And you know what that means...happy hump day!
First, There are the Markets
Jim Cramer penned a Real Money column focusing on why there's too much upside, and not enough downside, which has impacted the selling.
"Can I get out and in? Or is it just not worth the effort and the friction and the surprise possibility that the virus runs its course," wrote Cramer. "Yesterday's wake up call that the so-called worst-case has occurred with Apple AAPL, amply demonstrated by the lead story in the Financial Times explaining that travel curbs are the real culprit, the real reason why iPhones are hard to make, makes you wonder if it is worth it to trim positions in a world where are alternatives are slim and index fund buying is heavy."
So, what should investors do in this market? Catch Cramer's full take in the video above.
Then There's Boeing
Boeing has ordered inspections of all of the undelivered 737 MAX planes after it found debris in the fuel tanks in some of the undelivered planes, which were being held in storage.
Around 400 planes will be inspected. The planes are stored in various locations.
However, Boeing has said that these inspections shouldn’t impact the MAX’s return to service.
And Then Tesla
Tesla got a price target boost Wednesday.
Piper Sandler analysts Alexander Potter and Winnie Dong raised their one-year price target on the stock by almost $200 - to $928 a share from $729. The target price from the Piper Sandler analysts makes it the most bullish Wall Street estimate to date.
In a research note to clients, Potter and Dong pointed to their own experience of recently installing a solar-based system to use for charging a Model X, calling the results to date “illuminating.”
“It’s easy to forget that TSLA sells batteries and solar power products; after all, the segment was only 6% of sales in 2019,” analysts Potter and Dong wrote in their note. “But management says that the solar+storage business will one day rival the automotive segment, and if this is true, then investors will eventually need to pay attention.”
The bulls are back.
Analysts at Bernstein returned to their bullish stance on the stock, raising its rating to outperform while also increasing its price target to $360 from $300 a share.
Bernstein noted that it initiated coverage of Nvidia in May 2017 with a bullish view, but since then the company has experienced headwinds including “the cryptobubble, a lackluster Turing gaming cycle, and a significant hyperscale digestion phase.”
However, “with the stock almost exactly back to prior peak levels, it is obvious that not growing more constructive, sooner, was an error. But while that peak (in hindsight) was built on a shaky foundation, the current situation seems much more stable with a ‘clean’ (no crypto) gaming profile, improved Turing traction, and return to hyperscale builds.”