The futures were trading mixed Tuesday, as shell-shocked investors are standing by to see exactly what the Federal Reserve has up its sleeve when it announces a rate increase tomorrow. Many have speculated that the almost certain 50-basis-point hike may have spawned into a 75-basis-point increase after last week’s scorching hot consumer price index numbers. Goldman Sachs revised its rate forecast Monday to 75-basis-point hikes in June and July. The 8.6% year-over-year inflation increase is devastating consumers, and the 6% core inflation reading says that everyday items across the board, many of which are consumer staples, are all pressuring households in a big way.
All the major indexes joined in on the massive sell-off dumpster fire on Monday, with the Nasdaq leading the way to the downside, crumbling an astonishing 4.68%. It was reported that the opening sell program for Monday was the fifth largest ever reported. Yields were much higher across the Treasury curve, with the two-year note hitting its highest level since 2007 and briefly inverting to the benchmark 10-year note yield. The five-year note closed at a stunning 3.48% higher than the 30-year bond.
The only good sign for investors and consumers was that both Brent and West Texas Intermediate crude joined stocks and bonds in the woodshed, with both benchmarks closing down over 2% and natural gas ending a whopping 4% lower. Gold closed almost 3% lower, and cryptocurrencies were destroyed, with Bitcoin down a stunning 14.2%.
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 Tuesday, June 14, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD) Baird maintained a Neutral rating with a $100 target price after the semiconductor giant reiterated its full-year guidance at the recent analyst day. The consensus target is up at $138.16. The stock closed down over 8% on Monday at $86.99.
American Eagle Outfitters Inc. (NYSE: AEO): Zacks selected this apparel retailer as its Bear of the Day stock, citing its deep downtrend in the past year. The shares have traded as high as $38.99 in the past year but closed most recently at $11.87, which is down more than 53% year to date.
Azek Co. Inc. (NASDAQ: AZEK): Baird maintained an Outperform rating in front of the company’s analyst day, and the firm has a $30 target price. The consensus target is $27.71. The stock closed almost 8% lower on Monday at $18.61.
Bausch Health Companies Inc. (NYSE: BHC): J.P. Morgan resumed coverage with an Overweight rating and a $12 target price. The consensus target is up at $22.06. The final trade for Monday was at $7.58 a share.
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