Raymond James downgrades Medtronic
Raymond James downgraded shares of Medtronic to market perform on Wednesday. The firm cited deteriorating confidence in the medical device maker’s growth potential among the reasons for the outlook shift.
The downgrade comes after the company beat analysts’ estimates in the recent quarter but showed revenue decline year over year as it grapples with supply chain issues.
CNBC Pro subscribers can check out the full story here.
— Samantha Subin
Housing market still under pressure, but there are some minor signs of optimism
Mortgage loan demand decreased again last week, but there were some signs that the sharp drop in the housing market is finding a floor.
Government mortgage applications actually rose 4% last week, according to the Mortgage Bankers Association, showing some strength among first time homebuyers even though mortgage rates ticked higher.
On the corporate front, shares of Toll Brothers dipped 2.6% in premarket trading after third-quarter home sales came in below expectations and the homebuilder lowered full-year guidance. But the company’s CEO did say that there have been “signs of increased demand” in August.
Pending home sales data is due out at 10 a.m.
— Jesse Pound
Expect some market stability after Jackson Hole, Wells Fargo says
The market will likely find some stability after Fed Chairman Jerome Powell delivers his remarks Friday in Jackson Hole, Wyoming, Wells Fargo’s Christopher Harvey said in a note Wednesday.
“Fed fears…
