My top 10 things to see on Friday December 8th
1. US stocks are lower in morning trading, with S&P 500 Futures fell 0.3% and are on track to break a five-week winning streak. But the Nasdaq Composite, down 0.55% in early trading, is expected to post gains for a sixth straight week. Bond yields are rising slightly, with the 10-year Treasury Department just under 4.2%.
2. Oil prices erased some of their recent losses, rising more than 2% on Thursday morning. West Texas Middle School Crude oil, the U.S. oil benchmark, is now back above $70 a barrel but has still been in the red for seven straight weeks.
3. Club holding Honeywell International comes to a purchase agreement Carrier Global‘s security business for $4.95 billion. Carrier will reportedly use Honeywell’s money to accelerate debt repayment. The companies expect the cash transaction to close before the end of the third quarter of 2024.
4. Club holding Broadcom reports mixed results for its fiscal fourth quarter, with missing sales but strong profits. And tailwinds from artificial intelligence and the company’s acquisition of VMware should further boost earnings and more than offset some of the cyclical parts of the semiconductor business.
5. Mizuho raised its price target on Broadcom to $1,000 per share from $960, but maintained a Buy rating on the stock. The company points to the semiconductor company’s strong guidance as well as its industry-leading margins and free cash flow.
6. According to Bloomberg, India’s Tata Group plans to build one of the country’s largest iPhone assembly plants with about 20 assembly lines and 50,000 workers. The new factory would help the club holding company Apple in its efforts to diversify its supply chain and expand its presence in India.
7. Morgan Stanley raised its price target on Apple from $210 to $220 per share while reiterating its overweight rating on the stock. The company says the macroeconomic backdrop still presents a challenge for Apple, but argues that excitement around edge AI, services and gross margin strength is “reigniting the bull market.”
8th. Bernstein calls Tesla a “best idea” and outlines the short situation for the electric vehicle maker in 2024. “In our view, the biggest challenge for Tesla is that the company’s narrow (and expensive) product family, which essentially consists of two vehicles, “has a demand problem,” write Bernstein analysts. The company has an underperform rating on Tesla stock with a price target of $150 per share.
9. Mizuho raises its price target DoorDash from $105 to $120 per share and at the same time reiterated the buy recommendation for the stock. The company expects further margin expansion as the food delivery platform continues to gain market share.
10. Lululemon Athletica delivers strong third quarter results while reporting a positive start to the holiday shopping season. The sportswear retailer is receiving a series of price increases from Wall Street firms on Friday – including Barclays, which is rising from $480 to $530 per share, with a Buy rating on the stock.
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