Apple CEO Tim Cook holds a new iPhone 15 Pro during the Wonderlust project launch event at the company’s headquarters in Cupertino, California, Sept. 12, 2023.
Loren Elliott | Reuters
My top 10 things to watch Friday, Sept. 22
1. Stock futures were up slightly Friday, but all three averages are on course to end the week with losses. The Federal Reserve signaled its intention to keep interest rates higher and for longer on Wednesday, pushing some investors to flee riskier assets like stocks.
2. Long lines at Apple (AAPL) stores in China show no slowdown, as people wait to get their hands on the new iPhone 15. Sales look strong.
3. Deere (DE) downgraded to a hold from a buy at Canaccord, citing industry data that shows spending on large agriculture equipment is slowing. The tractor manufacturer fell 1% in the premarket.
4. The HCOB Flash Eurozone Composite PMI output index posted a 47.1 in September, up slightly from August but still showing a solid monthly decline. Output has now fallen in the eurozone private sector for four consecutive months.
5. At our September Monthly Meeting on Thursday, I explained how money can be made during Fed tightening cycles, and the Club’s moves this year have demonstrated that. Watch and catch up on all the coverage of the event, including my rapid-fire update on all 35 stocks in the portfolio.
6. Will leaked messages from an aide of UAW president Shawn Fain end talks with Detroit’s Big 3 carmakers? The United Auto Workers union has said it will strike additional plants Friday if no progress in negotiations.
7. Tesla (TSLA) is the biggest winner of the UAW strike, with its biggest potential competitors in the EV market now likely facing additional costs.
8. Citi opens a “positive catalyst watch” on Meta Platforms (META) heading into its Connect event next week. The analyst expects to hear more details about the company’s artificial intelligence plans, and has a buy rating with a $385 price target. Meta remains Citi’s top pick in the internet sector.
9. Beyond Meat (BYND) has its price target cut in half to $3 at Piper Sandler, which keeps a sell rating on shares. EBITDA margins remain challenged and sales growth momentum has yet to materialize, the analyst said.
10. Constellation Brands (STZ) price target raised to $307 from $276 at JPMorgan, keeps a buy rating on the shares ahead of the fiscal second-quarter report on Oct. 5. The analyst sees Constellation as well positioned to exceed consensus expectations for Q2 and lift its guidance for fiscal 2024.
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