The financially motivated pessimism is finally starting to fade away for Sirius XM Holdings (NASDAQ: SIRI), just as shares of the satellite radio provider gradually recover from the 52-week lows they hit earlier this month. Sirius XM stock moved higher last week, a newsworthy nugget only because it's something that the media giant failed to do in each of the five previous trading weeks. There were 175.1 million shares of Sirius XM sold short at the end of May, a large number but still the fifth consecutive reporting period of decelerating short interest. Outside of a brief spell in mid-February this is the lowest number of bearish wagers placed on Sirius XM Holdings over the past year. Naturally it doesn't help if naysayers move out but the bulls don't move back in, but there are some signs that Wall Street is starting to warm up to the buying opportunity here. Brian Russo at Credit Suisse upgraded the stock last week, and this week is kicking off with Sebastiano Petti at JPMorgan … [Read more...] about Did Sirius XM Stock Bottom Out at $5.23?
Overweight rating on the stock
Stocks making the biggest moves premarket: McDonald’s, Facebook, Mastercard, Tesla, Nike & more
Check out the companies making headlines before the bell: McDonald's — McDonald's is buying Israeli marketing technology firm Dynamic Yield for a reported $300 million, in a move to modernize its drive through menu displays and mobile ordering. The acquisition is the largest for the fast-food giant in two decades. Facebook — Facebook said it had removed more accounts from Iran, Russia, Macedonia, and Kosovo due to what it calls "coordinated inauthentic behavior." Mastercard — Mastercard is investing nearly $400 million in the London initial public offering of Dubai-based payments processor Network International, the large such company in the Middle East and Africa. Tesla — The automaker and CEO Elon Musk have won a second dismissal of a securities fraud lawsuit alleging that misleading comments were made about Model 3 production. The suit had originally been dismissed in October 2017 but the judge in the case allowed the plaintiffs to file an amended suit. Bed … [Read more...] about Stocks making the biggest moves premarket: McDonald’s, Facebook, Mastercard, Tesla, Nike & more
Boeing shares, vanguard of the Dow, hit hard after second 737 MAX…
(Reuters) - Boeing Co shares tumbled more than 5 percent on Monday after China, Indonesia and Ethiopia ordered airlines to ground the aircraft maker’s best-selling line of jets after the second deadly crash of one of the planes in just five months. While the slide lopped off $12.7 billion in the market value of one of the 10-year bull market’s powerhouse stocks, the one-day loss was far more limited by the closing bell than earlier in the session as some investors bet long-term risks were limited. Dropping in the early moments of trading by the most since Wall Street reopened after the Sept. 11 attacks in 2001, the stock recouped nearly two-thirds of its losses on the heaviest trading volume in nearly six years. “Despite the immense tragedy we think the company will fix what we believe is largely a software and training issue,” said Nancy Tengler, chief investment strategist at Tengler Wealth Management, which counts Boeing among its largest holdings. The … [Read more...] about Boeing shares, vanguard of the Dow, hit hard after second 737 MAX…
Boeing shares, vanguard of the Dow, crushed after second 737 MAX crash
(Reuters) - Boeing Co shares fell by the most in three years on Monday after China, Indonesia and Ethiopia ordered airlines to ground their 737 MAX 8 planes following the second deadly crash of one of the jets in just five months. The drop - around 7 percent in late morning trade - wiped nearly $16 billion off Boeing’s market value, marking an abrupt reversal for a stock that had been the runaway top performer this year in the Dow Jones Industrial Average. With a stock price near $400 a share, it was by far the largest drag on the price-weighted blue chip index on Monday. A Nairobi-bound Boeing 737 MAX 8 operated by Ethiopian Airlines crashed minutes after takeoff from the country’s capital Addis Ababa on Sunday, killing all 157 on board. The same model, flown by Lion Air, crashed off the coast of Indonesia in October, killing all 189 on board. “The grounding of the 737 MAX by China, Indonesia, and Ethiopian are near-term reputational negatives for Boeing that … [Read more...] about Boeing shares, vanguard of the Dow, crushed after second 737 MAX crash
Caterpillar’s double downgrade is ‘excessive,’ don’t run away from the stock, expert says
Caterpillar just got bulldozed by UBS. The firm gave a rare double downgrade from buy to sell with analysts warning that an earnings decline in 2020 had not yet been priced into the stock. Mark Tepper, president and founder of Strategic Wealth Partners, disagrees. "I wouldn't be running away from this stock. I think the double downgrade was excessive," Tepper said Tuesday on CNBC's "Trading Nation." UBS' call is an outlier on the Street. The stock has an average overweight rating and $150 price target, according to data pooled by FactSet. That's 8 percent higher than current levels. UBS' $125 price target marks 10 percent downside. "The hurdles are low, so the potential for outperformance is there," Tepper said. "They've been dealing with rising costs over the course of the last few years, but it seems like their recent price increases should offset that. And let's not forget, they had record profits last year." Caterpillar posted record profit of $11.22 a share in fiscal 2018, up 63 … [Read more...] about Caterpillar’s double downgrade is ‘excessive,’ don’t run away from the stock, expert says