As part of the plan, Amazon has agreed to purchase 100,000 electric delivery vans from vehicle manufacturer Rivian.Technologyread more
At least in terms of monetary policy, Pence says should be taking after other regions who keep their benchmark interest rates near zero.Delivering Alpharead more
The plan will allow Medicare to negotiate lower prices on as many as 250 drugs and apply those discounts to private health plans.Health and Scienceread more
Hedge fund titan Leon Cooperman said he's concerned about a shift to the left in the political landscape, which could harm the economy and the stock market.Delivering Alpharead more
The move could bring a welcome salve to farmers caught in the crosshairs of the trade war if it results in a reopening of the market.Politicsread more
Apple's big iOS 13 update for iPhones is out now and includes lots of new features. Here's how to install it on your phone and what devices are supported.Technologyread more
The pilot program will deliver food and beverage, over-the-counter medications and other items within minutes, the company said. Prescription deliveries will not be available.Health and Scienceread more
Check out the companies making headlines in midday trading:Market Insiderread more
The FDA's Office of Criminal Investigations opened a probe "shortly after" people started falling ill, Mitch Zeller, director of the FDA's Center for Tobacco Products, told...Health and Scienceread more
Investor Jim Chanos is betting against GrubHub, and said the food delivery company makes almost nothing per order.Delivering Alpharead more
Billionaire investor Leon Cooperman on Thursday said he believes that the Federal Reserve is "screwing the savers."Delivering Alpharead more
Here are the biggest calls on Wall Street on Thursday:
Goldman said the underperformance of the stock leads to a more "balanced" risk/reward.
"We upgrade M to Neutral from Sell following F1Q19 results, as we see a more balanced risk/reward in the wake of significant share price underperformance. Since our initiation at Sell on September 3, 2018, shares have fallen 41% vs. our coverage average of -16% and the S&P 500 of -2%. Our initial thesis was centered on our view that secular headwinds, coupled with traffic declines in M's core department store business, would outweigh upside from near-term strategic initiatives like Backstage. Since then, M has seen deteriorating fundamental trends, delivering three consecutive quarters of declining gross margins and operating profit dollars. M has also pursued a more aggressive roll-out of new initiatives to drive traffic and customer acquisition, which, while encouraging, have come with a step-up in necessary investments. While we continue to believe M will see fading fundamentals in the medium term as secular challenges weigh, we see near term risk/reward as less skewed to the downside following underperformance."
Nomura downgraded the maker of insulation, roofing, and fiberglass composites and said it is concerned that 25% tariffs will lead to further deterioration in housing growth.
RBC upgraded KB Home and said it saw improvements in the home builder's pricing.
"We are upgrading KBH to Outperform and raising our Price Target to $30 from $25, as our analysis points to sequential improvements in KBH's pricing dynamics, showing better breadth of base floor plan price increases and diminishing levels of pricing reductions for both plans and spec inventory, alongside early signs of recovery in its key Western markets. Our $30 PT is based on 1.2x our YE'19E TBV."
B. Riley FBR said the global motorsports company should see "further inflection" after spending the last few years "foundation building" with the Formula One teams.
"We are upgrading shares of Liberty Formula One, from Neutral to Buy, and raising our price target, from $35 to $46. While our valuation for the core F1 racing league, at $10.6B, is little changed from our initial January 2017 outlook, FWONK's 33% stake in Live Nation (LYV) has more than doubled since then, to $4.5B. After bottoming-out below $30 a share in late December, FWONK has recently throttled back towards all-time highs. This time, however, we see FWONK poised for a further inflection as it begins to harvest the benefits of two-plus years of foundation building and fostering better alignment with the 10 F1 teams. Moreover, our sentiment checks suggest interest in F1 is surging YTD, which bodes well for rights fee step ups heading into a group of major broadcast renewals in 2021, as well as new sponsorship and hospitality opportunities. Our base case provides 23% upside from current levels; but we also see the risk/reward here as favorably skewed, with a bull case yielding 54% upside and a bear case implying 20% downside."