Markets were somewhat mixed on Tuesday with the Dow Jones industrials actually leading the major indexes for once. The Dow was posting a gain of just over 20 basis points, while the Nasdaq was down about 0.3% and the S&P 500 was holding relatively flat.
Right now, economists and investors alike are watching the euro fall to parity with the U.S. dollar for the first time in about 20 years. Only a year ago, the euro was holding at 1.2 against the dollar. What this currency rebalancing is seeking to explain is a much stronger dollar, and there are a few factors involved.
Recent interest rate hikes by the Federal Reserve have contributed to a stronger dollar on a global level, and as yield increases (and continues to increase), more foreign currencies will devalue comparatively. Separately, the war in Ukraine has created a less favorable outlook for the eurozone and its currency, as well as a trade imbalance.
Consumer price index data for June is due Wednesday morning, and it will give investors an update on where we stand with inflation.
24/7 Wall St. is reviewing additional analyst calls seen on Tuesday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Airbnb, American Express, JPMorgan, Nike and more.
Capital One Financial Corp. (NYSE: COF): Oppenheimer downgraded the stock to Perform from Outperform. Morgan Stanley downgraded it to Equal Weight and cut the $152 price target to $126. The stock traded near $108 on Tuesday, in a 52-week range of $98.54 to $177.95.
Gap Inc. (NYSE: GPS): Wells Fargo’s downgrade was to Equal Weight from Overweight, and it cut the price target to $10 from $16. The 52-week trading range is $8.00 to $32.26, and shares traded above $8 apiece on Tuesday.
Knight-Swift Transportation Holdings Inc. (NYSE: KNX): Wolfe Research raised its Underperform rating to Peer Perform. Evercore ISI upgraded the shares to Outperform from In Line and have a $35 price target. The 52-week trading range is $42.50 to $62.29. The stock traded near $49 on Tuesday.
Lennar Corp. (NYSE: LEN): J.P. Morgan’s downgrade to Neutral from Overweight included a price target cut to $80 from $83. The 52-week range is $62.54 to $117.54. Shares traded near $78 apiece on Tuesday.
Old Dominion Freight Line Inc. (NASDAQ: ODFL): Wolfe Research downgraded the stock to Underperform from Peer Perform. The shares traded near $269 on Tuesday. The 52-week trading range is $231.31 to $373.58.
Regions Financial Corp. (NYSE: RF): Citigroup lowered its Buy rating to Neutral and cut the $25 price target to $20. The stock traded near $19 on Tuesday. The 52-week trading range is $18.02 to $25.57.
Sherwin-Williams Co. (NYSE: SHW): Northcoast upgraded it from Neutral to Buy with a $300 price target. The 52-week trading range is $214.22 to $354.15, and shares traded above $250 apiece on Tuesday.
Union Pacific Corp. (NYSE: UNP): J.P. Morgan downgraded the shares to Neutral from Overweight and cut the $272 price target to $232. The 52-week trading range is $195.68 to $278.94, and shares were trading near $206 on Tuesday.
United Parcel Service Inc. (NYSE: UPS): Evercore ISI resumed coverage with an Outperform rating, but it cut the price target to $227 from $255. The stock traded near $181 on Tuesday, in a 52-week range of $165.34 to $233.72.
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