The Bank of Japan maintained its extremely accommodative
monetary policy stance, hitting the yen, while U.S. stocks are set
for hefty weekly drops in the wake of the Federal Reserve’s hawkish
tilt. Microsoft (NASDAQ:MSFT) could soon receive U.K. approval for
its Activision purchase, while an expansion of the UAW draws
nearer.
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Adobe (NASDAQ:ADBE): Phillip Securities
downgrades to reduce from accumulate with a price target raised
from $402 to $441.
Brookfield (NYSE:BAM): Wells Fargo maintains
its overweight recommendation and reduces the target price from $37
to $34.
Charter Communications (NASDAQ:CHTR): Wells
Fargo upgrades to overweight from equalweight with a price target
raised from $450 to $550.
Constellation (NYSE:STZ): Goldman Sachs
maintains its buy recommendation and raises the target price from
$275 to $305.
Darden Restaurant (NYSE:DRI): BMO Capital
Markets maintains its market perform recommendation with a price
target reduced from $160 to $155.
Deere (NYSE:DE): Canaccord Genuity downgrades
to hold from buy with a price target reduced from $530 to $400.
Delta Air Lines (NYSE:DAL): BNP Paribas Exane
maintains its outperform rating and reduces the target price from
$65 to $57.
Exxon Mobil (NYSE:XOM): Morgan Stanley
maintains its overweight/attractive recommendation and raises the
target price from $124 to $131.
Fedex (NYSE:FDX): Morningstar downgrades to
hold from sell with a price target raised from $222 to $231.
Intercontinental (NYSE:ICE): Goldman Sachs
maintains a neutral rating on the stock with a target price of
$125.
Kkr (NYSE:KKR): Barclays maintains its
overweight recommendation and raises the target price from $73 to
$82.
Nike (NYSE:NKE): Telsey Advisory Group
maintains its outperform rating and reduces the target price from
$135 to $128.
Raymond James (NYSE:RJF): Citi maintains its
neutral recommendation with a price target reduced from $120 to
$115.
Southwest Air (NYSE:LUV): BNP Paribas Exane
maintains its neutral recommendation with a price target reduced
from $34 to $31.
Splunk (NASDAQ:SPLK): Morningstar downgrades to
hold from buy with a price target raised from $125 to $144.
United Airlines (NASDAQ:UAL): BNP Paribas Exane
maintains its outperform rating and reduces the target price from
$88 to $82.
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1. BOJ maintains ultra-dovish stance, yen falls
The Bank of Japan maintained its short-term benchmark interest
at negative levels earlier Friday, and said that it will continue
with its current pace of asset purchases and yield curve control to
stimulate the economy.
In a statement announcing the decision, the BOJ repeated a
pledge to maintain ultra-loose monetary policy “as long as
necessary to maintain the (2% inflation) target in a stable
manner.”
While this had been widely expected, it followed recent comments
from Governor Kazuo Ueda indicating that the central bank was
considering a move away from this negative rate regime, following
increases in wages and inflation.
Data released earlier Friday showed that the consumer price
index came in above the BOJ’s 2% target for a 17th consecutive
month, while a core reading that excludes fresh food and fuel
prices hit an over 40-year high.
Japanese 10-year bond yields slid nearly 2% after the BOJ
announcement, while the Japanese yen fell 0.5% against the U.S.
dollar, trading close to a 10-month low at ¥148.30.
This yen weakness prompted Japan’s Finance Minister Shunichi
Suzuki to say he would not rule out any options, given the
importance of trade on the Japanese economy.
“We are closely watching currencies with a high sense of
urgency,” Suzuki said.
Japanese authorities intervened in the currency markets last
September and October, buying the Japanese currency at levels
around ¥145 and ¥150.
2. U.K. likely to approve Microsoft/Activision
acquisition
Microsoft’s potential acquisition of Activision Blizzard
(NASDAQ:ATVI) received a boost Friday, after Britain’s antitrust
regulator said the restructured proposal, submitted in August,
“opens the door to the deal being cleared.”
The $69 billion acquisition was blocked in April by Britain’s
competition regulator, which was concerned Microsoft would dominate
the growing cloud gaming market with the purchase.
The U.S. tech giant has since tried to allay these concerns,
proposing the divestment of cloud rights for existing Activision
games, including the popular “Call of Duty”, as well as new games
over the next 15 years, to French game
publisher Ubisoft Entertainment (EPA:UBIP).
The Ubisoft divestment “substantially addresses previous
concerns,” the U.K.’s Competition and Markets Authority said in a
statement.
3. Auto strike could be expanded
The strike affecting the Detroit Three automakers could be
expanded later Friday unless new labor agreements can be agreed
before the UAW union’s 12:00 ET (16:00 GMT) deadline.
The autoworker’s union last week launched simultaneous strikes
at one assembly plant each of General Motors (NYSE:GM), Ford
(NYSE:F) and Chrysler parent Stellantis (NYSE:STLA) in Missouri,
Michigan and Ohio, which produce the Ford Bronco, Jeep Wrangler and
Chevrolet Colorado, alongside other popular models.
UAW President Shawn Fain is due to speak two hours before the
deadline, outlining the plants that will join the strike if a deal
hasn’t been reached.
Analysts expect any wider strike will include plants that build
highly profitable pickup trucks such as Ford’s F-150, GM’s Chevy
Silverado and Stellantis’ Ram.
4. Oil rebounds after Russian export ban
Oil prices rose Friday on growing expectations of tighter
supplies, but were on course for their first weekly loss in four
weeks after the Fed’s warning on higher U.S. interest rates raised
concerns of a hit to demand at the world’s largest consumer.
The news that Russia has banned exports of gasoline and diesel
with immediate effect to stabilise the domestic fuel market has
given the crude market a boost, as it forces Russia’s fuel buyers
to shop elsewhere.
This added to an already tight supply situation as the
Organization of the Petroleum Exporting Countries and allies
maintained previously announced production cuts.
The U.S. crude futures traded 0.7% higher at $90.28 a
barrel, while the Brent contract climbed 0.5% to
$93.78.
Still, the benchmarks are on course to register small losses
this week, potentially ending a run of three positive weeks which
had pushed prices to 10-month highs earlier in
September.
Activision Blizzard (NASDAQ:ATVI)
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