A capitulation event is likely in October before stocks can ride a year-end rally, according to Bank of America. Investors are coming off the worst month of the year for the S & P 500 and Nasdaq Composite . They lost 4.9% and 5.8% in September, respectively. There may be more challenges for traders in October, which has a reputation for its big intramonth drawdowns, BofA technical research strategist Stephen Suttmeier wrote in a Friday note. In fact, the S & P 500 broke through key support at...

It’s time to step to the sidelines on SoFi Technologies after its recent run-up, Bank of America says. Analyst Mihir Bhatia downgraded SoFi to neutral from buy, saying the optimism around the stock has largely run its course. Investors expect the expiration of the student loan payment moratorium will be a positive for the stock. SOFI 1D mountain SoFi shares 1-day “SoFi Technologies (SOFI) shares are up 100% over the past month vs. a 7% increase in the S & P 500, mainly because the debt deal...

SoFi Technologies is a top pick in the beleaguered fintech space, BTIG says. Analyst Lance Jessurun initiated the stock with a buy rating, calling it a “long-term winner in the neobank space.” “We are at a pivotal point for Fintech stocks, and believe the run-up in valuations over the last two months will see some divergence as the macro environment evolves,” Jessurun wrote to clients on Tuesday. “In this environment, we prefer names tied to recurring IT spend, and are cautious on names tied...

Broadcom continues to be a “best-in-class” buying opportunity as artificial intelligence drives earnings power, according to Bank of America. Analyst Vivek Arya reiterated a buy rating on Broadcom following a keynote address from CEO Hock Tan at Bank of America’s Global Technology Conference. “Management presented a compelling and unique vision of focus on premium compute/networking products, laserfocus on operational efficiency, consistent GM expansion, and best-in-class FCF...

Insiders are snapping up regional bank stocks following the crisis in the sector, according to a Raymond James analysis. Since the start of the crisis in March, net purchases among insiders have reached record levels, analyst Michael Rose wrote in a Monday note. During the period between March 10 and May 15, shares purchases totaled 2.3 million shares, while shares sold reached 335,000 shares. That’s a pretty rare occurrence, the analyst said. Since the first quarter of 2005 to the first...