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After watching their shares rally by more than 50% from last November, it must have been a kick in the teethfor Alphabet...
06/30/2023

After watching their shares rally by more than 50% from last November, it must have been a kick in the teeth

for Alphabet Inc (NASDAQ:GOOGL), better known as Google, to receive two downgrades this week. But that's exactly what came from the teams over at UBS and Bernstein. Not all hope is lost for this rally, however. Let's take a closer look at what the analysts said and see why this could end up being a good thing for Google shares.

The first downgrade came from UBS on Monday, with the team there focusing on the aforementioned rally but viewing it almost as a negative. In the context of further room for it to run, they expressed concerns about its growth potential as well as some near-term challenges in making money.

Analyst Lloyd Walmsley and his team adjusted their rating on Google shares from Buy to Neutral. He explained that he finds it hard to see big revenue growth for Google Sites, expecting it to be in the single-digit range. Walmsley also mentioned a potential risk to revenue in the medium term as new search features replace ad space with generative Al responses.

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The market has shown resilience this year, defying economic uncertainties surrounding growth and interest rates.On The R...
06/30/2023

The market has shown resilience this year, defying economic uncertainties surrounding growth and interest rates.

On The Rise: The S&P 500, a broad

market gauge, concluded 2022 with

a 19.4% decline at 3,839.50, with

technology stocks leading the retreat.

At the beginning of this year, analysts held limited optimism about the index surpassing these levels. Some even predicted a lower end to 2023 compared

to the previous year. Data from Hedge Vision revealed that

the average price target set by 23 analysts/economists for the S&P 500 at the start of the year was $4,080. The most bullish forecast came from Tom Lee of Fundstrat, who predicted a year-end index value of 4,750, suggesting a 23.7% upside.

Greg Boutle of BNP Paribas had the

most conservative estimate, at $3,400,

indicating an 11.5% decline.

Interestingly, only three of the 23 analysts had price targets above the S&P 500's current levels.

The index closed Thursday's session at 4,396.44, up 0.45%. The SPDR S&P 500 ETF Trust SPY ▲ 1.16%, which tracks the index's performance, ended Thursday at $438.11, up 0.39%, according to data from Benzinga Pro.

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Apple's market cap topped $3 trillion on Friday, as its shares climbed about 1% to a new high and passed the $190.73 pri...
06/30/2023

Apple's market cap topped $3 trillion on Friday, as its shares climbed about 1% to a new high and passed the $190.73 price required to hit the milestone, according to CNBC's most recent share count.

Apple was the first company to hit a $3 trillion market cap during intraday trading in January 2022, but it failed to close at that level. It has another shot to do that on Friday.

It shows investors remain bullish on the stock and Apple's portfolio of products and services, despite the company's warning in May that its current quarter revenue is expected to fall about 3%.

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An artificial sweetener commonly used in thousands of products including diet soda, ice cream and chewing gum is to be l...
06/30/2023

An artificial sweetener commonly used in thousands of products including diet soda, ice cream and chewing gum is to be listed as posing a possible cancer risk to humans, according to reports.

Aspartame will be listed as "possibly carcinogenic to humans" from next month based on the findings of the World Health Organization.

The food industry has expressed serious concerns about the reports.

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The Supreme Court voted 6-3 against President Biden's student loan forgiveness plan!Do you agree with the courts decisio...
06/30/2023

The Supreme Court voted 6-3 against President Biden's student loan forgiveness plan!

Do you agree with the courts decision?

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Fidelity, the colossal asset managementfirm that manages assets worth $4.3 trillion, has once again submitted paperwork ...
06/29/2023

Fidelity, the colossal asset management

firm that manages assets worth $4.3 trillion, has once again submitted paperwork to launch its Wise Bitcoin Trust, which is a spot Bitcoin exchange-traded fund (ETF).

This development closely follows

BlackRock's submission for a similar ETF through its iShares unit.

BlackRock, the renowned asset manager, filed for the iShares Bitcoin Trust earlier this month.

Following BlackRock's move, other major fund companies such as Invesco and Wisdom Tree have followed suit, initiating similar filings. Reports had circulated that Fidelity was on the cusp of submitting its paperwork.

What's Next For Prospective Bitcoin

ETFs? It is noteworthy that Fidelity had made an attempt to introduce a spot bitcoin ETF in 2021, but the U.S. Securities and Exchange Commission (SEC) turned down the initiative in 2022.

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Coinbase, in court documents submitted onThursday, contended that the cryptocurrencies in question do not qualify as inv...
06/29/2023

Coinbase, in court documents submitted on

Thursday, contended that the cryptocurrencies in question do not qualify as investment contracts.

Therefore, they should not be classified as securities.

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Apple stock climbed 1.5% to close at just over $188 on Tuesday, extending its gains for the year and putting the technol...
06/29/2023

Apple stock climbed 1.5% to close at just over $188 on Tuesday, extending its gains for the year and putting the technology giant on the brink of a $3 trillion valuation.

The iPhone maker's market capitalization now sits at

$2.96 trillion. If its stock price climbs another 1.4% and stays there, it will become the first public company to be worth $3 trillion at the market close. The California-based firm has taken a huge step towards that milestone in 2023 thanks to its stock's 45% jump year-to-date.

That run has coincided with investors also piling into other Big Tech stocks like Nvidia and Meta Platforms, with the explosion of interest in artificial intelligence and ChatGPT sparking a sensational rally.

Tech stocks have also benefited from the Federal Reserve pausing its interest-rate hiking campaign for now. When interest rates rise, it becomes more attractive for investors to own bonds or keep their money in a high-yielding savings account, instead of

risking it by buying stocks. Apple's enormous market value puts it about $500 billion ahead of rival Microsoft. Saudi Arabian oil giant Aramco, Google parent Alphabet, and Amazon round out the list of the top five most valuable companies.

Reported by Insider

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All 23 US banks that participated in a new Federal Reserve stress test would be able to withstand a severe global recess...
06/29/2023

All 23 US banks that participated in a new Federal Reserve stress test would be able to withstand a severe global recession, demonstrating the strength of the biggest financial institutions at a time when the banking industry still is on uncertain ground.

Results released by the Fed Wednesday show that these banks would have enough capital on hand to absorb losses and continue lending even if unemployment were to hit 10% and the stock market were to plunge 45%.

Their projected losses would amount to $541 billion under that hypothetical scenario.

The biggest of the group - JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS) - all would have capital buffers well in excess of the Fed's 4.5% minimum requirement under this extreme scenario.

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Goldman Sachs has lost its ranking as the world's top mergers and acquisitions adviser for the first time in five years ...
06/29/2023

Goldman Sachs has lost its ranking as the world's top mergers and acquisitions adviser for the first time in five years - with JPMorgan taking its place.

Boutique advisers Guggenheim and Centerview also jumped up the ranking for the first half, which comes during one of the worst periods for M&A in the last decade.

The last time Goldman ranked second for any half-year period was in 2018, and there have been only three times in the last two decades when Goldman wasn't No. 1 globally for a full year. Tap the link in our bio to see the full list, and how the rest of Wall Street is faring.

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U.S.-based chief executives flew a lot last year, as corporate spending on private planes hit a 10-year high.Companies o...
06/29/2023

U.S.-based chief executives flew a lot last year, as corporate spending on private planes hit a 10-year high.

Companies on the S&P 500 spent $41.3 million on private jets for their chief executives last year, according to the Financial Times citing data compiled by ISS Corporate Solutions, an investment advisory firm. It's a 22% jump in spending from 2021, which was then a 10-year record as well.

Just over 5% of that total was spent by just one company: Meta. The Facebook- and Instagram-owner spent $2.3 million on flights for CEO Mark Zuckerberg, putting it at the biggest spender on private jets among S&P 500 companies.

But Meta spent even more on its other executives. The company paid over $4 million on private flights for Sheryl Sandberg, then Meta's chief operating officer, according to the company's annual report. (Sandberg stepped down as COO last August, and ceased to be an employee in September.) Meta also reported spending millions on personal security for both Zuckerberg and Sandberg.

Three other S&P 500 companies spent more than $1 million on private jets for the CEOs: Lockheed Martin, Las Vegas Sands and Netflix, according to the Financial Times.

Spending on private aviation jumped during the COVID pandemic. As commercial airlines cut routes, executives turned to charter companies to get them from place to place.

Reported by Yahoo Finance

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BREAKING: The Qatari group led by Sheikh Jassim Bin Hamad J.J. Al Thani is increasingly confident it's won the bidding w...
06/28/2023

BREAKING: The Qatari group led by Sheikh Jassim Bin Hamad J.J. Al Thani is increasingly confident it's won the bidding war for Manchester United, thwarting a rival offer from British billionaire Jim Ratcliffe as the sale of the football club extends into the crucial summer months.

The transaction has been beset with delays, with bids failing to meet expectations of the selling Glazer family, splits among the owners about whether to sell and fears of litigation from minority shareholders, people with knowledge of the matter said.

Those within the inner circle of the Qatari bid have now begun communicating their confidence of victory and believe it's just a matter of time before an official announcement is made, according to the people.

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