The futures were higher after the July consumer price index once again came in very hot. While not as high as the June print, Americans are still paying much more for gasoline and food, and that trend doesn’t look to end anytime soon.
All the major indexes closed lower on Tuesday, with investors casting an eye to the CPI data. Bulls have pointed to last Friday’s strong jobs number as a huge positive, while the bears maintain that the July rally (that has spilled into August) is nothing more than a bear market rally that should be sold. With soaring investor pessimism and worsening economic conditions, the fall could prove to be very volatile.
Treasury yields were slightly higher across the curve Tuesday, following the big selling on Friday and Monday. The continuing inflation data and the strong nonfarm payrolls report have the analysts at Citigroup saying that it is very possible that the Federal Reserve may have the door opened to increase the federal funds rate by a full percentage point next month. Current expectations are for an increase of 50 to 75 basis points.
Both Brent and West Texas Intermediate crude closed lower on Tuesday, and some cited Goldman Sachs cutting its target price on Brent to $110 for this quarter. Natural gas rebounded, closing up almost 4% Tuesday. Gold closed modestly higher, while Bitcoin traded down almost 3%.
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 Wednesday, August 10, 2022.
Amgen Inc. (NASDAQ: AMGN): Oppenheimer reiterated a Buy rating on the biotech giant and has a $290 target price. The consensus target is $252.99. The shares closed on Tuesday at $248.36.
Atlas Air Worldwide Holdings Inc. (NASDAQ: AAWW): Loop Capital downgraded the shares from Buy to Hold with a $102.50 price objective. The consensus target is $111.50. The last trade on Tuesday was at $100.45.
Bed Bath & Beyond Inc. (NASDAQ: BBBY): Baird downgraded the meme stock darling to Underperform from Neutral while staying with a $4 target price. The consensus target is $3.49. The shares closed Tuesday at $9.79, down almost 15% on the day, after the retail army run-up recently.
Brunswick Inc. (NYSE: BC): Jefferies downgraded the stock to Hold from Buy and raised the $90 target price to $110. The consensus target is $100.79. Tuesday’s close was at $80.04.
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Carlyle Group Inc. (NASDAQ: CG): Evercore ISI downgraded the private equity giant to Hold from Buy and cut the $55 target price to $38. The consensus target is $53.58. The stock closed over 3% lower on Tuesday at $34.12.
C.H. Robinson Worldwide Inc. (NASDAQ: CHRW): Citing solid long-term growth potential and more, Zacks named this transportation and logistics services provider as the Bull of the Day stock. Shares last closed at $111.96, which is up more than 25% from six months ago.
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