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🛠️ Lowe's Gets a Lift
Plus, Is Campbell's stirring up a new recipe for success?
Good afternoon and Happy Wednesday. As virtually all of you know already, today is September 11th. A date that is seared into most of our minds, unless you weren’t old enough to remember the horrible day.
It’s a day you remember exactly where you were, what you were doing, who you were with. I wasn’t around for the JFK assassination, but my mom and grandma have always told me it’s a bit like that.
These are days that every American experiences only a handful of times in their lives. So it’s on these days that we promise to #NeverForget.
We’ll never forget the lives lost and the families impacted by the senseless actions. We’ll also never forget the day after, when our country came together, donated blood, helped console one another, and waved The Flag.
As we approach what has become an absolutely absurd election already, remember that it’s the media that pits each of us against one another.
At the end of the day, there’s a small group of psychos on each side of the spectrum. In the large middle, it’s people who might have different views and opinions. But people who can still express those opposing opinions to each other and hug them afterward.
Hug your loved ones today. And remember, #NeverForget.
Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.
🟩 | US stocks rose Wednesday, rebounding sharply, with the S&P 500 gaining 1.1% and the Nasdaq Composite rising 2.2% as investors assessed new U.S. inflation data and its potential impact on Federal Reserve policy. The Dow also recovered from a drop of nearly 744 points to end up 0.3%.
📈 | One Notable Gainer: Viking Therapeutics shares rose over 11% after JPMorgan initiated coverage with an overweight rating, citing a November data readout as a positive catalyst for the biotech company, which operates in the GLP-1 space.
📉 | One Notable Decliner: Trump Media & Technology stock dropped over 12% after Tuesday's debate between majority shareholder Donald Trump and Vice President Kamala Harris, hitting its lowest intraday level since its Nasdaq debut in late March.
🛠️ | Tomorrow's Trade: Lowe's Gets a Lift. Scroll down for more.
Plus, today’s partner is outlining Nvidia's secret trillion-dollar AI pivot…
GO DEEPER
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TOGETHER WITH WEISS RATINGS
Nvidia's recent $277 billion market cap surge was just the start. They're now surfing a new AI wave, backed by tech giants, worth $1 TRILLION. Leading industry voice, Dr. Martin Weiss and his team have identified 3 key Nvidia partners that could dominate this next AI phase. Don't miss your chance.
S&P 500 Heatmap. Credit: Finviz
All Stock Heatmap. Credit: Finviz
Global ADR snapshot. Credit: Finviz
MARKET MOVERS
GME (-12%) CoGameStop CEO mulls harsh decision after earnings surprise (TheStreet)
NVS (-1%) Novartis shares slide on BofA downgrade (Investing.com)
FSLR (+15%) What's Going On With First Solar Stock? (Benzinga)
RTO (-21%) Rentokil shares tumble 20% following profit warning (FT)
TAN (+6%) Solar stocks trading higher following last night's presidential debate (Seeking Alpha)
OVERHEARD ON THE STREET
CNBC: After a yearlong pause, Amazon resumes opening Fresh supermarkets, though 22 locations remain vacant despite completed construction.
Reuters: Adobe will unveil the AI-powered Adobe Firefly Video Model for video creation and editing in beta later this year, expanding its Firefly suite.
Electrek: Lucid's Gravity SUV will have an NACS port, granting access to 15,000 Tesla Superchargers and offering substantial savings with new tech.
CNBC: New Starbucks CEO Brian Niccol will focus on revitalizing U.S. operations first, aiming to replicate his success in turning around Chipotle.
WSJ: Campbell's will drop "Soup" from its name to reflect broader growth, but it will continue to produce its iconic soup products.
TOMORROW’S TRADE IDEA, TODAY
Two Top Firms Have Lowe’s in Their Sights
Falling Back in Favor
Just last month Lowe’s (LOW) stock was reeling from a dropoff in big-ticket purchases, as consumers pulled back on spending in the face of high inflation and interest rates.
Now, two top firms — Mizuho (MFG) and JPMorgan (JPM) — have listed the stock among their top picks for September. What changed?
Mizuho
Mizuho is more bullish than most Wall Street firms on the hardware chain. Its average price target is $256, but Mizuho has it at $280, around 15% upside from current prices.
The firm expects demand to increase sooner than investors might think, as it believes that Lowe’s is better positioned than its peers to capitalize. Analyst David Bellinger argues many consumers have been holding off on financing the purchase of expensive items. Fed rate cuts could change that.
The analyst added that rebounding home sales could also be a catalyst for the stock.
JPMorgan
JPM recently added the stock to its September focus list as part of the bank’s value strategy. In other words, the biggest bank in the U.S. believes Lowe’s is currently undervalued.
The bank’s price target implies a 10% upside, on top of the 10% YTD gain the stock has already seen. JPM has given it an overweight rating with a price target of $270.
Consumers have been waiting for the right time to make big purchases, and a rate-cut environment could mean now is finally that time. JPM and Mizuho certainly seem to think so.
Are you bullish or bearish on Lowe’s (LOW) over the next 12 months? |
TOGETHER WITH WEISS RATINGS
Nvidia's recent $277 billion market cap surge was just the start. They're now surfing a new AI wave, backed by tech giants, worth $1 TRILLION. Leading industry voice, Dr. Martin Weiss and his team have identified 3 key Nvidia partners that could dominate this next AI phase. Don't miss your chance.
ON OUR RADAR
Reuters: TD Bank must pay $28M for misreporting credit data since 2015, harming customers' credit scores and delaying corrections, says CFPB.
AP: BMW is cutting its 2024 sales and earnings outlook due to a costly recall affecting 1.5M vehicles with a faulty braking system.
CNN: 42 state attorneys general urge Congress to mandate Surgeon General warning labels on social media to address addiction and mental health issues.
Axios: In 2023, median inflation-adjusted income for middle-income American households rose by 4% to $80,610, marking the first gain in four years.
Reuters: Gold prices fell 0.1% to $2,513.19 as firming dollar and yields reduced expectations for a large Fed rate cut next week.
YESTERDAY’S POLL RESULTS
🟨⬜️⬜️⬜️⬜️⬜️ 🐂 Bullish
🟩🟩🟩🟩🟩🟩 🐻 Bearish
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