The futures were trading higher on an options expiration Friday, as we get set to wrap up a dumpster-fire week that featured two horrific inflation reports that have assured consumers and investors of a 75-basis-point increase in the federal funds rate at the end of the month. To make things worse, a full 1% increase is being priced at an 80% level of probability.
All the major indexes and sectors closed lower Thursday, with the exception of the Nasdaq. A so-so batch of earnings, including some lousy numbers from the big banks, combined with the producer price index inflation report (the highest on record) got the risk-off crowd selling from the opening bell.
Sellers also returned to the Treasury markets, as yields were up across the curve, and the two-year and 10-year note inversion was still in play. The two-year yield closed at 3.12%, while the 10-year yield closed at 2.96%. Again, the bond market often views that inversion as a sign of a recession.
The only good news on Thursday was the continuing slide in Brent and West Texas Intermediate, both closing down near 3%. Beleaguered consumers should be seeing some relief at the pump soon. Gold closed lower, while Bitcoin traded higher on the day, up 1% and back over the $20,000 level.
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 Friday, July 15, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD): BMO Capital Markets upgraded the chip heavyweight to Outperform from Market Perform and raised the $100 price objective to $115. The consensus target of analysts is $133.16. The shares closed on Thursday at $78.60.
Amazon.com Inc. (NASDAQ: AMZN): Cowen reiterated an Outperform rating on the technology giant but lowered the $215 price target to $210. The consensus target is $174.91. The last trade on Thursday hit the tape at $110.63.
Amphenol Corp. (NYSE: APH): J.P. Morgan upgraded the shares to Overweight from Neutral and have an $83 price objective. The consensus target is $83.77. The closing share price on Thursday was $64.74.
CDW Corp. (NASDAQ: CDW): J.P. Morgan raised its Neutral rating to Overweight with a $200 price target. The consensus target is up at $217.06. Thursday’s final trade was reported at $65.12.
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