Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champions initially had kept him in the face of a rape claim,...Sportsread more
The Wall Street Journal's report came as a top Ukraine official said President Donald Trump "is looking" for Ukraine officials to investigate business dealings of Biden's son...Politicsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
Gun maker Colt announced Thursday that it will halt its production of AR-15 rifles for civilian sales, but the news might not be as exciting for gun control advocates as it...Guns and Weaponsread more
As thousands of people across the world participate in the Global Climate Strike, several Democratic presidential candidates have shared how they will take aggressive action...Scienceread more
Here are the biggest calls on Wall Street on Wednesday:
Longbow said it sees improving fundamentals in the memory and flash storage chip market.
"Our checks highlight upside in shipments and improving DRAM and NAND pricing fundamentals associated with upside at select hyperscales and risk of tightening supply. As a result, upstream inventory drawdown is occurring faster than previously forecast, which should drive a bottoming in DRAM fundamentals by year-end to pair with an in-process recovery in NAND fundamentals."
Raymond James said among other things that it thinks concerns about Callaway's recent purchase of outdoor wear and equipment brand Jack Wolfskin are "priced in."
"Our more constructive view of the shares is based on our belief that the stock: 1) is not fully reflecting the company's 14% stake in TopGolf which it appears to be increasingly open to monetizing; and 2) is being overly penalized for the recent acquisition of Jack Wolfskin, which is obscuring the health of the balance of its portfolio."
Oppenheimer said it sees less upside for the shares given its premium valuation, but remains upbeat on the company's long term prospects.
"As we look forward, we now see less upside for shares driven by the now even more premium valuation, potentially aggressive Street forecasts, and difficult compares especially in Q2. We continue to remain quite upbeat on COST's longer-term prospects and view the company as best positioned in the entire consumer staples/food retailing universe. From here, we are closely watching for any potential pullbacks, which happen from time to time. Although we now see less upside, we still see prospects for a $10–15 special dividend."
Read more about this call here.
Evercore ISI said in its initiation note that it thinks the multinational technology company has a "unique" portfolio of assets.
"Cisco is well-positioned as an end-to-end solutions provider across the enterprise networking product spectrum; CSCO's unique portfolio of assets allows the company to address emerging growth adjacencies (security, services, cloud-based solutions) while maintaining market leading positions in several core networking product categories (~$60B+ Enterprise TAM)."
Raymond James downgraded the operator of entertainment-oriented restaurants after its earnings report where it lowered full-year guidance, citing a "competitive environment".
"We are downgrading shares of PLAY to Market Perform from Outperform as a recent further deterioration in comps offsets the stock's low valuation and potential activists, in our view (recall Hill Path now owns just under 5.0% + new shareholders HG Vora 5.5%, Blue Harbour 1.8%). Amusement comps (high margin) have turned incrementally negative on difficult VR/Halo comparisons while recent F&B value initiatives have failed to gain traction."
Credit Suisse upgraded the aluminum producer and said it thinks alumina prices are on a path to recovery.
"We expect alumina prices to recover on significant capacity cuts in China, an end to inventory destocking, and the Alpart shutdown. Smelter profit margins have improved significantly with LME prices remaining firm despite global macro headwinds and sharp declines in key raw material inputs. Alcoa appears significantly undervalued on most metrics. Potential monetization of non-core assets we believe will yield positive valuation uplift."
Citi said the equipment rental company has "meaningfully" improved its balance sheet.
"We think URI still offers compelling risk/reward based on our $160 price target. High Vol Discount —The premium of low-vol names is at a multi-decade high and may prove unsustainable, with URI screening well on this front. As an example, URI now sits -30% off of its 52 week high while its closest public comp Ashtead is -8% off from its 52 week high."
Bank of America said positive fundamentals are now largely priced in for the business outsourcing solutions provider.
"ADP has outperformed the S&P500 by 35% over the past 18 months, fueled largely by strong execution against margin expansion targets which has resulted in a higher implied bar for performance going forward. However, we now see the positive fundamental aspects of the story largely priced in, and following margin outperformance in F19, we don't expect as much expansion in F20 or F21."