Page 15 of 33
Alcoa (AA) shares were up 3.2% in Thursday trading after Morgan Stanley upgraded the stock to overweight from equalweight and raised its price target to $80 from $64.Trading volume stood at about 3.5 million shares against a daily average of roughly 7.6 million.Price: $74.02, Change: $+2.26, Percent Change: +3.15%
Costco (COST) reported consistent comparable sales in March, with a US core comp of 6.2% and a US 2-year stacked core comp of 15% indicating "strong and steady" results, UBS Securities said in a note emailed Thursday.The composition of its comparable sales growth will be in focus, because its ticket was the primary driver of overall comp growth, while traffic grew 1.5%, according to the note.The retailer is seeing healthy demand trends and UBS expects the momentum to continue. Recently, Costco has seen more visits as a result of higher fuel prices, and around 50% of these visits extend to the warehouse as well, boosting merchandise sales, the brokerage said.Higher oil prices will be favorable for Costco's comps in the near-term, UBS added.The brokerage said it is bullish on Costco amid the challenging outlook for broadline and food retailers.UBS maintained a buy rating on Costco with a price target of $1,205.Price: $1034.67, Change: $+4.40, Percent Change: +0.43%
Capital One Financial (COF) shares rose 1.2% in Thursday trading after JPMorgan upgraded the stock to overweight from neutral while lowering the price target to $213 from $256.Trading volume stood at about 2.5 million shares, compared with a daily average of about 5.8 million.Price: $194.68, Change: $+2.22, Percent Change: +1.15%
West Texas Intermediate (WTI) closed higher on Thursday as Iran continues to block the Strait of Hormuz while maintaining the two-week ceasefire agreement reached with the United States included a pledge to halt Israeli attacks on Lebanon but fell off session highs after Israel said it will begin talks with Lebanon.WTI crude oil for May delivery closed up $3.46 to settle at US$97.87 per barrel after touching US$102.70 earlier. June Brent oil was last seen up $0.96 to US$95.71.WTI plunged 16% on Wednesday following the ceasefire agreement, pushing back below US$100 per barrel on hopes the deal would reopen tanker shipments from the Persian Gulf, a region that supplied 20% of daily oil demand prior to the Feb. 21 start to the war.However the ceasefire appeared to be fragile as Iran continued attacks on Persian Gulf countries in response to Israel's bombing of Lebanon. Reports on Thursday said Israeli prime minister Benjamin Netanyahu ordered his cabinet to begin direct talks with Lebanon "as soon as possible.Tankers trapped in the Gulf since the start of the war remain mostly unable to move through the Strait as Iran said it will continue to limit traffic and demand a toll for passage through the Strait."Crude prices rebounded following their biggest one-day drop since April 2020, with Brent challenging resistance ahead of US$100. The Strait of Hormuz remains effectively closed after Israeli attacks on Lebanon -- seen by Iran as a breach of the fragile ceasefire. According to the WSJ, Iran has told mediators it will limit traffic through the Strait to around 12 ships per day and impose tolls under the ceasefire. That is a sharp reduction from the 100+ daily transits before the war, effectively leaving most of the 1,000+ commercial vessels inside the Persian Gulf stranded," Saxo Bank noted.The Wall Street Journal reported Iran has now stopped its regional strikes, with no attacks reported for 24 hours, raising some hopes the ceasefire will hold ahead of negotiations over a permanent deal that will begin this weekend in Pakistan. U.S. Vice-President JD. Vance will lead the American side in the talks with Iranian officials.
Price: $13.24, Change: $+0.73, Percent Change: +5.84%
Price: $13.16, Change: $+0.65, Percent Change: +5.20%
Price: $13.05, Change: $+0.54, Percent Change: +4.32%
Carter's (CRI) shares were up over 6% in Thursday trading after Goldman Sachs upgraded the stock to neutral from sell and raised its price target to $38 from $29.Trading volume stood at more than 844,000 shares, compared with a daily average of about 1.3 million shares.Price: $36.87, Change: $+2.29, Percent Change: +6.61%
Texas Instruments (TXN) shares were up 2.7% in Thursday trading after Stifel upgraded the stock to buy from hold and adjusted its price target to $250 from $215.Trading volume stood at over 2.7 million shares versus the daily average of about 7.6 million.Price: $214.65, Change: $+5.75, Percent Change: +2.75%
Constellation Brands' (STZ) "disappointing" fiscal 2027 guidance is related to weaker beer topline growth and lower wine and spirits operating margins, UBS said in a Wednesday research report.Although investors are intrigued by the potential for better beer depletion growth and market share gains, UBS said it is not clear if the Q4 print would be a catalyst, given the stock having become more crowded on the long side, analysts wrote.Management expects shipments in 2027 to be aligned and seasonal cadence to be consistent with earlier years, according to the note.The brokerage reiterated its buy rating on the stock and price target of $176 per share.Price: $161.61, Change: $+11.35, Percent Change: +7.55%
Nexa Resources (NEXA) shares were up 2.7% in Thursday trading after Morgan Stanley upgraded the stock to equal weight from underweight and adjusted its price target to $11 from $7.70.Trading volume stood at over 386,000 shares versus the daily average of about 718,000.Price: $11.58, Change: $+0.31, Percent Change: +2.71%
The US Consumer Price Index is expected to rise by 0.9% in March after a 0.3% gain in February, according to a survey compiled by Bloomberg, with higher gasoline prices due to the conflict in Iran the key factor.Not only are gasoline pump prices expected to rise, but other categories that rely heavily on energy, such as airfares, are expected to see a large push higher.The year-over-year rate is forecast to accelerate to 3.4% from 2.4% as a result.The CPI data are scheduled to be released at 8:30 am ET Friday.The same survey looks for a 0.3% gain in core CPI, excluding the volatile food and energy components after 0.2% increase. The year-over-year rate is expected to accelerate to 2.7% from 2.5%.Prices in the owners' equivalent rents and regular rents categories are forecast to post modest gains. Those two categories combine for nearly one-third of overall CPI and are a key focus for the Federal Reserve.New vehicle prices and used vehicle prices are expected remain a drag on the core reading after they were generally lower in the previous month.The Federal Reserve's preferred inflation measures for March, the overall and core PCE price readings, are due to be released on April 30.
Maplebear (CART) shares rose 2.3% in Thursday afternoon trading after Raymond James upgraded the stock to outperform from market perform with a price target of $50.Trading volume stood at about 2.4 million shares, compared with a daily average of about 5.2 million.Price: $40.53, Change: $+0.92, Percent Change: +2.34%
The third estimate of Q4 GDP showed a 0.5% gain, revised down from a 0.7% increase in the previous estimate.Personal spending is now reported up 1.9% after a 2.0% increase in the advance estimate.There were upward revisions to nonresidential fixed investment and government spending that were offset by downward adjustments to residential fixed investment and private inventories. The contribution from net exports was unrevised.The GDP price index rose by 3.7%, a downward adjustment from the previous estimate, with the PCE price index and core PCE price measures unrevised.Personal income was down 0.1% in February after a 0.4% gain, below expectations, while personal consumption expenditures rose by 0.5% in February after a 0.3% increase.After an adjustment for a 0.4% increase in the PCE price index, real consumption was up 0.1% in February after a flat reading in January. The year-over-year rate for the overall price index remained at 2.8%.Core PCE prices rose by 0.4% in the month while the year-over-year rate slowed to 3.0% from 3.1%.Initial jobless claims increased by 16,000 to 219,000 in the week ended April 4, lifting the four-week moving average by 1,500 to 209,500.Insured claims fell by 38,000 to 1.794 million in the week ended March 28, the lowest since week ended May 11, 2024.Natural gas stocks rose by 50 billion cubic feet to 1.911 trillion cubic feet in the week ended April 3, up 4.9% from a year earlier and 4.8% higher than the seasonal average for the current week over the previous five years.February wholesale inventories rose by 0.8% in February after a 0.3% decrease, while wholesales sales increased by 2.7% after a 1.1% gain in the previous month.The Q1 GDPnow estimate from the Atlanta Fed is for a 1.3% gain, unrevised from the previous estimate. The next update is scheduled for April 21.
United Community Banks (UCB) shares were up over 4% in Thursday trading after Keefe Bruyette & Woods upgraded the stock to outperform from market perform and raised its price target to $40 from $36.Trading volume stood at more than 805,000 shares, versus a daily average of about 926,000.Price: $34.94, Change: $+1.48, Percent Change: +4.42%
SLB (SLB) OneSubsea joint venture has secured a contract from Beacon Offshore Energy Exploration and Production to supply an enhanced recovery system for the Shenandoah field in the Gulf of Mexico, SLB said in a statement on Thursday.SLB OneSubsea's high-pressure, high-temperature multiphase system is designed to operate above 15,000 pounds per square inch, exceeding the capacity of conventional subsea equipment.The system is expected to support faster production, higher recovery rates, and increased field value for Beacon Offshore Energy Exploration, SLB said.Price: $52.52, Change: $+0.63, Percent Change: +1.22%
Exxon Mobil (XOM) is planning an overhaul in the spring and another at the end of the year at its Beaumont refinery in Texas, Reuters reported late Wednesday, citing people familiar with plant operations.In May, the company plans to shut the 60,000-barrel-per-day coker for an overhaul that will continue into June, the sources reportedly said, adding that in December, the 120,000-barrel-per-day gasoline-producing fluidic catalytic cracker will go through an overhaul lasting into January.Exxon did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $155.10, Change: $-1.12, Percent Change: -0.72%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following up on our note yesterday, we upgrade our rating to reflect catalysts we previously provided. This includes the debut of Muse Spark, which is only the start to greater penetration into LLMs and the first "noteworthy" product release from Meta Superintelligence Labs (we expect more to come in 2H). This should open up new revenue streams, with plans to provide paid API access forthcoming. Other AI monetization initiatives remain intact (improved advertising, more engaging experiences, business messaging, Meta AI, and AI devices). Greater cost cutting announcements (up to 20% of workforce), which could come as soon as this month, as well as our belief that META is unlikely to raise its 2026 capex guidance again are other positives. Also, with META trading at about a 28% discount to GOOGL on 2027 EPS (about 17x-23x), we see potential to close the gap. OpenAI's decision to scrap Sora AI last month is also an incremental positive. We hold our 12-month target at $804 based on 22x our 2027 EPS view.
US natural gas futures declined further in midday trading on Thursday, pressured by soft supply-demand fundamentals and news that Israel aims to start peace talks with Lebanon.The front-month Henry Hub contract, along with the continuous contract, fell 1.76% to $2.68 per million British thermal units.The US price dropped in line with European prices following media reports that Israel is seeking direct negotiations with Lebanon.That news followed a bearish report that US inventories grew by more than was expected. The US Energy Information Administration reported a larger-than-anticipated 50 billion cubic feet rise in underground gas storage for the week ending Apr. 3, bringing total inventories to 1,911 Bcf.Stocks are now 89 Bcf higher than a year ago and 87 Bcf above the five-year average of 1,824 Bcf. Analysts expected a build of about 40-44 Bcf.NRG Energy said domestic demand declined sharply, with residential and commercial consumption dropping 7.2 Bcf per day amid shoulder-season conditions.Power burn eased slightly and industrial demand fell modestly, reducing total US gas demand by roughly 9 Bcf/d from Wednesday. LNG feedgas remained flat at 19.1 Bcf/d.Production fell slightly to about 106.3 Bcf/d, down 0.7 Bcf from the previous day. NRG said that while production has dipped modestly, weaker seasonal demand and steady LNG flows continue to support looser market balances, adding "near-term price action [is] being driven more by macro headlines than by incremental shifts in gas fundamentals."