Posted in home improvement storest

Home Improvement Stock Falls Lower on Downgrade

Oppenheimer downgraded LOW to “perform” from “outperform”

The shares of Lowe’s Company Inc (NYSE:LOW) are down 1.2% at $161.69, after Oppenheimer downgraded the stock from “outperform” to “perform,” with a price-target cut to $180 from $185. The firm downgraded sector peer Home Depot (HD) as well, noting that home improvement stores’ recent outsized gains could reflect a demand pull going forward. With that being said, the analyst in coverage sees modest upside for the shares in the long term.

On the chats, LOW has been repeatedly rejected by the $171 level as of late, but not before acquiring a fresh Sept. 16 all-time high of $171.72. Now seeing pressure from the 20-day moving average, the equity is on track for its first monthly loss in six, though it does remain up 35% year-to-date.

Coming into today, 18 analysts carry a “buy” or better rating on Lowe’s stock, with the remaining

Read More
Continue Reading Home Improvement Stock Falls Lower on Downgrade
Posted in home

At JPMorgan, Productivity Falls for Staff Working at Home

(Bloomberg) — A troubling pattern emerged as most of JPMorgan Chase & Co.’s employees worked from home to stem the spread of Covid-19: productivity slipped.



a building with a metal tower and blue umbrella: Scaffolding covers a construction site for JP Morgan Chase & Co. headquarters in New York, U.S., on Monday, June 8, 2020. Completion is still years away, but the ramping up of construction on high-rise office towers like JPMorgan's — which will be one of the largest in Manhattan, rise some 70 floors and be capable of housing roughly 15,000 employees — comes at what suddenly feels like an odd time.


© Bloomberg
Scaffolding covers a construction site for JP Morgan Chase & Co. headquarters in New York, U.S., on Monday, June 8, 2020. Completion is still years away, but the ramping up of construction on high-rise office towers like JPMorgan’s — which will be one of the largest in Manhattan, rise some 70 floors and be capable of housing roughly 15,000 employees — comes at what suddenly feels like an odd time.

Work output was particularly affected on Mondays and Fridays, according to findings discussed by Chief Executive Officer Jamie Dimon in a private meeting with Keefe, Bruyette & Woods analysts. That, along with worries that remote work is no substitute for organic interaction, is part of why the biggest U.S. bank is urging more

Read More
Continue Reading At JPMorgan, Productivity Falls for Staff Working at Home
Posted in contractions

South Africa rand falls after poor data, stocks rise

Updates prices, adds stocks

JOHANNESBURG, Sept 10 (Reuters)South Africa’s rand weakened on Thursday as data showing contractions in mining and manufacturing in July pointed to a slow recovery in the domestic economy.

At 1540 GMT the rand ZAR=D3 was 1.59% weaker at 16.8800 per dollar.

Statistics South Africa agency figures showed on Thursday that mining output fell 9.1% in July while manufacturing was down 10.6%.

On the other hand, the central bank said that the current account balance swung to a deficit in the second quarter as the trade surplus more than halved due to the impact of the COVID-19 pandemic.

“South Africa’s weakening economic fundamentals have dragged down the rand,” Investec economist Annabel Bishop said in a research note.

“Concerns over the future of domestic economic growth are also limiting the rand from gaining fully from positive global financial market sentiment.”

Data on Tuesday showed that

Read More
Continue Reading South Africa rand falls after poor data, stocks rise