The futures traded lower after the produce price index numbers came in hotter than expected and as we get ready to end a wild week for the broader markets. All the major indexes closed up on Thursday, which helped to keep the S&P 500 from avoiding a five-day losing streak. Jobless claims came in higher than expected on Thursday, and continuing claims for the week came in at the highest number since last February. That may indicate that finding a job is becoming more difficult as employers are tightening their belts and many companies are laying off thousands.
Treasury yields finally pushed higher after a week of buying that had driven some maturities to yields not printed since early September. Once again, the shorter maturities saw the biggest selling, with the yield on the two-year note jumping back to the 4.32% level. That keeps the inversion with the 10-year note, which closed at 3.49%, at its widest in 40 years. Bond traders see the ongoing inversion as a harbinger of a recession.
Brent and West Texas Intermediate (WTI) crude closed mixed on Thursday, after a wretched week that saw Brent give up all its 2022 gains at one point. WTI traded at its lowest level in a year. Despite the drop, top energy analysts feel that downside from current trading levels seems limited when overall industry fundamentals remain supportive and no major bearish catalysts appear to be on the horizon. Natural gas and gold closed flat on the day, while Bitcoin surged back over the $17,000 level, closing up 2.4% at $17,240.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Friday, December 9, 2022.
Altice USA Inc. (NYSE: ATUS): BofA Securities resumed coverage with an Underperform rating and a $3.50 target. The consensus target is up at $9.10. The final trade on Thursday was posted at $3.89.
AT&T Inc. (NYSE: T): Argus upgraded the legacy telecommunications giant to Buy from Hold and has a $24 target price. The consensus target is $20.28. The shares were last seen Thursday at $19.09.
Ballard Power Systems Inc. (NASDAQ: BLDP): BMO Capital Markets initiated coverage with a Market Perform rating and a $5.50 target. The consensus target is higher at $9.12. The stock closed on Thursday at $5.51.
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Bank of America Corp. (NYSE: BAC): Piper Sandler started coverage with a Neutral rating and a $36 target. The consensus target is $41.45. Thursday’s final trade came in at $32.44.
Brunswick Corp. (NYSE: BC): Jefferies reiterated a Buy rating with a $100 target price. The consensus target is $94.50. Thursday’s closing share price was $72.08.
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