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Chime Gets a Bullish Rating From Morgan Stanley After Strong IPO
Morgan Stanley on Monday initiated coverage of Chime with a bullish rating and a price target implying over 20% upside. The analysts said they are optimistic about Chime's potential for revenue growth, particularly in an improving consumer spending environment. Several other analysts initiated coverage with neutral ratings amid concerns about its (CHYM), the online banking startup that made its debut on the Nasdaq last month, received a bullish rating from Morgan Stanley analysts Monday, citing its potential for fast revenue growth. The bank initiated coverage of Chime with an 'overweight' rating and $39 price target. Chime shares rose about 1% Monday to close near $32, with Morgan Stanley's target suggesting over 20% upside. The stock has climbed roughly 17% from its initial public offering price of $27. Morgan Stanley said Chime has shown a 'proven ability' to become the primary banking account for its customers, and broaden its user base. The analysts said they are 'optimistic about Chime's ability to maintain fast revenue growth and fairly consistent margin expansion,' particularly with consumer card spending on the rise among people with annual incomes under $100,000—a key demographic for the company. Morgan Stanley is more bullish on the fintech firm's stock than analysts at UBS, Goldman Sachs, and Deutsche Bank, which initiated coverage with neutral ratings. In a note to clients Sunday, Deutsche Bank raised concerns about 'the macro-sensitive nature' of Chime's core demographic and a competitive environment for companies offering an alternative to traditional banks. Goldman Sachs noted that Chime may not be profitable until 2026 at the earliest. "We believe the lack of profitability is an overhang in the near term, and see valuation as somewhat full at current levels," the analysts said. UBS and Deutsche Bank issued price targets of $35, while Goldman gave it a target of $34. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
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Here Are Trump's New Tariff Threats
President Trump informed Japan, South Korea and five other nations on Monday that they will face significantly higher tariff rates starting Aug. 1 unless they can broker new trade deals imminently with the United States. The newly announced rates, communicated in letters to those nations' leaders and posted on social media, marked a revival of Mr. Trump's trade brinkmanship, with additional threats targeting other nations expected throughout the week. The new tariff rates essentially replace the sky-high duties that the president announced in April. At the time, Mr. Trump quickly paused his so-called reciprocal levies for 90 days, mostly so his administration could broker favorable trade agreements around the globe. But the White House has made minimal progress on what an official once described as a campaign to strike '90 deals in 90 days,' with the deadline set to lapse on Wednesday. To buy more time, Mr. Trump is expected to sign an executive order on Monday that extends his initial pause, while sending notes to countries informing them of the new rates that they must start paying next month. His initial battery of letters went to Japan, South Korea, Malaysia, South Africa, Kazakhstan, Laos and Myanmar. Both Japan and South Korea, which each represent about 4 percent of U.S. imports, face 25 percent tariffs on Aug. 1. Myanmar, which accounts for only a tiny fraction of goods imported into the United States, faces a newly announced tariff of 40 percent. Mr. Trump also threatened to raise tariff rates even higher if any of the countries seek to retaliate with import taxes of their own or try to evade the U.S. duties by shipping through other nations. In the coming days, the White House is expected to send additional letters to other countries, some of which will be subject to the tariffs outlined by the president in April.
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Trump announces new tariffs of up to 40% on a growing number of countries
President Donald Trump cranked up the pressure Monday on America's trading partners, firing off letters to heads of several countries, informing them of their new tariff rate. But at the same time, the White House said Trump would take some of the edge off, with plans to sign an executive action Monday to extend the date for all 'reciprocal' tariffs to August 1. Those 'reciprocal' tariffs were expected to go into effect Wednesday. In some cases, the letters Trump sent specify new 'reciprocal' tariff rates that are higher or lower compared to April levels. Japan's Prime Minister Shigeru Ishiba and South Korea's President Lee Jae-myung were the first recipients of Trump's letters. Both countries will face a 25% tariff come August 1, Trump said in posts on Truth Social displaying the letters, potentially giving countries more time to negotiate deals. Around two hours later, he announced similar letters were sent to Malaysia, Kazakhstan, South Africa, Myanmar and Laos, informing their leaders of new tariff rates as high as 40%. Even more letters could be coming: Trump is set to announce 'approximately 12 of these letters' on Monday, White House press secretary Karoline Leavitt told reporters at a news briefing. The letters will be announced via social media posts from the president, she said, but declined to preview which countries would be named. In the seven letters sent — to Japan, South Korea, Myanmar, Laos, South Africa, Kazakhstan and Malaysia — Trump said he takes particular issue with the trade deficits the United States runs with them, meaning America buys more goods from there compared to the amount that American businesses export to those countries. Trump also said the tariffs would be set in response to other policies that he deems are impeding American goods from being sold abroad. He encouraged country leaders to manufacture goods in the United States to avoid tariffs. This comes ahead of his initial 12:01 a.m. ET July 9 deadline for countries to make deals or face the threat of higher tariffs. That date marks the end of the pause on 'reciprocal' tariffs, which briefly went into place in April. Since then, impacted countries have faced a minimum 10% tariff. However, Leavitt said Trump will sign an executive order on Monday pushing that deadline to August, which is 'in the best interest of the American people.' She also said Trump's phone 'rings off the hook from world leaders all the time who are begging him to come to a deal.' Yet only three deals have been announced over the past three months. In all seven letters, Trump threatened to raise tariffs even higher than the specified rates if a country retaliated against the United States with tariffs of their own. Trump said these rates would be 'separate from all Sectoral Tariffs,' meaning, for instance, the new tariff won't be stacked on top of the current auto tariff of 25%, the White House confirmed. That would apply to any future sector-specific tariffs, too, a White House official said. Collectively, the US bought $351 billion worth of goods last year from the seven countries that received letters on Monday, according to US Commerce Department figures. Japan and South Korea, America's sixth- and seventh-largest trading partners, accounted for 80% of that, shipping a total of $280 billion worth of goods to the US last year. The prospect of higher tariffs on goods could translate into higher prices for American consumers. Among the top goods America imports from South Korea and Japan, for example, are cars, auto parts, semiconductors, pharmaceuticals and machinery. Trump has placed or threatened to levy industry-specific tariffs on many of these goods. In April, Japan was set to face a 24% tariff, while South Korea was set to face a 25% tariff. While the other five countries ship less to the US compared to Japan and South Korea, in many cases they are among the top foreign sources of goods. For instance, South Africa, which is set to face 30% tariffs, accounted for roughly half of the platinum the US imported from other countries last year and was the top foreign supplier of it. Malaysia, which is set to face a 24% tariff versus the 25% rate Trump announced in April, was the second-top source of semiconductors shipped to the US last year, with Americans purchasing $18 billion worth of them from there. Despite Trump saying country-specific tariffs won't be stacked on top of sectorial ones, shares of auto companies that have a heavy manufacturing presence in Japan and South Korea declined sharply. For instance, US-listed shares of Nissan Motors were down over 7%, while Toyota and Honda shares were down 4%. Those declines, however, may reflect the increased likelihood of Trump potentially raising tariffs on cars from the two countries should they retaliate against the general 25% tariffs, were they to go into effect, by slapping higher tariffs on American goods. 'These Tariffs may be modified, upward or downward, depending on our relationship with on our relationship with your Country. You will never be disappointed with The United States of America,' Trump ended the letters before signing off. US stocks, which were already sliding, dropped lower after more tariffs were announced. The Dow moved lower by 667 points, or 1.48%. The S&P 500 fell 1.19% and the Nasdaq fell 1.27%. This is a developing story and will be updated. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
