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No quid pro quo, there was nothing," Trump said the call. "It was a perfect conversation."Politicsread more
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Here are the biggest calls on Wall Street on Tuesday:
Wedbush is bullish on Zynga's upcoming slate of new releases.
"We think that key titles Empires & Puzzles and Merge Dragons!, along with three new releases later this year (and additional new games thereafter), have the potential to drive significant upside to the Street's expectations through 2021. As such, we expect the shares to trade closer to our price target over the remainder of the year."
Wells Fargo said Comcast is more "multi-dimensional" than its peers in the sector.
"While CMCSA is primarily a video and broadband provider, it has more diversification of its revenue base (through content ownership both in U.S. and abroad) which allows it to participate in other areas of the media landscape. While there exist some unknowns which could impact the trajectory of growth, we think CMCSA is very much a forward looking company."
SunTrust is bullish on the company's roll-out of its Carne Asada product.
"We believe that Chipotle will roll out Carne Asada nationally in mid-September, contributing to both check and traffic growth. On its 2Q19 earnings call (July 23), management indicated that Carne Asada was 'nearing validation through our stage-gate process,' with 'terrific customer feedback'. Our work suggests a mid-Sept. national launch, which is earlier than we expected. A potential national launch suggests that Carne Asada drove incremental traffic."
Bank of America said it expects the chain of casual restaurants to see earnings growth that will "materially miss" consensus next year.
"We downgrade RRGB to underperform from neutral, as we believe the company's earnings growth will materially miss consensus next year. We lower our FY20 adj. EBITDA estimate to $93.5mn (from $95.4mn) and maintain our $30 price objective, which is now 5.5x 2020 EV/EBITDA (we include 2019 remaining FCF) from 5.5x 2019. The Street expects FY20 EBITDA to grow modestly from FY19, which implies a very material comp improvement that we are unwilling to assume."
Craig-Hallum upgraded the stock on "improving trends" among other things.
"Given improving trends, a mostly positive member response to Kurbo By WW, and the potential for upside to estimates stemming from an upcoming new diet program launch, we are upgrading our rating from Hold to Buy and increasing our price target from $25 to $35."
Oppenheimer said it thinks Verizon will be "early and successful" in its 5G network.
"We upgrade the stock to Outperform and have a $70 PT, based on 8x our 2020 EBITDA estimate. The company should be early and successful in its 5G network, and we expect it to pick up a lot of mid-band spectrum inexpensively next year. Its ARPUs should continue growing, and strong cable wholesale growth is accretive."
Oppenheimer said that it expects that T-Mobile will have a "difficult" integration with Sprint.
"The stock could pop after the deal closes but will likely be dead money for two years afterward as the combined company works through integration. We are lowering our Sprint estimates, due to increased churn assumptions, which make the pro forma less attractive with minimal expected revenue growth in 2021; and integration expenses will strain FCF generation in 2020/21E."
Rosenblatt said it sees revenue from the company's fulfillment network going to $6B by 2025. Shopify is a an e-commerce website that helps businesses sell online, on social media, or in person.
"We are taking our out-year revenue expectations up substantially to reflect upcoming fulfillment fee revenue expectation from Shopify Fulfillment Network (SFN). Our fulfillment revenue scales from $300M in CY21 to over $6B in CY25E, representing total revenue take of 5.2%, nearly 2X above CY18 reported 2.6%. "