DOGE Isn't How to Cut the Deficit, Says a Man Who Did It
'I don't think these people have the foggiest notion of what they're doing,' ex-Treasury Secretary Robert Rubin says.
The annual Bloomberg Invest conference wraps up today, and Sonali Basak is here with some highlights. Plus: How Elon Musk's government work is affecting Tesla, and Greenlanders prepare to vote with Donald Trump's threats in mind. If this email was forwarded to you, click here to sign up.
You may remember after President Donald Trump's victory in November the way the markets rallied. Since then, it's been a walk down a stairway into another reality—the S&P 500 has lost its gains, and investors are recalibrating in reaction to the moves made in Washington in Trump's first 44 days.
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CNBC
25 minutes ago
- CNBC
Here are Friday's biggest analyst calls: Nvidia, Apple, Tesla, Netflix, Adobe, Coinbase, Microsoft, Oracle & more
Here are the biggest calls on Wall Street on Friday: Oppenheimer reiterates Netflix as outperform Oppenheimer raised its price target and says it sees a "long subscriber runway" for Netflix . "Maintaining Outperform rating and increasing price target to $1,425 (was $1,200) based on 2030E." Goldman Sachs reiterates Adobe as buy Goldman says Adobe has "AI momentum" following earnings on Thursday. "We reiterate our Buy rating and $570 PT following Adobe's F2Q25 results." Morgan Stanley reiterates Tesla as overweight Morgan Stanley says Tesla remains extramely well positioned in "data, robotics, energy, AI, manufacturing and supporting infrastructure." "While there are a growing number of US efforts to push the boundaries of physical AI, we struggle to think of any other company as well positioned as Tesla in terms of data, robotics, energy, AI, manufacturing and supporting infrastructure (from fleet fulfillment to communications network, etc)." Wolfe downgrades GE Vernova to peer perform from outperform Wolfe downgraded the stock on valuation. "We are downgrading GEV from OP to PP rating." Oppenheimer reiterates Coinbase as outperform Oppenheimer said it's feeling even more bullish on the stock following the company's 2025 Coinbase State of Crypto Summit. "We believe COIN can command a valuation premium compared to HOOD, and will take advantage of current dislocation to get blockchain exposure." Bank of America reiterates Advanced Micro Devices as buy Bank of America says AMD is establishing itself as the "next-best AI vendor." "We attended AMD's Advancing AI Event in San Jose where AMD provided an update to its end-to-end AI infrastructure platform. Similar to last AI event in Oct-2024, investor expectations might have been high, but we highlight its continued execution in AI roadmap, customer/ecosystem proliferation, and software maturity." Bank of America upgrades Whirlpool to neutral from underperform Bank of America says the appliance maker is "relatively well positioned for appliance tariffs." "We upgrade Whirlpool to Neutral (from Underperform) and raise our PO to $94 (from $68) now based on 7.3x our 26E EV/EBITDA." Wells Fargo reiterates Microsoft as overweight Wells raised its price target on the stock to $565 per share from $515. "Recall MSFT disclosed $13B in AI revenue run-rate making it the clear outright leader in AI to date. MSFT benefits from having a vertically integrated approach towards AI, offering hardware (AI accelerators like Maia), infrastructure (Azure AI), and software (Copilots), where it can provide a full suite of AI services to customers." JPMorgan upgrades Newell Brands to overweight from neutral JPMorgan says it has renewed confidence in the consumer goods company. "We are upgrading Newell Brands (NWL) shares to Overweight rating from Neutral. We believe the combination of (1) increased speed of relevant innovation, (2) distribution gains in key retailers, (3) potential for market share improvement as most peers source from abroad, as NWL is tariff advantaged in more categories..." Read more . RBC initiates Air Products as outperform RBC says the turnaround is on for the industrial gas supplier. "We initiate coverage on Air Products at Outperform with a $355 PT, based on 27x our $13.15 FY26E EPS." Jefferies upgrades Darden to hold from underperform Jefferies says it sees Darden's "value appeal" restored. "We have become increasingly positive on DRI's ability to return its core Olive Garden brand to 'Every Day Affordable Price' (EDAP) leadership in casual dining and compete more effectively for traffic going forward." Wells Fargo upgrades ZScaler to overweight from equal weight Wells says it sees robust free cash flow for the cloud security company. "We believe Zscaler is well positioned to deliver $5B in ARR over the next ~2.5 years with a 25% OM [operating margin] and 29% FCF margin." Read more. Redburn Atlantic Equities downgrades United Rentals to neutral from buy The firm says it sees a more balanced risk/reward for the equipment rental company. "We downgrade United Rentals to Neutral as its consistent delivery has raised expectations and left the opportunity more balanced." UBS initiates Emcor as buy UBS says shares of the construction company have more room to run. "We initiate coverage of EME with a Buy rating and a $570 price target. We believe the visibility to continued strong earnings growth in 2026-27E is not sufficiently priced in." Raymond James initiates Constellation Energy as outperform Raymond James says the nuclear energy company is well positioned for growth. " Constellation Energy (CEG), the largest independent power producer, stands out as the nation's largest producer of clean energy, the largest nuclear fleet operator, and the largest commercialindustrial retail book holder, cementing an entrenched market leadership story." BMO upgrades Oracle to outperform from market perform BMO says it has "more confident in software and operating income." "Consistent with our preview, we have growing confidence that 1) Oracle can grow operating income dollars in FY26, and 2) P/E is a more appropriate valuation framework during accelerated cap ex spend periods." Read more. Wells Fargo upgrades Klaviyo to overweight from equal weight Wells Fargo says it's bullish on the marketing automation company's international opportunities. "We're upgrading KVYO to 'Overweight' (from Equal Weight) and raise our PT to $40 (from $32)." Citi downgrades Sherwin-Williams to neutral from buy Citi says it sees "challenging" homebuilder environment. "We downgrade SHW to Neutral on our more bearish outlook on housing, given our view of a delayed recovery stemming from the elevated rates, sluggish existing home sales, and a challenging homebuilder environment." Mizuho reiterates Nvidia as outperform Mizuho says the company is the leader in the AI race. CUDA is Nvidia's computing platform and programming model. "We continue to see NVDA leading the AI race with its fortress CUDA moat and strong hardware/networking performance for AI training and inference." Morgan Stanley reiterates Apple as overweight The investment bank says its Apple checks show iPhone and iPad estimates are tracking ahead. The firm also said the iPhone and iPad sell-thru in China are "positively surprising." "Furthermore, despite trending below normal seasonality, preliminary September qtr iPhone/iPad builds point to in-line to slightly better than expected September qtr iPhone/iPad shipments."
Yahoo
28 minutes ago
- Yahoo
Stock Market Today: Dow Jones Dives 400 Points As Israel Attacks Iran; Nvidia, Tesla Sell Off (Live Coverage)
The Dow Jones plunged 400 points Friday as Israel launched major attacks on Iran. Nvidia and Tesla sold off on the stock market today.
USA Today
32 minutes ago
- USA Today
See photos: The last large-scale military parade in Washington DC in 1991
See photos: The last large-scale military parade in Washington DC in 1991 Show Caption Hide Caption Armored tanks arrive in DC for Trump's military birthday parade As Washington, D.C. prepares for the 250th anniversary of the U.S. Army, armored tanks have begun to arrive ahead of Saturday's celebration. Thousands of soldiers, military equipment, musical performances and more are set for this weekend in Washington D.C. for the U.S. Army's 250th anniversary celebration. Happening along the National Mall on Saturday, June 14, the event is also falling on the same day as President Donald Trump's 79th birthday, but the administration has insisted that the Army's anniversary and Trump's birthday are a coincidence and that the parade is justified to honor soldiers' sacrifice. Army parachutists jumping from aircraft are set to land and give Trump an American flag for his birthday, Pentagon officials said, according to Axios. A rare sight in Washington D.C., the last major military parade was held in 1991 to celebrate the end of the first Gulf War. Before 1991, large-scale military parades were held following the American victory in World War I and World War II. According to the National Park Service, "debates over military policy" that occurred during the Korean and Vietnam wars forced parades to be more "subdued." Photos: The last large military parade in Washington DC Contributing: Kathryn Palmer and staff, USA TODAY Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Reach him at and follow him on X @fern_cerv_.
