Top 10 Things to Watch on Tuesday, June 6th
1. The federal government vs. the cryptocurrency industry.SEC File Lawsuit Before Tuesday Bells coin base (COIN) accused the company of operating as an unregistered broker and exchange. Coinbase, whose share price fell 20% following the news, did not immediately respond to CNBC’s request for comment.
2. The top U.S. securities regulator took the action a day after filing a lawsuit against Binance and its founder, Zhao Changpeng, alleging money amalgamation. The SEC also said that Binance used market-making firms under its control to inflate trading prices and profit from its customers. Binance has dismissed the charges.
3. Wall Street raises price target for club name apple (AAPL) after the tech giant unveiled a new mixed reality headset. Wells Fargo raised its stock to $210 per share from $185 and Credit Suisse to $200 from $188, while maintaining a buy-like rating. Others are less positive. Deutsche Bank cites the Vision Pro’s starting price as his hefty $3,499. Prosecutor Davidson said the device is already factored into inventory.
Four. We look at it differently, seeing that the headset promise isn’t really about headsets. Apple stock hit an all-time high ahead of Monday’s Vision Pro announcement. The headset was the “other” highlight of Apple’s developer conference kickoff presentation. However, the stock turned down by the close of trading.
Five. Bank of America says hold Molson Coors (TAP) In the midst of the Bud Light boycott. Raises TAP price target from $54 to $68 per share.As for beer, I own Corona and Modelo Maker, and I like them. constellation brand (STZ). In a recent commentary, we argued for his STZ claim over TAP. Jefferies raises its STZ price target from $285 to $293. Maintain a purchase rating.
6. dollar general (DG) Downgraded from overweight to equalweight (buy to hold) by Wells Fargo. The target price is lowered from $178 to $165 per share. It’s amazing how hated this is now after a quarter train wreck.I think cost conscious consumers will walmart (WMT) and club name Costco (price)
7. of Dow, S&P500 and the Nasdaq It is set to open relatively flat. A week away from the start of the Fed’s two-day June meeting. Friday’s strong jobs report did little to dampen the market’s view of next week’s moratorium on rate hikes, according to the CME’s FedWatch tool.
8. About 52% of respondents said the Fed could raise rates in July. May inflation data are due next week as Fed policymakers meet to deliberate on monetary policy. Questions remain as to whether the Fed has already done enough to curb inflation and cool the labor market, or whether more needs to be done.
9. spice maker McCormick (MKC) received a double upgrade from underperforming to buy (sell) by Bank of America, which also raises its price target from $75 to $100 per share. It cited an improved cost and profit outlook, as well as easier year-over-year volume comparisons. in the meantime, campbell soup (CPB) Posts Solid Quarterly Sales Growth.
Ten. Atlantic Equity Begins fedex (FDX) has given the company an Overweight (buy) rating and a price target of $265 per share, citing cost savings and a commitment to “flexible earnings growth.” JP Morgan is more cautious, cutting the PT to $228 from $233 and maintaining a neutral rating. We are still in the situation of self-help efforts. Earnings are expected to be announced later this month.
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