The futures traded lower on Thursday, as the final trading day for the second quarter began. The major indexes closed mixed Wednesday, as typical quarter-end window dressing by portfolio managers moved shares back and forth throughout the session, with only the Dow Jones industrials closing higher.
The third and final gross domestic product reading for the first quarter came in down 1.6%. Not surprisingly, many across Wall Street have stated that the second quarter numbers also may be negative. If that is the case, then we are already in a recession, which many have said would not happen until next year.
One positive on Thursday was that yields across the Treasury curve were lower after consistent selling this week. Again, this could be additions to portfolios to close out the quarter. The yield on the 30-year Treasury bond fell back to 3.21%
Both Brent and West Texas Intermediate crude closed lower, with Brent well below the psychologically important $120 level. Natural gas also traded lower, after getting hit hard earlier this week. Gold closed down on the day, while Bitcoin ended modestly higher.
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 Thursday, June 30, 2022.
Amazon.com Inc. (NASDAQ: AMZN): Redburn started coverage of the technology behemoth with a Buy rating and a $270 target price. The consensus target is lower at $176.35. The shares closed Wednesday at $108.92.
Azek Co. Inc. (NYSE: AZEK): This building products stock was named as the Zacks Bear of the Day. The analyst points out that falling estimates continue to drag the shares lower. They have traded as high as $46.56 apiece in the past year but closed most recently at $17.05. That is down about 63% since the beginning of the year.
Cadence Design Systems Inc. (NASDAQ: CDNS): BofA Securities upgraded the stock to Neutral from Underperform and lifted the $160 price target to $175. The $193.15 consensus target is higher, and Wednesday’s closing print was $150.92.
Chefs’ Warehouse Inc. (NASDAQ: CHEF): Despite the weak market, bulls are feasting on this sizzling stock, says Zacks, which selected it as the Bull of the Day. The shares last closed at $38.98, and the $44.71 consensus target would be a 52-week high.
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