The futures were trading higher after a big risk-off day across Wall Street on Tuesday on the heels of some very disappointing economic data. All the major indexes finished the day lower, with the Nasdaq getting pounded to the tune of down 1.57% to finish the day at 13,063.61. With the S&P 500 finishing the day at 4,273.53, it has broken through the major support level at 4,300 and could be on the way to 4,150 or even lower. With the third quarter quickly coming to an end, and portfolio managers looking to capture some of the big gains posted over the past 90 days, more selling could be on the way.
The big impetus behind the downturn is that the song remains the same. “Higher-for-longer” interest rate scenarios, paired up with rising rates as yields hit the highest levels in years, the potential for a government shutdown, the UAW strike against the big Detroit automakers, plus a litany of additional issues, are strong headwinds for what was an already overbought market.
Treasury yields were mixed across the board, as sellers once again made their presence felt. While not the big selling we saw on Monday, the 10-year note finished at 4.55% and the two-year short paper closed the session at 5.13%. The ongoing inversion between the two has tightened dramatically since the summer, which at one point was over 100 basis points, but still signals recession in the future.
Brent and West Texas Intermediate crude continued to march higher on Tuesday, after taking a break on Monday, when the two benchmarks closed down 0.4%. Brent finished Tuesday at $94.06, up 0.83%, while WTI was last seen at $90.53, up 0.95%. The continuing strength of the dollar, plus worries over higher interest rates slowing demand, have slowed the path to $100, but many across Wall Street feel it is coming. Natural gas finished the day modestly higher at $2.65.
Gold was a big loser on Tuesday, as the December contract slid 0.91% to close the day at $1,918.90. The weak close came despite the consumer confidence numbers falling to 103.0 from 108.7 in August. Long-term consumer confidence dropped even more, as the expectations index dropped to 73.7 from the August print of 83.3. Typically, gold will strengthen into weak economic data. Bitcoin closed lower on Tuesday as well, as the cryptocurrency giant finished the day at $26,164, down 0.50%
24/7 Wall St. reviews dozens of analyst research reports each weekday with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Wednesday, September 27, 2023.
AMC Entertainment Holdings Inc. (NYSE: AMC): Citigroup maintained a Sell rating and slashed its $15.50 target price to $4.75. The consensus target is up at $18.78. The shares closed 3% lower on Tuesday at $7.91.
Bumble Inc. (NASDAQ: BMBL): HSBC Securities initiated coverage with a Buy rating and a $20.30 target price. The consensus target is $23.57, and shares closed on Tuesday at $14.79.
Carlisle Companies Inc. (NYSE: CSL): As Jefferies downgraded the stock to Hold from Buy, its $325 price target shrank to $290. The consensus target is $320, and shares closed on Tuesday at $253.45.
Comerica Inc. (NYSE: CMA): Odeon’s downgrade was from Buy to Hold with a $46 target price. The consensus target is $57.48. The stock closed on Tuesday at $39.99.
Dell Technologies Inc. (NYSE: DELL): Citing an AI-driven rebound in PC sales and growth in server sales, Zacks selected this as its Bull of the Day stock. Shares last closed at $68.93, which is up more than 34% in the past 90 days.
Domino’s Pizza Inc. (NYSE: DPZ): Oppenheimer reiterated an Outperform rating with a $450 target price. That compares with the $417.85 consensus target and Tuesday’s closing print of $379.22.
Edwards Lifesciences Corp. (NYSE: EW): Oppenheimer upgraded the stock to Outperform from Perform, but its $90 price target is less than the consensus target of $97.05. The shares closed at $70.37 on Tuesday.
24/7 Wall St.Etsy Inc. (NASDAQ: ETSY): Evercore ISI reiterated an Outperform rating but reduced its target price to $85 from $105. The consensus target is $106.33. Tuesday’s close at $61.87 was down over 4% on the day.
Fisker Inc. (NYSE: FSR): BofA Securities resumed coverage with a Buy rating and has an $8 price target. The consensus target is $8.95. The stock closed almost 10% higher on Tuesday at $5.82 after the upgrade.
Flowserve Corp. (NYSE: FLS): Jefferies upgraded the stock to Buy from Hold and lifted its price target to $50 from $40. The consensus target is $43,60. The shares closed Tuesday’s session at $38.90.
Immunovant Inc. (NASDAQ: IMVT): Raymond James upgraded the shares to Outperform from Market Perform. Its $40 target price is well above the consensus target of $29.92. The stock closed Tuesday at $39.96, which was up 97% for the day after the company announced its experimental drug lowered an antibody tied to autoimmune diseases.
Luminar Technologies Inc. (NASDAQ: LAZR): BofA Securities resumed coverage with a Neutral rating and a $5 price target. The consensus target is $11.14. The stock closed over 6% lower on Tuesday at $4.01.
Micron Technology Inc. (NASDAQ: MU): Evercore ISI reiterated an Outperform rating and boosted its target price to $90 from $80. The consensus target is $78.17. Tuesday’s close was at $67.94.
Nordson Corp. (NASDAQ: NDSN): The Jefferies downgrade to Hold from Buy included a price target cut to $240 from $260. The consensus target is $262.17. The shares closed Tuesday’s session at $216.25, almost 4% lower for the day, after the downgrade.
Opendoor Technologies Inc. (NASDAQ: OPEN): Though Gordon Haskett upgraded the stock to Hold from Underperform, the analyst trimmed the target price to $2.25 from $2.50. The consensus target is $2.88. Tuesday’s close was at $2.36.
Pinterest Inc. (NYSE: PINS): Jefferies initiated coverage with a Buy rating and a $32.10 target price. The consensus target is $32.89. The shares closed on Tuesday at $25.91.
SiteOne Landscaping Supply Inc. (NYSE: SITE): UBS upgraded the stock to Buy from Neutral and lifted its $145 price objective to $200. That compares with a $166.67 consensus target and Tuesday’s closing share price of $160.32.
Snap Inc. (NYSE: SNAP): HSBC Securities started coverage with a Reduce rating and a $7.50 target price. The consensus target is $9.72. Tuesday’s final trade was for $8.34 a share.
Teradyne Inc. (NASDAQ: TER): Northland Capital upgraded the shares to Outperform from Market Perform. Its $126 price target compares with a consensus target of $122.35 and Tuesday’s closing share price of $95.83.
Wingstop Inc. (NASDAQ: WING): Stifel’s upgrade to Buy from Hold came with a target price hike to $200 from $180. The consensus target is $200.65. Tuesday’s $176.79 close was a gain of 2% for the day.
W.P. Carey Inc. (NYSE: WPC): BMO Capital Markets cut its Outperform rating to Market Perform and its $75 price target to $60. The consensus target is $70.44, and the shares ended the Monday trading session at $54.57.
See which vehicles stopped production due to the UAW strike, as well as which American industries have the highest union membership.
Tuesday’s top analyst upgrades and downgrades included AstraZeneca, Ballard Power Systems, Bloom Energy, BHP, Cleveland-Cliffs, CrowdStrike, Dow, Nike, Plains All-American Pipeline, Sealed Air and Urban Outfitters.
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The post Wednesday’s Top Analyst Upgrades and Downgrades: AMC, Comerica, Dell, Etsy, Fisker, Micron Technology, Pinterest, Snap and More appeared first on 24/7 Wall St..