- Wall Street in mixed mood at the start of Monday's session
- Deutsche Bank revises rating on BNY Mellon
- Intel (INTC.US) gains 3% after Qualcomm (QCOM.US) approached the chipmaker to discuss a potential acquisition
U.S. markets open Monday's cash session in mixed sentiment. Five minutes after the Wall Street open, the Nasdaq is gaining 0.32%, while the S&P500 is adding 0.15%. Investor attention today is focused on corporate news and PMI data for September.
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Create account Try a demo Download mobile app Download mobile appCurrent volatility observed on Wall Street. Source: xStation
US100
The Nasdaq-100 index, represented by the US100 contract is trading 0.19% higher today relative to the close of Friday's trading. It is worth noting, however, that last week's gains knocked the index above the resistance zone, which was the 19740 point zone. It is the maintenance of this zone in the medium term that could be an important element defining the US100's sustained return to the uptrend.
Source: xStation 5
Corporate news
BNY Mellon (BK.US) was upgraded to Buy and given a high target price by Deutsche Bank, citing stronger conviction after investor meetings with the company's CEO. The new target price is $80 per share, up from $66 previously.
Intel (INTC.US) gains 3% after Qualcomm (QCOM.US) approached the chipmaker to discuss a potential acquisition. Today's gains reached as high as 6%, but were erased after Reuters reported that a Qualcomm takeover materializing could be subject to strict antitrust scrutiny around the world, as the deal would combine two key chipmakers in the largest deal in the sector's history, creating a giant with a large market share in smartphones, PCs and servers.
On the other hand, an investment offer of up to $5 billion in Intel was also proposed by Apollo Global Management (APO.US).
ANALYSTS' RECOMMENDATION
- General Motors (GM.US): HSBC raises its target price to $58 from $56, based on the automaker's large share buyback and favorable discounted valuation.
- United Rentals (URI.US): JPMorgan raises target price to $940 from $780, saying the company's estimates for the second half of the year are mostly free of materialization risk.
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