Domain Daily: Take the Bull by the Horns

The Dose

  • Oppenheimer Analyst Cuts S&P Target

  • Samsung Surprise

  • Pedal to the Metal

Wall Street's Biggest Bull Revises His Outlook

Oppenheimer strategist John Stoltzfus cut his year-end target for the S&P 500 Index from 5,330 to 4,800.

The Point: Stoltzfus’ 5,330 target was the highest estimate among Wall Street analysts tracked by Bloomberg. But given recent economic and geopolitical events, he ratcheted down his outlook by 10%. That's a sizable cut, but not exactly one we'd classify as grim. His new estimate still represents a nearly 25% gain from the gauge's July 6th closing price.

June Rebalance Update

Samsung's Revenue Surged by 21% Last Quarter

The 21% gain narrowly exceeded expectations, but sparked a rally in Asian tech stocks.

The Point: Samsung is the second-largest semiconductor maker. Pick just about any industry, and you're sure to find someone using Samsung chips in its products. As such, the company is a bellwether for the global economy. That's to say that when Samsung is doing well, others probably are as well. The 21% sales jump was only slightly better than what analysts forecasted. Still, at times like this, even a little bit of good news can ignite a rally. That's especially true when it comes from a company as interconnected to the global economy as Samsung. It's just one data point, but it's enough to make investors think twice about the inevitability of a recession.  

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Volkswagen CEO Says Production Bottlenecks Improving

In an interview with CNBC, Volkswagen CEO Herbert Diess said delivery times for EVs would improve by the end of the year.  

The Point: Here's another positive bit of news. Semiconductor shortages have hampered automakers for the last two years. But Diess says that chips are getting easier to procure and that "we will see an alleviation through the next weeks" of the bottleneck. Diess also said that demand for the company's EVs remains strong and that the outlook for future orders is "very good." Obviously, Diess has an incentive to be outwardly optimistic. But if you take him at his word, some of the clouds hanging over the global economy might be clearing up.

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