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Intel disappoints as PCE meets consensus – Crypto News

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2 years ago

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Here is what you need to know on Friday, January 27:

Intel (INTC) disappointed investors in a big way after the close last night and is slated to open down 10% this morning. That has knocked bulls who were getting excited after GDP data and Tesla (TSLA) earnings. Next up we’ve got the Federal Reserve’s favorite inflation gauge, the PCE. The data from the PCE emerged in line with expectations, but markets seemed a bit confused. Investors are still betting on a Fed pivot in H2, so any signs of stickiness will not be welcome news. Yields remain up on the day, while shares and the US Dollar gyrates.

The US Dollar is virtually unchanged at 102 for the Dollar Index. Gold is flat at $1,930, and oil is $82 for a gain of 1%.

See forex today

European markets are lower. Eurostoxx -0.5%, FTSE and Dax -0.2% and CAC -0.4%.

US futures are lower: Nasdaq -0.7%, S&P -0.4% and Dow -0.1%.

Wall Street top news

PCE in line with expectations.

Silvergate (SI) suspends payments on preferred stock dividends.

Chipmaker KLA issues weak guidance.

Reuters top headlines

American Express Co AMX: The company missed market estimates for fourth-quarter profit as the credit card giant stockpiled more rainy-day funds to prepare for a worsening economy, wrapping up a turbulent quarter for major US card companies.

Chevron Corp CVX: The oil The major posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates.

Intel Corp INTC: The chipmaker said on Thursday it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected Outlook,

VISA Inc V: The company’s revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy.

Hasbro Inc.: The company said on Thursday it would cut about 15% of its global workforce.

Tesla Inc TSLA The company’s electric vehicles are expensive to repair – so much so that the automaker and insurers are addressing the issue in sharply different ways.

Wells Fargo & Co WFC: The bank’s Chief Executive Officer Charles Scharf’s total compensation for 2022 was unchanged at $24.5 million.

Upgrades and downgrades

upgrades

Tuesday, January 27, 2023

Company

TICKER

BROKERAGE FIRM

RATINGS CHANGE

PRICE TARGET

Akero Therapeutics

AKRO

Morgan Stanley

Equal-Weight>>Overweight

$40>>$65

Cabaletta Bio

CABA

Morgan Stanley

Equal-Weight>>Overweight

$3>>$16

General Mills

GIS

UBS

Neutral>>Buy

$85>>$88

Iovance Biotherapeutics

Iowa

Piper Sandler

Neutral>>Overweight

$11>>$14

McCormick

MKC

Bernstein

Mkt Perform>>Outperform

$90

Viatris

VTRS

Jefferies

Hold>>Buy

$13>>$15

Vir Biotechnology

Vir

Morgan Stanley

Underweight>>Equal-Weight

$18>>$30

take-two

TTWO

MoffettNathanson

Market Perform>>Outperform

$140

Premier

Pinc

Credit Suisse

Underperform>>Neutral

$38

chewy

CHWY

Wedbush

Neutral>>Outperform

$55

Downgrades

Tuesday, January 27, 2023

Company

TICKER

BROKERAGE FIRM

RATINGS CHANGE

PRICE TARGET

Alaska Airlines

ALK

Wolfe Research

Outperform>>Peer Perform

Avena

Avah

Credit Suisse

Neutral>>Underperform

$2>>$1

Fortinet

FTNT

Mizuho

Buy>>Neutral

$60

Hess

HES

Goldman

Buy>>Neutral

$161>>$170

Northrop Grumman

NOC

Cowens

Outperform >> Market Perform

$500>>$478

Origin Bancorp

OBNK

Piper Sandler

Overweight>>Neutral

$46>>$41

Taysha Gene Therapies

TSHA

Morgan Stanley

Overweight>>Equal-Weight

$23>>$3

Bridgewater Bancshares

bwb

Piper Sandler

Overweight>>Neutral

$20>>$17

CBRE Group

CBR

Keefe Bruyette

Outperform>>Mkt Perform

$88

Source: WSJ.com

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