In the coming week, the October reading of the U.S. core
personal consumption expenditures price index, the Fed’s preferred
inflation gauge, will be the main highlight. Also, market
participants will be eyeing a spate of economic data, including the
U.S. CB Consumer Confidence, S&P/CS HPI Composite – 20 n.s.a.,
Richmond Manufacturing Index, GDP (preliminary), GDP Price Index
(preliminary), Wholesale Inventories (preliminary), Crude Oil
Inventories, Initial Jobless Claims, Personal Income, Personal
Spending, Pending Home Sales, S&P Global Manufacturing PMI, and
ISM Manufacturing PMI.
Meanwhile, Federal Reserve Chairman Jerome Powell will
participate in a fireside chat at Spelman College on Friday.
In addition, several other Fed officials will be making
appearances this week, including Goolsbee, Waller, Bowman, Mester,
and Williams.
In other news, sales revenue from online shopping on Black
Friday achieved a record high of $9.8 billion, reflecting a 7.5%
increase compared to the previous year, according to a report from
Adobe.
Today, all eyes are focused on U.S. New Home Sales data in a
couple of hours. Economists, on average, forecast that October New
Home Sales will come in at 721K, compared to the previous value of
759K.
Also, investors are likely to focus on the U.S. Building Permits
data, which was at 1.471M in September. Economists foresee the
October figure to be 1.487M.
In the bond markets, United States 10-year rates are at 4.481%,
down -0.04%.
Pre-Market U.S. Stock Movers
Crown Castle International Corp (NYSE:CCI) rose
over +4% in pre-market trading following a report from the Wall
Street Journal stating that activist investor Elliott Investment
Management plans to engage with the company to try to boost its
share price after taking a more than $2 billion stake.
YPF Sociedad Anonima (NYSE:YPF) climbed more
than +4% in pre-market trading after Goldman Sachs upgraded the
stock to Neutral from Sell.
Shopify (NYSE:SHOP) gained over +2% in
pre-market trading after the company said that its merchants set a
Black Friday record with a combined $4.1 billion in sales,
representing a 22% increase over last year.
Roku (NASDAQ:ROKU) rose more than +1% in
pre-market trading after Cannonball Research upgraded the stock to
Buy from Neutral.
PotlatchDeltic Corp (NASDAQ:PCH) fell over -2%
in pre-market trading after Raymond James downgraded the stock to
Market Perform from Strong Buy.
Foot Locker (NYSE:FL) slid more than -3% in
pre-market trading after Citi downgraded the stock to Sell from
Neutral.
Today’s U.S. Earnings Spotlight: Monday – November
27th
Zscaler (ZS), Mueller Water Products (MWA), Up Fintech (TIGR),
Cerence (CRNC), Anavex Life Sciences (AVXL), Procaps (PROC), Cango
(CANG).
ANALYST RECOMMENDATIONS
Alexandria Real Estate Equities: JP Morgan
maintains its overweight rating and reduces the target price from
$132 to $118.
Ametek: Cowen downgrades to market perform from
outperform with a price target reduced from $165 to $160.
Apple: Baptista Research downgrades to hold
from outperform with a price target reduced from $210 to
$208.90.
Arista Networks: Haitong International Research
Ltd initiates an Outperform recommendation with a target price of
$240.
Astrazeneca: Wolfe Research maintains its
outperform rating and reduces the target price from $82 to $75.
Canadian National Railway Company: Deutsche
Bank downgrades to hold from buy with a target price reduced from
$125 to $121.
Canadian Pacific Kansas City Limited: Deutsche
Bank downgrades to hold from buy with a price target reduced from
$85 to $77.
Corteva: Berenberg downgrades to hold from buy
with a price target reduced from $63 to $52.
Factset Research Systems: Morningstar maintains
its sell recommendation and raises the target price from $375 to
$390.
Fedex Corporation: Deutsche Bank maintains its
buy recommendation and raises the target price from $295 to
$338.
Micron Technology: Morgan Stanley maintains its
underweight recommendation and raises the target price from $58.50
to $71.50.
Norfolk Southern Corporation: Deutsche Bank
maintains its buy recommendation and raises the target price from
$233 to $258.
Old Dominion Freight Line: Deutsche Bank
downgrades to hold from buy with a price target reduced from $475
to $386.
Pinterest: New Street Research LLP initiates a
Buy recommendation with a target price of $48.
Shell: Morgan Stanley initiates a market weight
recommendation with a target price of $69.50.
Synopsys: KeyBanc Capital Markets maintains its
overweight recommendation and raises the target price from $540 to
$600.
Uber Technologies: Gordon Haskett maintains its
buy recommendation and raises the target price from $55 to $64.
Union Pacific Corporation: Deutsche Bank
maintains its buy recommendation and raises the target price from
$235 to $242.
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