As Wall Street looks ahead to the July 4 holiday weekend, a wave of optimism ripples through the trading floor, with seasoned investors poised to capitalize on emerging opportunities.
Breaking Out: Freeport-McMoRan
On CNBC's “Halftime Report Final Trades,” Bryn Talkington, managing partner of Requisite Capital Management, said Freeport-McMoRan Inc. (NYSE:FCX) had resistance at $43 to $45 since 2021 and looks like it's breaking out above that.
Supporting her view, Scotiabank analyst Orest Wowkodaw, on June 16, upgraded Freeport-McMoRan from Sector Perform to Sector Outperform and raised the price target from $43 to $48.
Unlocking Value: Honeywell
Kevin Simpson, founder and CIO of Capital Wealth Planning, selected Honeywell International Inc. (NASDAQ:HON), stating that the breakup value will unlock shareholder value.
On the earnings front, Honeywell will release its second-quarter financial results before the opening bell on Thursday, July 24.
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Sales Surge: Caterpillar’s Strategy
Stephen Weiss, chief investment officer and managing partner of Short Hills Capital Partners, said Caterpillar Inc's (NYSE:CAT) engagement with its customers is going to increase sales.
Lending support to his choice, Citigroup analyst Kyle Menges, on June 24, maintained Caterpillar with a Buy and raised the price target from $370 to $420
Joseph M. Terranova, Senior Managing Director for Virtus Investment Partners, named Amgen Inc. (NASDAQ:AMGN) as his final trade.
Amgen released data from the Phase 3 FORTITUDE-101 trial on June 30, detailing the first-line combination of bemarituzumab plus chemotherapy (mFOLFOX6). The study met its primary endpoint of overall survival (OS) at a pre-specified interim analysis.
Price Action:
- FCX shares rose 3.9% to close at $45.77 on Wednesday.
- Honeywell rose 0.2% to settle at $239.26 during the session.
- Caterpillar shares gained 1.9% to settle at $398.43 on Wednesday.
- Amgen shares rose 2.2% to close at $296.85 on Wednesday.
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