Investing

Top Business News of the Week: AT&T, NVIDIA, MannKind, PG&E, Walmart and Many More

Juniper Networks Inc. (NYSE: JNPR) was downgraded to Neutral from Buy at Merrill Lynch on Tuesday, and then it later came out by the company itself that lower sales would hurt results and that was followed by multiple analyst downgrades. This stock was at $28.43 the prior Friday and fell to a low of $25.08 after its confession. The only good news here is that 12% loss for the week at the lows shrank as Juniper shares recovered up to $25.82 late on Friday. Maybe a drop of about 9% for the week isn’t so bad. Its 52-week range is $22.41 to $30.96.

MannKind Corp. (NASDAQ: MNKD) had a wild week, with up and down news that gave its believers and its haters reason to fight all over again. Its stock had traded up the prior week as well, rising from $2.17 to $5.03. The firm H.C. Wainwright issued a Buy rating and a $7 target that forced short sellers into covering even more shares short up to $6.71 earlier in the week. That would have been a 30% gain, but MannKind announced a $61 million direct stock offering through that same firm and the stock immediately sank back down to $5.47 on the news. MannKind shares were down more than 3% to $5.28 on Friday’s close, still giving it a gain of 5% for the week. Sadly, with the week’s high of $6.96, that is also down almost a quarter of its value from the peak this week.

NVIDIA Corp. (NASDAQ: NVDA) just keeps on chugging, and its stock hit all-time high after it unveiled its supercomputing platform for driverless cars. The stock was at $194.59 late on Friday, and the high for the week was $195.00. Let’s call that another 7% gain for the week alone, but let’s also not forget that the average analyst price target is still down at $170 or so because the analysts cannot raise their targets fast enough. NVIDIA now has a market cap of about $117 billion, making it worth more than 11 times 2019 expected revenues.

PG&E Corp. (NYSE: PCG) may have a role in the fires in Northern California. Local news reports suggest downed power lines may be linked to the fires that destroyed many properties in wine country and that have claimed lives. This was still a “developing story” late in the week, but the California electric utility’s shares were down 10.5% at $57.72 on Friday, after a drop of almost 7% on Thursday. That is a drop of 16% just in a week, without a known resolution. PG&E’s consensus analyst target of $71.52 may have to come down from here.

Wal-Mart Stores Inc. (NYSE: WMT) seems to be the only brick-and-mortar giant that knows how to answer Amazon these days. The company sees online sales up 40% and expects its total revenue to reach $500 billion. Oh, and the Walmart team decided to unveil a new $20 billion stock buyback plan this week too. Walmart shares ended Friday at $86.62, up about 9.7% for the week. The world’s largest retailer has a market cap of $258 billion, and while that is among the largest stocks in America it is still barely half that of the $482 billion market cap for Amazon.

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