The futures traded higher Thursday after a wretched risk-off day after the election that saw all the major indexes close down big. The Nasdaq led the massacre, closing 2.48% lower. The lack of a Republican red wave, the fact that once again the final results may not be known until December, the crypto debacle with Binance’s proposed takeover of FTX, which looks sketchy now, and some messy numbers from Disney all contributed to the big move lower. Toss in the still red-hot inflation numbers Thursday morning and the path of least resistance could be lower.
Treasury rates were mixed across the curve Wednesday, with the biggest selling coming on the long end as the yield on the benchmark 30-year bond closed at 4.32%, up six basis points. The two-year and 10-year inversion remains in place, with the short note closing at 4.59% and the other at 4.15%. The spread has widened over the past few weeks, and bond traders see it as a recession harbinger.
A large crude oil inventory build was blamed for Brent and West Texas Intermediate crude getting hammered Wednesday, as they ended the day down 3.15% and 3.78%, respectively. Gold ended the day lower, while the aforementioned cryptocurrency implosion knocked Bitcoin down another 15% to the lowest level in two years.
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 Thursday, November 10, 2022.
Affirm Inc. (NASDAQ: AFRM): Deutsche Bank reiterated a Hold rating on the buy now, pay later company and lowered the price target to $14 from $22. The consensus target is $29.60. The stock was bushwhacked Wednesday, closing down almost 23% at $12.10, after reporting a first-quarter loss and offering a much lower full-year outlook.
Amdocs Ltd. (NASDAQ: DOX): Oppenheimer reiterated an Outperform rating and has an $84 target price. The stock has traded as high as $90.77 in the past year but closed Wednesday at $81.71.
Anika Therapeutics Inc. (NASDAQ: ANIK): Barrington Research upgraded the stock to Outperform from Market Perform and has a $31 target price. The consensus target is $36. The stock closed over 8% higher on Wednesday at $29.60 despite mixed quarterly results.
Coinbase Global Inc. (NASDAQ: COIN): The Daiwa Securities downgrade to Neutral from Buy included a target price cut to $52 from $82. That compares with the $85.76 consensus and Wednesday’s closing print of $45.98, which was down almost 10% as the cryptocurrency commotion continues.
Dominion Energy Inc. (NYSE: D): BofA Securities downgraded the utility to Neutral from Buy. It also lowered its $94 target price to $59, well below the $78.36 consensus target. The shares closed Wednesday at $60.42, down over 3% for the day, despite earnings that beat estimates last week.
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