The futures were hammered Monday, as investors return from an epic market meltdown last week and look to be in store for more. The May consumer price index number came in red hot at 8.6%. Core inflation, which excludes the very volatile food and energy components, rose 6.0%. Both were higher than expected. Fuel prices are up a stunning 106% over the past year, and shelter costs, which make up about a third of the consumer price index figure, rose at the fastest pace in 31 years.
All the major indexes were crushed on Friday, following a similar day last Thursday. The venerable Dow Jones industrial average was down almost 1,600 points over the two-day stretch, while the S&P 500 fell back to the 3,900 level. Sellers also hit the Treasury market as well, with yields jumping higher across the curve, as both the five-year and 10-year notes yields closed at 52-week highs. The five-year note actually closed at a stunning 3.27% handle, which totally inverted the 30-year bond at 3.20%, a clear sign that Treasury bond traders think recession is closer than anticipated.
The only positive on Friday was that after a huge run, Brent and West Texas Intermediate crude closed lower on the day, but both were hovering right near the $120 level. Natural gas also was lower, closing under $9. Gold caught a safe-haven bid, closing up close to 2%, while Bitcoin was taken to the woodshed with the rest, closing down over 3%.
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 Monday, June 13, 2022.
Appian Corp. (NASDAQ: APPN): Berenberg resumed coverage with a Buy rating and a $63 price objective. That compares with the $57.73 consensus target and Friday’s closing print of $46.52, which was down almost 5% for the day.
Blueprint Medicines Corp. (NASDAQ: BPMC): Citigroup downgraded the shares to Sell from Neutral and cut the $68 target price to $41. The consensus price objective is $99.07 for now. The last trade Friday was $48.07 down over 18% on the day after some changes from the FDA on the company’s leading drug.
CME Group Inc. (NASDAQ: CME): Atlantic Equities upgraded the shares from Neutral to Overweight with a $235 target. The consensus target is $250.31. The stock closed on Friday at $195.43.
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