PepsiCo, McDonald's and Spotify rise premarket; First Republic slumps
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- Wall Street gyrates after Fed hikes interest rate to battle inflation
- Oil slips as Saudi Arabia offers more crude via Oman
- JPMorgan Fed scenario analysis: 5 paths for the S&P 500 today
- Exclusive-SK Hynix in talks with Intel about deal to make memory chips in US for the first time, sources say
- Trade the FOMC: How stocks tend to perform on Fed hike days
- U.S. Commerce Department to sell up to 9.9M GlobalFoundries shares
- AI chip sell-off overblown: Zero GPU slowdown after Anthropic essay, analyst says
- Wall Street ends lower as oil spikes and the benchmark Treasury yield breaches 5%
- Wall Street gyrates after Fed hikes interest rate to battle inflation
- Stocks tend to rise after the Fed starts to hike
- After-Hours Movers: ORCL, CRWV, ADBE, ACVA, CPRT, ZUMZ, PMTS, RH
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RBC Capital on Biogen (BIIB): 'CMS Makes It Clear - Leqembi Will Be Broadly Reimbursed - Should Reduce Overhang'
April 26, 2023 3:16 PM EDTRBC Capital analyst Brian Abrahams reiterated an Outperform rating and $340.00 price target on Biogen (NASDAQ: BIIB).
The analyst comments "We believe many people have been on the sidelines on BIIB because of concerns around Leqembi events this year - upcoming competitor data from LLY, an AdComm, the PDUFA for potential full approval, and CMS decision on reimbursement. Our sense has been that reimbursement is the biggest uncertainty weighing on the stock and on perceptions around Leqembi's long-term potential, as despite CMS's contention they will broaden reimbursement as soon as the drug... More
McDonald's (MCD) PT Raised to $325 at Guggenheim
April 26, 2023 6:13 AM EDTGuggenheim analyst Gregory Francfort raised the price target on McDonald's (NYSE: MCD) to $325.00 (from $305.00) while maintaining a Buy rating.
The analyst commented, "McDonalds posted a very strong 1Q23 with EPS of $2.45 (that does not back out an $0.18 restructuring charge) vs. our $2.35 estimate. We... More
First Republic Bank (FRC) exploring potential $100bn in asset sales - Bloomberg
April 25, 2023 1:33 PM EDTBloomberg reported Tuesday that sources have told them First Republic Bank (NYSE: FRC) is mulling divesting $50 billion to $100 billion of long-dated securities and mortgages as part of a larger plan to improve its financial situation.
The potential sales would help decrease the banks... More
Verizon Communications (VZ) shares edge lower as Q1 results uninspiring
April 25, 2023 8:31 AM EDTVerizon Communications (NYSE: VZ) has edged lower premarket Tuesday after a slight first-quarter earnings beat, although revenue came in below expectations.
The telecommunications firm posted earnings of $1.20 per share in the first quarter, $0.01 better than the analyst estimate of $1.19, while revenue, which fell... More
Citi Resumes First Republic Bank (FRC) at Sell
April 25, 2023 8:17 AM EDTCiti analyst Arren Cyganovich resumes coverage on First Republic Bank (NYSE: FRC) with a Sell rating and a price target of $11.00.
The analyst comments "First Republic lost over $100B of deposits excluding the $30B it received from large banks. The high cost... More
