The futures traded higher, as weary investors are probably ready to shut the door on one of the most volatile trading weeks on Wall Street in years on this Friday the 13th. More discouraging inflation news came as the producer price index checked in with a brutal 11% year-over-year increase, above estimates for the month, but slightly lower than the reading for March.
While the major indexes moved back and forth after a big sell-off to start the day, all finally closed mixed, after each posted 52-week lows. With the S&P 500 falling below key support levels at the 4,000 mark and closing at 3,930, many strategists feel that the venerable index could be poised to sink to 3,700, and perhaps even more.
The Treasury market was an odd anomaly, as one thing has become clear. Despite the obvious and telegraphed increases coming for federal funds, likely a 50-basis-point raise at every Federal Reserve meeting this year, investors are seeking safe harbors, and obviously there are big concerns over an economic slowdown coming, which means more stagflation worries. Yields across the curve were lower Thursday, with the 10-year note well off the 3% level and the 30-year long bond closing at 2.98%.
Brent and West Texas Intermediate crude were modestly higher on the day but failed to post the super-charged gains from earlier in the week, while natural gas traded higher but remained well under the pivotal $8 mark. Gold closed the day down almost 2%, while once again the crypto market was hammered, with Bitcoin bouncing slightly to end the day marginally lower, after falling below $26,000 in the morning. The crypto leader is down 38% year to date.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Friday, May 13, 2022.
Amdocs Ltd. (NASDAQ: DOX): Oppenheimer reiterated an Outperform rating with a $99 price target. The stock is a top pick at the firm. Shares closed almost 8% higher on Thursday at $82.93.
AppLovin Corp. (NASDAQ: APP): While Oppenheimer maintained an Outperform rating, it also dropped its $100 price target to $74. The consensus target is $86.07. The shares closed Thursday at $36.74, up an incredible 35% after the company was reported to be considering a sale of its app business to focus on the higher-margin software silo.
BioCryst Pharmaceuticals Inc. (NASDAQ: BCRX): Oppenheimer maintained an Outperform but trimmed the $16 price target to $13. The consensus target is $17.73. Thursday’s close was at $7.89.
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