Today, all eyes are focused on the U.S. Philadelphia Fed
manufacturing index in a couple of hours. Economists, on average,
forecast that the November Philadelphia Fed manufacturing index
will come in at -9.0, compared to the previous value of -9.0.
U.S. Export and Import Price Indexes for October will also be in
focus today. Economists anticipate the export price index to be at
-0.5% m/m and the import price index to stand at -0.3% m/m.
U.S. Industrial Production data will be reported today.
Economists foresee this figure to stand at -0.3% m/m in October,
compared to the previous number of +0.3% m/m.
U.S. Manufacturing Production data will come in today.
Economists expect October’s figure to be -0.3% m/m, compared to the
previous value of +0.4% m/m.
On the earnings front, notable companies like Walmart
(NYSE:WMT), Applied Materials (NASDAQ:AMAT), Copart (NASDAQ:CPRT),
and Ross Stores (NASDAQ:ROST) are set to report their quarterly
earnings today.
December S&P 500 futures are down
-0.15%, and December Nasdaq 100 E-Mini futures are down -0.30% this
morning as weak forecasts from Cisco and Palo Alto Networks weighed
on sentiment, while investors looked ahead to a new round of U.S.
economic data and speeches from Fed officials.
Cisco Systems Inc (NASDAQ:CSCO) plunged over -10% in pre-market
trading after the networking giant cut its full-year revenue
guidance. Also, Palo Alto Networks Inc (NASDQ:PANW) slid more than
-5% in pre-market trading after the company cut its FY24 billings
forecast.
Pre-Market U.S. Stock Movers
Cisco Systems (CSCO) plunged over -10% in
pre-market trading after the networking giant cut its full-year
revenue guidance.
Palo Alto Networks (PANW) slid more than -5% in
pre-market trading after the company cut its FY24 billings
forecast.
Advance Auto Parts (AAP) fell over -2% in
pre-market trading after BofA downgraded the stock to Underperform
from Neutral.
Maxeon Solar Technologies (MAXN) tumbled more
than -5% in pre-market trading after the company reported a
larger-than-expected Q3 loss and lowered its FY23 revenue
guidance.
Plug Power (PLUG) dropped over -3% in
pre-market trading after Citi downgraded the stock to Neutral from
Buy.
StoneCo (STNE) gained more than +1% in
pre-market trading after BofA upgraded the stock to Buy from
Neutral.
ANALYST RECOMMENDATIONS
Abbvie: Baptista Research upgrades to
outperform from hold with a price target raised from USD 162.40 to
USD 164.30.
Charter Communications: Baptista Research
maintains its hold recommendation with a price target reduced from
USD 469 to USD 445.50.
Chevron Corporation: Baptista Research upgrades
to buy from hold with a price target raised from USD 178.20 to USD
188.60.
Cisco Systems: Barclays maintains its
equalweight recommendation and reduces the target price from USD 53
to USD 46.
Costar Group: Baird maintains its outperform
rating and raises the target price from USD 87 to USD 94.
Diamondback Energy: Piper Sandler & Co
maintains its overweight recommendation and raises the target price
from USD 189 to USD 206.
Exxon Mobil Corporation: Baptista Research
upgrades to outperform from hold with a price target raised from
USD 120 to USD 122.80.
Fiserv: Cowen maintains its outperform rating
and raises the target price from USD 137 to USD 147.
Target Corporation: Goldman Sachs maintains its
buy recommendation and raises the target price from USD 168 to USD
176.
The Tjx Companies: Citigroup maintains its buy
recommendation with a price target raised from USD 103 to USD
110.
Tractor Supply Company: Baptista Research
upgrades to buy from hold with a price target reduced from USD
252.10 to USD 247.50.
Uber Technologies: Canaccord Genuity maintains
its buy recommendation and raises the target price from USD 60 to
USD 65.
Verisign: Baptista Research upgrades to
outperform from hold with a price target raised from USD 235 to USD
240.60.
West Pharmaceutical Services: Baptista Research
downgrades to underperform from hold with a price target reduced
from USD 424 to USD 326.70.
Western Digital: BNP Paribas Exane maintains
its outperform recommendation and raises the target price from USD
58 to USD 68.
Workday: JMP Securities maintains its market
outperform recommendation and raises the target price from USD 260
to USD 270.
Zscaler: Barclays maintains its overweight
recommendation and raises the target price from USD 190 to USD
210.
Today’s U.S. Earnings Spotlight: Thursday – November
16th
Walmart (WMT), Applied Materials (AMAT), Copart (CPRT), Ross
Stores (ROST), ZTO Express Cayman (ZTO), Warner Music (WMG),
Williams-Sonoma (WSM), Dolby Labs (DLB), Woodward (WWD), Globant SA
(GLOB), Bath & Body Works (BBWI), Berry Global (BERY), Post
(POST), Gap (GPS), UGI (UGI), Macy’s Inc (M), Spire (SR), PagSeguro
Digital (PAGS), ESCO Technologies (ESE), Brady (BRC), Arcos Dorados
(ARCO), Borr Drilling (BORR), Matthews (MATW), Dole (DOLE), Beazer
Homes USA (BZH), Stratasys Ltd (SSYS), BrightView Holdings (BV),
Shoe Carnival (SCVL), Gogoro (GGR), Haynes (HAYN).
Cisco Systems (NASDAQ:CSCO)
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