Pinterest (PINS) shares surge 13% in the premarket after The Wall Street Journal reported Elliot Management has accumulated a more than 9% stake in the company. At Edward Jones, however, Club name Qualcomm (QCOM) is upgraded to a buy rating. Goldman Sachs cuts semi price targets, including Club holdings Advanced Micro Devices (AMD) to $99, Nvidia (NVDA) to $162, Marvell Technology (MRVL). Dexcom (DXCM) started with an outperform at Bernstein, citing a long-term runway for diabetes management. The Club likes and holds Humana (HUM) shares. Managed care has been a friendly place to be in a turbulent year for stocks. UnitedHealthcare (UNH) reports a quarterly earnings beat and a full-year guidance raise.
JPMorgan Chase (JPM) price target lowered to $126 per share at UBS, $145 at Credit Suisse, and $162 at Barclays following a tough quarter. Bank of America calls it "Best-in-class franchise at depressed valuations." We think the same as BofA for the Club.
A day after reporting earnings, Club holding Morgan Stanley (MS) price target lowered to $99 per share at BMO Capital and cut to $108 at Barclays. Tangible book value per share increased to $80.25 versus Thursday's closing stock price of $44.14 per share. Citigroup (C) surprisingly reports solid earnings beat of $2.19 per share versus $1.68 expected on revenue of $19.64 billion versus $18.22 billion expected. Check back with us later Friday for our Wells Fargo earnings analysis. Full-year non-interest expense outlook maintained at $51.5 billion.
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Net Interest Income edged expectations, expected to grow 20% year-over-year for the full year. Mixed results from Club holding Wells Fargo (WFC) with revenue of $17.03 billion vs $17.53 billion expected, small earnings per share beat of $0.82 versus $80 expected, when excluding an 8 cent per share impairment charge. Stocks in the premarket really shot higher, encouraged by the resilient consumer. The data is not adjusted for inflation, which boosted the numbers somewhat. After two key reports this week showing inflation is still hot, June retail sales jumped a better-than-expected 1% to $680.6 billion. All three stock benchmarks are tracking for big weekly losses. The Nasdaq on Thursday edged higher, breaking a three straight down days. What the Club is watching JWall Street is set for a sharply higher open Friday after the Dow and S & P 500 logged their first five-session losing streaks in a month.
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