My top 10 things to watch Monday, March 11

  1. The S&P 500 and Nasdaq are looking lower early Monday. The decline follows a volatile session Friday when the market turned and many stocks riding the momentum wave lost steam. We get two key inflation reports this week: February’s consumer price index on Tuesday and producer price index on Thursday. Investors and the Fed will be watching them.
  2. Procter & Gamble, a Club holding, is upgraded to buy from hold at Truist, price target increased to $175 per share from $160. The analysts say in 2024 look for consumer packaged goods companies with volume growth, which has been our view, too. They add P&G’s strength versus its peers will be more apparent in the coming quarters.
  3. Nike is added to Best Idea list at Guggenheim. The analysts expect new product launches will accelerate revenue growth in the second half of the year into 2025.
  4. Morgan Stanley reiterates overweight on Club name Eli Lilly. The analysts expect positive data from Zepbound’s Phase 3 trial in sleep apnea later in March or April. The active ingredient in Zepbound is a GLP-1currently approved for weight loss. That same ingredient is in Lilly’s Mounjaro diabetes treatment.
  5. Netflix is raised to $725 per share from $615 at Oppenheimer on net subscriber add upside.
  6. MoffetNathanson comes to the defense of Club name Alphabet. The analysts say “stay the course” and have trust that leadership will innovate.
  7. UBS Evidence Lab says personal computer buying interest is off to a slow start to the year but artificial intelligence could be a green shoots situation for the industry. Club name Apple is the preferred brand to buy in the U.S.
  8. Reddit is planning to raise $748 million through its upcoming IPO at a valuation of about $6.5 billion. The social media platform plans to sell about 22 million shares in the range of $31 to $34 per share.
  9. Troubled Club stock Foot Locker is upgraded to neutral from sell at UBS. The analysts say the downside thesis has mostly played out. They correctly downgraded to sell in March 2023.
  10. Jefferies says to buy Adobe into any generative AI weakness. The company reports its earnings on Thursday after the bell.

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