The futures were higher on Thursday, after a surprising follow-on rally for most of the day Wednesday ended with all the major indexes closing lower. The sellers rushed in during the last half hour of trading. One reason cited for the early gains was the commodity complex, especially oil trading lower across the board, with both Brent and West Texas Intermediate closing over 4% lower.
Some across Wall Street cited President Biden’s decision to eliminate the federal gas tax for three months as a reason for the stock gains early Wednesday, but the reality is that likely will save consumers only about $4 when they fill up their gas tanks, and many in Congress are opposed to it.
The other big story on Wednesday was the Treasury curve. Yields plummeted as buyers swamped sellers in a bid to increase safe-haven exposure before the end of the quarter. The yield on the five-year note dropped a stunning 15 basis points, while the benchmark 30-year bond dropped almost 15 basis points to close at 3.24%. Natural gas closed slightly higher, as demand from the heat wave has increased.
Gold dodged the commodity sell-off finishing modestly higher on the day, while Bitcoin closed down over 4%, to fall below the psychologically important $20,000 level.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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 Thursday, June 23, 2022.
Alaska Air Group Inc. (NYSE: ALK): Raymond James downgraded the carrier to Outperform from Strong Buy and cut the $75 target price to $58. The consensus target is $74.50. The stock closed on Wednesday at $40.37.
Analog Devices Inc. (NYSE: ADI): Oppenheimer maintained an Outperform rating on the chip giant, stating it is a long-term buyer of the shares. The firm’s $210 price target is in line the $210.52 consensus target. The shares closed on Wednesday at $147.65.
AutoZone Inc. (NYSE: AZO): MKM Partners initiated coverage of the auto parts and accessories retailing giant with a Buy rating and a $2,350 price objective. The consensus target is $2,189.12. Wednesday’s close was at $2,071.62.
Best Buy Co. Inc. (NYSE: BBY): Citing the quickly changing consumer spending environment and rising inflation, Zacks selected this stock as the Bear of the Day. Shares have traded as high as $141.97 in the past year but closed most recently at $69.88, which is down more than 31% year to date.
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