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US stocks rebounded on Friday as inflation data indicated a slowdown in price increases for November, with the Dow Jones up 0.8%, S&P 500 rising 0.7%, and Nasdaq gaining 0.6%. The core Personal Consumption Expenditures index showed monthly deceleration, although inflation remains above the Fed's 2% target. Concerns over a potential government shutdown and tariff threats from Trump weighed on global markets, while Novo Nordisk's shares plummeted 20% following disappointing trial results for its obesity drug.
France’s financial regulator, the Autorité des Marchés Financiers (AMF), has authorized BPCE’s subsidiary Hexarq to provide cryptocurrency services, allowing it to operate as a crypto asset service provider (CASP). Hexarq will offer services such as custody, buying, selling, and trading cryptocurrencies, integrating these into BPCE’s banking networks, Banque Populaire and Caisse d’Épargne, by 2025. This approval positions BPCE as a key player in France's regulated crypto market, which currently has only four approved CASPs, reflecting the stringent regulatory environment.
Oracle's stock was downgraded to "sell" by analyst Brian White, citing stretched valuations and disappointing earnings results despite a strong year-to-date performance. The company faces fierce competition in the cloud market from tech giants like Amazon, Microsoft, and Google, and plans to double capital expenditures to $14.2 billion amid a challenging macro environment. Shares have dropped over 10% in December, marking the worst month of 2024, following a significant earnings miss.
The Manufacturers Life Insurance Company increased its stake in Lennar by 1.3%, now holding 5.9 million shares valued at over $1.1 billion. Institutional investors own 81.10% of Lennar, which has received mixed ratings from analysts, with a consensus "Hold" and an average target price of $175.94. Recently, UBS Group lowered its price target for Lennar from $225 to $205, suggesting a potential upside of nearly 49%.
The Manufacturers Life Insurance Company increased its stake in Lennar by 1.3%, now holding 5.9 million shares valued at over $1.1 billion. Institutional investors own 81.10% of Lennar, which has received mixed ratings from analysts, with a consensus "Hold" and an average target price of $175.94. Recently, UBS Group lowered its price target for Lennar from $225 to $205, suggesting a potential upside of nearly 49%.
A potential government shutdown just before Christmas could disrupt holiday travel, leading to longer airport wait times due to increased TSA staff absences. However, mail deliveries and Social Security payments would continue unaffected, as the Postal Service operates independently and Social Security is a mandatory program. Stock markets may react with short-term volatility, but historically, shutdowns have had minimal lasting effects on equity performance.
Siemens Ltd. shares fell 10.04% to Rs 6,867.05 after management announced they would not participate in upcoming LCC tech-based HVDC tenders, opting instead for VSC-based projects. The company reported a 25% increase in profit after tax for Q3, driven by higher revenues, despite weak government capital expenditure orders. UBS highlighted rising profitability and new orders in the energy sector, with plans to list the energy division in early 2025, potentially unlocking significant value.
Siemens Ltd. shares fell 10.04% to Rs 6,867.05 after management announced it would not participate in upcoming LCC tech-based HVDC tenders, opting instead for VSC-based projects. The company reported a 25% increase in profit after tax for Q3, driven by higher revenues, despite weak government capital expenditure orders. UBS highlighted rising profitability and new orders in the energy sector, with plans to list the energy division in early 2025, potentially unlocking significant value.
Hollencrest Capital Management, Addison Advisors LLC, and Grove Bank & Trust significantly increased their stakes in Cintas, with ownership now at 63.46% by institutional investors. Cintas reported a quarterly EPS of $1.09, surpassing estimates, and analysts have mixed ratings, with a consensus price target of $197.57. UBS Group recently lowered its price target to $218.00, indicating a potential upside from the stock's previous close.
Hollencrest Capital Management, Addison Advisors LLC, and Grove Bank & Trust significantly increased their stakes in Cintas, with ownership now at 63.46% by institutional investors. Analysts have mixed ratings on the stock, with UBS Group lowering its price target to $218, while Cintas reported a quarterly EPS of $1.09, exceeding expectations. The stock is currently trading at $182.78, with a consensus price target of $197.57.
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