Here are Friday's biggest analyst calls of the day: Beyond Meat, Wells Fargo, Amazon & more
- Citi raised its price target on Amazon to $3,550 from $2,700.
- Goldman Sachs raised its price target on Netflix to $670 from $540.
- Rosenblatt raised its price target on Nvidia to $500 from $400.
- RBC downgraded Redfin to sector perform from outperform.
- Citi initiated Beyond Meat as sell.
- Susquehanna upgraded Foot Locker to positive from neutral.
- Evercore ISI added Wells Fargo to the tactical outperform list.
- Baird upgraded Wells Fargo to outperform from neutral.
CNBC PRO subscribers can read more here. — Michael Bloom
Stocks tick higher at the open after positive Gilead news
U.S. stocks inched higher at the start of the regular session Friday morning, buoyed by an announcement from Gilead Sciences that its antiviral drug helped reduce mortality in patients with Covid-19. The Dow Jones Industrial Average added 12 points while the broad S&P 500 also advanced less than 0.1%. The Nasdaq Composite, up more than 3% so far this week, traded just above the flatline at the opening bell. — Thomas Franck
Biden says he wants to end the 'era of shareholder capitalism'
Joe Biden said Thursday evening that he wants to end the "era of shareholder capitalism." Biden, the presumptive Democratic nominee for president, blasted President Donald Trump for his focus on the equity market during the coronavirus pandemic and promised to overhaul the tax code to make it more equitable.
"Throughout this crisis, Donald Trump has been almost singularly focused on the stock market, the Dow and Nasdaq. Not you. Not your families," he said at an event in Pennsylvania. "If I am fortunate enough to be elected president, I'll be laser-focused on working families, the middle-class families I came from here in Scranton. Not the wealthy investor class. They don't need me." — Thomas Franck, Jesse Pound
U.S. reports new daily record for cases
The United States reported more than 63,000 new cases of Covid-19 on Thursday, according to data compiled by Johns Hopkins University, the second time this week the country has set a new daily record. The seven-day average for the U.S. now stands at 53,699 new cases per day. — Jesse Pound, Will Feuer
Pelosi rejects capping stimulus bill at $1 trillion
House Speaker Nancy Pelosi rejected the Trump Administration's plan to cap the second coronavirus relief stimulus plan at $1 trillion. "A trillion dollars is OK, that's an interesting starting point. But that doesn't come anywhere near," the top Democrat said at her news conference, Politico reported on Thursday. Pelosi said Congress would need double the $1 trillion figure amid the uptick in coronavirus cases across the U.S. — Maggie Fitzgerald
U.S. producer prices unexpectedly fall in June
The Labor Department reported Friday morning that U.S. producer prices unexpectedly fell in June as businesses continued to grapple with the Covid-19 pandemic. The government said its producer price index (PPI) for final demand dropped 0.2% last month after rebounding 0.4% in May. Economists polled by Reuters had forecast the PPI advancing 0.4% in June. — Thomas Franck
Gilead says its antiviral drug remdesivir reduces mortality risk
Biotech firm Gilead Sciences said Friday that its antiviral drug remdesivir, a coronavirus treatment candidate, showed an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard of care. Shares of Gilead jumped 2% in premarket trading following the announcement, and the broader futures market also pared losses. — Yun Li
Amazon, Netflix get new Street-high price targets
Wall Street analysts continued to back Big Tech on Friday, with Amazon and Netflix both receiving price target hikes that showed double-digit upside. Both stocks have soared this year, helping tech outperform the rest of the market. Netflix is slated to report quarterly earnings next week. — Jesse Pound
Big Tech on track for strong weekly performance
Shares of some of the nation's largest technology and communications companies are responsible for the Nasdaq Composite's relative outperformance versus the S&P 500 and Dow this week. Names like Amazon (up 10.1% for the week), Tesla (up 15.3%), Advanced Micro Devices (up 9.3%) and Netflix (up 6.4%) have all helped carry the Nasdaq to multiple record closes since Monday.
Tom Essaye, editor of the Sevens Report, wrote Friday that even the S&P 500 has thus far held onto its week-to-date advance in large part thanks to Microsoft, Amazon and Apple. He and others have noted that investors may prefer these stocks for their demonstrated ability to post earnings even when the broader economy is weak.
"Those three stocks have accounted for the vast majority of the S&P 500's outperformance over the past month (and the entire year). Without them, the S&P 500 would look a lot more like those other indices and the 10-year yield, i.e., cautioning on future economic growth," he wrote. — Thomas Franck
BioNTech shares rise on reported coronavirus vaccine progress
A German biotech firm said it has a coronavirus vaccine that will be ready for approval by the end of the year. Shares of BioNTech rose 2% in premarket trading following a Wall Street Journal report that it will be seeking regulatory approval for its vaccine that uses experimental technology known as messenger RNA, or mRNA. BioNTech is one of 17 firms globally that are currently testing on humans in the fight against the virus. The company told the Journal it could have millions of doses produced even before it gets the regulatory green light, and could have more than a billion by the end of 2021. However, CEO Dr. Ugur Sahin said that even with vaccines, it could take a decade before the world develops sufficient immunity to the virus. — Jeff Cox
Futures point to Friday losses, but tech again blunts Nasdaq's dip
Futures tied to the major U.S. stock indexes pointed to losses on the week's final day of trading as investors headed for the relative safety of government debt amid the potential for bearish coronavirus headlines over the weekend.
Dow Jones futures fell 128 points, or 0.5%. The move implied a loss of about 142 points at the open. S&P 500 futures fell 0.4%. The decline threatened to push the S&P 500 into negative territory for the week and added to an already-down week for the Dow.
Nasdaq-100 futures were down just 0.3%. The Nasdaq has for nearly the entire week outperformed the two other major indexes amid hardiness among the largest tech and communications stocks.
The Composite, up 3.3% for the week through Thursday's close, has notched multiple record closes this week thanks to a 10.1% rally in Amazon, a 6.4% advance in Netflix, a 5% rise for Apple and a 9% climb for chipmaker Nvidia. — Thomas Franck
"stock" - Google News
July 10, 2020 at 07:04PM
https://ift.tt/2CiTkKe
Stock market live updates: Stocks inch higher, More good Gilead news, Amazon shares gain - CNBC
"stock" - Google News
https://ift.tt/37YwtPr
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "Stock market live updates: Stocks inch higher, More good Gilead news, Amazon shares gain - CNBC"
Post a Comment