JPMorgan CFO Doesn’t Sound Worried About A Recession, Says ‘Consumer Is Fine’

/ / Financials /

JPMorgan Chase & Co (NYSE:JPM) reported earnings Friday morning, beating EPS estimates and trading higher before giving up those gains later in the session. But according to the firm’s CFO, Jeremy Barnum, consumer resiliency is high. What Happened: “The consumer is fine,” Barnum said during the bank’s fourth-quarter (Q4) earnings call. Some economists have worried that high interest rates will cause a downturn in spending and economic growth. But the data shows otherwise. “All of the relevant metrics are now effectively normalized,” he added. Barnum does point out, however, that consumers have been spending more money than they’re bringing in, creating potential problems down the road. But Barnum also said that he expects the labor market to remain strong, which would keep consumer credit elevated. JPMorgan Chase CEO Jamie Dimon had slightly less dovish comments on the overall economy, insisting consumers may run into stickier inflation and higher interest rates for longer than what […]

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Boeing Cash Flow Outlook In Focus

/ / Industrials /

Boeing lost almost $19B in market value this week in the wake of the Alaska Airlines incident. Investors are focused on the impact on its closely-watched free cash flow from potential delays in certification and production increases. Many sell-side analysts trimmed forecasts for 2024, but three this week also cut their 2025 outlooks, one by almost a fifth from the current consensus of around $9.3B. Boeing is off 2.2% at $217.66.

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Microsoft Leads AI Race Despite M365 Copilot’s Slow Start: Analyst

/ / Technology /

Piper Sandler analyst Brent Bracelin reiterated Microsoft Corp (NASDAQ:MSFT) with an Overweight and a $455 price target. After attending several developer sessions at the Microsoft AI event in San Francisco today, the analyst remained encouraged by the momentum around the most mature AI products (GitHub Copilot and Azure AI) but felt the new 3-month-old M365 Copilot remains in the early enterprise adoption phase. Microsoft remained his favorite AI All-Star stock, but tactically, after the 57% move in 2023, it might need further AI proof points and time to grow into the premium multiple over the next 3-6 months. Regardless, Microsoft has a first-mover advantage in AI that makes this a core growth holding. GitHub Copilot Enterprise (scheduled to GA in February) features enough compelling enhancements to justify the $39/month price point (vs. GitHub Copilot individual pricing at $10/month and business version at $19/month). The number of GitHub Copilot users has scaled quickly to

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Intuitive Surgical (NASDAQ:ISRG) stock Analyst Ratings

/ / Health Care /

Intuitive Surgical (NASDAQ:ISRG) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/12/2024 10.14% RBC Capital $380 → $400 Maintains Outperform 01/03/2024 2.43% Raymond James $310 → $372 Maintains Outperform 12/22/2023 7.38% Truist Securities $375 → $390 Maintains Buy 12/12/2023 3.25% Truist Securities $320 → $375 Maintains Buy 12/04/2023 -9.14% Morgan Stanley $300 → $330 Maintains Equal-Weight 11/17/2023 -3.63% Stifel $315 → $350 Maintains Buy 11/17/2023 -12.44% HSBC → $318 Initiates Coverage On → Buy 10/23/2023 -17.4% Morgan Stanley $330 → $300 Maintains Equal-Weight 10/20/2023 -10.51% Piper Sandler $385 → $325 Maintains Overweight 10/20/2023 -2.25% RBC Capital → $355 Reiterates Outperform → Outperform 10/20/2023 7.38% Citigroup $400 → $390 Maintains Buy 10/20/2023 -0.05% Wells Fargo $386 → $363 Maintains Overweight 10/20/2023 -14.64% Raymond James $368 → $310 Maintains Outperform 10/16/2023 -5.83% Leerink Partners → $342 Initiates Coverage On → Outperform 08/17/2023 -0.88% RBC

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Marvell Technology (NASDAQ:MRVL) stock Analyst Ratings

/ / Technology /

Marvell Technology (NASDAQ:MRVL) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/12/2024 14.09% Citigroup $61 → $75 Maintains Buy 12/05/2023 6.48% Barclays $75 → $70 Maintains Overweight 12/01/2023 6.48% UBS $75 → $70 Maintains Buy 12/01/2023 6.48% Piper Sandler $75 → $70 Maintains Overweight 12/01/2023 14.09% Benchmark → $75 Reiterates Buy → Buy 12/01/2023 -1.13% Susquehanna $70 → $65 Maintains Positive 12/01/2023 -4.17% Morgan Stanley $65 → $63 Maintains Equal-Weight 12/01/2023 -5.69% Raymond James $64 → $62 Maintains Outperform 12/01/2023 -1.13% Needham → $65 Reiterates Buy → Buy 12/01/2023 52.11% Rosenblatt → $100 Reiterates Buy → Buy 12/01/2023 6.48% Keybanc $80 → $70 Maintains Overweight 11/30/2023 52.11% Rosenblatt → $100 Reiterates Buy → Buy 11/14/2023 -8.73% Roth MKM → $60 Initiates Coverage On → Buy 08/25/2023 14.09% B of A Securities $80 → $75 Maintains Buy 08/25/2023 -1.13% Morgan Stanley $68 →

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Delta Air Lines Uses More Jet Fuel in 2023 at Lower Cost — OPIS

/ / Consumer Discretionary /

Delta Air Lines released fourth-quarter and full-year 2023 earnings statements Friday, revealing a lower cost of jet fuel for the year despite significantly higher use. Fourth-quarter data did show a small jump in cost over the same quarter in the prior year, however. In the fourth quarter, Delta spent $2.933 billion on fuel and related costs, an almost 3% uptick from the last quarter of 2022 when the airline spent $2.849 billion on fuel. Full-year data, though, showed a lower yearly cost. Over the course of 2023, Delta spent $11.121 billion on fuel, a 2.90% decrease over the full year 2022 figure of $11.453 billion. In terms of total gallons used, however, both fourth-quarter and full-year 2023 levels were much higher than prior years. In the fourth quarter of 2023, Delta used 978 million gallons of fuel. That’s a big 12.54% spike from the fourth quarter in the prior year,

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Netflix’s Surging Ad Subscribers Ignite Optimism, Analyst Bumps Up Price Target By 26%

/ / Consumer Discretionary /

Oppenheimer analyst Jason Helfstein maintained Netflix Inc (NASDAQ:NFLX) with an Outperform and raised the price target from $475 to $600. On Wednesday, NFLX’s President of Advertising announced ad Monthly Active Users (MAUs) >23 million vs. 15 million in November & 5 million in May, indicating an accelerating pace of ad subscribers. Near-term, the acceleration suggests 4Q net adds above guidance and Street. Over the medium-term, the analyst noted the pace of acceleration offers plenty of room for subscriber growth in 2024 and is conservatively raising his 4Q and FY24 net adds to +10 million and +24 million vs. prior +9 million and +21 million and Street’s +9 million and 18 million, respectively. Assuming year-end 2024 ad MAU of 50 million (~25 million subscribers), the analyst now estimates $40 billion and 46 billion of total revenue (+20% and +14% Y/Y) in FY24 and FY25 vs. Street’s $38 billion and $43 billion (+14% and +11%).

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Car Prices Are Showing No Sign of UAW Wage Increases. What It Means for Auto Makers. — Barrons.com

/ / Consumer Discretionary /

The United Auto Workers Union’s record wage increases from the Detroit-Three auto makers went into effect in November amid cries about coming car price inflation. It’s early, but auto workers’higher pay has, essentially, shown no impact on new car prices. Recent pricing trends hold some important information for both investors and the UAW, about pricing, profits, and how the car industry works. Kelly Blue Book, on Thursday, updated U.S. new car pricing for December. The average transaction price came in at $48,759. That’s up from the $48,247 average transaction in November but down 2.4% year over year. The December 2022 average transaction price of $49,507 was an all-time high. The rise in prices in December 2023 from November reflect some seasonal factors, as prices typically rise at the end of the year. What’s more, December marks the fourth consecutive month of year-over-year declines, which is “unique,” according to Kelly Blue

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Bank of America Corporation (BAC) Q4 2023 Earnings Call Transcript Summary

/ / Financials /

The following is a summary of the Bank of America Corporation (BAC) Q4 2023 Earnings Call Transcript: Financial Performance: Bank of America reported Q4 net income of $3.1 billion, or $0.35 per diluted share, with adjustments, Q4 net income was $5.9 billion, or $0.70 per share. The bank’s revenue was $22.1 billion which after adjustments amounts to $23.7 billion, marking a 4% decline. Expenses for the quarter were $17.7 billion, excluding the $2.1 billion FDIC charge, adjusted expenses were $15.6 billion. Bank of America reported $57.5 billion in Net Interest Income (NII) by the end of 2023, up by 9% compared to 2022. Loan growth remains slow due to lower revolver utilization and higher corporate cash balances. Despite challenges, the bank achieved 170 basis points of operating leverage in 2023. Full-year 2023 net income was $26.5 billion (adjusted net income $29.3 billion), resulting in $3.42 EPS, marking a 7% growth

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Target Faces Delays in Shipments Amid Red Sea Crisis

/ / Consumer Discretionary /

Target (TGT) is facing delays in receiving shipments from major apparel suppliers India and Pakistan amid the crisis in the Red Sea, Reuters reported Friday, citing a source familiar with the matter. The US retailer is working with its shippers to reroute shipments, according to the report. The extra shipment time and costs due to the rerouting are expected to be minimal, and the company is not thinking about using air freight at the moment, the report said. Target did not immediately reply to MT Newswires’ request for comment.

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BlackRock to Buy Global Infrastructure Partners for $12.5 Billion — 2nd Update

/ / Financials /

By Jack Pitcher BlackRock has agreed to buy private-equity firm Global Infrastructure Partners for roughly $12.5 billion in cash and stock, a significant push into private-market investments for the world’s largest asset manager. New York-based GIP owns and operates energy, transportation, and water and waste companies, including a stake in London’s Gatwick Airport. The acquisition would be BlackRock’s largest since it bought Barclays’s asset management business in 2009. BlackRock separately reported its assets under management topped $10 trillion at the end of the fourth quarter for just the second time in its history. To acquire GIP, BlackRock will pay $3 billion in cash and 12 million of its own shares, worth about $9.5 billion based on Thursday’s closing price. GIP is majority owned by its six founding partners, who will collectively become among the largest shareholders of BlackRock by acquiring about 8% of the shares outstanding, according to a person

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Microsoft Tops Apple for Title of World’s Most Valuable Public Company — Barrons.com

/ / Technology /

By Eric J. Savitz Microsoft edged past Apple Friday to reclaim the title of the world’s most valuable public company. The software giant now has a valuation of $2.89 trillion, slightly ahead of Apple at $2.87 trillion. Microsoft has been gradually closing the gap. Over the last 12 months, its shares have rallied 62.9%, versus a 39.4% gain for Apple. So far in 2024, Microsoft shares are 3.3% higher, while Apple is off 3.4%. Microsoft’s valuation briefly exceeded Apple’s market cap on an intraday basis earlier this week, before falling back. Apple had spent more than 500 days as the stock market’s most valued company. Microsoft last held the top spot on a closing basis in November 2021. The emergence of the artificial intelligence software boom has been a boost to Microsoft shares. The company has been aggressively rolling out Copilot AI software across its portfolio, the Azure cloud business

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