My top 10 things to watch for Monday November 20
1. U.S. stocks were mostly flat in premarket trading Monday after stocks finished higher for the third straight week last week. THE S&P500 is at its highest level since the beginning of September. Bond yields are generally stable after that of the Cash flow at 10 years fell more than 20 basis points last week, hovering above 4.4%. West Texas Intermediate crude oil climbs more than 2% after its fourth consecutive week of decline, to trade around $77.70 per barrel.
2. In 2023, investors who bought stocks in a wide range of sectors – financial services, retailers, drugs, food, utilities, automobiles, airlines and oil – were often crushed. Here’s why diversification hasn’t paid off over the past year.
3. Sam Altman, who was ousted from OpenAI’s top job Friday night, will join Club holding Microsoft (MSFT) to lead a new advanced artificial intelligence research team, CEO Satya Nadella announced Monday. Microsoft shares were up about 1.3% in early trading.
4. Cruise CEO and co-founder Kyle Vogt resigns from owned autonomous vehicle startup General engines (GM). GM lost about $1.9 billion on Cruise between January and September of this year. I was just “driving” with him and he was totally engaged.
5. Bernstein denounces the slowdown in the growth of electric vehicles, arguing You’re here(TSLA)’s poor performance is a result of affordability and availability. The company says many mass market consumers in the United States are not ready to purchase an electric vehicle. Bernstein has an underperform rating on Tesla stock with a price target of $150 per share.
6. The German pharmaceutical and agrochemical company Bayer is forced to pay $1.56 billion to four plaintiffs after a Missouri jury found the company liable for claims that its Roundup weedkiller caused cancer. The stock is down more than 19% on the news.
7. Bank of America raises its price target on Working day (WDAY) to $270 a share, up from $260, while maintaining a Buy rating on the stock. The bank says the cloud business management company’s 20% year-over-year cRPO growth forecast is achievable for the fourth quarter.
8. Wedbush downgrades Knowledge Base Home (KBH) from neutral to outperform, with a price target of $55 per share, noting that he does not see a scalable catalyst to increase it. The company is also lowering its gross margin estimates for fiscal 2023 and 2024.
9. Melius Research launches coverage on Dell Technologies (DELL) with a Buy rating and a two-year price target of $95, calling the company a beneficiary of the “AI halo effect” across most of its product lines. The company also says Dell is a structural market share gainer, with “superior scale and an accomplished management team.”
ten. Deutsche Bank Upgrades Boeing (BA) to buy hold, while raising its price target to $270 per share from $204. The bank cites accelerating aircraft deliveries, which should translate into better free cash flow and send shares higher.
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