The futures were trading mixed, after a back-and-forth Thursday that saw all the major indexes rebound early and rally higher on a surprise jump in unemployment claims, only to sell off in a big way by the afternoon and all four closed lower by 1.5% or more. The February nonfarm payrolls came in above estimates of 215,000, but nowhere near the massive blow-out print last month. With this chunk of data out of the way, all eyes on Wall Street will be laser-focused next week on the February consumer price index report. If the data surges past the 6% year-over-year estimate, you can count on a massive amount of selling to hit the tape.
Treasury yields were lower on Thursday, especially on the short end of the curve. The two-year paper slipped back well below the 5% level at 4.90%, down a stunning 17 basis points, after closing above there for the first time since 2007. While the 10-year yield closed lower as well at 3.95%, after flirting with 4% earlier this week, that still keeps the inversion between the two securities at 102 basis points, the highest since 1981.
Brent and West Texas Intermediate crude both rallied higher on the day. Industry analysts noted that while January and February oil imports to China were weak this year, demand could be ready to change rapidly and soar higher as the year goes on and the Chinese economy sparks back to life after years of Covid lockdowns. Natural gas also closed Thursday higher at $2.62, up 3%. Gold and Bitcoin finished higher after a rough week of selling for both.
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, March 10, 2023.
ABM Industries Inc. (NYSE: ABM): Baird’s downgrade to Neutral from Outperform included a target price trim to $51 from $52. The consensus target is $58. The last trade on Thursday was for $46.75 a share.
Advanced Micro Devices Inc. (NASDAQ: AMD): Zacks pointed to a downbeat near-term outlook and falling earnings estimates as it selected this stock as its Bear of the Day. Shares have traded as high as $125.67 in the past year but closed most recently at $84.03.
Asana Inc. (NYSE: ASAN): As .A. Davidson upgraded the shares to Buy from Neutral, the analyst bumped the $18 target price up to $21. The consensus target is $19.38. The stock closed on Thursday at $21.37, up 20% on the day. The company posted a loss for the quarter that was narrower than expected.
BigCommerce Holdings Inc. (NASDAQ: BIGC): D.A. Davidson initiated coverage with a Neutral rating and an $11 target price. The consensus target is $12.23, and Thursday’s close was at $9.24.
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