Wake Up Wall Street (SPY) (QQQ): Quiet session after Friday surge and Federal Reserve blackout
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UNLOCK OFFERHere is what you need to know on Monday, January 23
Equity markets are set for a flat opening in the United States after a fairly quiet European session. Large parts of Asia are off for Chinese New Year and Friday’s strong close on Wall Street has led to a cautious session. With earnings season really kicking in later this week investors are cautious. Also, we are now in the Federal Reserve blackout period before the next FOMC meeting and later this week we get the Gross Domestic Product and inflation data releases, further helping the risk-neutral sentiment.
The US Dollar remains under pressure down to 102 now for the Dollar Index. Gold price meanwhile also lower to $1,924 and Oil is steady at $82.20.
European indexes, CAC and Eurostoxx are lower by -0.3% while FTSE and DAX are flat.
US futures are lower, Nasdaq and S&P -0.2% and Dow -0.1%.
Wall Street top news
ECB Kazimir speaks of two more 50bps rate hikes.
Disney (DIS) Avatar grosses over $2 billion.
Reuters top news
Baker Hughes Co: (BKR) The oilfield services company missed fourth-quarter profit estimates.
Abbott Laboratories: (ABT) The drugmaker's Michigan plant, which was at the center of the U.S. baby formula shortage last year, faces a criminal investigation by the Justice Department, the Wall Street Journal reported on Friday.
Apple Inc: (AAPL) The company wants India to account for up to 25% of its production from about 5%-7% now, the trade minister told a conference, as the iPhone maker continues to move its manufacturing away from China.
Goldman Sachs Group Inc: (GS) The bank's asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank's earnings, an executive told Reuters.
Nokia Oyj: (NOK) The company said it has signed a new cross-license patent agreement with Samsung.
PayPal Holdings Inc: (PYPY) Germany's cartel office regulator said it had initiated proceedings against the payment company in Europe over the possibility that it hindered competition.
Salesforce Inc: (CRM) Activist investor Elliott Management has made a multi-billion dollar investment in the cloud-based software firm, according to people familiar with the matter.
Spotify Technology SA: (SPOT) The company is planning layoffs as soon as this week to cut costs, Bloomberg News reported on Sunday.
Western Digital Corp: (WDC) The memory chip maker and Japan's Kioxia Holdings are in advanced talks for a possible merger which will involve a dual-listing, Bloomberg News reported on Friday.
Upgrades and downgrades
Upgrades
Monday, January 23, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Advanced Micro |
AMD |
Barclays |
Equal Weight>>Overweight |
$70>>$85 |
|
Qualcomm |
QCOM |
Barclays |
Equal Weight>>Overweight |
$120>>$150 |
|
Seagate Tech |
STX |
Barclays |
Equal Weight>>Overweight |
$50>>$70 |
|
Skyworks |
SWKS |
Barclays |
Equal Weight>>Overweight |
$95>>$125 |
|
Sotera Health |
SHC |
JP Morgan |
Underweight>>Neutral |
$6>>$18 |
|
Shopify |
SHOP |
Deutsche Bank |
Hold>>Buy |
$40>>$50 |
|
AssetMark |
AMK |
JP Morgan |
Neutral>>Overweight |
$24>>$32 |
Downgrades
Monday, January 23, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Applied Materials |
AMAT |
Barclays |
Equal Weight>>Underweight |
$80>>$90 |
|
Ingredion |
INGR |
Barclays |
Overweight>>Equal Weight |
$105>>$110 |
|
KLA Corporation |
KLAC |
Barclays |
Equal Weight>>Underweight |
$260>>$325 |
|
Tapestry |
TPR |
Barclays |
Overweight>>Equal Weight |
$43 |
|
Warner Music Group |
WMG |
Barclays |
Overweight>>Equal Weight |
$35 |
|
Range Resources |
RRC |
The Benchmark Company |
Buy>>Hold |
|
|
SentinelOne |
S |
Deutsche Bank |
Buy>>Hold |
$20>>$15 |
|
Workday |
WDAY |
Deutsche Bank |
Buy>>Hold |
$215>>$195 |
|
Veeco Instruments |
VECO |
Barclays |
Overweight>>Equal Weight |
$19>>$20 |
Source: WSJ.com
Economic releases
Here is what you need to know on Monday, January 23
Equity markets are set for a flat opening in the United States after a fairly quiet European session. Large parts of Asia are off for Chinese New Year and Friday’s strong close on Wall Street has led to a cautious session. With earnings season really kicking in later this week investors are cautious. Also, we are now in the Federal Reserve blackout period before the next FOMC meeting and later this week we get the Gross Domestic Product and inflation data releases, further helping the risk-neutral sentiment.
The US Dollar remains under pressure down to 102 now for the Dollar Index. Gold price meanwhile also lower to $1,924 and Oil is steady at $82.20.
European indexes, CAC and Eurostoxx are lower by -0.3% while FTSE and DAX are flat.
US futures are lower, Nasdaq and S&P -0.2% and Dow -0.1%.
Wall Street top news
ECB Kazimir speaks of two more 50bps rate hikes.
Disney (DIS) Avatar grosses over $2 billion.
Reuters top news
Baker Hughes Co: (BKR) The oilfield services company missed fourth-quarter profit estimates.
Abbott Laboratories: (ABT) The drugmaker's Michigan plant, which was at the center of the U.S. baby formula shortage last year, faces a criminal investigation by the Justice Department, the Wall Street Journal reported on Friday.
Apple Inc: (AAPL) The company wants India to account for up to 25% of its production from about 5%-7% now, the trade minister told a conference, as the iPhone maker continues to move its manufacturing away from China.
Goldman Sachs Group Inc: (GS) The bank's asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank's earnings, an executive told Reuters.
Nokia Oyj: (NOK) The company said it has signed a new cross-license patent agreement with Samsung.
PayPal Holdings Inc: (PYPY) Germany's cartel office regulator said it had initiated proceedings against the payment company in Europe over the possibility that it hindered competition.
Salesforce Inc: (CRM) Activist investor Elliott Management has made a multi-billion dollar investment in the cloud-based software firm, according to people familiar with the matter.
Spotify Technology SA: (SPOT) The company is planning layoffs as soon as this week to cut costs, Bloomberg News reported on Sunday.
Western Digital Corp: (WDC) The memory chip maker and Japan's Kioxia Holdings are in advanced talks for a possible merger which will involve a dual-listing, Bloomberg News reported on Friday.
Upgrades and downgrades
Upgrades
Monday, January 23, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Advanced Micro |
AMD |
Barclays |
Equal Weight>>Overweight |
$70>>$85 |
|
Qualcomm |
QCOM |
Barclays |
Equal Weight>>Overweight |
$120>>$150 |
|
Seagate Tech |
STX |
Barclays |
Equal Weight>>Overweight |
$50>>$70 |
|
Skyworks |
SWKS |
Barclays |
Equal Weight>>Overweight |
$95>>$125 |
|
Sotera Health |
SHC |
JP Morgan |
Underweight>>Neutral |
$6>>$18 |
|
Shopify |
SHOP |
Deutsche Bank |
Hold>>Buy |
$40>>$50 |
|
AssetMark |
AMK |
JP Morgan |
Neutral>>Overweight |
$24>>$32 |
Downgrades
Monday, January 23, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Applied Materials |
AMAT |
Barclays |
Equal Weight>>Underweight |
$80>>$90 |
|
Ingredion |
INGR |
Barclays |
Overweight>>Equal Weight |
$105>>$110 |
|
KLA Corporation |
KLAC |
Barclays |
Equal Weight>>Underweight |
$260>>$325 |
|
Tapestry |
TPR |
Barclays |
Overweight>>Equal Weight |
$43 |
|
Warner Music Group |
WMG |
Barclays |
Overweight>>Equal Weight |
$35 |
|
Range Resources |
RRC |
The Benchmark Company |
Buy>>Hold |
|
|
SentinelOne |
S |
Deutsche Bank |
Buy>>Hold |
$20>>$15 |
|
Workday |
WDAY |
Deutsche Bank |
Buy>>Hold |
$215>>$195 |
|
Veeco Instruments |
VECO |
Barclays |
Overweight>>Equal Weight |
$19>>$20 |
Source: WSJ.com
Economic releases
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