Top 10 things to watch Friday, May 19th
1. We have to accept that there is a bubble in AMD, NVDA, META, MSFT, AMZN, and GOOGL. All essential tech holdings? Are we so greedy? year to date: nvidia And Meta platforms more than doubled advanced micro devices above 65%; Google’s parent the alphabet And Amazon about 40% each; And Microsoft more than 30%. Wall Street will open higher. Federal Reserve Chairman Jerome Powell speaks on Friday.
2. foot locker (FL) Bad quarter, as expected. It shares about 25%. We said wait for the release and lo and behold. We now hope that the risk is eliminated by the call. We’re waiting for CEO Mary Dillon to drop things like she did when she was CEO Ulta Beauty (ULTA). The business has become weak but she has to get rid of this stock. Watch, wait. Buy when right?
3. Speaking of ULTA, Oppenheimer lowered his price target for the stock to $575 a share from $600. Limited upside concerns about the upgrade. In beauty, he owns the club and still believes in it Estee Lauder (EL). He bought more shares Wednesday. EL has been oversold. China’s post-Covid recovery is slower than expected. But Estee Lauder’s trading dates back to the fall of 2022 when lockdowns there were in effect.
4. Morgan Stanley (MS) CEO James Gorman said at a shareholder meeting on Friday that he plans to step down after choosing a new CEO within the next 12 months. He said the board has three strong candidates. After he hands over the reins, Gorman says he will be CEO for a while.
5. Disney (DIS) CEO Bob Iger, in the midst of a lot of retrenchment, is canceling plans for a nearly $1 billion office complex in Orlando. The latest blow is also in Iger’s war with Florida Gov. Ron DeSantis over the potential 2024 Republican presidential nominee’s stance on LGBTQ issues and the special status of the Disney World region. The Orlando office was the idea of former Disney CEO Bob Chapek.
6. TD Coin analysts raised sales force (CRM) price target to $200 per share from $190. Maintain market performance rating (commentary). Seasonally weak but stable. He still faces challenges but Quinn loves CRM as well as the club. In quarterly filings from Wall Street’s top investors and money managers, we get an update on the stock’s operatives. Salesforce reports the end of the quarter of the month.
7. Club name Bush health (BHC), which was a severe disappointment, is now moving due to Xifaxan’s favorable ruling in patent litigation. But the spin-off of the majority-owned BHC company Bausch + Lomb (BLCO) has secured approval for an important drug, Miebo, for dry eye. This will highlight the value in the BHC. But you should watch the bonds.
8. Disney (DIS) CEO Bob Iger, in the midst of a lot of retrenchment, is canceling plans for a nearly $1 billion office complex in Orlando. The latest blow is also in Iger’s war with Florida Gov. Ron DeSantis over the potential 2024 Republican presidential nominee’s stance on LGBTQ issues and the special status of the Disney World region. The Orlando office was the idea of former Disney CEO Bob Chapek.
9. Oppenheimer says the recent dividend-driven sell-off in Home Depot (HD) A buying opportunity. Analysts cut the price target to $360 per share from $400. But keep outperforming (buying) the rating. Oppenheimer says the underlying weakness will be short-lived.
10. City discounts Ali Baba (BABA) price target to $144 per share from $154. Analysts say BABA is highlighting value through buybacks and cloud decoupling. But China’s march is still a long way off.
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