These are the stocks posting the largest moves before the bell.Market Insiderread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
U.S. stock index futures jumped Wednesday morning after Treasury Secretary Steven Mnuchin told CNBC that the U.S. and China were close to reaching a trade deal.US Marketsread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and its hurting America," he told Yahoo Finance Tuesday.Economyread more
Trump is willing to talk with Iran, but he's "also determined to enforce the U.S. and our allies' interests in the region," Mnuchin tells CNBC.Politicsread more
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
Mortgage application volume was 40% higher than a year ago, largely because lower rates are strengthening the refinance market.Real Estateread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Bitcoin surged as high as $12,919 in early morning trade Wednesday, to its highest level since January 2018.Technologyread more
AbbVie's deal to buy Allergan for about $63 billion is a "nice exit from a tough situation," RBC Capital Markets analyst Randall Stanicky says.Biotech and Pharmaceuticalsread more
Omada Health just raised $73 million at a valuation of around $600 million as it seeks to expand its digital health offerings.Technologyread more
The research arms of Goldman Sachs and Credit Suisse, both underwriter firms of Snap's initial public offering, told investors to focus on the long-term potential of the social media company and reiterated their buy recommendations on the stock in the wake of a very disappointing earnings season debut.
The company's shares were down 20 percent in early trading Thursday, a day after it reported disappointing first-quarter earnings results.
Snap posted first-quarter sales of $150 million versus the Wall Street consensus of $158 million. It also reported daily active users of 166 million for the quarter compared with 167 million expected by StreetAccount.
"While SNAP remains a near
Terry reiterated his $27 price target for Snap, representing 45 percent upside from Thursday's price.
In similar fashion, Credit Suisse told clients to appreciate how rare and special Snap is in the industry.
"Snap is a scarce asset that offers advertisers access to a coveted younger demographic," analyst Stephen Ju wrote. "Our long-term investment thesis has not changed on the back of this report."
Ju reaffirmed his $30 price target for Snap. The analyst noted there were positive aspects to the company's report such as better-than-expected monetization of $1.81 average revenue per user (ARPU) in North America versus his $1.68 estimate. He cited how the North America's ARPU was more than seven times Europe's ARPU, a gap he predicts will shrink over time.
"Although we would certainly have preferred to have seen higher DAUs reported vs. our expectations and a higher reset to BOTH our revenue and Adj. EBITDA estimates, we settle for profit dollars for now," he wrote.
To be fair, the investment banking and research units of Wall Street banks have been separated by a wall since the early 2000s after they were accused of drumming up investment banking business with favorable research. So there should be no reason to believe that these firms were maintaining their bullish stance just because of the underwriting relationship.
Still, some skeptics say that Wall Street research is too bullish on the companies they do investment banking for and all companies in general. These reports won't do anything to dissuade that opinion.