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
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
The trade war between Beijing and Washington appears to have depressed Chinese property purchases in the United States. China's own actions may also be playing a role.Real Estateread more
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
The Senate is expected to pass its own version of the border aid legislation, while the Trump administration has threatened to veto both bills.Politicsread more
Markets in Asia fell on Wednesday morning after U.S. Federal Reserve Chairman Jerome Powell tempered expectations for a potential interest rate cut.Asia Marketsread 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
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
Bernstein downgraded shares of Beyond Meat Wednesday on valuation concerns, joining J.P. Morgan as the latest Wall Street firm this week to cool on the red-hot IPO.
There are now no analysts on Wall Street who recommend buying Beyond Meat, a rare phenomenon for a company that just went public last month and comes as a result of its monster run outpacing even the must bullish expectations.
"The downgrade is driven by valuation considerations as the stock has traded in a highly volatile manner since its IPO likely due to its limited public float and is now trading at ~31x EV/NTM Sales, implying limited upside potential from a valuation perspective," wrote Bernstein's Alexia Howard.
Bernstein went to market perform from outperform. However the firm upped its price target to $123 from $107. There are now zero buy ratings on Beyond Meat and eight hold ratings, according to FactSet. No one says sell.
Beyond Meat shares dropped 25% to $126.04 on Tuesday after J.P. Morgan, a lead underwriter of the IPO, downgraded the stock. "This downgrade is purely a valuation call," the J.P. Morgan note said.
Beyond Meat shares were up more than 600% from the $25 IPO price through their intraday high on Monday before the two downgrades this week, with the rally driven by rising expectations of wider acceptance of the alternative meat and more deals with restaurants. The company on Tuesday released a "meatier" version of its burgers. The shares began trading May 2.
"Despite the valuation considerations, we continue to expect significant growth potential in the plant-based meat category and believe that Beyond Meat is well positioned as one of the frontrunners leading the new wave of plant-based meat products," Bernstein added.
The shares were up 8.6% to $136.85 in midmorning trading.
— With reporting by CNBC's Michael Bloom.