Here is what you need to know on Friday, February 17:
Equity markets remained on the defensive after yet more hawkish data and central bank comments on Thursday. Bond yields continued to push higher and have now ticked up nearly 50 basis points in the past two weeks. Equity markets up here as a result look very rich. Little in the way of economic data appears on Friday, but a few Fed speakers will make an entrance. Hawkish rhetoric is likely to continue meaning risk assets are likely to fall and the US Dollar remain supported ahead of the long weekend.
The US Dollar is up to 104.40 for the Dollar Index, Gold is lower to $1,827, and Oil down to $76.38.
European markets are lower, CAC -0.2%, Dax -0.7%, FTSE -0.2% and Eurostoxx -0.7%.
US futures also lower, Nasdaq -0.7%, Dow and S&P both -0.4%.
Wall Street top news
Deere (DE) raises forecasts for 2023 as it sees strong demand.
DraftKings (DKNG) posts strong results.
DoorDash (DASH) up 5% on strong earnings.
Redfin (RDFN) down on revenue forecasts.
Texas Roadhouse (TXRH) misses earnings.
Applied Materials (AMAT) provides earnings beat and strong guidance.
Vale (VALE) profits drops 30% on weak iron-ore prices, still beats estimates.
Upgrades and downgrades
Upgrades
Friday, February 17, 2023
Coinbase Global |
COIN |
Compass Point |
Neutral>>Buy |
$100 |
DraftKings |
DKNG |
BTIG Research |
Neutral>>Buy |
$24 |
TechnipFMC |
FTI |
Citigroup |
Neutral>>Buy |
$18 |
Cisco |
CSCO |
DZ Bank |
Hold>>Buy |
$58 |
Healthcare Services Group |
HCSG |
RBC Capital Mkts |
Sector Perform>>Outperform |
$14>>$17 |
Roku |
ROKU |
BofA Securities |
Underperform>>Buy |
$45>>$85 |
Virgin Galactic |
SPCE |
Wolfe Research |
Underperform>>Peer Perform |
|
ZIM Integrated Shipping |
ZIM |
JP Morgan |
Neutral>>Overweight |
$17.6>>$30.4 |
Kuehne & Nagel International |
KHNGY |
JP Morgan |
Neutral>>Overweight |
Downgrades
Friday, February 17, 2023
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
---|---|---|---|---|
Cohu |
COHU |
Craig Hallum |
Buy>>Hold |
|
PennyMac Mortgage |
PMT |
BTIG Research |
Buy>>Neutral |
|
C.H. Robinson |
CHRW |
JP Morgan |
Neutral>>Underweight |
$87 |
EPAM Systems |
EPAM |
Cowen |
Outperform>>Market Perform |
$390>>$370 |
Focus Financial |
FOCS |
Oppenheimer |
Outperform>>Perform |
|
Focus Financial |
FOCS |
Raymond James |
Outperform>>Mkt Perform |
|
Generac |
GNRC |
Wells Fargo |
Overweight>>Equal Weight |
$135 |
Canada Goose |
GOOS |
Evercore ISI |
Outperform>>In-line |
$25>>$20 |
InMode |
INMD |
Needham |
Buy>>Hold |
|
Toast |
TOST |
SMBC Nikko |
Outperform>>Neutral |
$26>>$23 |
TuSimple Holdings |
TSP |
HSBC Securities |
Buy>>Hold |
$15.9>>$2.2 |
Source: WSJ.com
Economic releases
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to modest gains above 1.0650 ahead of US data
EUR/USD trades modestly higher on the day above 1.0650 in the early American session on Tuesday. The upbeat PMI reports from the Eurozone and Germany support the Euro as market focus shift to US PMI data.
GBP/USD extends rebound, tests 1.2400
GBP/USD preserves its recovery momentum and trades near 1.2400 in the second half of the day on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.