1 hour ago
CNBC Pro: Citi names 3 biotech stocks for $2.9 billion growth opportunity – each has about 50% upside potential
The outlook for biotech stocks is starting to brighten, according to some.
Biotech stocks could start to perform well as the market now expects the first rate cut to occur in September rather than June or July as previously thought.
While biotechnology encompasses many different areas, Citi has identified one area with a $2.9 billion market, which it says is expected to grow further. Citi says the market is expected to grow by mid-single digits over the next five years.
CNBC Pro subscribers can read more here.
— Tan Weizhen
1 hour ago
CNBC Pro: Only 2 stocks beat expectations in Europe for 5 quarters, rising each time
According to CNBC Pro analysis, only two European stocks have delivered positive market surprises each quarter over the past five quarters.
CNBC Pro screened Stoxx 600 stocks that report EPS numbers and have analyst forecasts available on FactSet.
One stock stood out because its stock price rose significantly several times after announcing its quarterly results. Most recently, the company beat earnings estimates by 6.1%, and shares have risen more than 8% in subsequent trading. Similarly, the stock price rose 12.8% in a single transaction four quarters ago.
CNCB Pro subscribers can read more about the stock here.
— Ganesh Rao
5 hours ago
Bitcoin briefly drops below $60,000, suffering worst month since 2022
Bitcoin continued to decline for a month until the end of April, dropping 4% and at one point trading just below the $60,000 level.
The flagship cryptocurrency ended the month down 15%, on track to record its first negative month in eight years. This would be the worst month since November 2022, when FTX went bankrupt. It will still increase by 43% in 2024.
See chart…
Bitcoin (BTC) in the past month
Stocks whose performance is tied to the price of Bitcoin fell along with the cryptocurrency. Cryptocurrency exchange Coinbase fell 6%, while MicroStrategy fell 15%. The software company and self-proclaimed Bitcoin developer also reported a first-quarter loss.
In the mining sector, Marathon Digital fell 10.5% and Riot Platforms fell 8.5%. IREN and CleanSpark each fell 7%.
To learn more about what’s going to happen to Bitcoin over the next month, read our investment outlook.
— Tanaya Machel
10 hours ago
Consumer confidence index reaches lowest level since July 2022
People shop at the Macy’s store in Herald Square in New York City.
Michael M. Santiago | Getty Images News | Getty Images
Consumer confidence fell to its lowest level in March since mid-2022 as concerns about jobs and inflation grew, the Conference Board reported on Tuesday.
The board’s main index hit a reading of 97, below the 103.1 that was revised down in March and below the Dow Jones consensus estimate of 103.5. Although this was the lowest level for the index since July 2022, board officials said the current index remains at a fairly healthy level and that the overall index has been in a “relatively narrow range” for more than two years. He said there is.
Still, there were concerns about how things would turn out. Dana M. Peterson, the commission’s chief economist, said respondents’ responses showed that “increasing price levels, especially for food and gas, dominate consumer concerns, with politics and global conflicts coming next.” “It became a point,” he said.
—Jeff Cox
11 hours ago
Employment compensation measures in the first quarter exceeded expectations
Total worker compensation rose more than expected in the first quarter, another sign that inflationary pressures are not easing.
The employment cost index rose 1.2% over the same period, faster than the 0.9% rise in the fourth quarter of 2023 and above the Dow Jones estimate of 1%, the Labor Department said Tuesday. Fed officials are watching the index as a sign of underlying inflation.
Year-on-year, the index for private workers rose 4.2%, after rising 4.8% in the same period in 2023.
—Jeff Cox
