My top 10 things to watch Friday, Oct. 13
1. U.S. stocks edge up in premarket trading Friday, with the S&P 500 rising 0.3% and the Nasdaq Composite inching up 0.7%, keeping both indices on track for weekly gains. Bond yields pull back slightly, with that of the 10-year Treasury just below 4.6%. Oil prices, meanwhile, surge by more than 4%, as West Texas Intermediate crude reaches for $87 a barrel.
2. Bank of America reiterates Club holding Nvidia (NVDA) as a “top pick” following a product-line update around its graphics processing unit (GPU) accelerator. The firm also reiterates a $650-per-share price target and buy rating on Nvidia shares.
3. KeyBanc raises its price target on Club name Palo Alto Networks (PANW) to $315 a share, up from $300, while maintaining an overweight rating on the stock. The firm cites the cyber company’s ability to be a “long-term consolidator of security.”
4. KeyBanc also raises its price target on Club holding Alphabet (GOOGL) to $155 a share, up from $145, while maintaining an overweight rating on shares. The firm notes a slight improvement in the ad market moving into the fourth quarter, along with strength in retail and e-commerce.
5. Club name Wells Fargo (WFC) on Friday delivers a third-quarter beat, as earnings season gets underway. The bank “benefited from higher rates and the investments we are making in our businesses,” according to Wells Fargo CEO Charlie Scharf.
6. JPMorgan Chase‘s (JPM) third-quarter profit surges 35% year-over-year, to $13.15 billion, as the bank beats analysts’ expectations on earnings and revenue. The firm generates more interest income than expected, while credit costs come in lower than expected.
7. Barclays lowers its price target on General Motors (GM) to $42 a share, down from $46, while maintaining a hold-equivalent rating on shares. The firm cites weak investor sentiment, saying third-quarter results for automakers “could be a buy-the-news quarter.”
8. Wolfe Research downgrades Netflix (NFLX) to a neutral-equivalent rating, from outperform, without a price target. The firm predicts a future shortfall in gross ads.
9. Mizuho says it likes the risk-reward on Club name Meta Platforms (META) going into earnings season, with the tech giant’s advertising-revenue growth tracking ahead of consensus. The firm reiterates a buy rating on Meta stock and a $400-per-share price target.
10. JPMorgan initiates coverage on Post Holdings (POST) with an overweight rating and $100-per-share price target. The bank says the maker of cereal and pet foods generates strong cash flow that could help it reduce debt and buy back stock over the next two years.
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