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Gabelli Funds Portfolio Manager Justin Bergner and NYSE Senior Market Strategist Michael Reinking break down how the AI boom, rising interest rates, and geopolitical tensions are fundamentally reshaping the stock market.

Video Transcript

0:05 spk_0

Hello and welcome. This is Trader Talk at Yahoo Finance, and I am Kenny Pulcari, your host, and today we're joined by Justin Bergner, who's a portfolio manager for the dividend growth, the large value dividend growth fund at Gabelli Funds, and Michael Ryan King, who is a New York Stock Exchange senior market strategist. And Michael and I go way back.After a number of my years on the New York Stock Exchange, so I'm thrilled to have you here today, Mike, and I'm thrilled to kind of talk about anything New York Stock Exchange because you know me, my, my blood runs through it,

0:34 spk_1

right?Anyway, thanks for having me. You,

0:35 spk_0

you know what I wanted to ask you, just let's kick it off with this, and then I wanna get inside. So. Do you get statistics daily onThe type of volume that's coming to the New York Stock Exchange, is it more institutional? Is it more retail? Is it really a mixture of both? Can you tell?

0:50 spk_1

Uh, we can tell sometimes. We have some of that data, right? But you know, there are, there are some other outfits that, that are probably more well suited to doing that.Um, but what, yeah, what I will say kind of related to kind of that retail investor is that coming out of the pandemic, right, we are seeing a much more active retail investor that is stuck at something that I don't think a lot of people had really expected. And if you, if you look at kind of the, uh, kind of household, um, kind of ownership of stocks, right, that's really been significantly increasing, you know, kind of coming out of the pandemic andUm, you know, and that's in a much younger cohort, and that younger cohort does tend to be, you know, much, much more active. So with the increase in passive investing, right, you almost can start to make a case that kind of retail becomes kind of that price setter, you know, kind of, you know, as, as they are kind of, you know, much more active in themarket.

1:41 spk_0

Look, I sit down, I'm looking at you. I look, I look, I think I'm looking at myself in the mirrors. I look at you. I appreciatethat.

1:46 spk_1

I'm stealing, I'm stealing your look,

1:47 spk_0

yeah.All right. So Justin, let's talk about, uh, let's talk about, uh, dividend growth strategies and kind of growing dividends and why investors, what they need to understand about companies that continually grow their dividends. Like they talk about, um, they talk about the noble or they talk about the, um, um, what are they called, the aristocrats, right? These companies that increase their dividend year in, year out for 25+ years.So why should investors really look for, so what is it about those companies that you know investors need to understand and really look for?

2:19 spk_2

Yeah, well, thank you for having me on as well. Our dividend growth strategy is tilted towards, you know, value and value considerations as well, but what makes dividend growth stand out isYou know, currently we have a lot of AI names that have been huge high flyers or large parts of the index, and that trade is pretty far advanced. It's not to say it can't go on further. So dividend growth provides exposure to companies that consistently grow, generate earnings growth, return cash flow to shareholders, and without the risk of really high.Yielding stocks, where there's a risk of either cutting the dividend or committing to the dividend at the expense of being able to reinvest in the business.

2:59 spk_0

But are some of those tech companies even dividend payers? A lot of them just take their money, but they don't, they pay very small dividends, if at all. Yeah, I

3:07 spk_2

mean,a number of them are now dividend payers. Obviously, uh, Alphabet has a meaningful dividend, um, you know, the likes of Hewlett-Packard Enterprises, which is a name our fund owns, is a dividend payer, and, you know, dividend grower

3:20 spk_0

like Nvidia, I, I think.There's is minuscule, the dividend, isn't it? Yeah, I,

3:26 spk_2

I, Nvidia has historically been a growth, growth of your name. So dividend aside, it might not be where we are as focused. You could argue it's come more in over the last 6, 12months.

3:36 spk_0

So I thought when you talk about dividend, you know, companies that increase their dividend year in and year out, we're talking about like big old longtime blue chip companies like Johnson and Johnson and Coca-Cola. Like those are companies that would be.Considered a dividend aristocrat, I would imagine.

3:54 spk_2

Yes, that would be the typical association with dividend growth names. I think our fund owns names that are a little bit less familiar to the average investor, but are companies that grow dividend and have unique value considerations or unique considerations that we think are going to allow them to outgrow their competitive set consistently, right,

4:16 spk_0

but they wouldn't necessarily fall in.The camp of being a dividend aristocrat.

4:20 spk_2

Correct, I mean, dividend aristocrats a narrow group, uh, fairly kind of well understood group, you know, it might be as hard to generate as much outperformance with that group versus looking at some names that aren't as well publicized.

4:35 spk_0

Yeah, so let me ask you a question. When you would like, so names in your portfolio.Then I guess span from the large cap to kind of the, the, the newer names or ones that you write. So can you give me an example of just something that, or at least the sector, is it all tech or is it other sectors?

4:53 spk_2

No, we're broadlydiversified, uh, because we're value oriented, we tend to have a higher exposure in financial industrials in the market. The

5:00 spk_0

value trade is actually not doing so bad this year. I think it's up about 9%.

5:04 spk_2

Oh no, it's up substantial double digit if you look at Russell Large, uh, cap value, uh.The 1000 value index. Um, so it's doing quite well, I mean, there's been broad participation in the market strength this year, but like, you know, one name that's a high conviction position in our fund is Ferguson Enterprises, which used to be UK listed, then it had a co-listing, and now it's primary listing is in the US. Its entire business is essentially North America, and they're the largest building products distributor in the country, which who's, and they're outgrowing theirMarkets by about 400 basis points. So the end markets are flat this year. They're still growing 4% organically. Very high quality name that is less on people's radarscreen.

5:45 spk_0

OK, so that's interesting. That's a name I don't know. I'm gonna have to look that one up because that's kind of an interesting thought. I like the dividend, you know. Again, I'm also at the point in my life where I'm at the end of the baby boomers. So, you know, I'm, I'm, I'm moving away from.More risk to less risk and looking at things like, you know, a, a portion of the portfolio in this dividend, I would look at the aristocrats because to me, it, it screams safety, right? But, um,Talk to me about the, we've seen yields now over the last.2 months, 3 months, spike higher, and they'll continue to spike higher. And what does that mean for a dividend growth strategy or what's it mean for the, in your opinion, the average investor, like where they're gonna allocate their money and uh, we're gonna see more pressure on stocks because I think they're only going higher. Yeah,

6:35 spk_1

so I'll say from, from an intermediate term since we've had.Uh, the speech from Chair Warsh at Jackson Hole, right, we started to really see a pretty significant underperformance of kind of the equal weight, small, you know, small and mid-cap indices relative to that tech sector. Um, you know, the, the, the heavy weighting of tech within the S&P 500 has masked some of the weakness that's kind of happening beneath the surface,

6:59 spk_0

which in itself is a problem because the S&P the S&P 500 is about 48% technology.

7:05 spk_1

Yes, yeah, I mean, it's very heavily weighted technology. I mean, it's, especially within US markets, it's hard to get away from the AI factor, right? That AI factor is not just in technology, it's in industrials, it's in, it's in utilities,

7:19 spk_0

right?

7:19 spk_1

Yeah,

7:19 spk_0

yeah,

7:20 spk_1

communication services. So it's, it's pretty much, you know, kind of embedded within every sector, but that is also.Kind of the primary driver of kind of a lot of the economic growth that we're, you know, kind of that we're seeing here broadly, right? And so, you know, that's adding in some ways to kind of some of the inflationary pressures that we have, um, you know, kind of, you know, within, you know, kind of within the economy, though, you know, kind of the, the central bank is talking about AI ultimately being kind of disinflationary. It is, you know, in the near term, it is an inflationary factor.

7:48 spk_2

Yeah, I would agree with a lot of what Michael said. Um, clearly, uh, hyperscale or CapX is competing for capital and pushing up yields, and to the extent that's productivity enhancing, which was, you know, partially the market's reaction with the Muse app and theAbilities it has to offer, um, you know, that is one driver of the higher interest rates, you also have inflation in oil, and you also have concerns about government deficits, particularly after war.Made the mistake of suggesting the long end could take the place of the short end, and tightening the tightening uh the interest rate environment. So you know, how you balance what's driving the increase in interest rates, I think, determines your perspective, but clearly, if this is coming from AI productivity, then AI productivity stocks should be able to transcend.The increase in interest rates to some degree as we saw in the last couple of weeks, but then I think companies that are consistent growers can also hold up well. They might not be as high flying, uh, but companies that are just yield plays are going to struggle in a risinginterest rate.

8:47 spk_0

They're going to struggle in a rising interest rate environment, right, because, because people are going to look at.Uh, you know, some investors, you know, some cohort of the investors, like I would say, my cohort are gonna start to look at 5.5 or 5.25% yields and say, you know what, I'm gonna take a percentage of my money, just put it there. And because then it's, it's safe. I can sleep at night. I'm not gonna worry about, you know, 100% of my money being in the market and I don't really know what's gonna, what's gonna go on, right?

9:15 spk_1

So I have actually a question for Justin. So as it kind of relates to, not to take your job here, Kenny, but as it relates, as it relates to kind of the, uh, the kind of dividend yielders, right, like, uh, when you look at the energy sector, right, uh, that sector, you know, is particularly kind of at the top end of that, right, has, has pretty significant dividend yields.Which I didn't necessarily kind of recognize for a while, when those things were kind of trading 3.5, 4% yields. Um, do you think that's an interesting place to be in this world where it has a little bit of a defensive nature? It kind of puts a hedge within the portfolio and you have, these companies have become much better stewards of capital over the last decade.

9:52 spk_2

Yeah, I mean potentially so for sure, um, I historically have not taken strong bets either way on energy, I try known names in the energy sector that provide some exposure that are higher quality names, like Chevron, Schlumberger.Uh, but yes, I, I do think we are in a higher for longer oil price environment. The world has changed with the Iran conflict, and it's probably never, we're not gonna go back anytime soon to where it was before the conflict.

10:19 spk_0

What it's not gonna go back until the conflict is over, right? I mean, listen, if anyone thinks oil is going back down to 70%.Right now during this conflict, they need their head examined. It's not gonna, and I don't think that's gonna happen now until after the election because I think that, I think he's playing, I think they're playing that game. They want to make it, they want to hold Trump's feet to the fire. They want to hope he gets neutered, and then, and then maybe they'll come to the table.Unless Trump makes a decision prior to that on, on doing something else, right?

10:47 spk_1

I mean, we're, we've been only send oil higher, yeah, I mean we've been on the on again, off again, uh, you know, kind of train for, for much of the last 3 or 4 months, and it's, and I think we're gonna stay on that train, yeah, I, I don't disagree,

10:59 spk_0

yeah, um, so let me ask a question about.In this, do you, first of all, do you think rates are going higher from here, much higher from here?

11:07 spk_2

Well, I think we are in theEarly years, maybe early decades of a rising interest rate cycle after 30 years of declining interest rates. So, I think the move of 50 basis points since the end of August on the 10 year is pretty pronounced. So I think it, it factored, it kind of pulled forward maybe some of the next more gradual or what would have otherwise been a gradual increase in interest rates, but yes, I do thinkIt's hard to see interest rates much lower than where they are over the next few years unless we see a meaningful pullback in the market. Do you think

11:39 spk_0

we're yet in the danger zone at 5.2% on the 10 year? Do you think that's a danger zone? Because I actually thought starting at 4.7% was kind of like that's the entry into the danger zone. And then the higher you get it, the more dangerous it becomes. Now we're at 5.2%. Yeah,

11:54 spk_2

I mentioned Michael has to say as well. I, I would say that.You know, people focus on 5% as a round number. I think somewhere between 5 and 5.5% is probably the danger zone. I mean, we got above 6.5% in 2000. There were some other dynamics thatAllowed for a higher interest rate then, than today. Um, the population growth was different, fiscal deficits were different, but, um, we're getting close toit.

12:20 spk_0

Well, listen, you still, you talk about fiscal deficits. They're gonna, you know, Besson is gonna have to continue to come to the market with ever larger and larger amounts of treasuries that he's gonna have to try to sell. That's only gonna force prices lower and yields higher.Right, I think that's the part that is a little bit unnerving to me, but I don't understand why no one in Washington seems to understand that. And I don't mean Besson. Besson certainly does. I don't see why, you know, because I think it's a, I think it's a congressional issue,right? I think, and

12:47 spk_1

I don't think anybody necessarily like has the, you know, it, it, it, it really has.Uh, is, is ready to move forward and do the hard things that you would need to do to kind of get that, that under control.

12:57 spk_0

And, and if they, and if it swings the other way, even less so with the DSA, right, they just want to spend more and give away more and spend more and give away more.

13:04 spk_1

So back to your question on, on yields. So.From my perspective, a lot of times, right, it's not just the level, right? And I think, you know, a lot of people talk about this. It's kind of the, the pace and how quickly the kind of markets start to move and reprice. I think in the big picture, right, we're kind of in a normalization, right? The, the move is starting to get.Uh, a little more concerning, right, you know, as we're starting to look at 1015 basis point moves on a daily basis, you know, in response to an S&P Global PMI report, which is not typically kind of viewed as like a top tier piece of economic data, right? So when you start to see that sort of situation, that gets a little more concerning, you know, the, the market structure, right, we've been in this period where, you know, you've had.You know, kind of correlations that have been very low, you've had quite a bit of dispersion within the markets, right? If you kind of get some sort of negative catalyst where you start to see kind of correlations pick up, that's where things could get a little more dicey from a, from a market perspective, kind of, you know, in the near term.

14:05 spk_0

So where doyou see?This might be more for you, but where do you see institutional money moving out of and into?

14:15 spk_2

Yeah, I mean, it could change by the week to some degree. I mean, in the last few weeks, I think it's um.been attracted to, you know, the AI agentic AI names, clearly meta, clearly the CPU companies, uh, that would support agentic AI and then healthcare. Healthcare has been a big, uh, attractor of money on the defensive side.You have optimism around Democrats retaking control of Congress, you have some big cancer. Yeah, big cancer readings, um, by Moderna, and then the pancreatic cancer reading, maybe it was Revolution of Medicines, I forget exactly. And then, um, you also have optimism around AI and what it can do to the pace of, of drug development and healthcare improvements. Um, so that's been an area that money's gone into, and then conversely, financials and industrials haveBeen less attractive

15:07 spk_0

or less attractive. You know, it's interesting you talk about AI and agentic AI and stuff. There was an article that I read, um.Uh, about some guy who has cancer, uh, and the doctors basically gave him 4 or 6 months to live, and he fed all this information into one of these AI models.And the AI model came up with a regimen of drugs.That this, that, that it said this is what you should do and the guy took that right doing drugs. Apparently now he doesn't have cancer anymore. Meanwhile, the, the, the, the medical community gave him 4 months to live. Now the guy's got no cancer and you know, but they were talking about how this is gonna start to happen more and more, that these models are gonna start to create opportunities that we never saw. Yeah,

15:50 spk_1

so, well, first props to you because the last time I was on with you, you were, uh, kind of a big proponent of, of, uh, healthcare and healthcare's had a very big.Had a very big repricing. So, you know, that was a couple, couple of months ago, um, I think, you know, from an AI perspective, right, that also kind of helps their political narrative, right? If they kind of start to shift a little bit of their focus kind of towards the healthcare and have some sort of kind of breakthrough, um, you kind of announcement and kind of new drugs or things of that nature, it starts to help kind of the political narrative which has gotten pretty negative re, you know, kind of towards

16:21 spk_0

100%.100% that, you know, the, the left wants to completely put the brakes on and the rights go, whoa, whoa, whoa, what are you doing? You know, I, I'm not saying that there shouldn't be guardrail. There should be broad guardrails around. I, I guess the government can talk about broad guardrails, but the government should be the one controlling it. The ones controlling it should be the ones who are designing it, but then you should make them have skin in the game.Right. Something goes wrong or you guys do something wrong, you're as much responsible as the guy who wrote it. You as the CEO versus the guy who you're all responsible, right? You gotta, I, I think that's how you control it, I think anyway, because we could spend a better answer than I have. Yeah, no, we, you know, we could spend all day. So because we're gonna run out of time here, but I wanna talk about just a couple of things broadly.Is that we talked about kind of the market nervousness. Are you worried going into midterms that the market's going to suffer some more volatility?Or you don't think the midterms are, are, are anything that anyone has to worry about?

17:20 spk_2

Um, I think the market, uh, is in a very fragile position now. Presumably the midterms will reduce some uncertainty, at least around the outlook of Congress. I don't know. Yeah, I don't know if it's going to be as supportive this year because it could lead to more contention rather than less contention. I mean, we're already in a pseudo gridlock situation as it relates to new legislation, so I don't think we're going to get much more benefit there. But um,You know, I think they're just a lot bigger forces in the midterms at play now. I mean, the AI advancement versus the rise in yields.

17:55 spk_0

Right? But I'm just talking about over there, you know, towards the end of the year, right? We're, I think there's, what they say, 5 weeks until the election. Um, I suspect there's gonna be more volatility going into that. Then I think once it's over and everybody knows what the landscape looks like, then I think the market actually adjusts because then the market says, OK, I may not like what this landscape looks like, but here's how we're gonna adjust.

18:15 spk_1

Yeah, I think like if you look, you know, kind of historically, right, you do tend to see more volatility kind of in that September, October time frame heading into midterm elections, you know, when you look at the four-year presidential cycle.That the best three quarters of returns come right following, um, you kind of midterm elections. So Q4 of this year, then Q1 and Q2 of, of next year. Obviously, you can't kind of look at those things, you know, you have to look at each situation, you know, kind of separately. You can't just kind of say, oh, the calendar says it's time to, time, time to buy. But, you know, that's also one of the, you know.The one year following a midterm election is kind of one of the only spotless piece of, uh, you know, kind of record keeping where markets have always been higher one year later.

18:55 spk_0

I, I agree, and I, and I still, you know, I still subscribe to that.You know, I don't make any major changes in my personal portfolio as we move into this, but I'm fully prepared for the volatility that's probably gonna come. But to your point, if people get nervous and they get out, they may miss that whole, because they, they, I don't want, they may, that's the whole problem. I mean,

19:15 spk_1

think about what happened at the end of Q1, right? Like if you, if you took down exposure because of the Iran war and then you.You missed that earnings season, right? You missed, you missed a significant, you know, 20% move that happened, a historic move, right? Like off of, you know, like the, the rally that we saw in the 10 to 12-day period, you know, after that drawdown was historic because you, you would only typically see moves like that kind of in a bear market, not when you're kind of 56, 7% from an all-time high.

19:45 spk_2

And we've dodged volatility for a few months now, and we're getting pretty close to the

19:49 spk_0

election. It's amazing that we've dodged volatility has not spiked really high, right? I mean, it spiked higher earlier in the year, but I, I, I'm actually surprised because with rates on what they're doing.And with the talk about, you know, the ongoing deficit and the chaos around the elections, I'm actually surprised volatility hasn't been higher than it's been, which makes me a little bit nervous because then you're gonna get one headline you don't expect and suddenly boom, it's gonna explode.

20:15 spk_1

And some of that is, is wonky, like in terms of, if you look at single stock volatility, right? Single stock volatility is very high. It's just the problem is, is that it's all offsetting. So at the index level, right, you're seeing, you're not seeing kind of a big pickup.In, in kind of the, uh, you know, in the B or kind of the index volatility. The issue, as I kind of alluded to earlier, is if you start to see correlations pick up, that's when you're gonna start to see kind of the, the index volatility move higher, and that's when you will kind of get all the kind of quantitative QIS strategies and, and things of that nature that start to kind of kick off the unwind.

20:49 spk_0

OK, so we just have a couple of minutes left. So I want to talk about your kind of view going forward, the end of the year into 2026. Are you bullish, bearish, nervous, anxious?

20:58 spk_2

I mean, I've been anxious for a couple of quarters. I remain somewhat anxious, I, but I, it, it's a modest anxiousness, uh, you know, it's,

21:05 spk_0

is itan anxiousness that's gonna cause you to, to.To reformat your whole portfolio.

21:11 spk_2

No, but I've been modestly defensive for a few quarters and I expect to continue to be and modestly defensive becauseWe could have financial repression and then equities become the best house in a bad neighborhood, um, modestly defensive because some defensive areas like Consumer Staples, for example, are not, not really defensive in this market. So that's why, but yeah, I expect to stay more or less similar position. Yeah, I mean,

21:37 spk_1

look, I think there's some structural kind of like kind of short term volatility that we may have to kind of work through, but you know, kind of more broadly, if you kind of think about where we are kind of in this technology.Revolution, right? That's not gonna stop. That's been a primary driver, right? It's not stopping anytime soon, right? And so if you look at kind of earnings growth rates, you know, you're looking at kind of 30% this year for the S&P 500 mid-double digits next year, right? Um, you know, unless you really start to see a pullback in that AI spending, which, you know, I guess maybe if you have a Dem sweep and a real kind of political pushback that slows things down, you don't necessarily get that. I think, you know, a lot of these projects or shovels are just hitting the ground.Right, so I think there's still some runway, you know, for corporate earnings. You've seen companies, you're kind of very much, you kind of right size their businesses, right, and they have operating leverage in their businesses to continue to kind of move higher, higher diesel, higher interest rates that can kind of throw a little bit, be a problem, yeah, that, that's gonna maybe hit some margins, but in general, I think that, you know, that, that, that kind of earnings backdrop is pretty positive, and you've seen valuations compressed because the earnings are catching. Yeah,

22:45 spk_0

Iwill say he is trying to spin that by.Saying, are you willing to pay high diesel prices so Iran doesn't have a nuclear weapon? I think that's how they're trying to spin it, and I would say yes personally, but anyway, listen, because we're gonna run out of time real quick. End of year, S&P higher, lower, or right here,

23:03 spk_1

more or less right here.

23:04 spk_0

Yeah, I, I, well, I'm with you.

23:06 spk_1

Yeah, I'd say like 78, 79 7800

23:08 spk_0

is where I'm at. Yeah, I think we're, I think there's gonna be volatility, but I think we're gonna end right about here. There's still, I think there's still some 8000 calls, you know, calls for SB 8000.Uh, uh, I don't see it yet. Yeah, I mean,

23:21 spk_1

well, you know, we're gonna see that catalyst, you know, kind of start to come, you know, kind of in the next couple of weeks, right, once you get past midterms and then earnings season, which is like, you know, once again, it's, it's, you know, it's hard to argue that earnings are gonna necessarily look

23:35 spk_0

bads are supposed to be great again this year, thisquarter,

23:37 spk_1

particularly right, like in that mega cap tech, right, uh, those mega cap tech stocks which you're.Actually starting to see all that investment that a lot of these hyper scalers are doing while it's eating their cash flow, you saw last quarter, you know, with the kind of the cloud businesses that they're, that they have that they really are, are actually benefiting, you know, from, from that perspective, and that's such a big piece of the earnings picture that it's, it's hard to see the weakness. Yeah,

24:02 spk_2

earnings growth is a train that keeps rolling

24:04 spk_0

and keeps rolling, and it look, and look again, this quarter looks like it's gonna be very good.Anyway, listen, gentlemen, we've run out of time. Thank you very much. I've enjoyed this conversation. I enjoyed having you on and, and look forward to the next time. Until the next time, take good care.

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

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Der Arzneimittelhersteller Axsome Therapeutics hat ein Kursziel von 256 Dollar. Wells Fargo erwartet, dass monatliche Verschreibungsdaten für das Antidepressivum Auvelity am 13. November und 11. Dezember ein stärkeres Wachstum in den Bereichen Medicare und Langzeitpflege zeigen.

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Der Gerätevermieter United Rentals hat ein Kursziel von 1.355 Dollar, da ein knapperes Geräteangebot die Preise stützt. Die Gewinnprognose je Aktie von Wells Fargo für das dritte Quartal liegt 8 % über dem Konsens.

Die Regionalbank Fifth Third Bancorp hat ein Kursziel von 67 Dollar. Wells Fargo erwartet, dass Kosteneinsparungen aus der Integration von Comerica und schnellere Aktienrückkäufe den Gewinn über die Konsensschätzungen heben. Die Bank berichtet am 19. Oktober über die Ergebnisse des dritten Quartals.

Das Biotechnologieunternehmen Kymera Therapeutics hat ein Kursziel von 151 Dollar und wartet auf Phase-2b-Daten zu KT-621 bei atopischer Dermatitis. Wells Fargo sagte, eine Wirksamkeit von weniger als ungefähr 70 % des Referenzwerts von Dupilumab oder ein neues Sicherheitsproblem könnte die Aussichten des Medikaments schwächen.

Der Händler Ferguson Enterprises hat ein Kursziel von 295 Dollar. Wells Fargo erwartet, dass die Mengen vor den Ergebnissen des dritten Quartals Anfang November zunehmen.

Die Geschichte geht weiter

Der Index- und Datenanbieter MSCI hat ein Kursziel von 685 Dollar. Wells Fargo erwartet bei der Bekanntgabe der Ergebnisse am 20. Oktober einen Gewinn, der durch stärker als erwartete Indexerlöse unterstützt wird und über den Erwartungen für das dritte Quartal liegt.

Der Hersteller von Luftfahrtmaterialien Hexcel hat ein Kursziel von 105 Dollar, da eine höhere Produktion von Großraumflugzeugen die Nachfrage stützt. Wells Fargo sagte, Airbus könnte im vierten Quartal ein höheres Produktionsziel für den A350 bekanntgeben.

Der Gesundheitssoftwareanbieter Veeva Systems hat ein Kursziel von 330 Dollar. Wells Fargo sagte, das Endergebnis von 14 zu 6 im CRM-Wettbewerb unter den 20 führenden Anbietern habe eine zentrale Sorge hinsichtlich der Aktie ausgeräumt.

Der Versorger Consolidated Edison hat ein Kursziel von 118 Dollar. Wells Fargo stufte die Aktie von „Equal Weight“ auf „Overweight“ hoch; die jährliche Investorenveranstaltung des Unternehmens ist für den 6. Oktober angesetzt.

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