The top 10 things to watch in the stock market Friday

Dave Ricks, chairman and CEO of Eli Lilly and Company, speaks at the Economic Club of New York in New York City, U.S., on March 12, 2024.

Cool Mike | Reuters

Our Top 10 Things to See on Friday, March 15

1. Stocks opened lower on Friday, after a day of losses on Wall Street. The S&P and Dow Jones are still on track to finish the week in the black, while the Nasdaq is on track to finish lower. Meanwhile, bitcoin fell about $5,000 overnight to about $67,000, another sharp turnaround for the cryptocurrency, which has set several all-time highs this month.

2. Actions of Adobe fell 11% after the software company gave softer guidance for the current quarter on Thursday. Adobe outperformed in sales and profits, and management announced a $25 billion buyback. Wall Street is concerned about the company's competitive moat given the launch of GenAI products like Sora.

3. TD Cowen raised its price target on Micron to $120 from $100, while Citi pushed its target to $150 from $95. Both companies expect semiconductor stocks to beat earnings estimates and raise guidance when they release their quarterly results next week. MU shares rose 2.5%.

4. JPMorgan boosted its Eli Lilly price target of $850 to $775 following a meeting with management. The bottom line is that Eli Lilly "remains optimally positioned" in the diabetes and obesity market. In particular, Zepbound is off to a good start with higher-than-expected demand for the drug.

5. Piper Sandler updated rivian to buy on hold after the newly unveiled R2 SUV generated 68,000 orders in less than 24 hours. The company also raised its price target for RIVN shares, from $14 to $21.

6. President Joe Biden released a statement Thursday expressing opposition to the Japanese company. Nippon SteelThe attempted acquisition of American steel: "It is important that we maintain strong American steel companies powered by American steelworkers. I told our steelworkers that I had their back, and I meant it. US Steel has been an iconic American steel company for more than a century, and "It is "U.S. Steel shares were trading around $38 each on Friday, well below the $55 per share asking price that Nippon agreed to pay.

7. China is putting pressure on domestic electric vehicle manufacturers, including BYD buy chips locally to reduce dependence on the West and boost the country's chip market, Bloomberg reported, citing people familiar with the matter. It is the latest episode in the ongoing semiconductor cold war taking place between the world's two largest economies. Companies that could be affected include NXP SemiconductorsClub name NVIDIAand Texas InstrumentsBloomberg reported.

8. McDonald's suffered a technological failure that is forcing some stores to temporarily suspend operations, including in Australia and Japan.. In a statement, the Illinois-based fast food chain said the situation "is not related to a cybersecurity event." McDonald's shares were little changed in pre-market trading.

9. Piper Sandler updated DoorDash to a hold rating from underweight, with a price target of $127 per share, up from $53. However, analysts said Uber "remains the category leader" in the sharing economy and raised their PT on the company to $92 per share from $78.

10. BofA started TKO Group, owner of WWE and UFC, with a buy rating and a PT of $100. The company sees "significant synergies and growth potential."

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