7 minutes ago
DD Cowen downgrades Starbucks amid China headwinds
Starbucks shares fell more than 1% before the hour after TD Cowen said slower consumer spending and macroeconomic interventions could hurt the China coffee chain.
The company downgraded the stock to market activity on Tuesday.
“While we forecast 2023-25E EPS to be achievable, the multiple is not discounted against 5Y in our view. [average] “We expect the stock to be in a holding pattern,” said analyst Andrew Charles. “We like the long-term story, but move sideways as we monitor China’s macro and competitive dynamics.”
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– Brian Evans
31 minutes ago
Stocks were closed on Monday
All three major indexes ended the session little changed on Monday as investors braced for the Federal Reserve’s meeting starting on Tuesday.
The Dow ended the session 0.02% higher, while the Nasdaq composite rose just 0.01%. Meanwhile, the S&P 500 was little changed with a gain of 0.07%.
– Alex Haring
4 hours ago
European markets are opening less
European markets opened lower on Tuesday as investors awaited the start of the US Federal Reserve’s two-day monetary policy meeting.
The pan-European Stoxx 600 index opened 0.2% lower, with sectors temporarily trading in positive and negative territory. Health-care stocks were the biggest losers, down 0.7%, while travel and leisure stocks rose 0.2%.
– Hannah Ward-Glenton
12 hours ago
Square CEO leaving the company
Square’s CEO is set to leave the company, according to regulatory filings released Monday.
Alyssa Henry is set to leave fintech firm Block on October 2 after more than nine years.
Shares of Block fell nearly 2% in extended trading.
– Samantha Subin
13 hours ago
Kathy Wood is standing by her radical call for Tesla
ArcInvest’s Cathy Wood reiterated her big bullish call on her EV darling Tesla, which has seen it hit $2,000 in five years thanks to the robotaxi boom.
“One-third of our estimate is related to electric vehicles,” Wood said on CNBC’s “Fast Money” Monday. “Two-thirds of our assessment is autonomous [driving] and autonomous taxi platforms.”
Woods’ bear case on Tesla is a $1,400 target in 2027 and his bull case is $2,500. Tesla is the largest holding in its flagship Ark Innovation ETF ( ARKK ) fund with an 11.5% weighting. Shares of Tesla have more than doubled this year after losing 65% in 2022.
– Yun Li
13 hours ago
Instacart priced the IPO at $30 a share
Instacart priced its IPO Monday evening at $30 a share, valuing the grocery delivery company at roughly $10 billion.
The company is set to debut on the Nasdaq on Tuesday under the ticker symbol “CART.”
That puts the offer at the upper end of the expected $28 to $30 per share range.
– Ari Levy, Samantha Subin
13 hours ago
Stock futures have changed little
Stock futures were little changed on Monday evening as Wall Street awaited the start of the Federal Reserve’s policy meeting.
Futures linked to the Dow Jones industrial average added 13 points, or 0.03%, while S&P 500 futures and Nasdaq 100 futures added 0.02% and 0.06%, respectively.
– Samantha Subin
