More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread 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
NBC is taking the office back from Netflix as it seeks to bolster its own streaming service launching in 2020.Technologyread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Omarosa Manigault Newman, who had been a senior advisor to President Donald Trump before her firing, was sued for allegedly failing to file required financial disclosures.Politicsread more
San Francisco on Tuesday became the first city in the country to ban e-cigarettes after city officials voted in favor of an ordinance that prohibits the sale of any...Health and Scienceread more
See which stocks are posting big moves after the bell on June 25.Market Insiderread more
The firm, which was a lead underwriter for the red hot May IPO, downgraded the stock to "neutral" from "overweight" and kept its price target of $120. The alternative meat company reported stronger-than-expected earnings last week — its first report since going public.
The stock is "beyond our price target," J.P. Morgan analyst Ken Goldman said in the note to clients. The share price has already exceeded the price target of every analyst on Wall Street and short sellers have lost more than $400 million betting against the plant-based burger maker's stock since it went public, according to research firm S3 Partners.
"This downgrade is purely a valuation call," Goldman said. "As we wrote last week, 'At some point, the extraordinary revenue and profit potential embedded in BYND… will be priced in' – we think this day has arrived."
Shares of Beyond Meat fell 25% to $126.04 on Tuesday following the downgrade. While investment banking and analyst research are separate units at major firms, investors likely still found it surprising that the lead underwriter would downgrade one of the companies it took public this early.
The company also announced on Tuesday that this week it will launch a "meatier" version of its plant-based burger.