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Yahoo BusinessJul 14, 2020
Cloud Tailwinds Could Trigger Further Upside for Microsoft Stock, Says 5-Star Analyst
Tech stocks smashing all-time highs are currently almost a daily thing. What this means for a frothy market at disconnect from the wider economy is anyone's guess. Is a pullback imminent? No one knows, the market is unpredictable and will probably remains so for the foreseeable future or at least until the coronavirus is stopped dead in its tracks.Tech giant Microsoft (MSFT) has been among the mega caps to clock all times highs, too. Microsoft has not only benefited from the explosive market, but also from a rising trend further accelerated by the viral outbreak.The shift to cloud based working environments has been a boon to Microsoft and has not gone unnoticed by Wedbush analyst Daniel Ives.The 5-star analyst noted, "Fundamentally speaking, the MSFT thesis during this COVID environment has been a two-fold strategy. The first phase has and continues to play out as MSFT's Azure/ Office 365 product portfolio is holding up extremely well in this Category 5 storm, while investors have recognized this dynamic driving the stock to all-time highs. Now we start to enter the second phase heading into the September/December quarters as an anticipated economic rebound should put further fuel in MSFT's growth engine."Whether the economic rebound will materialize remains to be seen. What cannot be argued against is the accelerated shift to remote working environments bought forward by COVID-19. This new reality is of benefit to Microsoft and, specifically, its cl

MarketWatch MarketPulseJul 14, 2020
Dow books 557-point gain as Fed's Bullard says unemployment could fall rapidly 'if we play our cards right'
U.S. stocks finished sharply higher Tuesday, and the Dow industrials notched a third straight gain, powered by a rally in energy and materials shares, a day after technology stocks staged a stunning reversal. Comments made by Federal Reserve members implying further support for the economy and pointing to the possibility of a decline in the unemployment rate also helped lift the market, a day after the Nasdaq staged a powerful reversal. The Dow Jones Industrial Average closed up about 557 points, or 2.1%, at 26,643, the S&P 500 index closed out the session up 1.3% at 3,198, while the Nasdaq Composite Index concluded the day up 0.9% to around 10,489. Equities added to gains in Tuesday afternoon action after Fed Gov. Lael Brainard said the U.S. central bank should use large-scale asset purchases for a "sustained" period to help the economy rebound amid a "thick fog of uncertainty" brought on by COVID-19. Later Tuesday, St. Louis Fed president James Bullard struck an upbeat tone on the outlook, saying that the unemployment rate could drop sharply in the next six months, if "we play our cards right" and many workers subject to temporary layoffs are recalled. On Monday, the Nasdaq led the market action, trading at an intraday record in the early going before turning south hard in afternoon activity to finish the day down 226.60 points, or 2.1%, at 10,390.84.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJul 14, 2020
Bed Bath and Beyond sees 'positive' same-store sales, cash flow in June
Shares of Bed Bath & Beyond Inc. rose 1.1% in premarket trading Tuesday, after the home accessories retailer said June same-store sales were "positive" for reopened stores and digital channels. The company said cash flow during June were also positive. Nearly all stores have reopened, following closures because of the COVID-19 pandemic. Separately, the company said it believes there is between $350 million to $450 million it could get from asset sales and the plan to reduce up to $1 billion of inventory at retail is slightly more than halfway complete. The stock has run up 43.9% over the past three months through Monday, while the SPDR S&P Retail ETF has advanced 25.3% and the S&P 500 has gained 10.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJul 14, 2020
Tesla stock surges after Piper Sandler boosts price target above $2300
Shares of Tesla Inc. are up more than 4% in premarket trading Tuesday after Piper Sandler analyst Alexander Potter raised his price target on the stock to $2322 from $939, writing of "faster-than-expected share gains" and big opportunities in software. Though Tesla shares have rocketed nearly 260% on the year and the stock's valuation is 88 times higher than it was after its 2010 initial public offering, Potter said that "resoundingly" his conclusion is to stick with the stock. "While deliveries are a key driver of our increased near-term estimates, software is the biggest driver of our increased DCF-based price target," he wrote in a late Monday note to clients. "Tesla has noted the possibility for 30% gross margins if/when more customers opt-in for purchasing the company's full self-driving (FSD) software." That could help Tesla record operating margins in the "mid-20s" by the end of Potter's 20-year forecast period, even if only half of customers go for the full self-driving software. "Thanks to the high-margin nature of the FSD package, we think that by the 2030s, Tesla could conceivably be selling vehicles at cost - or even below cost - while still achieving higher operating margins," he wrote. Tesla shares have surged 60% in the past month alone as the S&P 500 has added about 4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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