The futures traded lower after a strong election day rally that saw all the major indexes close the day higher, with the Dow Jones industrials leading the charge with a gain of over 1%. While some votes and races are still to be counted, the initial tally looks positive for the Republicans. As expected, it looks as though the party recaptured the majority in the House of Representatives, and the Senate also could be theirs depending on some very tight races. Wall Street all along has been looking for gridlock, and it may well be on the way.
Interest rates were down across the Treasury curve as buyers came in, especially for the shorter maturities. Running for the safe haven of government securities in front of the election results seems a touch odd. However, yields have moved higher over the past week, and that could be the primary reason.
Both Brent and West Texas Intermediate crude were down 3% on no hard sector news. The likely reason for the move lower is the big gains investors racked up over the past couple of weeks. Natural gas was the big loser on the day, closing down almost 12% at $6.13. Warmer temperatures were cited by traders as one major reason, although that is expected to change soon.
Gold closed up a whopping 2.3% bouncing above the key $1,700 per ounce level. Analysts across Wall Street cited the fall in the dollar and lower bond yields, in addition to technical buying, for the big move higher. Bitcoin on the other hand had a horrible day, closing down a stunning 10%. The big story of the day regarding the cryptocurrency was that over 50,676 bitcoins, worth around $3.36 billion, that allegedly had been stolen years ago by hacker James Zhong were found.
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, November 9, 2022.
AMC Networks Inc. (NASDAQ: AMCX): Goldman Sachs lowered its $28 target price to $22 while maintaining a Neutral rating. The consensus target is $20.50. The shares closed over 3% higher on Tuesday at $19.19.
Amgen Inc. (NASDAQ: AMGN): Truist Financial raised its $266 price target to $280 while maintaining a Hold rating. The consensus target is $259.07. Tuesday’s close at $292.39 was up close to 6% for the day on some positive clinical data for its obesity drug.
Archer Daniels Midland Co. (NYSE: ADM): Citing investor engagement this past year, Zacks selected this stock as the Bull of the Day. The shares last closed at $96.39, and the $100.08 consensus target would be an all-time high.
Aveo Pharmaceuticals Inc. (NASDAQ: AVEO): Stifel cut its Buy rating to Hold. Its $15 target price is the same as the consensus target. The last trade for Tuesday was reported at $14.79.
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