My top 10 things to watch Tuesday, July 18
1. Bank Earnings Part 2: Bank of America (BAC) beat the high and low of the second quarter, boosted by higher interest rates and more profitable loans. This follows strong banking results on Friday from JP Morgan (JMP), Citigroup (C) and club attire Wells Fargo (WFC), which showed strong underlying fundamentals and a capital position that can support further cash returns to shareholders.
2. Morgan Stanley (MS) earnings – all good – beating analysts’ earnings and sales estimates thanks to record wealth management results. Wealth and investment management added $100 billion in net new assets. Sales were $13.46 billion versus $13.08 billion expected. Investment banking remained unchanged. Expenses were high, but there were severance packages following a series of layoffs. Repurchased $1 billion worth of MS stock during the quarter.
3. UnitedHealth (UNH) upgraded to buy pending at Bernstein, says the current valuation undervalues ​​the long-term outlook. Can this help the name of the club humane (hum)? A resumption of elective proceedings was the weighing of shares on HUM shares.
4. JMP Securities praises Amazon’s Prime Day – who hasn’t? The research firm says it is looking for comments from Amazon (AMZN) about a second early access sales event in the fourth quarter, given consumer resistance.
5. Nvidia (NVDA) price target raised to $550 versus $500 at Bank of America. The company said it was “lukewarm” on chipmakers for the second half ahead of earnings, but remains long on Nvidia shares. We wrote about how many Wall Street analysts remain optimistic on Big Tech names, including Nvidia, heading into print – even after big rallies so far this year.
6. KeyBanc raises its price target on Alphabet (GOOGL) at $140 instead of $122, indicating that growth should reaccelerate. The company maintains its buy rating… so does everyone else.
7. We raise our eyebrows at Fordof (F) further price cuts on its popular electric pickup. The move appears to challenge the automaker’s claims that the F-150 Lightning is in high demand. We have questions for management.
8. netflix (NFLX) should be bought on any weakness before printing, according to Wells Fargo. The streamer publishes its quarterly results on Wednesday.
9. Wonder (MRVL) added to Bank of American’s “US 1” list, signifying one of the company’s best ideas. Global foundries (GFS) has been removed. Marvell is in the The investment club enclosureour watchlist of stocks that could, under the right circumstances, join the Charitable Trust.
ten. Wells Fargo and Baird lower price targets for tractor supply (TSCO) but retain their buy ratings. Wells says recent checks are “spongy,” while Baird cites weaker demand. We haven’t had these kinds of issues since Hal Lawton took over as CEO in January 2020.
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