The futures were trading higher after yet another strong nonfarm payrolls report that steamrolled Wall Street’s 200,000 estimate for October. That will help fuel the “higher for longer” fire that is now the Federal Reserve mantra going forward. While the string of 75-basis-point hikes may be over, the terminal rate for where the increases end may be going above 5% now. As a result of the hawkish Fed tone on Wednesday, all the major indexes closed lower on Thursday, with the Nasdaq down over 1.7%, after a very ugly close Wednesday as well.
Not surprisingly, yields across the Treasury market closed higher Thursday after the Fed’s meeting, with the short end jumping the most. The two-year note yield closed at 4.71%, a large 14-basis-point increase, while the five-year debt yield jumped 10 basis points. The inversion of the two-year and 10-year paper remained in place as the latter note closed at 4.12%.
Brent and West Texas Intermediate crude both ended lower on Thursday, after a solid move higher earlier in the week. Natural gas also finished the day lower, down over 5% despite concerns expressed by the International Energy Agency over the gas supplies for Europe this winter and in 2023. Gold closed lower, while Bitcoin ended modestly higher.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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, November 4, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD): Goldman Sachs maintained a Buy rating on the chip giant while lowering its $84 target price to $74. The consensus target is higher at $94.29. Thursday’s $60.11 close was up almost 3% for the day.
Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT): Citigroup raised its Neutral rating to Buy and increased its $22 target price to $35. The consensus target is up at $43.44. The stock closed on Thursday at $22.01.
Belden Inc. (NYSE: BDC): Goldman Sachs raised its $67 target price to $76 but stayed with a Neutral rating. The consensus target is $79. The stock closed on Thursday at $72.83.
Bilibili Inc. (NASDAQ: BILI): The BofA Securities downgrade to Neutral from Buy included a target price chop to $11.50 from $42. The consensus target is $26.15. The stock closed almost 3% higher on Thursday at $9.53.
Clean Harbors Inc. (NYSE: CLH): UBS’s downgrade was from Buy to Neutral with a $135 target price. The consensus target is $141.70. Thursday’s close at $111.53 was down over 6% on the day, despite it beating third-quarter estimates.
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