The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed information campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
In a statement Monday, Barr named Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
Here are the biggest calls on Wall Street Tuesday:
"We initiate coverage of Alphabet with a Buy rating and $1,350 price target based on: 1) sum-of-the-parts analysis; 2) estimated YouTube value; and 3) the moat created by GOOGL's Network Effects...We conclude that GOOGL should trade at $1,350 per share in 12 months, which is where we set our price target... If GOOGL were to spin off 10% of its largest 2 or 3 businesses (YouTube, Cloud, etc.) we believe this would unlock significant hidden value while keeping control, accounting consolidation, and 90% of the valuation upside for GOOGL... Importantly, we see valuation downside for the "do nothing" option since FB is GOOGL's single biggest FAANG menace (our view), and FB already has a lower cost of equity... "
"After Tesla's surprise announcement of a sooner than expected $35K Model 3, we noted that it was in many respects Tesla's un-iPhone moment... Much of the bull narrative has rested on Tesla being the next Apple, selling high-volume EVs at premium price point and at high gross margins, in part aided by a unique branded retail presence – a narrative we see as undermined by the recent price cuts and closing of most of the stores... With lower margins not likely to be offset by increased volumes and cost saves, we cut our PT to $192 and remain underweight... "
"We add Buy-rated IR to the Americas Conviction List and increase our 12-month price target to $122 (from $115), representing 15% upside from current levels... Recall we upgraded IR to Buy on 12/7/2017 based on our view that its resilient Climate franchise and accelerating Industrial growth would drive upward EPS revisions and a higher multiple... We acknowledge IR has outperformed over the last 12 months (+20% vs. Multis/S&P -4%/+1%) given its beat-and-raise trajectory and differentiated organic growth/orders... However, our conviction in the call has only strengthened in light of a strong order book exiting 2018, improving price/cost, and a conservative guidance range... We also appreciate IR's exposure to one of our favorite end markets in 2019, HVAC, given ~80% of sales are tied to Climate... "
"We initiate coverage of ACB with an Outperform rating and a C$14 price target... While establishing 20% market share has been an early success story in Canadian adult use cannabis, the company is uniquely positioned to drive leadership in both share and profitability... We are designating ACB as our Top Pick in cannabis, replacing WEED... "
"We are initiating coverage on TSN with an Overweight rating and $78 price target as we think its diversified product offering, best in class operations and prudent capital allocation strategy position the company to create value for shareholders... Additionally, we think shares are trading at an undeserved, discounted valuation currently, providing an attractive entry point for investors to own a company that is well positioned to win in a variety of commodity cycle environments as management executes its strategy to enhance the long-term earnings power of the business... "