Global Markets
Canadian Markets:
Canadian stocks slipped as a drop in oil, however markets managed to finish the day flat. Market participants still remain optimistic, focusing on robust earnings from the top domestic banks, which reflect resilience in the financial sector despite broader economic uncertainties. The energy sector’s decline underscores the vulnerability of resource-dependent economies to global commodity price swings.
American Markets:
U.S. stocks saw gains, bolstered by the S&P 500-linked equities hitting record highs. Investors are anticipating critical economic indicators and speeches from Federal Reserve officials, especially Chair Jerome Powell. These updates are expected to offer insights into the Fed’s monetary policy stance amid mixed signals from the economy. The U.S. market rally highlights optimism surrounding corporate earnings and investor confidence in the resilience of the economy.
European Markets:
In Europe indexes were higher, driven by robust performances in technology and automobile stocks. These sectors benefited from upbeat earnings and positive growth outlooks. Meanwhile, political uncertainty looms, with French lawmakers gearing up for a no-confidence vote that could oust Prime Minister Michel Barnier’s government. ECB’s Christine Lagarde forecasted weak growth for the Euro zone into next year.
UK Markets
UK stocks fell on Wednesday, as the Bank of England governor forecasted four rate cuts next year as inflation eases, suggesting economic weakness. The OECD however suggests that UK interest rates will stay higher for longer due to the recent Budget.
Japanese Markets
The Nikkei in Japan posted modest gains, extending its winning streak to three days. A weaker yen provided a tailwind for exporters, while increased buying in retail-related stocks offset earlier losses. The rally underscores investor confidence in Japan’s domestic recovery and the export-driven economy’s ability to navigate global uncertainties.
Corporate Stock News
Ameren Corp: JPMorgan raised its target price from $93 to $99, citing the company’s upcoming Q4 capital plan and updated outlook.
Apple Inc & Stellantis NV: Stellantis dismissed rumors about appointing Apple’s Luca Maestri as its new CEO, refuting media reports.
AT&T Inc: JPMorgan increased its target price to $28 from $25, reflecting AT&T’s plans for expanding its 5G and fiber services.
Barclays Plc: Settled a $19.5 million lawsuit in the U.S. related to securities fraud over unauthorized debt sales.
B2Gold Corp: Workers at its Fekola mine in Mali went on strike, reducing operations to 25% capacity, though the company claims actual capacity is higher.
Campbell’s Co: Reported lower-than-expected sales and announced Mick Beekhuizen as its next CEO starting February 2025.
Crescent Energy Co: Announced a $905 million deal to acquire Ridgemar Energy’s assets, enhancing its position in Texas’s Eagle Ford basin.
Coinbase Global Inc: CEO Brian Armstrong criticized law firms hiring SEC attorneys, alleging harm to the cryptocurrency industry.
Dollar Tree Inc: Beat Q3 profit and sales estimates but announced CFO Jeff Davis’s departure at the fiscal year’s end.
Enbridge Inc: CIBC raised its target price to C$63 from C$61 following strong 2024 earnings forecasts and a 3% dividend increase for 2025.
Eli Lilly & Novo Nordisk: Lilly’s Zepbound outperformed Novo Nordisk’s Wegovy in a weight-loss drug trial, with 47% greater weight reduction over 72 weeks.
First Citizens Bancshares Inc: KBW boosted the target price to $2,500 from $2,100 due to valuation gains amid high interest rates.
General Motors Co: Announced over $5 billion in non-cash charges related to its joint ventures in China, affecting Q4 results.
Intel Corp: The company is exploring external candidates for its CEO role, including former board member Lip-Bu Tan.
Marvell Technology Inc: Surpassed Q3 revenue estimates and forecasted Q4 revenue above expectations due to AI chip demand.
Meta Platforms Inc: Announced plans to invest in nuclear energy for AI and environmental goals, seeking up to 4 GW of new nuclear generation.
Netflix Inc: Subscriber base in Japan surpassed 10 million, driven by unique Japanese-language programming.
Novavax Inc & Novo Nordisk: Novavax sold its Czech Republic manufacturing site to Novo Nordisk for $200 million, cutting operational costs.
Okta Inc: JPMorgan raised its target price to $100 from $85 following strong Q3 results and improved forecasts.
Prudential Financial Inc: Named Andrew Sullivan as CEO, replacing Charles Lowrey, who transitions to executive chairman.
Royal Bank of Canada: Posted a Q4 profit increase, driven by a C$969 million rise in its wealth management division’s income.
Salesforce Inc: Beat Q3 revenue estimates, raising its annual forecast range, with a target price hike to $405 by Piper Sandler.
TotalEnergies SE: Agreed to build a 0.3 GW solar park in Saudi Arabia as part of renewable energy initiatives.
UnitedHealth Group Inc: Issued a 2025 profit forecast of $29.50–$30.00 per share, aligning with earlier estimates.
Wells Fargo & Co: Exploring the sale of its San Francisco headquarters, with plans to move to a new building while staying in the city.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
