Midday movers: Tesla, Rivian rise; Novo Nordisk, Pure Storage fall
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- Wall St rebounds with broad gains as oil slides sharply
- Brent hits lowest since before start of Iran war as more tankers exit Hormuz
- All eyes on Micron earnings tonight as sell-off raises stakes for AI memory trade
- Alphabet added to Dow Jones Industrial Average, Verizon dropped
- JPMorgan raises S&P 500 target to 7,800, says earnings revision ’unprecedented’
- Needham Starts NeoVolta (NEOV) at Buy
- Wall Street ends lower on semiconductor selloff as AI spending concerns mount
- NextEra to discuss paying about $76 per share for Dominion, Bloomberg News reports
- Campbell Soup (CPB) Declares $0.39 Quarterly Dividend; 7.7% Yield
- KKR launches Helix with over $10 billion to build AI infrastructure
Eli Lilly, Novo Nordisk shares fall as Ozempic, Wegovy tied to rare cases of vision loss
July 3, 2024 11:49 AM EDTNovo Nordisk (NYSE: NVO) shares are down almost 4%, while Eli Lilly & Co. (NYSE: LLY) has dropped more than 1% Wednesday after a report from the New York Post said there is a potential link between Ozempic and a serious eye condition.
The publication, citing a new... More
Pharma selloff overdone: JPMorgan
July 3, 2024 7:43 AM EDTJPMorgan analysts downplayed concerns over drug pricing that triggered a broad healthcare and pharmaceutical sector sell-off, calling it "overdone election noise."
"Pricing has always been a popular issue to comment on but tough to follow through, also more complicated with the Inflation Reduction Act (IRA) now," the bank stated.... More
Wolfe Asks: 'Has Tesla's (TSLA) sleeping giant finally awoken?'
July 3, 2024 7:18 AM EDTWolfe Asks: 'Has TTesla (NASDAQ: TSLA) sleeping giant finally awoken?'
The analyst comments "Tesla reported better than expected Q2 deliveries of 444k vehicles (-4.8% y/y), ahead of Consensus at 437.8k and wellahead of our estimate of 419k (we think buyside expectations were in the ~420k range). Meanwhile, with production down 14.4% y/y (to 410.8k), TSLA was able to meaningful reduce in-transit... More
JPMorgan on Tesla (TSLA): 'We estimate Tesla also lost ground vs. the total auto industry'
July 3, 2024 4:55 AM EDTJPMorgan analyst Ryan Brinkman reiterated an Underweight rating and $115.00 price target on Tesla (NASDAQ: TSLA)
The analyst comments "TSLA shares rallied +10.2% Tuesday vs. the S&P 500 +0.6%, ostensibly upon the release of 2Q24 sales and production figures, which showed that Teslas vehicle deliveries... More
BMO Capital Reiterates Outperform Rating on Eli Lilly (LLY)
July 2, 2024 3:04 PM EDTBMO Capital analyst Evan David Seigerman reiterated an Outperform rating and $1,001.00 price target on Eli Lilly (NYSE: LLY).
The analyst comments "Approval of donanemab (branded Kisunla) is likely to expand revenue for both Lilly and Biogen/Eisai as two players are needed to grow infrastructure.... More
Morgan Stanley on Eli Lilly (LLY): 'we expect LLY shares to trade flat to slightly up'
July 2, 2024 2:41 PM EDTMorgan Stanley analyst Terence Flynn reiterated an Overweight rating and $1,023.00 price target on Eli Lilly (NYSE: LLY)
The analyst comments "The approval was in line with our expectations and we expect LLY shares to trade flat to slightly up as a result. For... More
CFRA Reiterates Sell Rating on Rivian Automotive Inc (RIVN)
July 2, 2024 1:45 PM EDTCFRA analyst Garrett Nelson reiterated a Sell rating and $8.00 price target on Rivian Automotive Inc (NASDAQ: RIVN).
The analyst comments "We maintain our 12-month target of $8, comparable to EV peers. We cut our 2024 adjusted EPS view to -$4.35 from -$4.10 and keep 2025's at -$3.15. RIVN... More
Truist on Tesla (TSLA): 'we believe lower production may be related to retooling for new model introductions, and will help reduce inventory'
July 2, 2024 1:00 PM EDTTruist Securities analyst William Stein reiterated a Hold rating and $162.00 price target on Tesla (NASDAQ: TSLA)
The analyst comments " 2Q24 deliveries are slightly above consensus; we expect reduced production to help normalize inventory levels. Earlier today, TSLA announced Q2 unit deliveries were 444k in the quarter (down 5% y/y), 1.7%... More
Stifel: 2Q24 delivery numbers from Tesla, Rivian positive for shares
July 2, 2024 12:57 PM EDTStifel analysts believe strong delivery numbers for Tesla (NASDAQ: TSLA) and Rivian Automotive (NASDAQ: RIVN) in the second quarter of 2024 (2Q24) will positively impact their share prices.
Tesla surpassed analyst expectations with deliveries of 443,956, exceeding Stifel's estimate of... More
Tesla (TSLA) PT Raised to $254 at Canaccord Genuity, 'We are autonomy uber-bulls'
July 2, 2024 12:25 PM EDTCanaccord Genuity analyst George Gianarikas raised the price target on Tesla (NASDAQ: TSLA) to $254.00 (from $222.00) while maintaining a Buy rating.
The analyst comments "The most important question going into earnings. Teslas upcoming earnings report after the market close on July 23rd will bring lots of new information: margin results, (possible) details on new vehicles, energy storage... More
