1. Federal Reserve-driven selling continues in stocks but the long bond does nothing. These moves say earnings must go lower. But the question is: which ones? Since the Fed's more hawkish outlook Wednesday, the Dow Jones Industrial Average lost more than 900 points total in back-to-back declines.
2. Atlantic Equities sees Club holding Estee Lauder's (EL) growth to reaccelerate as China relaxes Covid restrictions. As we've been saying, analysts there say lifting Covid rules unlocks China's potential; will be a jewel once more; Put an overweight (buy) rating on EL, with a $302-per-share price target.
3. JPMorgan names AbbVie (ABBV) and Club holding Eli Lilly (LLY) as best in class and top picks in biopharma for 2023. Leerink raises price target on LLY to $410 per share from $384. Out of our December "Monthly Meeting" on Thursday, here's a rapid-fire update of all 33 stocks in our portfolio.
4. Meta Platforms (META) has the worst behind it, says JPMorgan, which upgrades the Club holding to an overweight (buy) and increases its price target to $150 per share from $115. Big Tech has had a tough year. But we put together a commentary on the reasons we're holding on, for now.
5. Club holding Apple (AAPL) name a top tech pick at Evercore ISI. Analysts there say "China supply chain headwinds likely transitory."
6. Advent International to buy Maxar Technologies (MAXR) for $53 per share, or about $4 billion, a more than 120% premium to Thursday's close and that's reflected in premarket trading. Maxar has more than 90 satellites in orbit, serving clients from the U.S. government to SiriusXM (SIRI).
7. Accounting firm Mazars Group has suspended work with crypto clients, according to crypto exchange, Binance. "Unfortunately, this means that we will not be able to work with Mazars for the moment," Binance told CNBC.
8. Barclays raises price target on General Electric (GE) to $96 per share from $92 ahead of the health care spin-off. Among industrials, we like Emerson Electric (EMR). The Club started a position Wednesday and bought more Thursday.
9. Goldman Sachs likes United Airlines (UAL) and Delta Air Lines (DAL); sees recovery tailwinds. Resumes coverage on both with buy ratings and price targets of $51-per-share and $40, respectively.
10. Nike (NKE) price target raised at Credit Suisse to $122 per share from $110; keeps outperform (buy) rating. Mentions as a must own stock.
(Jim Cramer's Charitable Trust is long EL, LLY, META, AAPL and EMR. See here for a full list of the stocks.)
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