Here Are Monday’s Top Wall Street Analyst Research Calls: AGCO Corporation, Deere & Co., Edison International, Lumentum Holdings, PG&E, Sempra Energy, STAG Industrial, Ticketplus, and More
Quick Read
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Fed Chairman Warsh’s hawkish Jackson Hole speech lifted September rate-hike odds, sending Treasury yields higher and pulling all major indices lower Friday.
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Baird upgraded AGCO to $150 and Deere to $800, while Mizuho slashed targets for both Edison International and Sempra Energy.
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Evercore ISI initiated Lumentum Holdings at Outperform with a $1,100 price target, while Roth Capital started Ticketplus at Buy with a $14 target.
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Pre-Market Stock Futures:
Futures are trading lower as we prepare to wrap up the summer months and head into the Labor Day long weekend holiday. All the major indices closed lower on Friday, but the markets enjoyed a positive week overall. The financial media pointed to Federal Reserve Chairman Kevin Warsh’s Jackson Hole Symposium speech, where he highlighted ongoing inflation concerns. As a result, investors head into September with higher odds that the Fed will raise rates at its September 15 meeting and announce the decision the next day. Two big data points will hit the tape before the meeting: the August non-farm payrolls report and the consumer and producer price index readings, and they could be the deciding factors.
The Russell 2000 took the biggest hit on Friday, as the small cap index closed down 1.39% at 2,972, while the Nasdaq closed the session at 26,402, down 0.52%. The venerable S&P 500 ended Friday at 7,711, down 0.25%, and the Dow Jones Industrials capped off the week down by just 0.02%, at 53,599. We could be in for a volatile week as volume likely drops while traders and portfolio managers squeeze in the last few days of vacation before what could be a wild fall.
Treasury Bonds:
Yields werehigher across the entire Treasury curve as the Fed Chairman’s speech was absorbed and digested. The hawkish tinge of the speech, and the fact that three Fed Governors voted to raise rates higher at the last meeting, has many leaning toward a 25 basis point (1/4 of 1%) increase. The 30-year bond closed the day at 5.21%, while the benchmark 10-year note last traded at 4.73%.
Oil and Gas:
Prices were modestly lower on Friday for the major oil benchmarks, as rising traffic through the Strait of Hormuz boosted optimism that the 6-month war with Iran may be nearing a resolution. Brent Crude closed the day at $88.26, down 0.29%, while West Texas Intermediate was last seen at $83.44, down 0.11%. Natural gas also closed lower at $2.88, down 1.13%.
Source: finance.yahoo.com
