UPS to Cut 12,000 Jobs as Delivery Business Slows — WSJ

/ / Industrials /

By Esther Fung United Parcel Service said Tuesday that it plans to cut about 12,000 jobs this year, a move that the package-delivery giant said would result in $1 billion in savings. Most of the cuts will be to full-time and part-time management positions and contract workers, and executives said they don’t expect these jobs to return when parcel volumes return. UPS has around 85,000 workers in management. Chief Executive Carol Tomé said that the company is using artificial intelligence and other new technologies to boost its operations. The job cuts were unveiled after the company said its revenue declined in the last quarter of 2023 as volumes in both its domestic and international businesses dropped. Write to Esther Fung at esther.fung@wsj.com

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Morgan Stanley Upgrades Bank of America, Goldman Sachs and Citi on ‘Lightened up’ Basel III Capital Requirements

/ / Financials /

By Steve Gelsi Analyst Betsy Graseck is ‘back & bullish’ on banks on sunnier prospects for a ‘significant increase in buybacks’ Morgan Stanley analyst Betsy Graseck on Tuesday upgraded Bank of America Corp., Goldman Sachs Group Inc., Citigroup Inc. and Bank of New York Mellon Corp. on optimism around pared-back capital requirements now under study by the the U.S. Federal Reserve. Morgan Stanley also said the entire group of big-bank stocks look attractive, and lifted price targets by a median of 16% across the board on 12 of them. If banks are not required to hold quite as much capital as in the initial Basel III endgame proposal by regulators, Graseck said it’s likely banks may boost moves to return money to shareholders. “Reading the tea leaves, it looks like Basel endgame will be lightened up,” Graseck said in a research note. “This opens the door for a significant increase

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Comcast (NASDAQ:CMCSA) Stock Analyst Ratings

/ / Telecommunications /

Comcast (NASDAQ:CMCSA) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/30/2024 15.1% Citigroup $51 → $53 Maintains Buy 01/26/2024 8.59% Wells Fargo $45 → $50 Maintains Equal-Weight 12/22/2023 -0.1% Rosenblatt $44 → $46 Maintains Neutral 10/30/2023 -4.44% Barclays $47 → $44 Maintains Equal-Weight 10/27/2023 -4.44% Rosenblatt → $44 Reiterates Neutral → Neutral 10/27/2023 6.42% Scotiabank → $49 Downgrades Sector Outperform → Sector Perform 10/06/2023 15.1% Seaport Global → $53 Initiates Coverage On → Buy 09/25/2023 6.42% JP Morgan $48 → $49 Maintains Neutral 08/09/2023 8.59% Argus Research $45 → $50 Maintains Buy 08/02/2023 — Wolfe Research Upgrades Underperform → Peer Perform 08/01/2023 10.76% Citigroup $47 → $51 Maintains Buy 07/31/2023 -6.61% Rosenblatt $39 → $43 Maintains Neutral 07/31/2023 2.07% Barclays $42 → $47 Maintains Equal-Weight 07/28/2023 19.45% Oppenheimer $48 → $55 Maintains Outperform 07/28/2023 12.93% Morgan Stanley $50 → $52 Maintains Overweight

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Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings

/ / Telecommunications /

Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/30/2024 11.9% Citigroup $45 → $47 Maintains Buy 01/26/2024 4.76% Barclays $42 → $44 Maintains Overweight 01/25/2024 19.05% Tigress Financial $45 → $50 Maintains Buy 01/24/2024 2.38% UBS $37 → $43 Maintains Neutral 01/24/2024 4.76% Wells Fargo $40 → $44 Maintains Equal-Weight 01/24/2024 9.52% Raymond James $42 → $46 Maintains Outperform 01/24/2024 11.9% Daiwa Capital → $47 Upgrades Neutral → Outperform 01/24/2024 9.52% Keybanc $45 → $46 Maintains Overweight 01/04/2024 9.52% Wolfe Research → $46 Upgrades Peer Perform → Outperform 01/03/2024 7.14% Keybanc → $45 Upgrades Sector Weight → Overweight 12/19/2023 2.38% Oppenheimer → $43 Reiterates Outperform → Outperform 12/14/2023 -0% Citigroup $40 → $42 Maintains Buy 12/13/2023 -4.76% Wells Fargo $35 → $40 Maintains Equal-Weight 11/02/2023 7.14% Tigress Financial $64 → $45 Maintains Buy 10/25/2023 -9.52% Barclays $37

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Pfizer Posts Surprise Fourth-Quarter Earnings Following Less-Than-Expected Paxlovid Course Returns

/ / Health Care /

Pfizer (PFE) reported an unexpected fourth-quarter profit on Tuesday after the US government returned fewer doses of the pharmaceutical giant’s COVID-19 oral antiviral pill, Paxlovid, than previously expected. The company posted adjusted earnings of $0.10 a share for the December quarter, plummeting from $1.14 the year before. The consensus on Capital IQ was for a loss of $0.18. Revenue tumbled 41% to $14.25 billion, falling short of the Street’s view for $14.4 billion. Revenue from primary care, which includes the company’s Comirnaty COVID-19 vaccine and Paxlovid, slumped 60% to $6.99 billion. Paxlovid global revenue plunged by $5 billion due to a non-cash revenue reversal of $3.5 billion, related to the return of 6.5 million treatment courses from the government. The company estimated in October for a non-cash revenue reversal of $4.2 billion in the fourth quarter from the return of 7.9 million courses of the pill. Comirnaty global sales tumbled

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RTX’s Raytheon Says CHIMERA High-Power Microwave Weapon Field Test Completed in New Mexico

/ / Industrials /

RTX’s (RTX) Raytheon unit said Monday it and the US Air Force Research Laboratory have completed a three-week field test of the CHIMERA high-power microwave weapon at White Sands Missile Range, New Mexico. CHIMERA stands for Counter-Electronic High-Power Microwave Extended-Range Air Base Defense system, the company said. The company added the system has been designed to fire highly concentrated radio energy at multiple middle-to-long-range targets. Raytheon has collaborated with the Air Force Research Laboratory, Naval Surface Warfare Center Dahlgren Division, and the Undersecretary of Defense for Research and Engineering to complete the project, the company said.

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Holiday Promotions Drove Peak Traffic at Starbucks, Dunkin’

/ / Consumer Discretionary /

Dunkin’s busiest day of 2023 was on National Donut Day which falls of the first Friday in June, while Starbucks’ busiest traffic day was November 4, the first Saturday after its holiday menu launched, according to a report from Placer.ai. Dunkin’ gives out a free donut with a drink purchase on National Donut Day, and on Friday June 2 it saw a near 50% increase in visits compared with its 2023 daily average, the report said. Starbucks meanwhile saw visits spike 68% on November 4 compared with its 2023 daily average, though Black Friday wasn’t far behind, with visits jumping almost 65% that day, according to the Placer.ai data.

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Boeing Expert Says 737 MAX Freeze & Certification Challenges May Lead To Customer Loss: BofA Analyst

/ / Industrials /

BofA Securities analyst Ronald J. Epstein hosted Chris Brady, author of The Boeing 737 Technical Guide, to discuss the Federal Aviation Administration’s (FAA) mandatory production freeze of Boeing Co’s (NYSE:BA) 737 MAX aircraft and the possible implications for MAX 7 and MAX 10 certification process. As per the analyst, Brady praised the FAA’s decision to freeze production rates and noted that an alternative (such as slowing down rates) could have been much worse for Boeing. The analyst is cautious about the probability of the MAX 7 and 10 aircraft being allowed Time Limit Exceptions (TLE) due to scrutiny related to the door plug incident of Alaska Air Group Inc (NYSE:ALK). Brady says that, before that incident, the FAA would have granted the TLE to Boeing. The analyst notes that Boeing has given June 2026 as a reasonable timeframe for fixing the anti-ice system. The analyst further adds that if certification is delayed until then, Boeing may face the risk

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CrowdStrike (NASDAQ:CRWD) Stock Analyst Ratings

/ / Technology /

CrowdStrike (NASDAQ:CRWD) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/29/2024 11.04% JMP Securities $235 → $330 Maintains Market Outperform 01/18/2024 7.01% Keybanc $245 → $318 Maintains Overweight 01/17/2024 — WestPark Capital Downgrades Buy → Hold 01/16/2024 -2.42% Truist Securities $230 → $290 Maintains Buy 01/12/2024 -19.24% Cantor Fitzgerald → $240 Reiterates Overweight → Overweight 01/10/2024 7.68% Citigroup $275 → $320 Maintains Buy 01/09/2024 2.29% Morgan Stanley $203 → $304 Upgrades Equal-Weight → Overweight 01/05/2024 0.95% Oppenheimer $240 → $300 Maintains Outperform 12/21/2023 6% Rosenblatt $245 → $315 Maintains Buy 12/21/2023 9.36% Needham $250 → $325 Maintains Buy 12/15/2023 -9.15% BMO Capital $238 → $270 Maintains Outperform 12/15/2023 -7.46% Mizuho $225 → $275 Maintains Buy 12/11/2023 -9.48% JP Morgan $230 → $269 Maintains Overweight 11/30/2023 -25.3% Goldman Sachs $195 → $222 Maintains Buy 11/29/2023 -22.61% Truist Securities → $230 Reiterates Buy →

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