BNN - Friday, May 24, 2024 - 09:00 a.m. (ET) - Segment #3

analysts comments to get you through this morning. Let's start with nvidia, which has had this huge we with better than expected quarterly results pushing the stock above. >> $1000 for the first time won't stay that way for too much longer because they announced that 10 for one stock split for the weeks ahead. But the lot of analysts with to ratchet it up price targets, which is why a notable call came out germany today with a downgrade of the stock to a hold from a buy. That's not necessarily a but the team dz bank, is not expecting a material production in the stock. Their target prices around $1000 to 25. Per share. Given the consensus expectations for chipmaker's revenue is moving it stands out for going against the grain. Now according to bloomberg, nvidia 62 buy recommendation 7 holds and no sells. Meanwhile, a bull on apple remains optimistic. We'll know analyst. Dan ives of wedbush is raising. His price target to $275 per share. That would be the highest on wall street east, maintaining an outperform rating on the stock as well. He says it's a because of demand for the ai fuelled iphone 16. He also expects the ai boost will bring the several monetization opportunities for the iphone. And also the service side. In terms of the breakdown of the analysts comments on apple. There's a 38 buys. 18 holds for celso lot of love for the cupertino company as we get ready for the opening bells looks like there ould be some interest in technology. The nasdaq 100 futures are pointing to a positive start, little bit less for the dow we'll see how things play out. Of course, the tsx coming off back-to-back triple-digit decline. So we'll see how thinks that out in toronto. On that note, we will have the opening bells for the tsx and in new york. When we come back, we'll be right back. So, it's a financial approach that just flows together. Kinda like this: Investments in the front... Insurance in the back. We do both. [phone ringing] ( ) ( ) ( ) The infiniti qx60 exemplifies modern luxury. With powerful suv performance, three rows of comfort, and a sleek-yet-daring design. ( ) Lease a 2024 qx60 from 0.99% apr for up to 24 months. Visit INFINITI.ca. ( ) Familiarity is comfort.But you can't tap into fixedincome's full potential, without exploringthe full landscape. ( ) Go beyond the obviouswith a global perspective. Agf. Invested in Discipline. Hi, I'm Taylor Thoen. Next time on btv Business Television, this investment opportunity. We're still in the exploration stages, but we've made a substantial discovery. Specifically, the Valley discovery on our Rogue project. 2024 is going to be our biggest year yet. We have three drills on site, and we're looking to bring in a fourth. We think that what we've discovered so far is just the tip of the iceberg. Watch us online or here on bnn Bloomberg. The main focus of Urbana is asset growth. Building the assets of this company. We invest in public securities. Everybody does that, but we also combine it with private equity investments, which is very, very important. And that's where you can make some real money. And the beauty is you're buying it at a discount a discount from asset value. I think we do contain risk extremely well. We have a very, very experienced team and we've got results over a long term period of time. (Dramatic music) I am Paul Atreides! Duke of Arrakis! Let me fight beside you. I'll show you the way. >> It is time for the opening bells across north america. A memorial day celebration at the nasdaq market site. The memorial day flowers foundation ringing the opening bell. Our clothes celebrating its listing at the new york stock exchange as well this morning. Okay, it's time for the first 15.

>> Is brought to you local innovation meets invest. >> Let's take a live look at what's happening in north american equity trading as we kick off the friday session. We are seeing some positive performance to start the day, not too much. The tsx with a quick advance of roughly 57 points in trading this morning. That's in advance of roughly 3 tenths of a percent. Remember comes after back-to-back triple-digit declines. So for the week overall, we're still on pace for it. A negative one, which is a similar story for the s&p 500 kind of interesting that we've got all time high territory and we could still be down on the week overall, but that's the name of the game of the market sometimes now as we're getting closer to the end of may, if we do a little bit of math. We're up in the neighbourhood of 2, 2, and a half percent for the month of may overall. So it's definitely been a positive stretch for the canadian market. We're watching what's happening oil gold today, pretty much flat. After recent weakness, there may be less of a drag on the overall canadian index. I did also want to get to just one of the other stock stories we've been tracking in canada. We started the hour just talking about the guild and story just stepped not too much movement in the shares to begin with there up about a half percent, but definitely a big development with the entire board of directors. And the company's ceo, vince tyra. Abruptly resigning. I had the upcoming annual meeting where we thought it was going to be a showdown of sorts between the board. And so key investors instead to essentially the board does concede defeat here after a 5 month battle with in particular, the activist investor browning west, which is la bay's the old about 5% of the stock. They have been pushing for. The former ceo and reinstated. He will now be reinstated to co. And ultimately means less fireworks at the annual meeting. But obviously a lot of shareholders have been pushing this possible change will continue to track that story as we roll through the trading day here. I also on the tracks of the early movers in new york. And for that, let's turn to bloomberg's laura stanley has been covering the action from the bloomberg news in manhattan bar. Let's start with said we were talking about how it's been a challenging time for the electric vehicle industry, but loose, it's had a plenty of woes. What's going on with the business right now? >> Hey, jon, you're definitely right. It's very challenging for ev is right now. Lee said is following its peers. Tesla and rivian with job cuts and restructuring. So earlier this morning loose, it announced that it would cut 400 jobs from presenting about 6% of its workforce in all levels, including lower management, mid management, etc. So this comes as these electronic vehicle companies are attempting to scale production with lower consumer demand. And these job cuts come just a couple months after lu said posted disappointing profit for the quarter. >> And you're also watching workday, the software company, what's going on there? >> So workday actually is eyeing its worst drop 2020 as it posted a cut to its full year subscription revenue, which is a key metric for the company. The subscription revenue is lower due to elevated sales scrutiny and lower customer headcount specifically as a work day is employer managerial tracking software. And there have been a lot of layoffs recently. So workday posted, you know, the guidance cut and also a very mixed 1st quarter. And analysts are concerned about long-term growth growth prospects. The ceo is trying to expand overseas, but the cut and the mixed results are not painting a rosy outlook. Now, a lot of people over the last few years have been watching shares of intuit, the maker turbotax. I's been a >> Pretty healthy performer of the market. Seems a little concerned this morning. What's going on there? >> So we're coming off taxis. Over here in the united states. So that made into a under high investor scrutiny. So the company did post a revenue b, which is something that's very in this particular segment, but it also lost 1 million of its free customers. And at last, these lower pain customers while gaining higher income customers who are interested spending on ticket items and usually have accountants to do their taxes. So this can be for a couple reasons we because the company has been investing in ai and also targeting these higher spending customers but the credit karma unit ceo also stepped suggesting disruption. So we're seeing a little bit of upside with the revenue be, but downside as well as it

looks like they're consumer and clientele base is shifting to wealthier people. All right. All right, thanks very much for the breakdown, laura stanley with some of the early movers in new york as well. And we will continue our opening bell coverage after this short break. >> Strategist kristina hooper of invesco will share her outlook for the investing environment here in the open. We'll be right back. Hi I'm Taylor Thoen. Coming up on btv. There's been over 11,000,000oz of additional resources found since 2020 by people working in the Tombstone Gold Belt in the Yukon. To date, we've only found that two deposits. But there's nine known gold bearing intrusions on our rc gold project. More potential outside of the discoveries that we've made already. Watch us online or here on bnn Bloomberg. Get more from trusted us Treasuries with hbnd. Canada's first covered call bond etf providing attractive monthly income with the strength and security of U.S. government bonds. Hbnd, more income, every month, from Hamilton ETFs. At Odyssey Trust, we're more than just a transfer agent. We're on a mission to deliver peace of mind by making things simple, fast and easy. We're proud to be the trusted partner of over 1000 clients in Canada and the United States. >> Okay, so we are seeing a little bit by as we start the friday trading session in north america. What a busy weekend has been, including some record highs. Some. Moments of lows for the market is the U.S. as the outlook for interest rates. And then of course, earning stories continuing to drive the tape, including the mighty nvidia. But where does that leave us where we go from here. Let's get some insight. Yeah. Kristina hooper, chief global market strategist and best co, one of our regular guests. Christine, it's great to have you back with us. What's been your take on what's happening in the markets right now. >> Jon, it's great to see my take is that we are essentially in a period of confusion markets are changing their minds almost on a daily basis as to when the fed will start cutting rates. Now the good news is we do have more certitude around when other major central banks are going to be cutting rates for example, the ecb looks very, very sad on cutting rates at its june meeting. And so we have something of the carry trade going on, where there's a focus on on those those currencies where we're likely to see higher for longer, like the united states. Now having said that, I'm pretty confident that the U.S. will follow soon after other major central banks. They may not be a first mover this time. In fact, maybe the bank of canada will be something of a first mover this time, but I don't think it will take very long for the fed to start cutting rates, despite some of the hawkish rhetoric, we've heard the hawkish fomc minutes and of course, some of the data that makes markets a little uneasy. And how do you feel specifically about remaining invested in equities amid uncertainty on the timing around pivot to rate cuts. I think it's all about of time horizon. But for most investors, their time horizon is long enough that they should stay invested in equities. Now, this may very well be a good opportunity to ensure adequate exposure outside the united ensure adequate exposure to areas that haven't necessarily performed well recently for example, we have attractive valuations and and we have a history of of underperformance in areas like small caps in some of the more cyclical I think that we're going to see a real broadening a sustainable broadening of the market. Once we start to see central banks cutting rates and that should be good for other that that haven't necessarily performed as well. Haven't fully participated. And valuations, as I said, are more attractive in european equities. U.K. equities, emerging markets, equities in the cyclicals. And so that hopefully is an area that investors start to not only look at that start to add to exposure, especially their underweight there. And and do you think you'd be saying that if we were seen the kind of performance we saw during earning seasons >> From big companies I think big takeaway from earnings season was that's fairly impressive. >> Definitely impressive. We can attribute a significant portion of the positive earnings results to a few like nvidia. But but I think the

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