Bank of America downgrades space stock Maxar, sees 14% downside

Bank of America downgrades space stock Maxar, sees 14% downside

Space stock Maxar Technologies is beating the market this year, but Bank of America sees downside ahead. BofA downgraded Maxar to underperform from neutral. The firm also cut its price target on the stock from $ 36 to $ 25, implying about 14% downside from Maxar’s closing price Monday. The firm said it expects Maxar … Read more

Cabinet minister ‘surprised’ by Andrew Bailey’s ‘apocalyptic’ food price warning

Cabinet minister ‘surprised’ by Andrew Bailey’s ‘apocalyptic’ food price warning

Good morning. There are now fewer unemployed people than job vacancies in the UK for the first time ever, highlighting the crisis gripping the labor market as the cost-of-living crisis deepens. The unemployment rate dropped to 3.7pc in the first three months of the year – below economists’ forecasts and its lowest since 1974. But … Read more

10-year Treasury yield amid economic data, Fed speeches

The yield on the benchmark 10-year Treasury note climbed on Tuesday as investors awaited a fresh batch of economic data and watched for clues on the path of monetary policy. The yield on the 10-year Treasury note last traded up 4 basis points to 2.9240%, while the yield on the 30-year Treasury bond rose 4 … Read more

JPMorgan picks China stocks to play Beijing’s infrastructure boost

China has announced big plans to build more cities, and JPMorgan analysts say it’s time to buy some infrastructure stocks. That’s based on news earlier this month that China’s top executive body, the State Council, has loosened residency rules to allow migrant workers from rural areas to settle in smaller towns. By the numbers, those … Read more

Hong Kong’s Hang Seng index leads gains as Asia-Pacific stocks rise

SINGAPORE – Shares in Asia-Pacific were largely higher in Tuesday morning trade, with Hong Kong stocks leading gains regionally. The Hang Seng index surged 1.72% in morning trade as Chinese tech stocks jumped. Tencent rose 3.26% while Alibaba soared 4.79% and Meituan gained 3.18%. The Hang Seng Tech index traded 3.42% higher. Mainland Chinese stocks … Read more

Some factories might leave China, but big picture it does not matter

China still holds the cards for global supply chains, whether or not Covid lockdowns frustrate businesses in the near term. An employee works on the production line of screens for 5G smartphones at a factory on May 13, 2022 in Ganzhou, Jiangxi Province of China. Zhu Haipeng | Visual China Group | Getty Images BEIJING … Read more

Stock futures are flat after S&P, Nasdaq start the week in the red

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, May 13, 2022. Brendan Mcdermid | Reuters US stock index futures were flat during overnight trading on Monday, following a volatile session that saw the S&P 500 and Nasdaq Composite continue their march lower. Futures contracts tied to … Read more

David Tepper added to three major tech stocks while selling GM and retail names

The hedge fund of billionaire David Tepper had an active first quarter, exiting positions in several major companies while doubling down on a few tech names. Securities filings released Monday showed that Tepper’s Appaloosa Management was largely a seller of equities during the first quarter, with two exceptions among his top holdings. The hedge fund … Read more

Morgan Stanley says beware bear market rallies, S&P 500 headed to 3,400

Stocks are trying to dig their way out of last week’s steep losses, but Morgan Stanley is warning that these relief rallies are fleeting and more declines will follow. “With valuations now more attractive, equity markets so oversold and rates potentially stabilizing below 3%, stocks appear to have begun another material bear market rally,” Michael … Read more

Dan Sundheim’s D1 Capital dumped high-growth tech stocks in the first quarter

Hedge fund veteran Dan Sundheim bailed on several large bets on the tech sector during the first quarter, according to a securities filing released Monday. Sundheim’s D1 Capital exited positions in JD.com, Carvana and Shopify during the first three months of 2022, according to the filings. Those positions were worth more than $ 2 billion … Read more