Starbucks’ (SBUX) stock has been downgraded from ‘Outperform’ to ‘Perform’ by TD Cowen analysts, also lowering their price target to $107 per share for the coffee chain. TD Cowen analysts are pointing to weakness in Starbucks’ Chinese segments, which have been significantly impacted by last year’s COVID lockdowns and recent economic slowdowns. Yahoo Finance Live examines consumer trends in Starbucks’ U.S. market, referencing its loyalty programs and notable behaviors in Americans’ morning routines. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
MONTREAL — BMO Financial Group plans to close its indirect retail auto finance business in order to reroute resources, as borrowers dig deep to stay on top of recent interest rate hikes. The decision will also trigger an unspecified number of layoffs in Canada and the U.S., the Bank of Montreal said. It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier.
In its retail line, the bank's provisions for credit losseHedge funds ditched energy stocks last week for the first time in three weeks, despite a rally in oil prices triggered by the prospect of a widening supply deficit, Goldman Sachs said in a report. The move, according to the bank's prime brokerage unit, was mainly led by short sales, meaning that hedge funds were speculating on a decline in energy stocks' prices.
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