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Fitch downgraded Sinic – Chinese Real Estate Developer Slumps 87%

Fitch downgraded yesterday Sinic’s IDR to ‘CCC’ on the lower likelihood of bond refinancing.

Fitch Sinic’s downgrade reflects the diminishing likelihood of Sinic refinancing its immediate maturity, a USD 246 million bond due on 18 October 2021

Fitch does not believe that Sinic can reduce land acquisitions for a prolonged period due to its high-churn business model.

9-20-2021

Sinic Holdings one of the biggest Chinese real estate developers slumped 87% at 0.50 and trading halted in Hong Kong as fears of Evergrande contagion grow in the region. The stock hit the daily low at 0.37, on Friday Sinic stock closed at 3.85.

Investors fear that Sinic will follow Evergrande in a panic effect through the Chinese economy and around the globe. Evergrande is trading 15% lower in Hong Kong on fears that the company will fail to meet the financial obligations expiring this week.

Last Wednesday, Fitch Ratings cut the outlook on Sinic (2103) Long Term Issuer Default Rating to Negative from Stable with a “B+” rating. Sinic Holdings faces a 9.5% 246 million bond expiring on October 18. Reports indicate that the company is planning a pay cut up to 70% to its senior management staff.

Stocks around the globe are under heavy selling pressure, Hang Seng index ended 3.30% lower at 24099. In Australia, the ASX 200 had its worst trading session in the last seven months with a loss of over 2%.

European Stocks in Deep Red

European stock markets followed Asian indices as investors dump stocks. The DAX index as of writing is 2.12% lower at 15160 while the FTSE 100 in London is giving up 1.72% at 6857. In Wall Street, the futures are also lower. S&P500 futures trading 1.04% lower at 4379 and the Nasdaq futures are 0.84% lower at 15183.

Stock upgrades and downgrades December 2020 to June 2021

6-30-2021

Goldman Downgraded PulteGroup (PHM) from Buy to Neutral and cut the price target from $69 to $62.

Cowen Reiterated Dick’s Sporting Goods (DKS) at Outperform and raised the price target from $132 to $147.

BofA Securities Downgraded Virgin Galactic (SPCE) from Buy to Underperform and a price target at $41.

Barclays Upgraded Seagate Tech (STX) from Underweight to Equal Weight and a price target at $85.

BMO Capital Markets Upgraded Micron (MU) from Market Perform to Outperform and raised the price target from $90 to $110.

6-29-2021

UBS Reiterated Tesla (TSLA) at Neutral and cut the price target from $730 to $660.

BofA Securities Reiterated FedEx (FDX) at Buy and a price target at $372.

DA Davidson Resumed Coursera (COUR) at Buy and cut the price target from $55 to $52.

Morgan Stanley Upgraded Textron (TXT) from Equal-Weight to Overweight and raised the price target from $49 to $87.

6-28-2021

Barclays Resumed Yelp (YELP) at Underweight and a price target at $30.

Barclays Initiated Squarespace (SQSP) at Equal Weight and a price target at $70.

Cowen Initiated Paysafe (PSFE) at Outperform and a price target at $15.

Barclays Resumed Shopify (SHOP) at Equal Weight and a price target at $1700.

Alembic Global Advisors Downgraded Virgin Galactic (SPCE) from Overweight to Neutral.

6-25-2021

BofA Securities Reiterated NIKE (NKE) at Neutral and raised the price target from $150 to $168.

Raymond James Resumed VMware (VMW) at Outperform and a price target at $175

Canaccord Genuity Downgraded BlackBerry (BB) from Hold to Sell and a price target at $10.

Credit Suisse Upgraded Netflix (NFLX) from Neutral to Outperform and a price target $586.

Raymond James Upgraded NetApp (NTAP) from Market Perform to Outperform and a price target at $100.

6-24-2021

Morgan Stanley Reiterated Apple (AAPL) at Overweight and raised the price target from $161 to $162.

Northland Capital Upgraded Seagate Tech (STX) from Market Perform to Outperform and a price target at $98.

Goldman Upgraded Magna (MGA) from Neutral to Buy and raised the price target from $97 to $120.

BofA Securities Resumed Bed Bath & Beyond (BBBY) at Buy and a price target at $38.

DA Davidson Initiated PayPal (PYPL) at Buy and a price target at $325.

Piper Sandler Downgraded  Dollar Tree (DLTR) from Overweight to Neutral and cut the price target from $117 to $102.

6-23-2021

Evercore ISI Upgraded Helmerich & Payne (HP) from In-line to Outperform and raised the price target from $23 to $42.

Wedbush Reiterated Microsoft (MSFT) at Outperform and raised the price target from $310 to $325.

Canaccord Genuity Downgraded Plug Power (PLUG) from Buy to Hold and cut the price target from $69 to $31.

6-22-2021

Barclays Reiterated Ford Motor (F) at Overweight and raised the price target from $15 to $17.

Stifel Upgraded CrowdStrike (CRWD) from Hold to Buy and raised the price target from $240 to $300.

Raymond James Reiterated NVIDIA (NVDA) at Strong Buy and raised the price target from $750 to $900.

Needham Initiated Zoom Video (ZM) at Hold.

6-21-2021

JP Morgan Initiated Flywire (FLYW) at  Overweight and a price target at $45.

Morgan Stanley Initiated FIGS, Inc. (FIGS) at Equal-Weight and a price target at $34

Robert W. Baird Downgraded Sykes Enterprises (SYKE) from Outperform to Neutral and a price target at $54.

Barclays Downgraded Arcturus Therapeutics (ARCT) from Equal-Weight to Underweight and cut the price target from $33 to $25.

Citigroup Initiated Paymentus (PAY) at Buy and price target $35.

6-18-2021

Cleveland Research Downgraded Micron (MU) from Buy to Neutral.

Morgan Stanley Reiterated Adobe (ADBE) at Overweight and raised the price target from $575 to $610.

BMO Capital Markets Initiated Paysafe (PSFE) at Outperform and a price target at $15.

Piper Sandler Upgraded Biogen (BIIB) from Neutral to Overweight and raised the price target from $384 to $450.

6-17-2021

Gabelli & Co Upgraded Stanley Black & Decker (SWK)from Hold to Buy

BofA Securities Downgraded CureVac (CVAC) from Buy to Neutral and a price target at $50.

Argus Reiterated Coca-Cola (KO) at Buy and raised the price target from $60 to $63.

6-16-2021

Bernstein Reiterated Beyond Meat (BYND) at Outperform and raised the price target from $130 to $178.

Canaccord Genuity Initiated Coinbase Global (COIN) at Buy and a price target at $285.

Redburn Downgraded BioNTech (BNTX) from Neutral to Sell and a price target at $146.

6-15-2021

Raymond James Initiated Veracyte (VCYT) at Outperform and a price target at $45.

Cantor Fitzgerald Initiated ADC Therapeutics (ADCT) at Overweight and a price target at $13.

6-14-2021

Canaccord reduced Tesla (TSLA) stock price target from $974 to $812.

Raymond James Upgraded Chipotle Mexican Grill (CMG) from Outperform to Strong Buy and a price target at $1800.

6-11-2021

RBC Capital Mkts Resumed Twilio (TWLO) at Outperform and a price target at $415.

RBC Capital Mkts Resumed Zoom Video (ZM) at Outperform and cut the price target from $480 to $450

Bernstein Upgraded Biogen (BIIB) from Mkt Perform to Outperform and a price target at $500.

6-10-2021

Credit Suisse Upgraded F5 Networks (FFIV) from Neutral to Outperform and raised the price target from $203 to $235.

Goldman Reiterated ServiceNow (NOW) at Buy and a price target at $695

William Blair Upgraded NetApp (NTAP) from Market Perform to Outperform

Argus Upgraded Zoom Video (ZM) from Hold to Buy and a price target at $440.

6-9-2021

JP Morgan Initiated Dada (DADA) at Overweight and a price target at $40

Jefferies Initiated Morgan Stanley (MS) at Buy and a price target at $108.

Raymond James Initiated Coinbase Global (COIN) at Underperform.

JP Morgan Downgraded DISH Network (DISH) from Neutral to Underweight and a price target at $45.

Jefferies Upgraded Abercrombie & Fitch (ANF) from Hold to Buy and raised the price target from $46 to $57.

6-8-2021

Robert W. Baird Upgraded Biogen (BIIB) from Underperform to Neutral and raised the price target from $216 to $382.

Jefferies Upgraded Delta Air Lines (DAL) from Hold to Buy and raised the price target from $50 to $60.

Citigroup Upgraded Biogen (BIIB) from Sell to Neutral and raised the price target from $200 to $440.

Argus Upgraded Abercrombie & Fitch (ANF) from Hold to Buy and a price target at $47

6-7-2021

Atlantic Equities Initiated Etsy (ETSY) at Overweight and a price target at $200.

Piper Sandler Upgraded Visa (V) from Neutral to Overweight and raised the price target from $234 to $260.

6-4-2021

Stephens Upgraded Dick’s Sporting Goods (DKS) from Underweight to Equal-Weight and raised the price target from $74 to $95.

6-2-2021

Jefferies Initiated Vimeo (VMEO) at Buy and set the price target at $50.

Goldman Downgraded IMAX (IMAX) from Neutral to Sell and cut the price target from $19.60 to $18.60.

Morgan Stanley Initiated Waterdrop (WDH) at Overweight and a price target at $11.80.

Goldman Downgraded Cinemark (CNK) from Neutral to Sell and cut the price target from $21 to $19.

JP Morgan Upgraded Coca-Cola European Partners (CCEP) from Neutral to Overweight and raised the price target from $49 to $70.

6-1-2021

Susquehanna Initiated Paysafe (PSFE) at Positive and a price target at $17.

Cowen Upgraded Boeing (BA) from Market Perform to Outperform and raised the price target from $240 to $290.

Citigroup Upgraded NIO (NIO) from Neutral to Buy and raised the price target from $57.60 to $58.30.

5-28-221

New Research downgraded Apple AAPL from Neutral to Sell and a price target at $90. 

BTIG Research Initiated Plug Power (PLUG) at Buy and a price target at $40.

The Benchmark Company Resumed Advanced Micro (AMD) at Buy and a price target at $100.

Telsey Advisory Group Reiterated Best Buy (BBY) at Outperform and raised the price target from $130 to $140.

BTIG Research Initiated Nikola Corporation (NKLA) at Buy and a price target at $18.

The Benchmark Company Resumed Intel (INTC) at Hold and a price target at $55.

5-27-2021

UBS Initiated Twilio (TWLO) at Buy and a price target at $385

Telsey Advisory Group Reiterated Abercrombie & Fitch (ANF) at Outperform and raised the price target from $48 to $55.

BofA Securities Reiterated NVIDIA (NVDA) at Buy and raised the price target from $700 to $750.

RBC Capital Mkts Resumed Lyft (LYFT) at Outperform and a price target at $70.

UBS Initiated Zoom Video (ZM) at Neutral and a price target at $325.

RBC Capital Mkts Initiated Airbnb (ABNB) at Outperform and a price target at $170.

5-26-2021

JP Morgan Upgraded Urban Outfitters (URBN) from Underweight to Neutral and raised the price target from $30 to $38.

B. Riley Securities Downgraded AMC Entertainment (AMC) from Buy to Neutral and a price target at $16

Evercore ISI Initiated Paysafe (PSFE) at Outperform and a price target at $16

Canaccord Genuity Initiated Virgin Galactic (SPCE) at Buy and set the price target at $35

5-25-2021

Telsey Advisory Group Reiterated Dollar General (DG) at Outperform and set the price target from $215 to $225

JP Morgan Initiated Coinbase Global (COIN) at Overweight and set the price target at $371

Mizuho Securities reduced Coinbase price target from $315 to $225

5-24-2021

MoffettNathanson Downgraded Discovery (DISCA) from Buy to Neutral and cut the price target from $51 to $37.

Alembic Global Advisors Upgraded Virgin Galactic (SPCE) from Neutral to Overweight.

The Benchmark Company Reiterated IMAX (IMAX) at Buy and raised the price target from $24 to $25.

Wells Fargo Initiated Tesla (TSLA) at Equal Weight and a price target at $590.

Goldman Initiated Coinbase Global (COIN) at Buy and set the price target at $306.

Bernstein Upgraded Beyond Meat (BYND) from Underperform to Outperform and a price target at $130.

5-21-2021

The Benchmark Company Initiated DISH Network (DISH) at Buy and a price target at $62.

DZ Bank Downgraded Cisco (CSCO) from Buy to Hold and set the price target at $51.

UBS Upgraded Virgin Galactic (SPCE) from Neutral to Buy but cut the price target from $40 to $36.

Bank of America reduced Tesla price target from 900 to 700.

5-20-2021

UBS Upgraded Chipotle Mexican Grill (CMG) from Neutral to Buy and raised the price target from $1575 to $1700.

KeyBanc Capital Markets Resumed Intel (INTC) at Overweight but reduced the price target from $86 to $70

Wedbush Initiated Coinbase Global (COIN) at Outperform and a price target at $275

BofA Securities Upgraded ViacomCBS (VIAC) from Underperform to Buy and raised the price target from $38 to $53.

5-19-2021

Jefferies Resumed Netflix (NFLX) at Buy and a price target at $620.

Tudor Pickering Initiated Ford Motor (F) at Buy and a price target at $17

5-18-2021

Pivotal Research Group Reiterated Foot Locker (FL) at Buy and raised the Price target from $61 to $76

Goldman Initiated BioNTech (BNTX) at Neutral and set the price target at $173

Daiwa Securities Upgraded Visa (V) from Neutral to Outperform |and a price target at $259

5-17-2021

Telsey Advisory Group Reiterated Foot Locker (FL) at Market Perform and raised the price target from $56 to $60.

Citigroup Upgraded Discovery (DISCA) from Neutral to Buy and raised the price target from $40 to $44.

Morgan Stanley Upgraded Trip.com Group (TCOM) from Equal-Weight to Overweight and set the price target at $50.

5-14-2021

Wells Fargo Upgraded Airbnb (ABNB) to Overweight from Equal Weight, and set the price target at $200.

Goldman Upgraded Snowflake (SNOW) from Neutral to Buy and raised the Price target from $270 to $275.

Piper Sandler Initiated Coinbase Global (COIN) at Overweight and a price target at $335

5-13-2021

Compass Point Initiated Coinbase Global (COIN) at Neutral and a price target at $325.

Rosenblatt Initiated Microsoft (MSFT) at Buy and set the price target at  $301.

BofA Securities Resumed NIKE (NKE) at Neutral and a price target at $150

5-12-2021

Ladenburg Thalmann Upgraded PaySign (PAYS) from Sell to Neutral and a price target at $3.50

RBC Capital Mkts Downgraded Dollar General (DG) from Outperform to Sector Perform and raised the price target from $206 to $207.

Berenberg Upgraded DraftKings (DKNG) from Sell to Hold and raised the price target from $41 to $42.50

Citigroup raised Amazon (AMZN) price target from $3,750 to $4,175

5-11-2021

Jefferies Initiated Deliveroo plc (DROOF) at Buy.

Jefferies Upgraded NIKE (NKE) from Hold to Buy and raised the price target from $140 to $192

5-10-2021

Canaccord Genuity Reiterated Beyond Meat (BYND) at Hold and cut the price target from $155 to $125.

JP Morgan Upgraded MoneyGram (MGI) from Underweight to Neutral and raised the price target from $8 to $10.

Credit Suisse Initiated Paysafe (PSFE) at Outperform and a price target at $17.

Barrington Research Upgraded ViacomCBS (VIAC) from Mkt Perform to Outperform and set the Price target at $50.

JP Morgan Upgraded Cree (CREE) from Underweight to Neutral and set the price target at $108.

Daiwa Securities Upgraded Lyft (LYFT) from Neutral to Outperform and cut the Price target from $59 to $56.

Citigroup Downgraded Alphabet A (GOOGL) from Buy to Neutral and a Price target at $2415.

Citigroup Downgraded Facebook (FB) from Buy to Neutral and set the price target at $320.

Atlantic Equities Downgraded Intel (INTC) from Neutral to Underweight and cut the Price target from $63 to $45.

5-4-2021

Keefe Bruyette Initiated Coinbase Global (COIN) at Market Perform and set the price target at $325.

JP Morgan Initiated Roblox (RBLX) at Overweight and set the price target at $85.

William Blair Initiated MicroStrategy (MSTR) at Outperform

4-30-2021 JP Morgan increased Amazon (AMZN) price target from $4400 to $4600   Guggenheim Initiated DraftKings (DKNG) at Buy and set the price target at $75.   Susquehanna raised #Amazon $AMZN target price from $5200 to $5500   Telsey Advisory Group cut Peloton (PTON) price target from $180 to $150.   BMO Capital raised Amazon (AMZN) target price from $4200 to $4300

4-29-2021

ROTH Capital Upgraded Shopify (SHOP) from Neutral to Buy and raised the price target from $1325 to $1530.

JP Morgan Downgraded Cree (CREE) from Neutral to Underweight and a price target at $108

Goldman Upgraded Apple (AAPL) from Sell to Neutral and raised the price target from $83 to $130

4-28-2021

Wedbush Maintains the Outperform rating on Starbucks, and raised the price target from to $132

Morgan Stanley raised Visa (V) price target from $258 to $279

Barclays raised Microsoft (MSFT) price target from $269 to $288

Monness Crespi & Hardt Reiterated Alphabet A (GOOGL) at Buy and raised the price target from $2500 to $3000

Raymond James raised Microsoft (MSFT) price target from $275 to $290

Credit Suisse raised Google (GOOGL) price target from $2500 to $2755.

Wells Fargo Maintains the Overweight Rating on Alphabet (GOOGL) and Adjusts the price target from $2,650 to $2,850.

Summit Insights Downgraded Advanced Micro (AMD) from Buy to Hold

4-27-2021

Canaccord Genuity Reiterated Tesla (TSLA) at Buy but cut the price target from $1071 to $974

CFRA raised Tesla target price from $750 to $770

Needham Initiated DraftKings (DKNG) at Buy and set the price target at $81

4-26-2021

RBC Capital Mkts Initiated Paysafe (PSFE) at Outperform and set the price target at $19.

Citigroup Downgraded Boston Beer Co (SAM) from Buy to Neutral and increased the price target from $1325 to $1395.

Morgan Stanley Initiated Compass (COMP) at Overweight and a price target at $26

Citigroup Upgraded Brunswick (BC) from Neutral to Buy and raised the price target from $94 to $125.

4-23-2021

Wolfe Research Initiated Palantir Technologies (PLTR) at Peer Perform and a price target at $23

Wolfe Research Resumed Zoom Video (ZM) at Outperform and a price target at $390

Wolfe Research Initiated Paycom Software (PAYC) at Outperform and a price target at $450

Wolfe Research Initiated Microsoft (MSFT) at Outperform and set the price target at $290

4-22-2021

Jefferies raised Google (GOOGL) target price from $2400 to $2700

Jefferies raised Facebook (FB) price target from $350 to $360.

4-21-2021

UBS Upgraded PepsiCo (PEP) from Neutral to Buy and raised the price target from $145 to $165.

Rosenblatt Initiated Coinbase Global (COIN) at Buy and a price target at $450.

BMO Capital Markets Upgraded CSX (CSX) from Market Perform to Outperform and raised the price target from $95 to $110.

Evercore ISI cut Netflix stock price target from $665 to $655.

Stifel Upgraded Netflix (NFLX) from Hold to Buy and raised the price target from $550 to $560.

JP Morgan reduced Netflix (NFLX) stock price target from $685 to $600.

Piper Sandler reduced Netflix price target to $600 from $605.

Pivotal Research cut Netflix stock price target from $750 to $720.

4-20-2021

Citigroup Downgraded NIKE (NKE) from Buy to Neutral and cut the price target from $160 to $140.

Mizuho raised Tesla (TSLA) target price from $775 to $820.

Deutsche Bank Resumed Cisco (CSCO) at Hold and set the price target at $55.

4-19-2021

Citigroup Upgraded First Solar (FSLR) from Neutral to Buy and raised the price target from $88 to $100.

JP Morgan Initiated DigitalOcean (DOCN) at Overweight and a price target at $50.

Wells Fargo Initiated VIZIO (VZIO) at Overweight and a price target at $31.

4-16-2021 Credit Suisse Reiterated #Amazon $AMZN at Outperform and raised the price target from $3940 to $3950.   KeyBanc Capital Markets Reiterated Chipotle Mexican Grill (CMG) at Overweight and raised the price target from $1625 to $1725.

4-15-2021

Raymond James Downgraded Intel (INTC) from Market Perform to Underperform.

Raymond James Upgraded NVIDIA (NVDA) from Outperform to Strong Buy and raised the price target from $700 to $750.

Raymond James Initiated Advanced Micro (AMD) at Outperform and a price target at $100.

BTIG Research Initiated Coinbase Global (COIN) at Buy and set the price target at $500.

DA Davidson Reiterated Coinbase Global (COIN) at Buy and raised the price target from $440 to $650

4-14-2021

BofA Securities Initiated Harley-Davidson (HOG) at Buy and a price target at $55

Citigroup Downgraded T. Rowe Price (TROW) from Neutral to Sell and a price target at $157.

Argus Upgraded Yum! Brands (YUM) from Hold to Buy and a price target at $135

Wedbush Upgraded Snap (SNAP) from Neutral to Outperform and increased the price target from $52 to $75.

Morgan Stanley Upgraded Magna (MGA) from Underweight to Equal-Weight and raised the price target from $61 to $96.

Wedbush Downgraded Facebook (FB) from Outperform to Neutral and cut the price target from $375 to $340.

Wedbush Resumed Alphabet (GOOG) at Outperform and a price target at $2953.

4-13-2021

Bernstein Initiated Virgin Galactic (SPCE) at Market Perform and a price target at $27.

KeyBanc Capital Markets Upgraded FedEx (FDX) from Sector Weight to Overweight and a price target at $350.

Wolfe Research Initiated Caterpillar (CAT) at Outperform and a price target at $265.

4-12-2021

Evercore ISI Downgraded Qualcomm (QCOM) from Outperform to In-line and cut the price target from $195 to $150.

BMO Capital Markets Reiterated Microsoft (MSFT) at Outperform and raised the price target from $270 to $280.

Raymond James Upgraded Chipotle Mexican Grill (CMG) from Market Perform to Outperform and a price target at $1800.

Ascendiant Capital Markets reduced GME to sell from hold and set the price target at $10.

Canaccord Genuity raised Tesla (TSLA) stock price target at $1071

4-9-2021

Goldman Initiated Nucor (NUE) at Buy and a price target at $86.

JMP Securities Upgraded Charles Schwab (SCHW) from Market Perform to Market Outperform and a price target at $80.

Canaccord Genuity Initiated MicroStrategy (MSTR) at Buy and a price target at $920

4-8-2021

JP Morgan Upgraded U.S. Bancorp (USB) from Neutral to Overweight and a price target at $60

BofA Securities Resumed Adobe (ADBE) at Buy and set the price target at $570

BofA Securities Resumed VMware (VMW) at Neutral and a price target at $175.

Credit Suisse Downgraded F5 Networks (FFIV) from Outperform to Neutral and a price target at $207.

4-7-2021 Wolfe Research Downgraded Paychex (PAYX) from Peer Perform to Underperform and set the price target at $94.

RBC Capital Mkts Resumed Pfizer (PFE) at Sector Perform and a price target at $42.

Wolfe Research Initiated Paysafe (PSFE) at Outperform and a price target at $19.

DA Davidson Reiterated Coinbase Global (COIN) at Buy and raised the price target from $195 to $440.

Wolfe Research Upgraded ViacomCBS (VIAC) from Peer Perform to Outperform

4-6-2021

Evercore ISI Resumed Facebook (FB) at Outperform and a price target at $370

Evercore ISI Initiated Alphabet $GOOG at Outperform and a price target at $2525

Evercore ISI Resumed Amazon (AMZN) at Outperform and a price target at $4000.

Credit Suisse Initiated Peloton (PTON) at Outperform and a price target at $164

Evercore ISI Initiated Airbnb (ABNB) at Outperform and a price target at $245.

Morgan Stanley Upgraded United Airlines (UAL) from Underweight to Equal-Weight and raised the price target from $37 to $65.

Evercore ISI Downgraded Yelp (YELP) from Outperform to In-line and a price target at $41.

Evercore ISI Downgraded Peloton (PTON) from Outperform to In-line and cut the price target from $160 to$125.

4-5-2021

BofA Securities Initiated Roblox (RBLX) at Buy and a price target at $78.

Goldman Initiated Roblox (RBLX) at Buy with a price target at $81.

Credit Suisse Resumed Salesforce (CRM) at Outperform and a price target at $260.

Credit Suisse Resumed Microsoft (MSFT) at Outperform and set the price target at $265.

Morgan Stanley Initiated Roblox (RBLX) at Overweight and a price target at $80.

Wells Fargo Initiated Ford Motor (F) at Overweight and a price target at $15.

Wedbush upgraded Tesla (TSLA) from Neutral to Outperform and increased the price target from $950 to $1000.

JP Morgan keeps the Underweight rating on Tesla (TSLA) and raised the price target to $155.

B. Riley Securities Upgraded AMC Entertainment (AMC) from Neutral to Buy and raised the price target from $7 to $13.

4-1-2021

Cowen reiterated Micron (MU) at Outperform and raised the price target from $100 to $105.

Jefferies Initiated Uber (UBER) at Buy and set the price target at $75

Wolfe Research Initiated Amazon (AMZN) at Outperform and a price target at $3720.

Wolfe Research Initiated Facebook (FB) at Outperform.

Wolfe Research Initiated Lyft (LYFT) at Peer Perform and set the price target at $54.

Piper Sandler Initiated Netflix (NFLX) at Overweight and a price target at $605.

Wolfe Research Initiated Airbnb (ABNB) at Peer Perform and set the price target at $180.

Wolfe Research Initiated Alphabet (GOOG) at Outperform and a price target at $2450.

3-31-2021

Compass Point Initiated Paysafe (PSFE) at Buy.

Canaccord Genuity Upgraded BlackBerry (BB) from Sell to Hold but cut the price target from $10 to $9.

Robert W. Baird Upgraded Harley-Davidson (HOG) from Neutral to Outperform and raised the price target from $38 to $45. 

Daiwa Securities Initiated Zoom Video (ZM) at Sell and set the price target at $250.

UBS Upgraded Apple (AAPL) from Neutral to Buy and raised the price target from $115 to $142

3-30-2021

Citigroup Initiated Domino’s Pizza (DPZ) at Buy and set the price target at $435.

Stifel Upgraded Alphabet A (GOOGL) from Hold to Buy and raised the price target from $2025 to $2350.

Citigroup Upgraded Yelp (YELP) from Neutral to Buy and increased the price target from $33 to $48.

3-29-2021

Deutsche Bank Reiterated Facebook (FB) at Buy and raised the price target from $355 to $385.

Loop Capital Upgraded Baidu (BIDU) from Hold to Buy.

Jefferies raised Ford (F) target price from $14 to $16

Jefferies raised GM price target from $50 to $62

Jefferies cut Tesla (TSLA) price target from $775 to $700

3-26-2021

Vertical Research Initiated Nikola Corporation (NKLA) at Buy and set the price target at $24.

Robert W. Baird Upgraded NIKE (NKE) from Neutral to Outperform and a price target at $150.

Vertical Research Initiated Lyft (LYFT) at Buy with a price target at $85.

3-25-2021

The Benchmark Company Reiterated Netflix (NFLX) at Sell and cut the price target from $485 to $472.

Northland Capital Upgraded Advanced Micro (AMD) from Market Perform to Outperform and raised the price target from $84 to $96.

DZ Bank Upgraded Intel  (INTC) from Hold to Buy and a price target at $76.

Goldman Upgraded Cisco (CSCO) from Neutral to Buy and raised the price target from $50 to $59.

Morgan Stanley Maintains the Overweight rating on Alphabet and raised the price target to $2350

3-24-2021

Morgan Stanley Upgraded Alcoa (AA) from Equal-Weight to Overweight and a price target at $43

Analyst Michael Pachter at Wedbush downgraded GameStop (GME) from Neutral to Underperform but raised the price target from $16 to $29.

Telsey Advisory Group Reiterated GameStop (GME) at Underperform and cut the price target from $33 to $30.

Needham Reiterated Intel (INTC) at Buy and raised the Price target from $70 to $74.

3-23-2021

Goldman Reiterated DraftKings (DKNG) at Buy and raised the price target from $79 to $87.

Argus Upgraded Netflix (NFLX) from Hold to Buy and set the price target at $650.

3-22-2021

BofA Securities Downgraded Snap (SNAP) from Buy to Neutral and reduced the price target from $78 to $67.

Goldman Initiated ZoomInfo (ZI) at Buy with a price target at $65.

BofA Securities Downgraded Pinterest (PINS) from Buy to Neutral and cut the price target from $94 to $78.

3-19-2021

Barclays Upgrade Ford Motor (F) from Equal-Weight to Overweight and raised the price target from $9 to $16.

Wedbush Upgraded Starbucks (SBUX) from Neutral to Outperform and increased the Price target from $108 to $124.

JP Morgan Downgraded Kimberly-Clark (KMB) from Neutral to Underweight and cut the price target from $144 to $123. 

3-18-2021

DA Davidson Downgraded Clorox (CLX) from Buy to Neutral and cut the price target from $234 to $189.

UBS Upgraded Carnival (CCL) from Neutral to Buy and increased the price target from $20 to $42.

Analyst Martin Leitgeb of Goldman Sachs upgraded NatWest Group to Conviction Buy from Buy and raised the price target to 300 GBp, up from 285 GBp.

3-17-2021

Cowen Upgraded Seagate Tech (STX) from Market Perform to Outperform and raised the Price Target from $66 to $95.

Wedbush Reiterated Lyft (LYFT) at Outperform and raised the price target from $72 to $85.

Telsey Advisory Group Reiterated Starbucks (SBUX) at Market Perform and raised the price target from $108 to $120.

3-16-2021

Credit Suisse Resumed Zoom Video $ZM at Underperform and a price target at $375.

BTIG Research Upgraded Starbucks (SBUX) from Neutral to Buy and a Price target at $130.

JP Morgan Upgraded iHeartMedia (IHRT) from Underweight to Neutral and raised the price target from $13 to $17.

Credit Suisse Resumed Microsoft (MSFT) at Outperform and a Price target at $265.

Credit Suisse Resumed Palantir Technologies (PLTR) at Underperform and a price target at $20.

Stifel Initiated Roblox (RBLX) at Buy and a price target at $85.

3-12-2021

Stephens Upgraded Denny’s (DENN) from Equal-Weight to Overweight and raised the price target from $19 to $24.

Analyst Umer Raffat at Evercore ISI initiated coverage of Kodiak Sciences (KOD) with an Outperform rating.

BNP Paribas Downgraded Vale to Underperform, with a price target at $18.3.

3-11-2021

Mizuho Initiated Tesla (TSLA) at Buy and a price target at $775.

3-10-2021 Citigroup Resumed #Airbnb $ABNB at Neutral with a price target at $197   Barclays Upgraded Tenaris (TS) from Underweight to Equal Weight and raised the price target from $15 to $25.

Scotiabank Downgraded Chevron (CVX) from Sector Outperform to Sector Perform and a price target at $115.

JP Morgan Upgraded Stratasys (SSYS) to Neutral, and set the price target at $29.

3-9-2021

New Street Upgraded Tesla (TSLA) from Neutral to Buy and a price target at $900

Jefferies Initiated Twilio (TWLO) at Buy with a price target at $415.

JP Morgan Downgraded Apollo Global Management (APO) from Overweight to Neutral and raised the price target from $51 to $52.

Citigroup Initiated AutoZone (AZO) at Buy and a price target at $1424.

Citigroup Initiated Best Buy (BBY) at Sell with a price target at $86.

3-8-2021

Credit Suisse Upgraded First Solar (FSLR) from Underperform to Neutral and set the price target at $70.

RBC Capital Mkts Upgraded Coca-Cola (KO) from Sector Perform to Outperform and raised the price target from $55 to $60.

MKM Partners Upgraded Peloton Interactive (PTON) to Buy, with a price target at $130.

JP Morgan Upgraded Nikola Corporation (NKLA) from Neutral to Overweight and cut the Price target from $33 to $30.

Jefferies cut Nikola Corporation (NKLA) price target from $60 to $38.

Barclays Upgraded Oracle (ORCL) from Equal-Weight to Overweight and raised the price target from $66 to $80.

Goldman Upgraded Western Digital (WDC) from Neutral to Buy and increased the price target from $56 to $85.

3-5-2021

BofA Securities Upgraded Cardlytics (CDLX) from Underperform to Neutral and a price target at $128.

Telsey Advisory Group Reiterated Costco (COST) at Outperform and increased the price target from $430 to $375.

3-4-2021

Piper Sandler Upgraded Cboe Global Markets (CBOE) from Neutral to Overweight and raised the Price target from $93 to $108.

Oppenheimer Initiated Quantum (QMCO) at Outperform with a price target at $11.

JP Morgan Resumed Charles Schwab (SCHW) at Overweight and a Price target at $79.

Deutsche Bank Upgraded Snowflake (SNOW) from Hold to Buy and raised the Price target from $270 to $300.

Piper Sandler Upgraded Qualcomm (QCOM) from Neutral to Overweight and increased the Price target from $150 to $160.

3-3-2021

UBS Reiterated Tesla (TSLA) at Neutral but increased the price target from $325 to $730.

Goldman Upgraded Alcoa (AA) from Sell to Buy and increased the price target from $19 to $32.

Citigroup Resumed Microsoft (MSFT) at Buy with a price target at $292.

JP Morgan Upgraded Sensata Tech (ST) from Neutral to Overweight and increased the Price target from $61 to $72.

3-2-2021

Wells Fargo Upgraded Dow (DOW) from Equal Weight to Overweight with a Price target at $77.

Barclays Downgraded ADT (ADT) from Equal Weight to Underweight and cut the Price target from $13 to $8.

Citigroup Upgraded TripAdvisor (TRIP) from Neutral to Buy and increased the Price target from $29 to $62.

Piper Sandler Upgraded Zoom Video (ZM) from Neutral to Overweight and raised the Price target from $501 to $541.

Rosenblatt keeps the Neutral rating on Zoom Video Communications, (ZM) and Raised the Price Target to $400

3-1-2021

J.P. Morgan analyst Doug Anmuth upgrades Groupon (GRPN) from underweight to neutral and increased the price target from $23 to $48.

Keefe Bruyette Upgraded CME Group (CME) from Underperform to Market Perform and raised the price target from $181 to $197.

Barclays Downgraded Kodiak Sciences (KOD) from Equal Weight to Underweight but increased the Price target from $52 to $90.

Stock Upgrades and Downgrades for February 2021

1-29-2021

Stifel Upgraded Biogen (BIIB) from Hold to Buy | Price Tgt: $258 » $358

Daiwa Capital Markets raises target price for Tesla (TSLA) to $845 from $430.

Baird raises Tesla TSLA target price to $736 from $728.

JP Morgan Upgraded Spire (SR) from Neutral to Overweight with a price target at $67.

Evercore ISI Upgraded Western Digital (WDC) from In-line to Outperform and increased the Price Target from $52 to $80.

Cantor Fitzgerald initiated coverage of iCAD (ICAD) with an Overweight rating and a price target $19.

Morgan Stanley Upgraded Boeing (BA) from Underweight to Overweight with a price target at $230.

1-28-2021 DA Davidson Keeps the Buy Rating on Apple and raised the Price Target to $167   Wedbush Morgan Securities Inc. have an Outperform rating on Alphabet A (GOOGL) with a price target at $ 2,150.   Dan Levy of Credit Suisse reiterated Tesla (TSLA) a Neutral rating and set the price target at $800.     RBC Capital analyst Joseph Spak maintained a Hold rating on Tesla (TSLA), with a price target of $725.   JMP Securities analyst Joseph Osha downgraded Tesla (TSLA) to Market Perform from Outperform.

UBS Maintains Buy on Facebook (FB) and increased the Price Target to $350.

Morgan Stanley keeps the Overweight rating on Facebook and increased the FB Price Target to $345.

Deutsche Bank reiterates the Buy rating on Facebook and increased the Price Target to $355.

Raymond James reiterated Facebook with a buy rating and increased the Price Target to $360.

KeyBanc keeps the Overweight rating on Facebook (FB) and Raised the Price Target to $360.

Analyst Kevin Rippey of Evercore ISI keeps the Outperform rating on Facebook (FB) and increased the price target to $360 from $355.

Daniel Salmon analyst at BMO Capital increased FB price target to $335 from $325 with an Outperform rating.

MKM Partners Reiterates the Buy Rating on Facebook’s and raised the Price Target to $340 From $330.

Credit Suisse Adjusts Facebook’s (FB) Target From $325 to $330 and Keeps the Outperform Rating. Morgan Stanley Maintains the Overweight rating on Apple AAPL and increased the Price Target.   KeyBanc Capital Markets Upgraded Twitter (TWTR) from Sector Weight to Overweight and a Price Target at $65.   Joseph Feldman of Telsey Advisory downgraded Bed Bath & Beyond (BBBY) to Market Perform from Outperform and raised the price target to $40 from $27.  

1-27-2021

BofA Securities Reiterated GameStop (GME) at Underperform but raised the Price Target from $1.60 to $10.

Bernstein Initiated DraftKings (DKNG) at Outperform and a price target at $71.

Citigroup Downgraded Under Armour (UAA) from Buy to Neutral and cut the Price Target to $16 from $19.

Cowen Reiterated Advanced Micro (AMD) at Outperform and raised the price target from $110 to $120.

Citigroup Upgraded Dick’s Sporting Goods (DKS)  from Neutral to Buy and increased the price target from $66 to $90.

Robert W. Baird Downgraded Bed Bath & Beyond (BBBY) from Outperform to Neutral and raised the Price Target $30 to $37.

Bernstein Resumed PayPal (PYPL) at Outperform with a price target at $297.

1-26-2021

Cascend Securities Reiterated Apple (AAPL) at Buy rating and increased the price target from $125 to $140.

Raymond James Resumed Microsoft (MSFT) at Strong Buy with a Price Target at $235.

Analyst Stephen Grambling (Goldman Sachs) upgraded DraftKings (DKNG) to Buy from Neutral and raised the target to $65 from $45.

RBC Capital Mkts Downgraded BlackBerry (BB) from Sector Perform to Underperform with a Price Target at $7.50.

Raymond James Downgraded Bed Bath & Beyond (BBBY) from Strong Buy to Market Perform.

1-25-2020

Loop Capital Upgraded Salesforce (CRM) from Sell to Hold and a price target at $225.

Telsey advisory group raised GameStop (GME) price target from $33 to $22.

Canaccord Genuity Reiterated Alphabet A (GOOGL) at Buy and increased the Price Target from $2050 to $2250.

Wedbush increased Apple (AAPL) price target from $160 to $175.

Robert W. Baird Reiterated Tesla (TSLA) at Outperform but increased the Price Target from $488 to $728.

Credit Suisse Upgraded Wells Fargo (WFC) from Neutral to Outperform and raised the Price Target from $35 to $40.

Goldman Sachs analyst Michael Ng downgraded Imax (IMAX) to Neutral from Buy but raised the target to $17.90 from $15.60.

JPMorgan analyst Luke Nelson upgraded ArcelorMittal  (MT) to Overweight from Neutral and sets the price target at EUR 26.50.

Goldman Sachs analyst Michael Ng downgraded Glu Mobile (GLUU) to Neutral from Buy and cut the price target to $10.40 from $10.90.

1-22-2021

Cowen Reiterated Intel (INTC) at Outperform and raised the Price Target from $75 to $79.

Cowen Reiterated Apple (AAPL) at Outperform but raised the Price Target from $133 to $153.

Goldman Initiated Oracle (ORCL) with a Sell rating and price target at $60.

Goldman Initiated Microsoft (MSFT)  at Buy with a Price Target at $285.

JP Morgan Upgrade Ford Motor (F)  from Neutral to Overweight with a Price Target at $14.

Goldman Initiated VMware (VMW) at Neutral and a Price Target at $150.

UBS analyst J. Hodulik upgraded Disney DIS to Buy from Neutral and increased the price target to $200 from $155.

Credit Suisse Raised Alphabet GOOGL Price Target  To $2,000 From $1,950.

Amazon AMZN price target raised To $3,860 from $3,750 at Credit Suisse.

Credit Suisse cut Facebook FB Price Target To $325 from $330.

1-21-2021

Morgan Stanley Reiterated Apple (AAPL) at Overweight and increased the Price Target from $144 to $152.

Barrington Research Initiated fuboTV (FUBO) at Outperform with a Price Target at $40

Piper Sandler Initiated Twitter (TWTR)  at Neutral with a  Price Target at  $45.

KeyBanc Capital Markets Downgraded VMware (VMW)  from Overweight to Sector Weight.

DZ Bank analyst Manuel Muehl upgraded Netflix NFLX to Buy from Hold with a price target $650.

Piper Sandler Resumed Alphabet A (GOOGL) to Overweight rating and a price target at $2056.

BTIG Research UpgradeD PayPal (PYPL) from Neutral to Buy  and a price target at $300

Berenberg Downgraded Citigroup (C) from Buy to Hold but raised the price target from $55 to $70.

Piper Sandler Resumed Facebook (FB) at Neutral rating and price target at $275

1-20-2021

Morgan Stanley Maintains Underweight rating on Goldman Sachs Group (GS) but Raised the Price Target to $304

William Blair Initiated Palantir Technologies (PLTR) at Market Perform

Berenberg Upgraded Boeing (BA) from Sell to Hold and increased the Price Target from $150 to $215.

Oppenheimer analyst Colin Rusch raised Tesla TSLA price target to $1,036 from $486 and keeps the Outperform rating.

Credit Suisse Downgraded GlaxoSmithKline (GSK) from Neutral to Underperform.

Morgan Stanley Downgraded Kroger (KR)  from Equal-Weight to Underweight with a Price Target at $28.

JP Morgan Upgraded NuStar Energy (NS) from Underweight to Neutral and increased the Price Target from $14 to $17.

UBS analyst Eric Sheridan upgraded Netflix NFLX to Buy from Neutral and raised the target from $540 to $650.

Wells Fargo analyst Steven Cahall upgraded Netflix (NFLX) to Overweight from Equal Weight and increased the price target to $700, from $510.

Bernstein Initiated PepsiCo (PEP) at Underperform rating with a price target at $136.

1-19-2021

UBS Downgraded Peloton (PTON) from Neutral to Sell and raised the Price Target from $115 to $124.

JP Morgan Upgraded American Express (AXP) from Underweight to Overweight and a Price Target at $148.

BMO Capital analyst Daniel Salmon upgraded Facebook (FB) stock to Outperform from Market Perform and raised the price target to $325, up from $270.

Keefe Bruyette Upgraded Carlyle Group (CG) from Market Perform to Outperform with the price target at $40.

Mizuho Upgraded Eli Lilly (LLY) from Neutral to Buy and raised the Price Target from $164 to $222.

Goldman Upgraded XP (XP) from Neutral to Buy and a price target at $50.

Goldman Initiated Chipotle Mexican Grill $CMG with a Buy rating and the Price Target at $1650.

Goldman Initiated Yum! Brands (YUM) with a Sell rating and a Price Target  $103.

UBS Downgraded Fiverr (FVRR) from Neutral to Sell and increased the price target from $148 to $190.

Jefferies Reiterated Tesla (TSLA)  at Hold but raised the Price Target from $650 to $775.

1-18-2021

MoffettNathanson Upgraded Snap (SNAP) from Neutral to Buy and increased the Price Target from $39 to $57.

Wedbush Reiterated Tesla (TSLA) at Neutral but raised the Price Target from $715 to $950.

Vertical Research Upgraded Delta Air Lines (DAL) from Hold to Buy.

B. Riley Securities Upgraded Foot Locker (FL) from Neutral to Buy and a Price Target at $58.

DZ Bank Upgraded Intel (INTC)  from Sell to Hold with a Price Target at $62.

1-15-2021

Morgan Stanley Upgraded Axon (AAXN) from Equal-Weight to Overweight and a Price Target at $185.

DZ Bank Upgraded Intel (INTC)  from Sell to Hold with a Price Target at $62

RBC Capital Mkts Upgraded Ralph Lauren (RL) from Sector Perform to Outperform and raised the Price Target from $77 to $138.

MoffettNathanson Upgraded Snap (SNAP) from Neutral to Buy and increased the Price Target from $39 to $57.

JP Morgan Downgraded Stratasys (SSYS) from Neutral to Underweight and a Price Target at $23.

Truist initiated coverage of Airbnb (ABNB) with a Hold rating and set the price target at $154.

1-14-2021

BMO Capital Markets Downgraded Advanced Micro (AMD) from Market Perform to Underperform and cut the Price Target to $75 from $80.

Morgan Stanley Upgraded Intel (INTC)  from Equal-Weight to Overweight and a Price Target at $70.

Needham Upgraded Intel (INTC)  from Hold to Buy with a Price Target at $70.

Atlantic Equities Upgraded Intel (INTC)  from Underweight to Neutral and increased the Price Target from $36 to $55.

BMO Capital Markets Upgraded Intel (INTC) from Market Perform to Outperform and raised the Price Target from $50 to $70.

JP Morgan Downgraded DuPont (DD) to Neutral from Overweight with a Price target at $70.

HSBC Securities Upgraded Chevron (CVX) from Hold to Buy and a Price Target at $103 to $105.

Stifel Resumed Adobe (ADBE) with a Buy rating and a Price Target at $550.

RBC Capital Mkts Upgraded Chipotle Mexican Grill (CMG) from Sector Perform to Outperform and raised the Price Target from $1320 to $1650.

Citigroup Raises Netflix (NFLX) Price Target To $580 From $450.

1-13-2021

Edward Jones Initiated Tesla (TSLA) with a Hold rating.

JP Morgan Upgraded Exxon Mobil (XOM) from Neutral to Overweight and raised the Price Target from $50 to $56.

Nomura Upgraded General Motors (GM) from Neutral to Buy and increased the Price Target from $27 to $60.

Guggenheim Upgraded Home Depot (HD ) from Neutral to Buy and a Price Target at $310.

Jefferies Raises Mastercard (MA) To Buy From Hold and Raises the Price Target To $415 From $315.

UBS Initiated Int’l Paper (IP) with a Sell and a Price Target at $40.

Citigroup Raises Price Target On Whitbread to 3500P From 3400P.

Deutsche Bank Cuts Rio Tinto To Hold From Buy but Raised the Price Target To 6000P From 5100P.

1-12-2021

JP Morgan Upgraded Office Depot (ODP) from Underweight to Neutral and a Price Target at $40.

Citigroup Upgraded Upwork (UPWK) to Buy from Neutral and raised the Price Target from $32 to $48.

Citigroup Downgraded NIO (NIO) from Buy to Neutral but raised the price target from|$46.40 to $68.30.

Mizuho Initiated BP (BP) with a Neutral rating and a Price Target at $27.

Citigroup Reiterated Fiverr (FVRR)  at Buy and raised Price Target from $185 to $270.

1-11-2021

Morgan Stanley Upgraded Exxon Mobil (XOM) to Overweight from Equal weight and raised the Price Target to $57 from $49.

Citigroup Upgraded Bank of America (BAC) from Neutral to Buy and increased the Price Target from $31 to $37.

Baird analyst Eric Coldwell upgraded the Walgreens Boots Alliance (WBA) to Outperform from Neutral and $55 price target.

Jefferies analyst Brent Thill upgraded Zillow Group (Z) to Buy from Hold and raised the price target to $175, from $120.

Credit Suisse analyst Levy raised the target price for Tesla to $800 from $400.

Boot Barn Holdings Upgraded at JP Morgan to overweight and a price target at $60.

Piper Sandler analyst Brent Bracelin downgraded salesforce.com (CRM) to Neutral and a price target at $242.

Airbnb (ABNB) Initiated at Tigress Financial with a Buy rating.

1-8-2021

Citi analyst Lowe initiated coverage of First Solar FSLR with a Neutral rating and $106 price target.

Evercore Upgraded Tesla (TSLA) to In-line from Underperform and a Price Target at $650.

Piper Sandler Upgraded Chevron (CVX) from Neutral to Overweight and raised the Price Target from $108 to $113.

MKM Partners Upgraded Constellation Brands (STZ) from Sell to Neutral and increased the price target from $154 to $210.

Summit Insights Upgraded Micron (MU) from Hold to Buy.

Deutsche Bank Upgraded U.S. Steel (X) to Sell from Buy and a price target at $28.

Deutsche Bank Downgraded CME Group (CME) from Buy to Hold and a price target at $196.

BofA Securities Downgraded United Airlines (UAL) from Neutral to Underperform.

SVB Leerink Downgraded Myovant Sciences (MYOV)  from Outperform to  Market Perform and a Price Target at $28.

1-7-2021

RBC Capital Upgraded Tesla (TSLA) from Underperform to Sector Perform and raised the Price Target from $339 to $700.

JP Morgan Downgraded Coca-Cola (KO) to Neutral from Overweight and a price target at $55.

Cowen Upgraded Foot Locker (FL) from Market Perform to Outperform and raised the Price Target from $38 to $55.

Jefferies Upgraded Wells Fargo (WFC) to Buy from Hold and increased the Price Target to $38 from $26.

1-6-2021

Morgan Stanley raised the Tesla Stock Price Target from $540 to $810.

BofA Securities Upgraded Accenture (ACN) to Neutral from Underperform and a Price Target at $261.

BofA Securities Upgraded MasterCard (MA) from Neutral to Buy and a Price Target at $400.

Cowen Upgraded NanoString Technologies (NSTG) to Outperform from Market Perform and a Price Target at $75.

Piper Sandler Downgraded Beyond Meat (BYND) to Neutral from Overweight and reduced the Price Tgt from $144 to $125.

Evercore ISI Downgraded PepsiCo (PEP) to In-line from Outperform.

1-5-2021

Wolfe Research Downgraded Charles Schwab (SCHW) to Underperform from Peer Perform but increased the price target from $39 to $56.

Citigroup Upgraded Micron (MU) from Sell to Buy and raised the Price Target from $35 to $100.

Goldman Downgraded First Solar (FSLR) from Buy to Sell and cut the Price Target from $101 to $81.

Exane BNP Paribas analyst Stuart Pearson downgraded Tesla $TSLA to Underperform from Neutral with a price target at $340.

Wells Fargo Upgraded HubSpot (HUBS) to Overweight from Equal Weight and increased the Price Target from $345 to $450.

JP Morgan Downgraded Cree (CREE) to Neutral from Overweight and a Price Target at $108.

Stifel Upgraded  JD.com (JD) from Hold to Buy and has a Price Target at $105

Atlantic Equities Downgraded Airbnb (ABNB) to Neutral Rating from Overweight and a Price Target at $120

1-4-2021

Deutsche Bank raised Tesla price target to $705 from $500.

Pivotal Research Group Upgraded Under Armour (UAA) to Buy from Hold and raised the Price Target from $15 to $20.

JPMorgan Raised Tesla Target Price To $105 From $90

BofA Securities Initiated Airbnb (ABNB) with Neutral rating at a Price Target at $158.

Goldman Sachs analyst Heath Terry initiated coverage of Airbnb (ABNB) with a Neutral rating and price target at $143.

JMP Securities analyst Ronald Josey initiated Airbnb (ABNB) with an Outperform rating and Airbnb Stock Price Target at $180. Ronald Josey sees the company being in a strong position to take advantage of changing demand in the global travel landscape.

RBC Capital analyst Nik Modi downgraded Coca-Cola (KO) to Sector Perform from Outperform but kept the price target at $55.

Barclays Downgraded Citigroup (C) to Equal-Weight from Overweight.

RBC Capital Mkts Downgraded PepsiCo (PEP) to Sector Perform from Outperform with Price Target at $153.

12-30-2020

BTIG Research Initiated Dynatrace (DT) with a Buy Rating and a $56 Price Target.

Opendoor Technologies (OPEN) Initiated at BTIG Research with a Neutral Rating.

12-29-2020

Continental Resources (CLR) Upgraded to Overweight from Weight at KeyBanc Capital Markets with price target at $20.

Robert W. Baird Downgraded Arcturus Therapeutics (ARCT) to Neutral from and cut the price target to $69 from $79.

Daiwa Securities Initiated Amgen (AMGN)  with a Buy rating and $300 price target.

12-28-2020

Ocular Therapeutix (OCUL) Downgrade to Neutral from Buy at H.C. Wainwright.

Goldman Initiated Kinnate BioPharma (KNTE) with a Buy rating and price target at $48.

Morgan Stanley Initiated PAE (PAE) at Overweight and a Price Target of $11.

12-23-2020

fuboTV (FUBO) Downgraded at BMO Capital Markets to Market Perform from Outperform and new price target at $50 from $33.

Goldman Resumed Alphabet A (GOOGL) with a buy rating and new Price Target at $2250.

Goldman Resumed Facebook (FB) at Buy and the Price Target at $330.

Qualcomm (QCOM) Initiated at Robert W. Baird with an Outperform Rating and $200 Price Target.

12-22-2020

Oppenheimer analyst Timothy Horan upgrades T-Mobile (TMUS) from Perform to Outperform with a $160 price target.

Raymond James Maintains Outperform on Nike (NKE), and Raises Price Target to $155.

ChampionX (CHX)  Initiated at Goldman with a Buy Rating and a Price Target of $21

12-21-2020

B. Riley Securities Downgraded Infinera (INFN) to Neutral from with a price target at $11.50.

Citigroup Upgraded Infinera (INFN) to Neutral from Sell and raised the price target to $11.50 from $7.

Cowen Reiterated Virgin Galactic (SPCE) at Outperform and raised the price target to $30 from $22.

Wedbush increased the price target for Tesla to $715 from $560

Citigroup Upgraded Microsoft (MSFT) to Buy from Neutral and raised price target to $272 from $229.

Walmart (WMT) upgraded at RBC Capital Mkts to Outperform from Sector Perform and increased the Price Target to $170 from $153.

Robert W. Baird Downgraded SolarWinds (SWI) to Neutral from Outperform and cut the Price Target to $15 from $24.  

Fiverr (FVRR) initiated at Goldman with Buy rating and $253 price target.

NIKE  (NKE) Reiterated at Outperform with price target at $175 from $155 at Telsey Advisory Group.

12-18-2020

CFRA downgrades Tesla to Hold from “Strong Buy”

Credit Suisse Downgraded Palantir Technologies (PLTR)  to Neutral from Underperform and cut the Price Target to $13 from $17.

Wells Fargo resumed coverage on Paychex (PAYX)  with Overweight Rating and a Price Target of $105.

Susquehanna Initiated Airbnb (ABNB) with a Price Target at $180.

Check out the price target for Tesla

12-17-2020

Wells Fargo Upgraded Yum! Brands (YUM) to Overweight from Equal Weight and raised the price target at $125 from $109.

Morgan Stanley Downgraded AT&T (T) to Equal-Weight from Overweight and has a Price Target at $34

Morgan Stanley upgraded Five9 (FIVN) to Overweight from Equal-Weight and with a price target at $190

12-16-2020

Twitter (TWTR) Upgraded by JP Morgan to Overweight from Neutral with a price target at $65

Morgan Stanley Downgraded Moderna (MRNA) to Equal-Weight from Overweight with Price Target $150.

Etsy ETSY downgraded to Buy from Hold from Stifel with a Price Target at $170

Chipotle Mexican Grill CMG upgraded from Stifel from Hold to Buy with Price Target of $1500

Raymond James Financial stock price target raised to $106 from $92 at JMP Securities

Si-Bone stock price target raised to $35 from $28 at Needham

Aptiv downgraded to sector weight from overweight at KeyBanc Capital

PayPal stock price target raised to $235 from $215 at KeyBanc Capital

12-15-2020

Wells Fargo upgrades Exxon Mobil XOM from Equal Weight to Overweight and a price target of $53.

Hilton HLT upgraded to Buy from Neutral and raised the price target from $92 to $130

Stock Upgrades and Downgrades for February 2021

You can find here the stock upgrades and downgrades from the top analysts in Wall Street for February 2021

2-26-2021

JP Morgan Upgraded HP (HPQ) from Neutral to Overweight and raised the Price target from $28 to $38.

Morgan Stanley Upgraded Carvana (CVNA) from Equal-Weight to Overweight with price target at $420.

Oppenheimer Initiated iCAD (ICAD) at Outperform and a Price target at $27.

Goldman Upgraded PetroChina (PTR) from Neutral to Buy and increased the Price target from $37 to $61.

2-25-2021

Wells Fargo Upgraded CME Group (CME) from Equal Weight to Overweight with a price target at $230.

Analyst David Lebowitz of Morgan Stanley (EPZM) downgraded Epizyme to Equal Weight from Overweight with a $14 price target

HSBC Securities Upgraded NIKE (NKE) from Hold to Buy and raised the Price target from $125 to $158.

UBS Initiated Skillz (SKLZ) at Neutral with a Price target at $34.

Cowen Reiterated NetApp (NTAP) at Market Perform but increased the Price target from $60 to $68.

2-24-2021

Rosenblatt Maintains Neutral rating on Zoom Video Communications and Lowers the Price Target to $350.

Telsey Advisory Group Reiterated Abercrombie & Fitch (ANF) at Outperform and raised the Price target from $28 to $32.

Citigroup Upgraded Mattel (MAT) from Neutral to Buy with a Price target at $22.50.

Analyst Patrick Colville OF Deutsche Bank upgraded McAfee Corp. (MCFE) to buy.

2-23-2021

BMO Capital Markets Upgraded Starbucks (SBUX) from Market Perform to Outperform and raised the price target from $102 to $120

BMO Capital Markets Upgraded Palo Alto Networks (PANW) from Market Perform to Outperform and a price target at $455.

Goldman Initiated Qualtrics (XM) Brokerage at Neutral and a Price Target at $45.

BofA Securities Downgraded Kroger (KR) from Neutral to Underperform and cut the Price target from $40 to $28.

Pivotal Research Group Downgraded DISH Network (DISH) from Buy to Hold and cut the Price target from $42 to $34.

2-22-2021

Cowen Upgraded Cree (CREE) from Market Perform to Outperform and increased the Price target from $90 to $150.

Morgan Stanley keeps the Equal-Weight on DISH Network, and raised the Price Target to $32.

Susquehanna Reiterated NVIDIA (NVDA) at Positive and raised the Price Target from $625 to $700.

Credit Suisse Upgraded Carlyle Group (CG) from Neutral to Outperform and raised the Price target from $40 to $42.

Goldman Upgraded KB Home (KBH) from Sell to Buy and increased the Price target from $32 to $51.

JP Morgan Downgraded Kraft Heinz (KHC) from Overweight to Neutral with a Price target at $41.

JP Morgan analyst Sterling Auty Upgraded Everbridge (EVBG) from Neutral to Overweight with a price target at $200.

JP Morgan Downgraded MRC Global (MRC) from Overweight to Neutral and Price Target at $7.

2-18-2021

Daiwa Securities Initiated Micron (MU) at Buy with a price target at $140.

JP Morgan Upgraded  Wells Fargo (WFC) from Underweight to Neutral and increased the Price Target from $31.50 to $37.

UBS Upgraded Sleep Number (SNBR) from Sell to Neutral and raised the Price Target from $65 to $135.

Credit Suisse Upgraded Mohawk (MHK) from Underperform to Neutral and raised the Price Target from $114 to $180.

2-17-2021

Citigroup Upgraded Cree (CREE) from Neutral to Buy and increased the Price Target $105 to $160.

Goldman Upgraded Palantir Technologies (PLTR) from Neutral to Buy and raised the Price Target from $13 to $34.

Citigroup raised Amazon (AMZN) price target from $3,600 to $3,750.

BTIG Research Initiated Vuzix (VUZI) at Buy and a Price Target at $30.

JP Morgan Upgraded Anterix (ATEX) from Neutral to Overweight and increased the Price Target from $40 to $50.

Morgan Stanley Downgraded  Fortive (FTV) from Overweight to Equal-Weight with a Price Target at $75.

Deutsche Bank Reiterated Square (SQ) at Buy but raised the Price Target from $255 to $330.

BofA Securities Upgraded Mesa Air (MESA) from Underperform to Buy and increased the Price Target from $2 to $15.

2-16-2021

BofA Securities Upgraded MakeMyTrip (MMYT) from Underperform to Neutral and raised the Price Target from $14 to $32.

Loop Capital Upgraded Alphabet A (GOOGL) from Hold to Buy with a Price Target at $2525.

Goldman Upgraded BlackLine (BL) from Sell to Neutral and raised the Price Target from $80 to $137.

Canaccord Genuity Downgraded BlackBerry (BB) from Hold to Sell.

Robert W. Baird Downgraded American Express (AXP) from Outperform to Neutral and a Price Target at $126.

2-12-2021

JP Morgan Downgraded Axon (AXON) from Overweight to Neutral and raised the Price target from $129 to $179.

Needham Resumed Shutterstock (SSTK) at Buy and a price target at $95.

Wolfe Research Downgraded Airbnb (ABNB) from Outperform to Peer Perform.

Morgan Stanley Initiated Fisker (FSR) at Overweight and a Price Target at  $27.

Morgan Stanley Upgraded News Corp. (NWSA) from Underweight to Overweight and raised the price target from $15 to $30.

Berenberg Downgraded Royal Caribbean Group (RCL) to Sell, and set the price target at $55.

2-11-2021

Citigroup upgraded Zillow (ZG) from Neutral to Buy and raised the Price Target from $130 to $250.

Needham Resumed Uber (UBER) at Buy and a Price Target at $75.

DZ Bank Upgraded Cisco (CSCO) from Hold to Buy and a price target at $52.

BofA Securities Upgraded Bed Bath & Beyond (BBBY) from Neutral to Buy with a price target at $38.

Morgan Stanley Upgraded Advanced Drainage Systems (WMS) from Underweight to Equal-Weight and a price target at $102.

Wells Fargo Upgraded Western Union (WU) from Underweight to Equal Weight and a price target at $25.

2-10-2021

Analyst Doug Anmuth of JPMorgan raised the price target for Twitter (TWTR) to $77 from $65  keeping the Overweight rating after the company’s Q4 earnings report.

JP Morgan Downgraded Akamai Tech (AKAM) from Overweight to Neutral and cut the Price Target from $125 to $117.

Goldman Downgraded Corsair Gaming (CRSR) from Buy to Neutral but raised the Price Target from $35 to $44.

UBS Downgraded Virgin Galactic (SPCE) from Buy to Neutral and raised the Price Target from $35 to $52.

Analyst Adam Jonas of Morgan Stanley downgraded Lithia Motors (LAD) to Underweight from Equal Weight and set the price target at $310.

JP Morgan Upgraded Model N (MODN) from Underweight to Neutral and raised the Price Target from $33 to $40.

KeyBanc keeps the Overweight rating on Mattel (MAT) and raised the Price Target to $22.

Goldman Reiterated Lyft (LYFT) at Buy and raised the Price Target from $44 to $74.

JP Morgan Reiterated Lyft (LYFT) at Overweight and raised the price tragte from $63 to $68.

JMP Securities Reiterated Lyft (LYFT) at Market Outperform and increased the Price Target from $50 to $73.

UBS Reiterated Lyft (LYFT) at Buy and raised the Price Target from $60 to $65.

Credit Suisse Reiterated Lyft (LYFT) at Outperform and increased the Price Target from $66 to $74.

Barclays Reiterated Lyft (LYFT) at Equal Weight and increased the Price Target from $49 to $55.

Susquehanna Reiterated Lyft (LYFT) at Positive and raised the Price Target from $45 to $80.

Wedbush Reiterated Lyft (LYFT) at Outperform and raised the Price Target from $53 to $72.

Truist Reiterated Lyft (LYFT) at Buy and increased the Price Target from $44 to $66. 

BTIG Research Reiterated Lyft (LYFT) at Buy and raised the Price Target from $60 to $70.

2-9-2021

Northcoast Upgraded Chipotle Mexican Grill (CMG) from Neutral to Buy with a Price Target at $1827.

Argus Upgraded Ford Motor (F) from Hold to Buy with a price target at $14.

Piper Sandler Upgraded Community Financial (TCFC) from Neutral to Overweight and raised the price target from $30 to $34.

Jefferies Reiterated Hasbro (HAS) at Buy but cut the Price Target from  $115 to $110.

2-8-2021

Stifel  Upgraded Target (TGT) from Hold to Buy and raised the Price Target from $200 to $225.

Mizuho Reiterated Baidu (BIDU) at Buy and increased the Price Target from $250 to $325.

RBC Capital Mkts Upgraded Hershey Foods (HSY)  from Sector Perform to Outperform and increased the Price Target from $157 to $170.

JP Morgan Upgraded Estee Lauder (EL) from Underweight to Overweight and increased the Price Target from $208 to $299.

Analyst Lucas Herrmann of Exane BNP Paribas, upgraded Exxon Mobil (XOM) to Neutral from Underperform with a price target at $45.50.

Analyst James Faucette of Morgan Stanley initiated coverage on Affirm Holdings (AFRM) at overweight.

2-5-2021

Goldman Upgraded Zillow (ZG) from Neutral to Buy and Price Target from $119 to $200.

Analyst Aaron Kessler of Raymond James downgraded Peloton Interactive to Market Perform from Outperform.

JP Morgan Downgraded Twist Bioscience (TWST) from Neutral to Underweight and a price target at $100.

Cowen Reiterated Old Dominion (ODFL)  at Market Perform and raised the Price Target from $191 to $216.

Analyst Bobby Griffin of Raymond James initiated coverage of Arko Corp. (ARKO) with a Strong Buy rating and a price target at $13.

2-4-2021

Citigroup Downgraded Qualcomm (QCOM) to Neutral and set the Price Target at $165.

BofA Securities Downgraded Sleep Number (SNBR) from Neutral to Underperform but raised the Price Target from $73 to $88.

Citigroup Resumed NRG Energy (NRG) at Buy with a Price Target at $52.

Atlantic Equities Upgraded PayPal (PYPL) from Neutral to Overweight with a Price Target at $315.

Wedbush Raised Paypal Target Price to $300 from $275.

Mizuho Raised Paypal (PYPL) Target Price to $375 from $350.

BofA Securities Upgraded FireEye (FEYE) from Neutral to Buy and set the Price Target at $27.

DZ Bank Upgraded Pfizer (PFE) from Hold to Buy with Price Target at $41.

Cory Carpenter analyst of JPMorgan upgraded Match Group (MTCH) to Overweight from Neutral with a price target at $175.

KeyBanc upgraded Steris (STE) to Overweight from Sector Weight.

2-3-2021

DA Davidson Downgraded  Beyond Meat (BYND) from Neutral to Underperform with a Price Target at $135.

Wedbush Downgraded Voyager Therapeutics (VYGR) from Outperform to Neutral with a Price Target at $6.

Stifel Raises Price Target On Amazon (AMZN) To $4000 From $3600.

Susquehanna increased Amazon (AMZN) price target to $5200 from $4000.

JP Morgan raised the price target for Amazon to $4,400 from $4,155.

Keybank increased the price target from $3,500 to $3,700.

Canaccord Genuity increased the price target for AMZN from 3,800 to 4,100.

D.A. Davidson raised the price target for Amazon to $3,950 from $3,800.

Pivotal Research Group Reiterated Amazon (AMZN) at Buy rating but raised the Price Target from $4500 to $4650.

Robert W. Baird Upgraded Aspen Tech (AZPN) from Neutral to Outperform and raised the Price Target from $135 to $165.

Credit Suisse cut the price target for Amgen (AMGN) to $265 from $280.

Guggenheim raised Alphabet Price Target To $2400 From $2000.

Wedbush increased Alphabet (GOOGL) Price Target To $2470 From $2150.

Bernstein Raises Alphabet (GOOGL) Price Target To $2500 From $2200.

Mizuho Raises the Target Price for Google to $2,350 From $2,100.

2-2-2021

Cascend keeps the Buy rating on Qualcomm, and raised the Price Target to $185

Piper Sandler analyst Brent Bracelin reiterated the Overweight rating on Microsoft (MSFT) shares with a $300 price target.

Credit Suisse Upgraded Palo Alto Networks (PANW) from Neutral to Outperform and raised the Price Target from $385 to $425.

Citigroup Initiated Clover Health (CLOV) at Buy with a Price Target at $19.

Analyst Stephen Ju of Credit Suisse increased Pinterest price target to $74 from $66 keeping the Neutral rating.

Analyst James West of Evercore ISI upgraded Tetra Technologies (TTI) to Outperform from Underperform with a target at $3.

2-1-2021

Northland Capital Downgraded Intel (INTC) from Market Perform to Under Perform and cut the Price target from $57 to $46.

Citigroup increased the price target for Facebook FB to $320 from $315

Cowen and Company increased the price target for UBER from $58 to $64

Geoff Meacham analyst at BofA downgraded Moderna (MRNA) to Underperform from Neutral keeping the price target at $150.

SVB Leerink Keeps the Underperform rating on Moderna, but Raised the Price Target to $80.

Baird raised the price target for Airbnb (ABNB) from $175 to $195.

Cowen increased Peloton (PTON) price target to $175 from $130.

Wedbush raised the price target for Fubo Tv (FUBO) from $40 to $50.

Piper Sandler increased the target price for Tesla from $515 to $1200

Bradley Thomas of KeyBanc downgraded Bed Bath & Beyond (BBBY) to Underweight from Sector Weight with a price target at $24.

Analyst Todd Fowler of KeyBanc upgraded Schneider National (SNDR) to Overweight from Sector Weight with a $25 target.

MKM Partners Downgraded AMC Entertainment (AMC) from Neutral to Sell and a Price Target at $1.

News That Move the Markets Today

Get the latest top market news and financial headlines. Stay updated with the market moving news for stocks, commodities, forex and cryptocurrencies.

4-20-2021

Netflix (NFLX) trades 9% lower in after-market trading as investors disappointed by the new subscribers figures. NFLX added 3.98 million new subscribers well below the expectations of 6.2 million. Netflix reported $3.75 earnings/share below the expectations of $2.97. The revenue came up to $7.16 billion, beating the forecasts of $7.13 billion.

4-19-2021

Peloton (PTON) shares are under heavy selling pressure (-5.7%) in the premarket after federal safety regulators warned that the company’s treadmills are dangerous around small children and pets. The Consumer Product Safety Commission said that it discovered 39 incidents of injury from Peloton’s Tread+, as the federal safety agency investigates into a child’s death reported by Peloton in March. 

4-9-2021

Microsoft (MSFT) To Buy Nuance (NUAN) For $56/Share In All Cash Deal Valued At $19.7Bln

4-7-2021

Fitch Upgrades Microsoft to ‘AAA’; Outlook Stable

AMC shares give up 4% as CEO seeks approval for 500 million share offering

ISM manufacturing index jumped to 64.7% from 60.8% in the prior month.

United States EIA Natural Gas Storage Change came in at 14B below forecasts (21B) in March 26

3-31-2021

Biden: “Wall Street didn’t build this country. You, the great middle class, built this country!”

Micron (MU) trades higher after market after better-than-expected 2Q results. Micron reported earnings per share of 98 cents and revenue of $6.24 billion.

Microsoft (MSFT) has won a contract to build more than 120,000 custom HoloLens augmented-reality headsets for the U.S. Army. The contract could be worth up to $21.88 billion over 10 years.

Apple to build battery-based solar energy storage project in California.

Apple (AAPL) will add two new English language voices to its Siri voice assistant 

French President Macron: 4 Week Nationwide Lockdown To Begin On Saturday.

CME Group to Launch Micro Bitcoin Futures on May 3

3-15-2021

Bitcoin Depot Launches More Than 100 New Bitcoin ATM’s, Surpassing 2,000 Kiosks Worldwide.

US President Biden says he thinks Putin is a killer

3-12-2021

Apple Plans To Build European Silicon Design Centre In Munich the Facility will Focus On 5G, and Wireless Technologies

3-9-2021

US February 2021 small business optimism came in at 95.8 beating the expectations of 97, previous reading was at 95.

3-8-2021

NYSE will delist tomorrow CNOOC, one of China’s state-owned oil companies.

European Monetary Union Sentix Investor Confidence in March came in at 5 beating the expectations of 1.9.

3-5-2021

US Markit Services Final PMI came in at 59.8 beating the expectations of 58.9. January reading was at Jan 58.3.

Texas & Mississippi states reopen at full capacity and lift mask mandate.

3-1-2021

FDA panel unanimously recommends Johnson & Johnson Covid-19 vaccine.

SEC Suspends Trading in Multiple Issuers Based on Social Media and Trading Activity $BNGI $UNGS $PDPR $ABVG $HYII $SCIE

Airbnb (ABNB)

Airbnb (ABNB) reported $3.89 billion loss. Revenue came up to $859 million topping the expectations of $748 million. Check out the Airbnb stock price target from Wall Street analysts.

Beyond Meat (BYND) Results

Beyond Meat (BYND) Jumps 7.13% after-market as the company announced that it has struck deals with McDonald’s (MCD) and Yum Brands (YUM). The company reported a bigger-than-expected quarterly loss of $0.34 per share below the expectations of a loss of $0.13 Revenue reported at $101.9 million below the expectations of $103.2.

FAA fines Boeing (BA) $6.6 million for failing to comply with 2015 settlement, safety issues.

Tesla trades below the 50 day moving average for the first time since November 16.

Tesla Slumps 6.43% hitting the lowest level since January 5.

FT: Apple $AAPL Back On Top In Global Smartphone Sales

Germany IFO Business Climate came in at 92.4 toppings the forecasts of 90.5 in February.

Germany IFO Business Climate registered in at 92.4 above the expectations of 90.5 in February.

2-19-2021

Bitcoin Hits Fresh Record High at $53870! Market Value Tops $1Trillion

Canada Retail Sales (MoM) came in at -3.4% below the expectations (-2.5%) in December

Binance has temporarily suspended withdrawals of ETH and Ethereum-based tokens in order to address a congestion issue

BoE’s Vlieghe: Negative Interest Rates Could Be Needed Later This Year Or Into Next Year

British court rules Uber drivers are workers and not self-employed

Copper Price Hits 9-year Highs

Investing in China’s Stock Exchanges

China is the world’s second-largest economy, with a population of 1.4 billion contributing around 30 per cent of global growth in the last eight years.

China made impressive economic and social developments the previous years, but the market reforms are incomplete, and it’s per capita income remains at 25% of the average of the high-income countries. Chinese Government forecasts that it will eliminate absolute poverty by 2022. Statistics show that there are an estimated 372.8 million people below the “upper middle income” international poverty line of $5.50 a day.   

The Chinese economy has registered an impressive growth the last decade but now faces a major threat as USA has imposed tariffs to Chinese products. Chinese companies now facing increasing market-access challenges in the US, especially in B2B markets. A recent example is the ban of Huawei Technologies and ZTE from the telecom-infrastructure market, but also, federal government restricting its purchases of goods and services from Chinese companies but also discourages its core vendors from buying from China.

According to many analysts, China will overtake the U.S. by 2030 to become the No. 1 economy by GDP in the world.  China’s size and GDP growth rate, which hit 6.6% in 2018 and forecasts setting the growth rate at 6.3% for 2019, it’s not a surprise that global traders and investors are interested in China stocks and China funds.

Investing in Chinese companies involve risks such as currency risk (forex), volatility, regulatory risks, and country risk. Traders can buy stocks listed on the main Chinese stock exchanges, the Hong Kong Stock Exchange, the Shanghai Stock Exchange and the Shenzhen Stock Exchange. There are also many Chinese companies, that are listed in US Stock Exchanges through ADR’s.

Shenzhen Composite Index Technical Analysis

The Shenzhen Composite Index (SZSE Composite) is trading at 1631.88 registering gains for the second day in a row after yesterday the SZSE Composite tested successfully the 50-day moving average and managed to rebound keeping the bullish momentum for the index as now it trades above all major moving averages. On the upside immediate resistance stands at 1,696 the high from September 11th 2019, while the next resistance is at 1,798 the high from April 8th 2019.

Shanghai Composite Technical Analysis

The Shanghai Composite Index trading at 2,947 gaining 18.20% since the beginning of 2019 while for the 12-month period is adding 14.10%. In the daily chart, the momentum is positive as the index is trading above all major daily moving averages. The index found support at 2,920 the 100-day moving average. On the upside, first resistance for the Shanghai Composite Index stands at 3,042 the high from September 16th, while the next barrier will be the high from April 22nd at 3,274. On the flipside support for the index stands at 2,885 the 200-day moving average while next support is at 2,764 the low from August 15th.

How Traders Measure Liquidity

By Dave Lerman

The investment community usually defines a liquid investment as something that can be easily turned into cash. Selling a house is an example of an illiquid investment.  It could take weeks or months to close on the transaction and receive your money.  Stocks, however, tend to be very liquid because they can be sold on a moment’s notice. Moreover, you can sell large amounts of stocks in seconds and receive your money rather quickly.

Unlike the investment community, futures traders measure liquidity in terms of how easy it is to buy and sell the futures contracts they are interested in. They usually use volume, open interest and a narrow bid/offer spread as primary gauges of liquidity. Futures contracts like U.S. Treasuries and Eurodollars trade millions of contracts a day and have open interest exceeding 1,000,000 contracts or more.

Additional gauges of liquidity would involve examining the depth of order book, how many contracts are bid for and how many are offered (often referred to as size). A futures contract that is one up (one contract bid for and one on the offer) is much less liquid than a contract that is one tick wide and 100-up (100 on the bid and 100 on the offer). Some new, or less liquid, futures contracts might have bid offer spreads of several ticks or more and are only a one-up market.

Traders tend to gravitate toward futures contracts where liquidity is optimal, thus reducing slippage, a primary part of overall transaction costs.

About the Author

David Lerman, the Senior Director of Education at CME Group, gives seminars and workshops to retail and institutional audiences focusing on risk management and trading using Equity Index futures and options.

Mr. Lerman is the author of Exchange Traded Funds and E-mini Stock Index Futures (published by John Wiley and Sons).

Prior to joining the CME in 1988, Mr. Lerman traded futures and options on U.S. Treasury Bonds at the Chicago Board of Trade and was Senior Portfolio Manager at Zavanelli Portfolio Research. Mr. Lerman taught investment management at Harper College and has lectured at the Northwestern University Kellogg Graduate School of Management.

Magnum opus: Humanity at crossroads

Every production phase or civilization or other human invention goes through a so called transformation process. Transitions are social transformation processes that cover at least one generation. In this article I will use one such transition to demonstrate that humanity is at a crossroads: up to a third world war or will humanity create new heaven on earth.

When we consider the characteristics of the phases of a social transformation we may find ourselves at the end of what might be called the third industrial revolution. Transitions are social transformation processes that cover at least one generation (= 25 years). A transition has the following characteristics:

  • it involves a structural change of civilization or a complex subsystem of our civilization
  • it shows technological, economical, ecological, socio cultural and institutional changes at different levels that influence and enhance each other
  • it is the result of slow changes (changes in supplies) and fast dynamics (flows)

Examples of historical transitions are the demographical transition and the transition from coal to natural gas which caused transition in the use of energy. A transition process is not fixed from the start because during the transition processes will adapt to the new situation. A transition is not dogmatic.

 

 

 

 

 

 

Figure: demographical transition

Four transition phases

In general transitions can be seen to go through the S curve and we can distinguish four phases (see fig. 1):

  1. a pre development phase of a dynamic balance in which the present status does not visibly change
  2. a take off phase in which the process of change starts because of changes in the system
  3. an acceleration phase in which visible structural changes take place through an accumulation of socio cultural, economical, ecological and institutional changes influencing each other; in this phase we see collective learning processes, diffusion and processes of embedding
  4. a stabilization phase in which the speed of sociological change slows down and a new dynamic balance is achieved through learning

A product life cycle also goes through an S curve. In that case there is a fifth phase:

  1. the degeneration phase in which cost rises because of over capacity and the producer will finally withdraw from the market.

The S curve of a transition

Figure: Four phases in a transition best visualized by means of an S – curve: Pre-development, Take off, Acceleration, Stabilization

Spreading process of transitions

The process of the spreading of transitions over civilizations is influenced by a number of elements:

  • physical barriers: oceans, deserts, mountain ranges, swamps, lakes
  • socio cultural barriers: difference in culture and languages
  • religious barriers
  • psychological barriers

The Neolithic transition was the most   transition for mankind. This first agricultural revolution (10000 – 3000 BC) forms the change from societies of hunter gatherers (20 – 50 people) close to water with a nomadic existence to a society of people living in settlements growing crops and animals. A hierarchical society came into existence. Joint organizations protected and governed the interests of the individual. Performing (obligatory) services for the community could be viewed as a first type of taxation. Stocks were set up with stock management, trade emerged, inequality and theft. Ways of administering justice were invented to solve conflicts within and between communities and war became a way of protecting interests.

The Neolithic revolution started in those places that were most favorable because of the climate and sources of food. In very cold, very hot or dry areas the hunter gatherer societies lasted longer. Several areas are pointed out as possible starting points: southern Anatolia, the basins the Yangtze Kiang and Yellow river in China, the valley of the Indus, the present Peru in the Andes or what is now Mexico in Central America. From these areas the revolution spread across the world.



The start of the Neolithic era and the spreading process are different in each area. In some areas the changes are relatively quick and some authors therefore like to speak of a Neolithic revolution. Modern historians prefer to speak of the Neolithic evolution. They have come to realize that in many areas the process took much longer and was much more gradual than they originally thought.

Three drastic transitions

When we look back over the past two centuries, we see three transitions taking place with far-reaching effects.

  1. The first industrial revolution

The first industrial revolution lasted from around 1780 tot 1850. It was characterized by a transition from small scale handwork to mechanized production in factories. The great catalyst in the process was the steam engine which also caused a revolution in transport as it was used in railways and shipping. The first industrial revolution was centered around the cotton industry. Because steam engines were made of iron and ran on coal, both coal mining and iron industry also flourished.

Britain was the first country that faced the industrial revolution. The steam engine was initially mainly used to power the water pumps of mines. A major change occurred in the textile industry. Because of population growth and colonial expansion the demand for cotton products quickly increased. Because spinners and weavers could not keep up with the demand, there was an urgent need for a loom with an external power unit, the power loom.

A semi-automatic shuttleless loom was invented, and a machine was created that could spin several threads simultaneously. This “Spinning Jenny”, invented in 1764 by James Hargreaves, was followed in 1779 by a greatly improved loom: ‘Mule Jenny’. At first they were water-powered, but after 1780 the steam engine had been strongly improved  so that it could also be used in the factories could be used as a power source. Now much more textiles could be produced. This was necessary because in 1750, Europe had 130 million inhabitants, but in 1850 this number had doubled, partly because of the agricultural revolution. (This went along with the industrial revolution; fertilizers were imported, drainage systems were designed and ox was replaced by the horse. By far the most important element of the agricultural revolution was the change from subsistence to production for the market.)

All those people needed clothing. Thanks to the machine faster and cheaper production was possible and labor remained cheap. The textile industry has been one of the driving forces of the industrial revolution.

Belgium becomes the first industrialized country in continental Europe. Belgium is “in a state of industrial revolution” under the rule of Napoleon Bonaparte. The industrial centers were Ghent (cotton and flax industries), Verviers (mechanized wool production), Liège (iron, coal, zinc, machinery and glass), Mons and Charleroi. On the mainland, France and Prussia followed somewhat later. In America the northeastern states of the United States followed quickly. After 1870 Japan was industrialized as the first non-Western country. The rest of Europe followed only around 1880.

The beginning of the end of this revolution was in 1845 when Friedrich Engels, son of a German textile baron, described the living conditions of the English working class in “The condition of the working class in England“.

  1. The second industrial revolution

The second industrial revolution started around 1870 and ended around 1930. It was characterized by ongoing mechanization because of the introduction of the assembly line, the replacement of iron by steel and the development of the chemical industry. Furthermore coal and water were replaced by oil and electricity and the internal combustion engine was developed. Whereas the first industrial revolution was started through (chance) inventions by amateurs, companies invested a lot of money in professional research during the second revolution, looking for new products and production methods. In search of finances small companies merged into large scale enterprises which were headed by professional managers and shares were put on the market. These developments caused the transition from the traditional family business to Limited Liability companies and multinationals.

The United States (U.S.) and Germany led the way in the Second Industrial Revolution. In the U.S. there were early experiments with the assembly line system, especially in the automotive industry. In addition, the country was a leader in the production of steel and oil. In Germany the electricity industry and the chemical industry flourished. The firms AEG and Siemens were electricity giants. German chemical companies such as AGFA and BASF had a leading share in the production of synthetic dyes, photographic and plastic products (around 1900 they controlled some 90% of the worldwide market). In the wake of these two industrial powers (which soon surpassed Britain) France, Japan and Russia followed. After the Second Industrial Revolution ​​more and more countries, on more continents, experienced a more or less modest industrial development. In some cases, the industrialization was taken in hand by the state, often with coarse coercion – such as the five-year plans in the Soviet Union.

After the roaring twenties the revolution ended with the stock exchange crash of 1929. The consequences were disastrous culminating in the Second World War.

  1. The third industrial revolution

The third industrial revolution started around 1940 and is nearing its end. The United States and Japan played a leading role in the development of computers. During the Second World War great efforts were made to apply computer technology to military purposes. After the war the American space program increased the number of applications. Japan specialized in the use of computers for industrial purposes such as the robot.

From 1970 the third industrial revolution continued to Europe. The third industrial revolution was mainly a result of a massive development of microelectronics: electronic calculators, digital watches and counters, the compact disc, the barcode etc.

The acceleration phase of the third industrial revolution started around 1980 with the advent of the microprocessor. The development of the microprocessor is also the basis of the evolution and breakthrough of computing. This had an impact in

many areas: for calculation, word processing, drawing and graphic design, regulating and controlling machines, simulating processes, capturing and processing information, monetary transactions and telecommunications. The communication phase grows enormously at the beginning of the new millennium: the digital revolution. According to many analysts now a new era has emerged: that of the information or service economy. Here the acquisition and channeling of information has become more important than pure production.

By now computer and communication technology take up an irreplaceable role in all parts of the world. More countries depend on the service sector and less on agriculture and industry.

Effects of three industrial revolutions

The first (and second revolution) transformed an agricultural society into an industrial society where mechanization (finally) relieved man of physical labor. The craft industry could not compete with the factories that put products of the same or even better quality on the market at a lower price. The result was that many small businesses went bankrupt and the former workers went to work in the factories. The effects of industrialization were seen in the process of rapid urbanization of formerly relatively small villages and towns where the new plants came. These turned into dirty and unhealthy industrial cities. Still people from the country were forced to go and work there. Because of this a new social class emerged: the workers, or the industrial proletariat. They lived in overcrowded slums in poor housing with little sanitation. The average life expectancy was low, and infant mortality high. The elite accepted the filth of the factories as the inevitable price for their success. The chimneys were symbols of economic power, but also of social inequality. You see this social inequality appear after each revolution. The gap between the bottom and the top of society becomes very large. Eventually there are inevitable responses that decrease this gap. It could be argued that the Industrial revolutions have created the conditions for a society with little or no poverty.

The third revolution transformed an industrial society into a service society. Where mechanization man relieved of physical labor, the computer relieved him of mental labor. This revolution made lower positions in industry more and more obsolete and caused the emergence of entirely new roles in the service sector.

The emergence of a stock market boom

In the development and take-off phases of the industrial revolution many new companies emerged. All these companies went through more or less the same cycle simulataneously. During the second industrial revolution these new companies emerged in the steel, oil, automotive and electrical industries, and during the third industrial revolution the new companies emerged in the hardware, software, consulting and communications industries. During the acceleration phase of a new industrial revolution many of these businesses tend to be in the acceleration phase of their life cycle, more or less in parallel.

Figure: Typical course of market development:  Introduction, Growth, Flourishing and Decline

 

There is an enormous increase in expected value of the shares of companies in the acceleration phase of their existence. This is the reason why shares become very expensive in the acceleration phase of a revolution.

There was also an enormous increase in price-earnings ratio of shares between 1920 – 1930, the acceleration phase of the second revolution, and between 1990 – 2000, the acceleration phase of the third revolution.

Figure:  Two industrial revolutions: Shiller PE Ratio (price / income)
Splitting shares fuels price-earnings ratio

The increase in the price-earnings ratio is amplified because many companies decide to split their shares during the acceleration phase of their existence. A stock split is required if the market value of a share has grown too large, rendering the marketability insufficient. A split increases the value of the shares because there are more potential investors when they are cheaper. Between 1920 – 1930 and 1990 – 2000 there have been huge amount of stock splits that impacted the price-earnings ratio positively.

Date Company Split
December 31, 1927 American Can 6 for 1
December 31, 1927 General Electric 4 for 1
December 31, 1927 Sears, Roebuck & Company 4 for 1
December 31, 1927 American Car & Foundry 2 for 1
December 31, 1927 American Tobacco 2 for 1
November 5, 1928 Atlantic Refining 4 for 1
December 13, 1928 General Motors 2 1/2 for 1
December 13, 1928 International Harvester 4 for 1
January 8, 1929 American Smelting 3 for 1
January 8, 1929 Radio Corporation of America 5 for 1
May 1, 1929 Wright-Aeronautical 2 for 1
May 20, 1929 Union Carbide split 3 for 1
June 25, 1929 Woolworth split 2 1/2 for 1

Table 1: Share Splits before the stock market crash of 1929

 

Date Company Split
January 22,1990 DuPont 3 for 1
May 14,1990 Coca-Cola Company 2 for 1
May 22, 1990 Westinghouse Electric stock 2 for 1
June 1, 1990 Woolworth Corporation 2 for 1
June 11, 1990 Boeing Company 3 for 2
May 12, 1992 Coca-Cola Company 2 for 1
May18, 1992 Walt Disney Co 4 for 1
May 26, 1992 Merck & Company 3 for 1
June 15, 1992 Proctor & Gamble 2 for 1
May 5, 1993 Goodyear Tire & Rubber Company 2 for 1
March 15, 1994 AlliedSignal Incorporated 2 for 1
April 11, 1994 Minnesota Mining & Manufacturing 2 for 1
May 16, 1994 General Electric Company 2 for 1
June 13, 1994 Chevron Corporation 2 for 1
June 27, 1994 McDonald’s Corporation 2 for 1
September 6, 1994 Caterpillar Incorporated 2 for 1
February 27, 1995 Aluminum Company of America 2 for 1
September 18, 1995 International Paper Company 2 for 1
May 13, 1996 Coca-Cola Company 2 for 1
December 11, 1996 United Technologies Corporation 2 for 1
April 11, 1997 Exxon Corporation 2 for 1
April 14, 1997 Philip Morris Companies 3 for 1
May 12, 1997 General Electric Company 2 for 1
May 28, 1997 International Business Machine 2 for 1
June 9, 1997 Boeing Company 2 for 1
June 13, 1997 DuPont Company 2 for 1
July 14, 1997 Caterpillar Incorporated 2 for 1
September 16, 1997 AlliedSignal 2 for 1
September 22, 1997 Proctor & Gamble 2 for 1
November 20, 1997 Travelers Group Incorporated 3 for 2
July 10, 1998 Walt Disney Company 3 for 1
February 17, 1999 Merck & Company 2 for 1
February 26, 1999 Alcoa Incorporated 2 for 1
March 8, 1999 McDonald’s Corporation 2 for 1
April 16, 1999 AT&T Corporate 2 for 1
April 20, 1999 Wal-Mart Incorporated 2 for 1
May 18, 1999 United Technology Corporation 2 for 1
May 27, 1999 International Business Machine 2 for 1
June 1, 1999 Citigroup Incorporated 3 for 2
December 31, 1999 Home Depot 3 for 2

Table 2: Share Splits during the period 1990-2000

 

Share Splits keep letting the Dow Jones Index explode

The Dow Jones Index was first published on May 26, 1896. The index was calculated by dividing the sum of all the shares of 12 companies by 12:

Dow12_May_26_1896 = (S1 + S2 + ………. + S12) / 12

On October 4, 1916, the Dow was expanded to 20 companies; 4 companies were removed and 12 were added.

Dow20_Oct_4_1916 = (S1 + S2 + ………. + S20) / 20

On December 31, 1927, two years before the stock market crash in October 1929, for the first time a number of companies split their shares. With each change in the composition of the Dow Jones and with each share split, the formula to calculate the Dow Jones is adjusted. This happens because the index, the outcome of the two formulas of the two baskets, must stay the same at the moment of change, because there can not be a gap in the graph. At first a weighted average was calculated for the shares that were split on December 31, 1927.

The formula looks like this: (American Can, split 6 to 1 is multiplied by 6, General Electric, split 4 to 1 is multiplied by 4, etc.)

Dow20_dec_31_1927 = (6.AC + 4.GE+ ……….+S20) / 20

On October 1st, 1928, the Dow Jones grows to 30 companies.

Calculating the index had to be simplified at this point because all the calculations were still done by hand. The weighted average for the split shares is removed and the Dow Divisor is introduced. The index is now calculated by dividing the sum of the share values by the Dow Divisor. Because the index for October 1st, 1928, cannot suddenly change, the Dow Divisor is initially set to 16.67. After all, the index graph for the two time periods (before and after the Dow Divisor was introduced) should still look like a single continuous line.  The calculation is now as follows:

Dow30_oct_1_1928 = (S1 + S2+ ……….+S30) / 16.67

In the fall of 1928 and the spring of 1929 (see Table 1) 8 more stock splits occur, causing the Dow Divisor to drop to 10.77.

Dow30_jun_25_1929 = (S1 + S2+ ……….+S30) / 10.77

From October 1st, 1928 onward an increase in value of the 30 shares means the index value almost doubles. From June 25th, 1929 onward it almost triples compared to a similar increase before stock splitting was introduced. Using the old formula the sum of the 30 shares would simply be divided by 30.

Figure: Dow Jones Index before and after Black Tuesday

 

The extreme rise in the Dow Jones in the period 1920 – 1929 and especially between 1927 – 1929, was primarily caused because the expected value of the shares of companies that are in the acceleration phase of their existence, was increasing enormously. The value of the shares is strengthened further by stock splits and as icing on the cake this value of the shares was  enlarged again in the Dow Jones Index, because behind the scenes the formula of the Dow Jones was adjusted due to stock splits.

During the acceleration phase of the third industrial revolution, 1990 – 2000, history has repeated itself. In this period there have again been many stock splits, particularly in the years 1997 and 1999.

Year DJIA Sum 30 Shares
in $
Dow

Divisor

Share

Splits

1990 2810 1643 0.586 5
1991 2610 1318 0,505 0
1992 3172 1782 0.559 4
1993 3301 1535 0.463 1
1994 3754 1675 0.447 6
1995 3834 1425 0.372 2
1996 5117 1770 0.346 2
1997 6448 2100 0.325 10
1998 7902 1985 0.251 1
1999 9181 2228 0.243 9
2000 11497 2317 0.201

Table 3: Summary DJIA, Dow Divisor and amount share splits between 1990-2000
The formula that was used on January 1, 1990 to calculate the Dow Jones:

Dow30_jan_1_1990 = (S1 + S2+ ……….+S30) / 0.586

The formula that was used on December 31, 1999 was to calculate the Dow Jones:

Dow30_dec_31_1999 = (S1 + S2+ ……….+S30) / 0.20145268

On December 31, 1999 on an increase of the 30 stocks again nearly three times as many index points, the same value increase on January 1, 1990.

Stock market indices are mirages

What does a stock exchange index like DJIA, S&P 500 or AEX mean?

The Dow Jones Industrial Average (DJIA) Index is the oldest stock index in the United States. This was a straight average of the rates of twelve shares. A select group of journalists from The Wall Street Journal decide which companies are part of the most influential index in the world market. Unlike most other indices the Dow is a price-weighted index. This means that stocks with high absolute share price have a significant impact on the movement of the index.

The S & P Index is a market capitalization weighted index. The 500 largest U.S. companies as measured by their market capitalization are included in this index, which is compiled by the credit rating agency Standard & Poor’s.

The Amsterdam Exchange index (AEX) is the main Dutch stock market index. The index displays the image of the price development of the 25 most traded shares on the Amsterdam stock exchange. From a weighted average of the prices of these shares, the position of the AEX is calculated.

In many graphs the y-axis is a fixed unit, such as kg, meter, liter or euro. In the graphs showing the stock exchange values, this also seems to be the case because the unit shows a number of points. However, this is far from true! An index point is not a fixed unit in time and does not have any historical significance.

An index is calculated on the basis of a set of shares. Every index has its own formula and the formula gives the number of points of the index. Unfortunately many people attach a lot of value to these graphs which are, however, very deceptive.

  • An index is calculated on the basis of a set of shares. Every index has its own formula and the formula results in the number of points of the index. However, this set of shares changes regularly. For a new period the value is based on a different set of shares. It is very strange that these different sets of shares are represented as the same unit.
    After a period of 25 years the value of the original set of apples is compared to the value of a set of pears. At the moment only 6 of the original 30 companies that made up the set of shares of the Dow Jones at the start of the acceleration of the last revolution (in 1979) are still present.
  • Even more disturbing is the fact that with every change in the set of shares used to calculate the number of points, the formula also changes. This is done because the index which is the result of two different sets of shares at the moment the set is changed, must be the same for both sets at that point in time. The index graphs must be continuous lines. For example, the Dow Jones is calculated by adding the shares and dividing the result by a number. Because of changes in the set of shares and the splitting of shares the divider changes continuously. At the moment the divider is 0.15 but in 1985 this number was higher than 1. An index point in two periods of time is therefore calculated in different ways:
    Dow1985 = (S1 + S2 + ……..+S30) / 1
    Dow2017 = (S1 + S2 + …….. + S30) / 0,146

In the nineties of  the last century many shares were split. To make sure the result of the calculation remained the same both the number of shares and the divider changed (which I think is wrong). An increase in share value of 1 dollar of the set of shares in 2017 results is 7.6 times more points than in 1985. The fact that in the 1990’s many shares were split is probably the cause of the exponential growth of the Dow Jones index. At the moment the Dow is at 21000 points. If we used the 1985 formula it would be at 2747 points.


  • The most remarkable characteristic is of course the constantly changing set of shares. Generally speaking, the companies that are removed from the set are in a stabilization or degeneration phase. Companies in a take-off phase or acceleration phase are added to the set. This greatly increases the chance that the index will rise rather than go down. This is obvious, especially when this is done during the acceleration phase of a transition.
    From 1980 onwards 7 ICT companies (3M, AT&T, Cisco, HP, IBM, Intel, Microsoft) , the engines of the latest revolution, were added to the Dow Jones and 5 financial institutions, which always play an important role in every transition.
    This is actually a kind of pyramid scheme. All goes well as long as companies are added that are in their take-off phase or acceleration phase. At the end of a transition, however, there will be fewer companies in those phases. The last 18 years were 21 companies replaced in the Dow Jones, a percentage of 70%.

Overview modifications Dow Jones from 1997:

21 winners in  —   21 losers out, a figure of 70%

March 19, 2015: Apple replaced AT & T. In order to make Apple suitable for the Dow Jones, there was a share split of Apple seven for one on June 9, 2014

September 23, 2013: Hewlett-Packard Co., Bank of America Inc. and Alcoa Inc. replaced Goldman Sachs Group Inc., Nike Inc. and Visa Inc.
Alcoa has dropped from $40 in 2007 to $8.08. Hewlett- Packard Co. has dropped from $50 in 2010 to $22.36. Bank of America has dropped from $50 in 2007 to $14.48.
But Goldman Sachs Group Inc., Nike Inc. and Visa Inc. have risen 25%, 27% and 18% respectively in 2013.

HP is trading at an approximate price of $22, BoA at $14 and Alcoa at $8 (sum total of $44). These shares will be replaced by Goldman Sachs at $164, Nike at $67 and Visa at $184 (sum total of $415) which is 9.4 times more. This means that the new sum of the 30 stocks have a value of $2,349 (1978 – 44 + 415) and, therefore we expect that the Dow Divisor will be adjusted from 0.130216081 to 0.154631 to get back to the original 15,191 index points (15,191 x 0.154631 = $2,349).

Given the above, had the three old shares increased by 10% each in price in the past the Dow 30 would have increased by 33.8 points in total (10% x 44 divided by 0.130216081 = 33.79 points) assuming there was no change in the price of the other 27 stocks.

As of September 23rd, however, a corresponding 10% increase in the price of each of the new shares would contribute 268.4 points to the rise of the Dow 30 (10% x 415 divided by 0.154631 = 268.38) or 7.94 times more points.

The influence of the 3 losers was: $44 of $1,978. This is 2.2% of the Dow Jones Index.
The influence of the 3 winners becomes: $415 of $2,349. This is 17.67% of the Dow Jones Index.

September 20, 2012: UnitedHealth Group Inc. (UNH) replaces Kraft Foods Inc.
Kraft Foods Inc. was split into two companies and was therefore deemed less representative so no longer suitable for the Dow. The share value of UnitedHealth Group Inc. had risen for two years before inclusion in the Dow by 53%.

June 8, 2009: Cisco and Travelers replaced Citigroup and General Motors.
 Citigroup and General Motors have received billions of dollars of U.S. government money to survive and were not representative of the Dow.

September 22, 2008: Kraft Foods Inc. replaced American International Group. American International Group was replaced after the decision of the government to take a 79.9% stake in the insurance giant. AIG was narrowly saved from destruction by an emergency loan from the Fed.

February 19, 2008: Bank of America Corp. and Chevron Corp. replaced Altria Group Inc. and Honeywell International.
Altria was split into two companies and was deemed no longer suitable for the Dow.
 Honeywell was removed from the Dow because the role of industrial companies in the U.S. stock market in the recent years had declined and Honeywell had the smallest sales and profits among the participants in the Dow.

April 8, 2004: Verizon Communications Inc., American International Group Inc. and Pfizer Inc. replace AT & T Corp., Eastman Kodak Co. and International Paper.
AIG shares had increased over 387% in the previous decade and Pfizer had an increase of more than 675& behind it. Shares of AT & T and Kodak, on the other hand, had decreases of more than 40% in the past decade and were therefore removed from the Dow.

November 1, 1999: Microsoft Corporation, Intel Corporation, SBC Communications and Home Depot Incorporated replaced Chevron Corporation, Goodyear Tire & Rubber Company, Union Carbide Corporation and Sears Roebuck.

March 17, 1997:  Travelers Group, Hewlett-Packard Company, Johnson & Johnson and Wal-Mart Stores Incorporated replaced Westinghouse Electric Corporation, Texaco Incorporated, Bethlehem Steel Corporation and Woolworth Corporation.

Figure: Changes in the Dow Jones over the last two industrial revolutions

 

Figure: Exchange rates of Dow Jones during the latest two industrial revolutions. During the last few years the rate increases have accelerated enormously.

Central banks hold out stock exchanges?

Calculating share indexes as described above and showing indexes in historical graphs is a useful way to show which phase the industrial revolution is in.

The third industrial revolution is clearly in the saturation and degeneration phase. This phase can be recognized by the saturation of the market and the increasing competition. Only the strongest companies can withstand the competition or take over their competitors (like for example the take-overs by Oracle and Microsoft in the past few years). The information technology world has not seen any significant technical changes recently, despite what the American marketing machine wants us to believe.

During the pre development phase and the take-off phase of a transition many new companies spring into existence. This is a diverging process. Especially financial institutions play an important role here as these phases require a lot of money. The graphs showing the wages paid in the financial sector therefore shows the same S curve as both revolutions.

Figure: Historical excess wage in the financial sector

Investors get euphoric when hearing about mergers and take overs. Actually, these mergers and take overs are indications of the converging processes at the end of a transition. When looked at objectively each merger or take over is a loss of economic activity. This becomes painfully clear when we have a look at the unemployment rates of some countries.

New industrial revolutions come about because of new ideas, inventions and discoveries, so new knowledge and insight. Here too we have reached a point of saturation. There will be fewer companies in the take off or acceleration phase to replace the companies in the index shares sets that have reached the stabilization or degeneration phase.

In a (threatening) recession, the central bank tries to stimulate the economy by lowering interest rates. Loans are thus cheaper, allowing citizens and businesses to spend more. In the event of sharply rising unemployment and falling prices, however, this does significantly less. This is also the case as the official interest rates are lower, or even fall to essentially zero. Regardless of the interest rate (big) loans are not concluded and expensive purchases will be delayed. Further rate cuts or even an interest rate of zero may not lead to an increase in economic activity and falling demand leads to further price declines (deflation). The central bank may decide in that case to increase the money supply (quantitative easing). A larger money supply actually leads to price increases and disruption of the deflationary spiral. In the past the printing presses would be turned on but nowadays the central bank buys government bonds, mortgage bonds and other securities and finances these transactions by increasing the personal balance. There are no extra physical bank notes printed. The mechanism works by means of central banks buying bonds in the market or directly from banks. Banks are credited for the purchase amount in the accounts held with the central bank. In this way, banks obtain liquidity. In response to this liquidity banks can then provide new loans.

Figure: The quantitative easing policy of the Fed (US central bank) and its effect on the S & P 500

Due to the combination of interest rate policy and quantitative easing by central banks a lot of money has flowed the stock markets since 2008 and has in fact created a new, fictional bull market. This is evident in the price-earnings ratio chart (Shiller PE Ratio), which has risen again since 2008. But central banks now have no more ammunition to break the deflationary spiral.  At the end of the 2nd industrial revolution in 1932 the PE Ratio dropped to 5. Currently, this ratio, partly due to the behavior of central banks, is 23.

Figure: Two industrial revolutions: price-earnings ratio (PE ratio Shiller)

Will history repeat itself?

Humanity is being confronted with the same problems as those at the end of the second industrial revolution such as decreasing stock exchange rates, highly increasing unemployment, towering debts of companies and governments and bad financial positions of banks.

Figure: Two industrial revolutions and the debt of America

Transitions are initiated by inventions and discoveries, new knowledge of mankind. New knowledge influences the other four components in a society. At the moment there are few new inventions or discoveries. So the chance of a new industrial revolution is not very high. History has shown that five pillars are indispensable for a stable society.

Figure: The five pillars for a stable society: Food, Security, Health, Prosperity, Knowledge.

At the end of every transition the pillar Prosperity is threatened. We have seen this effect after every industrial revolution.

The pillar Prosperity of a society is about to fall again. History has shown that the fall of the pillar Prosperity always results in a revolution. Because of the high level of unemployment after the second industrial revolution many societies initiated a new transition, the creation of a war economy. This type of economy flourished especially in the period 1940 – 1945.

Now, societies will have to make a choice for a new transition to be started.
Without knowledge of the past there is no future.

 

Wim Grommen

References:

  • Geschiedenis Werkplaatssite van Wolters-Noordhoff en Wikipedia
  • Prof J. Rotmans, e.a. (2000), “Transities & Transitiemanagement: de casus van een emissiearme energievoorziening”
  • Dow Jones Industrial Average Historical Components, S&P Dow Jones Indices McGraw Hill Financial
  • Dow Jones Industrial Average Historical Divisor Changes, S&P Dow Jones Indices McGraw Hill Financial
  • W. Grommen, (november 2007), “Nieuwe beurskrach, een kwestie van tijd?”, Technische en Kwantitatieve Analyse,  (20 – 22)
  • W. Grommen, (January 2010), “Beurskrach 1929, mysterie ontrafeld?”, Technische en Kwantitatieve Analyse,  (22 – 24)
  • Grommen, (March 2011), “Huidige crisis, een wetmatigheid?”, Hermes, 49, (52 – 58)
  • Grommen, (January 2013), paper “The present crisis, a pattern” gepresenteerd op International Symposium The Economic Crisis: Time For A Paradigm Shift
  • W. Grommen, (November 2014), “The Dow Jones Industrial Average , A Fata Morgana”, TRADERS’ Magazine,  (14 – 18)
  • Grommen, (April 2015), “Stock Splitting And The Market Crash 1929”, ValueWalk
  • Grommen (August 2015), “Stock Market Boom and Crash, the Cause and Effect of Extreme Market Movements” , TRADERS’ Magazine, (28 – 30)

 

Stock Market Crash, A Historical Pattern? by Wim Grommen

40 Australian economists urge debt forgiveness for Greece

Digital Transformation – Digital Leadership

 

 

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Technical Analysis EURUSD 9-8

Technical Analysis EURUSD

EURUSD broke above the 1.13 level and also above the 1.1318 resistance but sellers rushed and push the pair back below the 1.13 and this is not a good sign for the EUR. EUR is still trading above the 100h EMA and some buyers will push the pair around 1.13. It is a tough battle but EUR is running out of steam.

Res: 1.1307, 1.1339, 1.1365, 1.1400
Sup: 1.1230, 1.1205, 1.1186, 1.1167

 

Find out the 5 Rules For Investing by Warren Buffett

 

ATTENTION
The information is not an offer, no promotion, no consultation and no advice to buy or sell stocks, indices or currencies.  Trading stocks, indices or currencies is not only a chance, there is always a risk to lose money. Please only trade currencies if you are able to compensate possible losses. Please note that high profits always also contains a high risk. Please also trade with money that you dont need for daily costs.  Interferences with availability over the internet, availability of email deliverability or other software problems are further possible risks when trading with currencies.
Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
This technical analysis is intended to provide general information and does NOT constitute the provision of INVESTMENT ADVICE. Investors and traders should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
TCResearch guarantees neither the entirety nor accuracy of the analysis. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. TCResearch is not responsible for any loss, either directly or indirectly, which arises as a result of the use of TCResearch analyses. Details of any arising conflicts of interest will always appear in the investment recommendations.

EURUSD Technical Analysis 9-7

EURUSD Technical Analysis 9-7

The pair shows sideways trading today after breaking yesterday the 1.12 level due to worst than expected ISM number from USA, EURUSD affected by stochastic negativity that might push the price to test the support base formed above 1.1196 level.

The bullish trend scenario still active as long as the mentioned level remains intact, supported by the EMA50, but looks like has run for now out of steam and a small correction is the most possible scenario.

Support: 1,1240 1,1215 1,1200

Resistance: 1,1257 1,1280 1,1300

Trend: Bullish

 

Find out How to Draw Trend Lines

 

ATTENTION
The information is not an offer, no promotion, no consultation and no advice to buy or sell stocks, indices or currencies.  Trading stocks, indices or currencies is not only a chance, there is always a risk to lose money. Please only trade currencies if you are able to compensate possible losses. Please note that high profits always also contains a high risk. Please also trade with money that you dont need for daily costs.  Interferences with availability over the internet, availability of email deliverability or other software problems are further possible risks when trading with currencies.
Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
This technical analysis is intended to provide general information and does NOT constitute the provision of INVESTMENT ADVICE. Investors and traders should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
TCResearch guarantees neither the entirety nor accuracy of the analysis. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. TCResearch is not responsible for any loss, either directly or indirectly, which arises as a result of the use of TCResearch analyses. Details of any arising conflicts of interest will always appear in the investment recommendations.