14 Min Ago
Stock futures open flat
Stock futures opened flat in overnight trading on Monday.
Futures tied to the Dow Jones Industrial Average inched 0.06% lower, or 21 points. S&P 500 futures and Nasdaq 100 futures dipped 0.06% and 0.01%, respectively.
— Samantha Subin
47 Min Ago
The upside from here is limited over the next few months, says Truist’s Lerner
Investors overallocated toward stocks should consider using the current market conditions to trim back their positions as the upside for equities is limited going forward, says Keith Lerner, co-chief investment officer at Truist.
According to Lerner, the upside for the market over the next few months is likely capped in the 3% to 5% range, but the downside could exceed that amount.
“The market’s been very resilient, no doubt, and maybe it stays that way for a little bit, but we don’t see the risk-reward as that compelling here,” he said.
This by no means is an indication of the top of the market and equities could squeeze higher, but it is an opportunity to reallocate exposure after last month’s strong market rally, Lerner added.
40 Min Ago
Pinterest shares pop 21% as Elliott Management reveals position as largest investor
Pinterest shares popped more than 21% after the company posted stronger-than-expected user numbers and Elliott Management revealed it’s the largest shareholder in the image-sharing company.
Activist investor Elliott said in a statement that it has “conviction in the value-creation opportunity” at Pinterest, calling the social media company a “highly strategic business with significant potential for growth.”
“As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest’s next phase of growth,” Elliott wrote.
Despite the stock move, Pinterest missed estimates for the second quarter on the top and bottom lines, Monthly active users for the period came in 2 million above estimates.
— Samantha Subin