Bank of America expects fundamentals to drive Apple stock higher
Bank of American raised its price target on Apple to $410 from $390 on Wednesday morning and said it sees the stock continue on its upward trajectory. "While near term data points are getting more constructive, we also think positioning has a significant role in the near term price action,"analyst Wamsi Mohan said. "We think that investors are viewing AAPL as (1) a liquid investment to weather an uncertain environment, (2) a tech "story" stock with a catalyst of 5G, (3) a large cap tech name relatively less exposed to the regulatory risks (including recent EU tax related litigation win), (4) a beneficiary of passive inflows, and (5) an alternative to low rates," he said. Apple stock is up 3% this week.— Michael Bloom
Travel stocks soaring after vaccine news
Investors bought travel stocks on Wednesday morning amid renewed optimism for a Covid-19 vaccine. TripAdvisor and Expedia surged 9.4% and 7.8%, respectively, while hotel stock Hilton jumped 6.2%. Casino stocks climbed as well, with MGM Resorts jumping nearly 8%. — Jesse Pound
Dow jumps more than 300 points at the open
The U.S. market opened sharply higher, with the Dow rising roughly 358 points, or 1.3%, in the opening minutes. The Nasdaq and the S&P 500 rose 1.1% and 0.8%, respectively. — Jesse Pound
Bank stocks climb after Goldman results
Shares of major U.S. banks rose in premarket trading Wednesday on the heels of Goldman's blowout second-quarter results and positive vaccine news from Moderna. Shares of Goldman gained 6%, while Morgan Stanley rose 4.5%. Citigroup, JPMorgan and Wells Fargo, which have already reported their earnings, also moved higher. — Jesse Pound
Here are Wednesday's biggest analyst calls of the day: Apple, Moderna, Western Digital, Gap, & more
- RBC upgraded Gap to outperform from sector perform.
- Evercore ISI initiated Boston Beer as outperform.
- Bernstein initiated Western Digital as outperform.
- Evercore ISI upgraded Wells Fargo to outperform from in-line.
- JPMorgan downgraded American Express to underweight from neutral.
- Piper Sandler raised its price target on Moderna to $134 from $100.
- Needham raised its price target on Apple to $450 from $350.
PRO subscribers can read more here. — Michael Bloom
Moderna vaccine data 'impresses' Wall Street
Goldman said in a note that the data released by Moderna about its vaccine candidate 'impresses' and pointed out that the druge, by one measure, produced a stronger immunity response after 57 days than a sample of patients who had Covid-19. Piper Sandler analysts was also encouraged by the data and raised its price target to $134 per share from $100. The firm said in a note that "based on an assumed price of $75, we could see ~$18 billion in ... revenues" from the vaccine. — Jesse Pound
Goldman moving higher after earnings beat
Shares of Goldman Sachs rose 4% after strong trading results fueled a better-than-expected second quarter. The bank earned $6.26 a share in the second quarter on revenue of $13.3 billion, which was 41% more than a year ago and Goldman's second-highest quarterly revenue on record. Wall Street analysts expected earnings of $3.78 per share and $9.75 billion of revenue, according to Refinitiv. — Hugh Son, Jesse Pound
Reopening stocks surge following vaccine news
Shares of embattled airlines and cruise operators jumped in premarket trading as positive results from vaccine trials fed investor optimism about an economic recovery. Shares of American Airlines and United Airlines both surged more than 8%, as did Royal Caribbean and Carnival. — Jesse Pound
Market rises following Moderna vaccine data release
Positive data from trials of a Covid-19 vaccine candidate from Moderna boosted the market, with the Dow futures up 500 points. Shares of Moderna jumped 18% in premarket trading. The company said on Tuesday night that its drug produced neutralizing antibodies in all 45 patients during an early stage trial. Going by the move in the futures, the S&P 500 will likely go back into the green for 2020. It was down 1% for the year heading into Wednesday.— Jesse Pound
"Market" - Google News
July 15, 2020 at 07:01PM
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Stock market live updates: Dow up 300, reopening trades rocket higher, Goldman rises - CNBC
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