of America downgrades F5 Networks to underperform from neutral Bank of America said in its downgrade of the security and networking company that it sees muted growth for F5. "F5's stock has underperformed NASDAQ in four of the last five years, and is up only 6% YTD vs. NASDAQ's 23%. We expect revenue growth to remain muted, at -2% and +4% over the next two years, and believe the stock may continue to underperform our coverage universe." Cantor Fitzgerald initiates Rocket Lab as buy Cantor said in its initiation of the space company that it has a "proven and successful launch track record." " Rocket Lab is a space company that develops and launches orbital rockets that deploy payloads for government and commercial customers." Citi reiterates Endeavor as buy Citi said in a note on Wednesday night that the entertainment company should consider going private. "Earlier [Wednesday], Endeavor released an 8K suggesting it was reviewing its strategic alternatives. Shortly thereafter, Silver Lake (who controls 71% of the Endeavor vote) announced it was considering taking Endeavor private. Given the sharp deterioration in Endeavor's equity value, this doesn't come as a big surprise." Bank of America initiates Paycom as buy Bank of America said it's bullish on the "fast growth" payroll and human resources company. "We are initiating coverage of Paycom with a Buy rating and $330 PO, implying upside of 30%. Piper Sandler reiterates Amazon as overweight Piper Sandler said it thinks Microsoft and Alphabet's earnings reports portend well for Amazon's quarterly report on Thursday. "For AMZN stock, down from the recent highs, we believe that this commentary has already been partially absorbed." Redburn Atlantic Equities reiterates Disney as sell Redburn said estimates remain too high with too many challenges for Disney. "With estimates still too high in our view, we remain confident in our Sell recommendation." Jefferies downgrades Bath & Body Works to hold from buy Jefferies said in its downgrade of the stock that it sees slowing growth. "We are downgrading to Hold as we see limited growth opptys. Our data across social, foot traffic, & share suggest a slowing of trends for BBWI." Northland upgrades Nextracker to outperform from market perform Northland upgraded Nextracker after the solar tracker solutions company's robust earnings report. "With such strong results, however, we expect the stock to rise still further as the merger arbitrage bets settle in and the stock begins being driven by fundamentals." | 2023-10-26T00:00:00 |
56 | https://www.cnbc.com/2023/09/15/stocks-making-big-premarket-moves-arm-gm-ford-adobe-and-more.html | ADBE | Adobe Inc. | Stocks making the biggest moves premarket: Arm Holdings, GM, Ford, Adobe and more | General Motors assembly workers picket outside the General Motors Bowling Green plant during the United Auto Workers national strike in Bowling Green, Kentucky, October 10, 2019.
Check out the companies making headlines before the bell.
KeyCorp — The Cleveland-based regional bank rose almost 2% premarket after Piper Sandler said the shares have begun to recover and it's growing "more comfortable" with its profit estimates. Piper upgraded KeyCorp to overweight from neutral.
Keysight Technologies — Shares added about 1.5% after Morgan Stanley upgraded the test and measurement equipment maker to overweight from equal weight. The investment bank said Keysight's current valuation doesn't reflect its double-digit earnings growth.
Apellis Pharmaceuticals — The biopharmaceutical company climbed 3.5% before the open after Wells Fargo upgraded to overweight from equal weight. The bank said Apellis offers a favorable risk-reward ahead of third-quarter earnings.
General Motors , Ford , Stellantis — GM and Ford fell less than 1% and Stellantis rose less than 1% after the United Auto Workers went on strike Thursday night. About 12,700 workers at three key assembly plants walked out, according to the union.
Unity Software — Shares in the video game developer stock added almost 3% premarket on the heels of an upgrade to buy from Bank of America. A stable advertising business, better monetized game engine, priced-in "risks and execution issues" and "potential upside" to 2024-25 earnings estimates underpinned the upgrade.
DoorDash — Shares of the food delivery company slid almost 3% premarket after MoffettNathanson downgraded DoorDash to market perform from outperform. The research firm said that the resumption of student loan payments could hurt food delivery demand.
Arm Holdings — Shares of the semiconductor and software stock gained 5.4% premarket after its rally on Thursday, when the company made its Nasdaq debut through an initial public offering and jumped nearly 25%. Needham initiated coverage of the British company with a hold rating, saying Arm's valuation looks "full" in a post-smartphone era.
Adobe — Shares fell 3.4% on the back of the company's fiscal third-quarter earnings report Thursday. Earnings and revenue at the Photoshop and Acrobat maker beat analysts' estimates and forward guidance matched Street projections. While Goldman Sachs and Bank of America reiterated buy ratings, JPMorgan remained neutral, citing macroeconomic headwinds and a high premium for Adobe's pending acquisition of Figma for $20 billion.
Nucor — The steelmaker fell 2.3% before the open after issuing weaker-than-expected earnings guidance for the third quarter, citing weaker pricing and volumes. Nucor forecast earnings between $4.10 and $4.20 per share, versus the $4.57 expected by analysts polled by LSEG.
— CNBC's Brian Evans, Michelle Fox, Alex Harring, Hakyung Kim, Tanaya Macheel, Jesse Pound and Pia Singh contributed reporting. | 2023-09-15T00:00:00 |
57 | https://www.cnbc.com/2023/09/08/premarket-movers-kroger-docusign-snowflake-adobe-and-more.html | ADBE | Adobe Inc. | Stocks making the biggest moves before the bell: Kroger, DocuSign, Snowflake, Adobe and more | The DocuSign website is seen on a laptop in Dobbs Ferry, New York, April 1, 2021.
Check out the companies making headlines in premarket trading.
Kroger — The supermarket chain fell 2.8% following a mixed second-quarter report. Kroger reported earnings per share ex-tems of 96 cents, beating the consensus forecast of 91 cents from analysts polled by LSEG, formerly known as Refinitiv. But Kroger posted $33.85 billion in quarterly revenue, under the $34.13 billion anticipated by analysts, and said it would pay as much as $1.2 billion to settle most claims related to opioids.
Planet Labs — The satellite imagery stock slipped 2.6% in premarket trading after delivering a weaker-than-expected quarterly report Thursday. Planet Labs posted a loss of 14 cents per share on revenue of $53.8 million in the second quarter, while analysts surveyed by LSEG anticipated a loss of 8 cents per share and revenue of $54.1 million. Current-quarter and full-year guidance missed Wall Street estimates.
DocuSign — The electric signature stock advanced 2.4% in premarket trading on the heels of a stronger-than-expected quarterly report released Thursday. DocuSign posted adjusted earnings per share of 72 cents on $688 million in revenue, while analysts surveyed by LSEG forecast earnings of 66 cents per share and revenue of $678 million.
Snowflake — Shares of the cloud data provider rose nearly 2% in premarket trading after D.A. Davidson initiated research coverage of the stock with a buy rating. The Wall Street firm said Snowflake is in an advantageous position with "best-in-class growth rates" and is set to benefit from increased demand for artificial intelligence applications.
First Solar — Shares added 2.8% in early trading after being upgraded to buy from hold by Deutsche Bank on Thursday. The Wall Street firm cited First Solar's strong growth message during its investors day. It also raised its price target to $235 a share, implying 30% upside.
Adobe — The maker of Photoshop software rose nearly 2% in premarket trading after Mizuho upgraded it to buy from neutral. Mizuho said that accelerating web traffic is a reason to become more optimistic on Adobe. The company will report its next quarterly results Sept. 14.
Gilead Sciences — The maker of antiviral drugs rose 1.6% in premarket trading. On Friday, Bank of America upgraded Gilead to buy from neutral, saying its growing pipeline is unappreciated by investors. The bank also raised its price target to $95 from $88, representing more than 25% upside from Thursday's close.
RH — The home goods retailer dropped 7.3% in premarket trading after third-quarter guidance fell short of analysts' estimates, according to FactSet. "We continue to expect the luxury housing market and broader economy to remain challenging throughout FY23 and into next year as mortgage rates continue to trend at 20-year highs, and the current outlook is for rates to remain unchanged until the second quarter of 2024," CEO Gary Friedman said in a letter to shareholders.
— CNBC's Yun Li, Sarah Min, Jesse Pound, Michelle Fox and Scott Schnipper contributed reporting. | 2023-09-08T00:00:00 |
58 | https://www.cnbc.com/2023/08/17/stocks-making-the-biggest-premarket-moves-.html | ADBE | Adobe Inc. | Stocks making the biggest premarket moves: Walmart, Adobe, Cisco, Hawaiian Electric and more | The Walmart logo is seen near its store in Williston, Vermont, June 19, 2023.
Check out the companies making the biggest moves in premarket trading.
Walmart — Shares added as much as 1% after the big-box retailer raised its full-year forecast and reported an earnings and revenue beat. Adjusted earnings per share for the quarter was $1.84, topping the $1.17 expected from analysts polled by Refinitv. Revenue came in at $161.63 billion, versus the $160.27 expected.
Cisco Systems — The computer networking giant added 2.2% following its earnings beat postmarket Wednesday. Adjusted earnings per share for its fiscal fourth quarter came in at $1.14, topping the $1.06 expected from analysts polled by Refinitiv. Revenue was $15.2 billion, compared with the $15.05 billion expected.
Adobe — The software company added about 2% after Bank of America upgraded shares to buy from neutral. The bank said Adobe was on the verge of becoming a leader in artificial intelligence. Bank of America also upped its price target to $630 per share from $575, implying more than 22% upside from Wednesday's close.
Hawaiian Electric — The utility company that oversees Maui Electric sank nearly 18% in premarket trading, continuing its slide over concerns of its potential liability in Maui's wildfires. On Wednesday, The Wall Street Journal reported Hawaiian Electric is in talks with firms that specialize in restructuring. On Thursday, Bank of America lowered its price target on the stock for the second time this week, from $11 to $10.
CVS — Shares tumbled about 7% in the premarket after Blue Shield of California announced it is moving from CVS to Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy. Blue Shield of California will still use CVS Caremark for specialty drugs and to provide prescriptions for patients with complex conditions.
Wolfspeed — Shares dropped nearly 17% following the company's earnings report after the bell Wednesday. Wolfspeed posted an adjusted earnings-per-share loss of 42 cents for its fiscal fourth quarter, missing expectations of a loss per share of 20 cents, according to Refinitiv. However, the company's revenue tops estimates.
Ball Corp . — The stock popped 3% in premarket trading after BAE Systems announced it was buying Ball's aerospace business for $5.55 billion in cash.
VinFast Auto — Shares of the electric vehicle startup fell nearly 5% in premarket trading as VinFast's stock searches for its level after debuting earlier this week. The stock rose more than 250% Tuesday in the first session after VinFast merged with a special purpose acquisition company, but shares retreated nearly 19% Wednesday.
— CNBC's Alex Harring, Jesse Pound and Michael Bloom contributed reporting. | 2023-08-17T00:00:00 |
59 | https://www.cnbc.com/2024/03/05/amd-reportedly-hits-us-regulatory-roadblock-for-chain-tailored-chip.html | AMD | Advanced Micro Devices | AMD reportedly hits U.S. regulatory roadblock for China-tailored chip | A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023.
American semiconductor company Advanced Micro Devices has failed in getting a made-for-China AI chip past U.S. regulators and will need to apply for an export license, Bloomberg reported Tuesday.
The report said AMD designed the chip to have lower performance than its premium products in order to comply with U.S. export restrictions. But Bloomberg reported the Commerce Department did not clear the chip for sale in China because it was still too advanced.
AMD will now have to obtain a license from the department's Bureau of Industry and Security, the report said.
It's not clear if the company will apply for the license. AMD and the Commerce's Bureau of Industry and Security did not immediately respond to CNBC's requests for comment.
While the U.S. has restricted sales of products containing the nation's most advanced semiconductor technologies to China, citing national security concerns, American companies have continued to sell mature or less advanced technologies to the massive market without licenses.
AMD's products include chips that can be used to develop and train AI models - something U.S. officials have warned that Beijing could use to gain military advantages. | 2024-03-05T00:00:00 |
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