Top Stock News: October 16th, 2024

Top Stock News

• Alimentation Couche-Tard Inc: Artisan Partners urged Seven & i Holdings to let Couche-Tard negotiate its $47 billion takeover bid, criticizing a recent restructuring plan as inadequate.
• ASML Holding NV: ASML forecasted lower sales for 2025 due to ongoing weakness in the semiconductor market, resulting in a significant decline in its share price.
• Bank of America Corp: KBW raised the target price to $50 from $48 following solid third-quarter results driven by strong net interest income.
• Barrick Gold Corp: Barrick reported third-quarter gold production of 943,000 ounces, missing the expected 975,000 ounces, mainly due to reduced output at its Nevada mines. An expansion at the Carlin mine is expected to boost future production.
• Boeing Co: A federal judge has asked Boeing and the U.S. Justice Department to clarify the impact of diversity policies on the selection of an independent monitor as part of a plea deal regarding regulatory fraud.
• Citigroup Inc: BofA Global Research raised Citigroup’s target price to $78 from $77 following better-than-expected third-quarter earnings supported by higher fee revenues.
• Delta Air Lines Inc: Delta announced it will pause flights between JFK and Tel Aviv through March due to safety concerns amid escalating conflict in Israel.
• Empire Oil Ltd: The extension application for the Norman Wells facility has been paused pending an environmental assessment from the Canada Energy Regulator.
• Goldman Sachs Group Inc: Barclays raised the target price to $588 from $565 after the company reported better-than-expected third-quarter earnings driven by high investment banking revenue.
• J.B. Hunt Transport Services Inc: The trucking firm reported third-quarter profits above estimates, driven by a 5% increase in intermodal volumes, resulting in $3.07 billion in revenue.
• Johnson & Johnson: Bernstein raised the target price for Johnson & Johnson to $177 from $171, as the company expressed confidence in achieving higher sales in innovative medicines following stronger-than-expected earnings.
• JPMorgan Chase & Co: CEO Jamie Dimon announced plans for expansion into Kenya and Ivory Coast as part of the bank’s growth strategy in Africa.
• KKR & Co Inc: KKR is preparing to sell Singapore-based Goodpack, which could be valued around $1.8 billion, with a formal sale process expected soon.
• LVMH: The luxury giant reported a 3% decline in third-quarter sales, marking its first drop since the pandemic, attributed to weakened demand in China and Japan.
• Meta Platforms Inc: A federal judge ruled that Meta must face lawsuits from U.S. states over claims that its platforms are addictive and contribute to mental health issues among teens.
• Morgan Stanley: The firm reported strong profits in the third quarter, surpassing analyst expectations, reflecting a revival in investment banking activities.
• New York Community Bancorp Inc: The regional lender will rebrand as Flagstar Financial, effective October 25, changing its stock symbol to “FLG.”
• Nvidia: Investor Stanley Druckenmiller described selling Nvidia as a “big mistake.”
• Omnicom Group Inc: Omnicom exceeded Wall Street estimates for third-quarter profit and revenue, driven by increased advertising spending, reporting revenue of $3.88 billion.
• Paramount Global: The board approved bonus payments for its three co-CEOs even if they leave the company, providing additional compensation along with restricted shares.
• Rio Tinto: The company reported higher iron ore shipments in the third quarter and remains on track for first production from its Simandou project in Guinea next year.
• Ryanair Holdings Plc: The airline expects to revise its passenger traffic estimates downward due to anticipated aircraft delivery delays from Boeing.
• Stellantis NV: Stellantis is recalling over 20,000 hybrid SUVs in the U.S. due to a brake pedal issue that could lead to unintended disengagement.
• Tesla: ARK Invest predicts Tesla’s Robotaxi Network will outscale competitors in the autonomous ride-hailing market, partly due to the Cybercab.
• TD Bank Group: The bank announced that its investment in Charles Schwab will add C$178 million for Q4.
• United Airlines Inc: The airline forecasted stronger-than-expected profits for the upcoming quarter, reporting adjusted earnings of $3.33 per share for the third quarter.
• UnitedHealth Group Inc: Jefferies cut the target price for UnitedHealth to $643 from $647 following a management forecast of 2025 profits below consensus due to Medicaid margin disruptions.