Wake Up Wall Street (SPY) (QQQ): Mixed earnings, but all eyes on the Fed
|Here is what you need to know on Tuesday, January 31:
Equity markets are set for another lackluster session after some mixed earnings as all eyes turn to the Federal Reserve decision tomorrow. Caterpillar (CAT) falls as does Pfizer (PFE). Exxon (XOM) introduced a large buyback package, and later this week we get Apple (AAPL) and Amazon (AMZN). So far yesterday was marked with a tick higher in yields after some surprises on the European side pushed US yields along. The NASDAQ took fright and closed 2% lower and stocks in general struggled. Tuesday is likely no different but with even less liquidity.
The US Dollar has staged a brief recovery as risk-off sentiment dominates. Investors fear the Fed may not pivot so soon after all. The Dollar Index is back to 102.22 now, oil is lower to $77.41, and Gold too struggles down to $1,915.
European markets are flat for CAC and Eurostoxx, while FTSE and Dax are both -0.4%.
US futures are all +0.1%.
Wall Street top news
Mcdonald's (MCD) beats on top and bottom lines.
General Motors (GM) beats on top and bottom lines.
Ford (F) to lower price of Mach-E.
UPS earnings beat on EPS.
Exxon Mobil (XOM) is down despite strong earnings.
Caterpillar (CAT) falls on profit miss.
Pfizer (PFE) is down on poor guidance.
International Paper (IP) beats on EPS.
Reuters top headlines
Marathon Petroleum Corp (MPC): The company beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for refined products.
Spotify Technology SA (SPOT): The company reported fourth-quarter results that beat expectations for both active users and subscribers, forecasting the number of listeners would reach 500 million next quarter.
UBS Group AG: The Swiss predicted an "uncertain" year ahead plagued by accelerating inflation and higher interest rates after UBS beat estimates in its latest quarter.
Upgrades and downgrades
Upgrades
Tuesday, January 31, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
FibroGen |
FGEN |
William Blair |
Mkt Perform>>Outperform |
|
|
LyondellBasell |
LYB |
Atlantic Equities |
Neutral>>Overweight |
$110 |
|
New Fortress Energy |
NFE |
BTIG Research |
Neutral>>Buy |
$50 |
|
Inter & Co |
INTR |
Goldman |
Neutral>>Buy |
$4.6>>$4.2 |
|
WPP plc |
WPP |
Barclays |
Equal Weight>>Overweight |
|
|
Societe Television Francaise 1 |
TVFCF |
Barclays |
Underweight>>Equal Weight |
|
|
BAE Systems |
BAESY |
UBS |
Neutral>>Buy |
|
|
Banco de Sabadell |
BNDSF |
UBS |
Neutral>>Buy |
|
|
FleetCor |
FLT |
BofA Securities |
Neutral>>Buy |
$208>>$240 |
Downgrades
Tuesday, January 31, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Bank of America |
BAC |
Atlantic Equities |
Overweight>>Neutral |
$40 |
|
Eastern Bankshares |
EBC |
JP Morgan |
Neutral>>Underweight |
$19.5>>$15 |
|
Invitae |
NVTA |
Goldman |
Neutral>>Sell |
$2 |
|
Q2 Holdings |
QTWO |
Robert W. Baird |
Outperform>>Neutral |
$32 |
Source: WSJ.com
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