Tag: Wall

Tech stocks bolster Wall Street after mixed bank results

(Reuters) – Wall Street’s main indexes edged higher on Wednesday, supported by technology stocks, as investors parsed through a mixed bag of quarterly earnings reports from major U.S. banks.

FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson

Goldman Sachs gained 0.6% as strength in its trading business helped quarterly profit surge 94%. Bank of America slipped 2.5% after it missed revenue estimates and Wells Fargo shed 3% as its profit fell short of forecasts.

The S&P 500 banks index ticked 0.2% lower.

Analysts expect earnings for the financial sector to slump 12.1% in the third quarter from a year earlier, while overall S&P 500 companies are expected to report a 19.6% drop in earnings,

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Asian shares defy Wall St. gains as China rally cools

HONG KONG/NEW YORK (Reuters) – Asian shares slipped on Tuesday, brushing off a firmer Wall Street lead as China’s post-holiday rally cooled, although a buoyant tech sector and fresh optimism about U.S. stimulus are expected to continue to support sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped into negative territory in the Asian session, down 0.09%.

Weakness emerged early in China as the Shanghai Composite .SSEC slipped 0.5%, trimming gains made in the two trading days since a week-long public holiday last week. China’s blue chip index CSI300 .CSI300 shed 0.3%.

The morning session of Hong Kong’s Hang Seng index .HSI was canceled as the city faced a typhoon warning.

In Japan, the Nikkei index .N225 was off 0.2%.

Despite the volatility across the region on Tuesday, Surich Asset Management founder Simon Yuen said he was confident Asian stock markets would retain

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Asian shares lower after tech-driven rally on Wall Street

Chinese state media reported that exports jumped 10.2% in yuan, or renminbi, terms in September from a year earlier, while imports rose 4.3%, according to the General Administration of Customs. Dollar-based figures were due later in the day.

Traders were keeping an eye on the Chinese currency after the central bank scrapped a requirement for currency traders to post cash deposits, opening the way for more negative speculation on the country’s yuan, which might help to restrain its rise in value.

The change took effect Monday and eliminates a requirement imposed in 2018 for a 20% deposit on yuan trades to discourage speculators.

The recovery of the world’s second biggest economy has been a rare bright spot as investors wait to see if the U.S. Congress will manage to provide further economic aid for Americans and businesses struggling due to the coronavirus pandemic. With caseloads in the U.S., Europe and

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Snowflake draws bullish calls from Wall Street, though some analysts say stock is fully valued

  • At least 19 investment banks initiated coverage of Snowflake on Monday, with price targets ranging from $214 to $350.
  • The stock rose 2.5% to close at $243.97.
  • Analysts agree that Amazon, Microsoft and Google are Snowflake’s top competitors, but they have differing views on how much of a threat those companies pose.



Frank Slootman wearing a suit and tie: Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.


© Provided by CNBC
Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.

Less than a month after Snowflake debuted on the stock market with the biggest software IPO in history, Wall Street analysts are rushing to make predictions on the cloud database company, which is already valued at over $67 billion.

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At least 19 analysts initiated coverage of Snowflake on Monday following the post-IPO quiet period, according to reports collected by CNBC.

Among the nine buy ratings, the most bullish prediction came from Truist, which gave Snowflake a price target of $350, or 47%

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US STOCKS-Tech stocks extend Wall St rally on stimulus hopes

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Apple jumps ahead of Tuesday event

* Twitter rises after Deutsche Bank upgrades to “buy”

* White House calls for limited COVID-19 relief bill

* Indexes up: Dow 1.07%, S&P 1.75%, Nasdaq 2.58% (Updates to early afternoon)

Oct 12 (Reuters) – Wall Street’s main indexes rose for a fourth straight session on Monday on optimism that a coronavirus relief package would eventually come around, while investors geared up for the third-quarter corporate earnings season.

Technology stocks provided the biggest boost to all three main indexes as Apple Inc jumped 5.3% ahead of a special event on Tuesday, which most analysts believe will be used to unveil the new iPhone with 5G capabilities.

Amazon.com Inc climbed 5.1% ahead of its annual Prime Day shopping event on Oct. 13

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Apple and Amazon drive rally on Wall Street

(Reuters) – Wall Street ended sharply higher on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season.

Apple Inc jumped 6.4%, adding $128 billion to its stock market value, ahead of an event on Tuesday, when it is expected to unveil its newest iPhones.

Amazon rallied 4.8% ahead of its annual Prime Day shopping event on Oct. 13 and 14. Microsoft jumped 2.6%, helping lift the S&P 500 information technology index 2.7%.

The S&P 500 was about 1% below its record closing high from Sept. 2, nearly recovering from most of a 9% pullback last month.

“Apple is crushing it. There’s some euphoria around the name,” said Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in New York. “The market leaders are once again the tech names, supported by the fact that the economy

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Wall Street Initiates Coverage on Snowflake

Snowflake’s (SNOW) IPO on September 16th was one of, if not, the most highly anticipated IPOs of 2020. In the days before the initial public offering, the share price was expected to remain between $75 and $120. However, demand was so high that Snowflake’s shares opened for trading at $245 and even surged to $319 at one point on the first day of trading. Now, nearly a month since Snowflake went public, several banks have released their outlook on the company’s future.

Goldman Sachs analyst Heather Bellini initiated with a Buy rating and a $268 price target. In a research note, Bellini informs investors that cloud migration and stable data sharing are “strong secular tailwinds” that are driving increased adoption of Snowflake’s products. The analyst thinks that Snowflake will continue to replace current technologies for data warehousing.

Unlike Goldman Sachs, Credit Suisse initiated Snowflake with a Neutral rating and price

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Strong gains for technology stocks send Wall Street higher

Stocks marched higher again on Monday, as Wall Street extended its gains from last week’s rally, the market’s best in three months.

The S&P 500 rose 1.6%, following up on strengthening in stock markets around the world. Big Tech stocks, including Apple and Microsoft, powered much of the gains. Their businesses have proven to be practically impervious to the pandemic, unlike companies that would benefit from a strengthening economy.

The market’s latest upward push came as Wall Street appeared to largely shrug off the latest signs that Democrats and Republicans are no closer to reaching a deal on more aid for the economy, which remains hobbled by the pandemic. Over the weekend, Democratic House Speaker Nancy Pelosi criticized the latest offer from the Trump administration on a stimulus package as “one step forward, two steps back,” while the president’s fellow Republicans called it too expensive.

Investors may be betting that

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Wall Street surges on Apple, Microsoft, Amazon

(Reuters) – Wall Street surged on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season.

FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri/File Photo

Apple Inc jumped nearly 7% ahead of an event on Tuesday, when it is expected to unveil its newest iPhones.

Amazon rallied over 6% ahead of its annual Prime Day shopping event on Oct. 13 and 14. Microsoft climbed 3.5%, helping lift the S&P 500 information technology index by 3.3%.

The S&P 500 was about 1% below its record closing high from Sept. 2, nearly recovering from most of a 9% pullback last month.

Optimistic sentiment dominated after the Trump administration on Sunday called on Congress to pass a

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Wall Street Adds More Gains to Last Week’s Rally; Tech Leads | Business News

By STAN CHOE and ALEX VEIGA, AP Business Writers

Stocks are pushing higher on Wall Street in afternoon trading Monday and tacking more gains onto last week’s market rally, its best in three months.

The S&P 500 was 1.8% higher, following up on strengthening in stock markets around the world. The Dow Jones Industrial Average was up 308 points, or 1.1%, at 28,895, as of 12:35 p.m. Eastern time, and the Nasdaq composite was 2.6% higher.

The gains are being driven mostly by Big Tech stocks, whose businesses have proven to be practically impervious to the pandemic, rather than companies that would benefit from a strengthening economy.

Apple climbed 5.4% and alone accounted for nearly a quarter of the S&P 500’s rise. Amazon gained 5.1%. Both companies have events coming up this week, with Apple expected to unveil its latest batch of iPhones on Tuesday and Amazon holding its Prime

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