The futures traded lower on Wednesday after a wretched day for the Nasdaq and the S&P 500 on Tuesday, while the Dow Jones industrials eked out a small gain. The risk-off contingent returned with a vengeance, as the lion’s share of Monday’s gains for the two indexes that took it on the chin were surrendered, and the culprits remain the same: investors are very worried about the spiraling inflation and the threat of recession, and with good reason. With prices at the gas pump and the grocery store soaring, growth in the economy could slow dramatically this summer.
Once again, worried investors fled to the Treasury market seeking a safe haven and yields across the curve dropped dramatically. The only bright spot in the turbulence is mortgage rates, which have risen sharply, have fallen back to a one-month low. This could be big as the residential real estate industry moves into the busiest time of the year.
Brent and West Texas Intermediate crude both closed flat on the day, a positive for motorists gearing up for the Memorial Day weekend holiday, while natural gas continued its march higher, closing at $8.84. Gold also closed higher for the second day in a row, while Bitcoin closed up 1% but below the $30,000 mark again.
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 Wednesday, May 25, 2022.
Albemarle Corp. (NYSE: ALB): Zacks has named this specialty chemicals maker as its Bull of the Day stock. The analyst points out that its 2022 earnings are expected to soar. Shares last closed at $243.15, and the consensus price target is $279.47.
Applied Blockchain Inc. (NASDAQ: APLD): D.A. Davidson started coverage with a Buy rating and a $6 target price. The consensus target is higher at $8.65. The stock closed almost 3% higher on Tuesday at $3.66.
Camping World Holdings Inc. (NYSE: CWH): Suggesting that consumers may be hitting pause on RVs, Zacks selected this stock as its Bear of the Day. Shares have traded as high as $46.77 in the past year but closed most recently at $25.82. That is down about 36% year to date.
Chubb Ltd. (NYSE: CB): Citigroup initiated coverage on the insurance giant with a Neutral rating and a $209 target price. The stock hit a recent 52-week high of $218.99 but closed most recently at $208.15.
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