Blog

Here are Tuesday's biggest calls on Wall Street: Loop initiates AppLovin as buy Loop said the software publisher is an "indispensable infrastructure for the mobile gaming industry." "We are initiating coverage of AppLovin with a Buy rating and $181 PT." Bernstein initiates Costco as outperform Bernstein said the company is the "highest quality" in the firm's coverage. "Despite COST trading at an expensive valuation (~50x P/FE), we believe that the longevity of its consistent earnings power and growth runway is underappreciated." Bernstein initiates Walmart as outperform The firm said the big box retailer is best positioned. " WMT is our top pick (Outperform, $95.00 TP) as we expect the company to leverage its scale to offer great value to consumers and to grow e-commerce profitably. As WMT...

Check out the companies making headlines before the bell. Cheesecake Factory — Shares gained more than 3% after activist investor JCP Investment Management built a stake in the company and asked it to consider spinning off three of its brands into a separate company. General Motors — Shares were down slightly even after the automaker reported third-quarter results that beat analyst expectations. The company earned an adjusted $2.96 per share on revenue of $48.76 billion. Analysts polled by LSEG expected a profit of $2.43 per share on revenue of $44.59 billion. GM also raised its full-year outlook. SAP — U.S.-listed shares of the enterprise software provider gained more than 3% after the company posted a third-quarter earnings and revenue beat. SAP also increased its full-year cloud and sof...

A person walks by a Verizon store on January 23, 2024 in Corte Madera, California. Justin Sullivan | Getty ImagesVerizon added more wireless subscribers than expected in the third quarter as the U.S. telecom giant's promotional offers and plans bundling 5G with streaming services like Netflix helped attract customers.Growing adoption of the company's myPlan, a customizable offering that includes streaming perks such as Disney+, Hulu and Max for an extra cost, has helped Verizon stay resilient in the competitive U.S. telecom market.The company added 239,000 net monthly bill-paying wireless phone subscribers in the September quarter, compared with expectations of 218,100 additions, according to FactSet. It posted 148,000 additions for the June quarter.Postpaid phone churn, or the number of c...

The headquarters of the Norges Bank, Norway's central bank, in Oslo, Norway, on Tuesday, Jan. 30, 2024.Bloomberg | Bloomberg | Getty ImagesNorway's gigantic sovereign wealth fund on Tuesday reported third-quarter profit of 835 billion Norwegian kroner ($76.3 billion).The so-called Government Pension Fund Global, one of the world's largest investors, said it had a value of 18.870 trillion kroner at the end of September.The results come shortly after Norges Bank Investment Management (NBIM), which manages the world's largest sovereign wealth fund, warned that elevated uncertainty and a "completely different geopolitical situation" meant there were now more risks to global stocks.Norway's sovereign wealth fund, the world's largest, was established in the 1990s to invest the surplus revenues o...

Aaron P | Bauer-Griffin | GC Images | Getty ImagesHSBC on Tuesday unveiled a new geographic setup and consolidated its operations into four business units, amid a key overhaul that delivered the lender's first female finance chief.The bank's shares were flat in early London trade Tuesday. The U.K.-listed stock is up more than 6% over the year-to-date.As part of the restructuring outlined in regulatory filings with the Hong Kong bourse, HSBC plans to divide its operations between an "Eastern markets" branch, reuniting Asia-Pacific and the Middle East, along with a "Western markets" division, comprising the non-ringed-fenced U.K. bank, the continental European business and the Americas.Chinese insurer Ping An, HSBC's largest shareholder with a more-than-9% stake, has previously campaigned fo...

Russian President Vladimir Putin attends the BRICS Business Forum in Moscow, Russia October 18, 2024. Alexander Zemlianichenko | Via ReutersRussia is rolling out the red carpet to its geopolitical allies as it hosts the latest BRICS summit on Tuesday, pushing its agenda to create a "new world order" that challenges the West.The group was initially comprised of Brazil, Russia, India and China before South Africa joined in 2010, giving the organization of rapidly economically-developing nations its current name. It has since morphed into a geopolitical forum for the world's most powerful nations outside of the West.The BRICS now have additional clout after Egypt, Ethiopia, Iran and the United Arab Emirates joined the group in January, with membership to the bloc becoming an attractive prospe...