My top 10 things to watch Wednesday, April 3

  1. Wall Street extends Tuesday’s losses as bond yields continue higher. Strong-than-expected hiring trends last month at U.S. companies, according to ADP’s latest data. Members can check out our commentary on how to decide when/if to buy the dips.
  2. Atlanta Federal Reserve President Raphael Bostic sees only one interest rate cut this year. He thinks the move, if it were to happen, would be in the fourth quarter. Bostic expresses concern about pace of inflation. I’ve been saying the Fed has not business cutting anytime soon due to the strong economy.
  3. Did Nelson Peltz lose his fight for Disney board seats? Looks like it. The shareholder vote concludes at Wednesday’s annual meeting. The stock has gotten a nice bump since he’s pushing Disney to shape up. We trimmed our position Monday after that run.
  4. Deutsche Bank raises Club name Procter & Gamble price target to $175 per share from $170. Keeps buy rating ahead of quarterly results later this month. Channel checks look solid.
  5. Club name Eaton is named a catalyst buy at Deutsche Bank ahead of earnings at the end of the month. The analysts expect a beat and raise. In a Tuesday commentary, we covered Eaton and two other Club industrials getting positive mentions.
  6. Gordon Haskett puts up a “yellow flag” on Costco, downgrading to accumulate from buy. I think this might be a chance to buy the Club stock. Gordon Haskett analysts left their Costco price target unchanged at $775 per share.
  7. Gordon Haskett takes Five Below down to accumulate and lowers price target to $200 per share from $210. The retailer did have a weak quarter.
  8. Gordon Haskett takes Lowe’s to hold from accumulate but left price target unchanged at $245. This call on the on the eve of gardening season seems dubious.
  9. Alphabet gets a lower price target at Wells Fargo to $141 per share from $144. The analysts keep a hold-equivalent rating. This is about search worries. We trimmed Alphabet, alongside Disney, on Monday.
  10. Citi questions Intel‘s foundry business targets, calling them “doubtful.” Intel shares sink more than 5% after the chipmaker disclosed a growing operating loss in its manufacturing business.

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