The yen falls to a new three-month low after Japan’s election
The Japanese yen fell to fresh three-month lows against the dollar on Monday after the ruling LDP lost its majority in the country’s lower house following Sunday’s election.
The currency hit a low of 153.32 against the dollar, marking its weakest level since July 31.
CNBC Pro: Buy this tech stock that quietly automates warehouses with robots, say Berenberg and Citi — giving it a 50% upside
Investment banks are telling investors to buy shares in a warehouse automation company, with price targets suggesting potential gains of more than 50% over the next 12 months.
Using these systems means warehouses can store items four times more densely than manual warehouses, while retrieving products faster than workers. Increased efficiency and lower operating costs for its customers have allowed the company to gain significant margins, making its shares more valuable.
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— Ganesh Rao
CNBC Pro: Analysts give this Chinese tech stock 40% upside — but a CIO warns it could be a ‘one-trick pony’
This Chinese tech company has garnered investor interest after its share price tumbled – but one market watcher is unimpressed.
“I think you might have a short-term rally. But that’s not really what it’s about [the stock]- it’s kind of a broad-based rally,” says Jason Hsu, founder and chief investment officer at Rayliant Global Advisors.
Unlike Hsu, not everyone is so bearish on the stock, with 35 out of 46 analysts rating it buy or overweight and an average upside of 40.1%.
CNBC Pro subscribers can read more about the stock — and Hsu’s take — here.
— Amala Balakrishner
Nasdaq ends Friday higher on megacap tech gains
THE Nasdaq Composite outperformed other major U.S. indexes on Friday as investors piled into major tech stocks ahead of earnings next week.
The technology index rose 0.56%, closing at 18,518.61 points. THE S&P 500 lost 0.03% to close the session at 5,808.12 points. THE Dow Jones Industrial Average fell 259.96 points, or 0.61%, to 42,114.40.
— Pia Singh
KeyBanc Downgrades Apple Over iPhone Sales Concerns
A man places two new iPhone 16s on a table at the Apple store in Mitte.
Elisa Schu | Picture Alliance | Getty Images
Recent consumer survey data on iPhone sales shows a lack of growth for Apple, according to KeyBanc Capital Markets.
Shares fell nearly 1% in premarket after analyst Brandon Nispel downgraded the megacap tech name to underweight from sector weight, and his updated price target reflects a more than 13% downside from Thursday’s close.
Nispel believes the iPhone SE is “not purely additive” to overall iPhone sales, citing data from the company’s September iPhone consumer survey. The survey found that 59% of respondents are interested in upgrading to the iPhone 16. Additionally, among those who are likely or extremely likely to upgrade to the iPhone 16, 61% are interested in the iPhone SE.
“We believe this indicates that the iPhone SE is not incremental and could potentially be cannibalistic for iPhone 16 sales,” the analyst wrote in a Thursday note. “From our perspective, if the iPhone SE is successful, iPhone units could go up but [average sales prices] could fall, contrary to consensus.”
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— Sean Conlon