My top 10 things to watch Friday, Jan. 19 1. Stock futures were up Friday, coming off a strong session of gains Thursday led by the tech sector. The S & P 500 and Nasdaq are positive again for 2024, with the former just 0.3% away from its last record close in January 2022. Treasury yields are relatively unchanged, with the 10-year hovering around 4.12%. 2. Club name Apple — one of our two “own, don’t trade” stocks — is coming off its biggest one-day increase since May 2023. The move followed an upgrade to buy from hold at Bank of America. I discussed why that rating change gave Apple such a big boost at Thursday’s meeting . 3. Crypto continues its downward slide. Bitcoin has fallen 9% since the U.S. Securities and Exchange Commission on Jan. 10 said it was OK for bitcoin ETFs to trade in the United States. 4. Coinbase has been weak, there are alternatives. Those who missed the run-up are using the decline to catch up. Citi raised its price target to $151 from $90, but kept its neutral rating, cited some regulatory risk. 5. Celsius , which makes energy drinks and protein bars, has been a very hot stock like Monster was … but on Friday Bank of America downgraded shares to hold from buy. The firm said that its market share was unexpectedly declining, and noted uncertainty around sales growth is weighing on risk-reward profile. 6. Leading industrial Cummins downgraded to hold from buy at BofA, said North American truck production is likely to fall by double-digits in 2024. However, the firm upgraded Paccar to hold from sell, said earnings power is stronger than it thought. Terex goes neutral to sell. 7. Meta Platforms price target raised to $410 from $380 at JMP Securities, said it was a good digital ad market in 4Q23, with strength continuing in January. Meanwhile, CEO Mark Zuckerberg said the firm is buying 350,000 H100 graphics cards from Nvidia by the end of 2024. 8. Club holding Broadcom reinstated with a buy at Goldman Sachs. The firm expects strong…
Read the full article here
