Indonesia stocks higher at close of trade; IDX Composite Index up 1.17%

Investing.com -- Gemini Space Station has priced its initial public offering (IPO) of 15.2 million shares at $28 each.

The company’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market on Friday under the ticker symbol "NASDAQ:GEMI".

The offering is scheduled to close on September 15, according to the company’s announcement.

Goldman Sachs & Co. LLC, Citigroup, Morgan Stanley and Cantor are serving as lead bookrunners for the IPO.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Yardeni Research raised its year-end target for the S&P 500 to 6,800 from 6,600, citing expectations for Federal Reserve easing and continued economic resilience.

The firm assigned a 55% probability to this base case, while giving a 25% chance to a “meltup” scenario that could drive the index to 7,000 by year-end and a 20% probability of a correction.

“If the Fed lowers the federal funds rate on September 17 and signals more rate cuts ahead, we will increase our odds of a meltup and decrease our odds of a correction,” Yardeni said in a note. 

“We are still not convinced that the economy needs to be stimulated by the Fed,” it added.

The report followed a series of inflation data that kept policy expectations tilted toward easing. Producer prices came in cooler than forecast and consumer prices matched expectations, reinforcing the likelihood of a 25-basis-point cut next week.

Weekly jobless claims, however, jumped to 263,000, the highest level this year, which could lead some Fed members to push for a half-point cut. Still, Yardeni argued such a move is unlikely, as “the majority would likely dissent”.

Meanwhile, economic fundamentals remain solid. Real GDP expanded 3.3% in the second quarter, with capital spending on equipment and exports showing particular strength, alongside steady consumer spending at 2.3%.

The Atlanta Fed’s GDPNow model most recently estimated Q2 growth at 3.1%. Despite the weaker August jobs report, Yardeni emphasized that the economy continues to show momentum.

Labor market trends were highlighted as a possible source of debate within the Fed. The rise in claims included a one-time 15,000 increase in Texas, which Yardeni suggested could reflect sector-specific issues, such as oil field layoffs, rather than a broader trend.

The market research firm also flagged productivity growth as a positive factor. Output gains relative to employment data suggest robust productivity, averaging 2.1% over the past three years, and projected to approach 3% through the remainder of the decade.

Inflation remains elevated relative to the Fed’s 2% target, with core CPI, core PCE, and core PPI readings clustered closer to 3%. Tariffs have contributed to higher durable goods prices, though Yardeni described the effect as “likely to be a transitory problem.”

A more persistent issue is “supercore” inflation, which continues to hold in a range of 2.9% to 4.0%, the firm added. 

Investing.com -- Shares of UK-based Ocado (LON:OCDO) fell more than 10% on Friday after Kroger, its largest technology partner, signaled caution on new automated warehouse investments even as its online delivery sales overtook pickup for the first time.

In its second-quarter update, Kroger said delivery from customer fulfillment centers, or CFCs, overtook Instacart’s pick-and-pack service for the first time in the period ended Aug. 16. 

Online sales grew 16% in the quarter, with management highlighting stronger performance in delivery. 

The company said it had also improved profitability in both pickup and delivery on a quarter-over-quarter basis.

Kroger executives described stores as the grocer’s most important asset, noting that fulfilling online orders from existing locations reduces last-mile costs and brings inventory closer to customers.

The company said 97% of its stores can now offer delivery in under two hours through Instacart. Executives added that more customers are opting for shorter delivery windows and are willing to pay for speed.

Kroger said it is conducting a site-by-site review of its automated fulfillment network to assess demand and profitability. Facilities in high-density areas were said to perform better than those in lower-density regions. 

The grocer said it expects to provide an update on its strategic review during the third quarter.

Ocado, which supplies technology for Kroger’s fulfillment centers, has showcased hybrid solutions designed to fit within existing store footprints. 

However, it has not announced a customer for the new model. “We do think it calls into question Kroger’s appetite to invest in the remaining 10 CFCs that are outstanding per the original Kroger order,” said analysts at Barclays in a note,.

Barclays maintained its “underweight” rating on the stock, with its view on the European internet sector unchanged at “positive.”

Investing.com -- Berenberg downgraded Central Asia Metals (LON:CAML) to “hold” from “buy” and cut its price target to GBp170 from GBp180, warning of weaker shareholder returns and operational risks. 

Shares of the base metals producer were down 2.2% at 03:58 ET (07:58 GMT).

The move followed the miner’s Sept. 10 results, which sent shares down 13.4% after management unveiled a $10 million share buyback in place of a larger interim dividend. 

“We trim our price target to GBp170 and downgrade to Hold, based on near-term operational risk at Sasa, reducing shareholder returns and persistent uncertainty regarding the company’s M&A ambitions,” Berenberg said.

The revision reflects concerns about the Sasa zinc-lead mine in North Macedonia, where geological variability forced a lower 2025 production forecast in July. 

Central Asia Metals has completed a review with external consultants and plans more drilling to improve orebody understanding and reduce dilution. 

Berenberg said these steps point to "turnaround execution risk, scope for further opex inflation, and downside risk to our estimates.” 

Production guidance for 2025 at both Sasa and the Kounrad copper project in Kazakhstan remains unchanged.

The broker also flagged persistent uncertainty around acquisitions. Failed attempts to buy New World Resources and the Antler copper project in the U.S. have left investors focused on the company’s limited growth options. 

“The market continues to price in the successful execution of business development to replace Kounrad in the next decade,” Berenberg noted, though recent steps to rein in dividends have added to concerns about returns.

Financial estimates were lowered after first-half revenue came in slightly weaker and costs of goods sold higher than expected. 

For 2025, Berenberg now forecasts revenue of $218 million, EBITDA of $97 million, EBIT of $64 million and net profit of $37 million. Earnings per share are expected at $0.21, down from $0.29 in 2024, while dividend per share is projected at $0.13 compared with $0.23 the prior year. 

A $4.8 million negative swing in the fair value of share-based payment liabilities also hit earnings, though adjusting for this reduced the downgrade in estimates to about 5% from 16%.

At the time of the note, Central Asia Metals traded at GBp148, valuing the group at £268 million. 

The stock trades at 0.88 times net asset value and 3 times estimated 2026 EBITDA. While the GBp170 target implies roughly 15% upside, Berenberg said “on the basis of near-term operational risk at Sasa, an M&A sentiment overhang and lower dividends, we move to Hold.”

Investing.com -- Black Rock Coffee Bar has priced its initial public offering at $20 per share, raising approximately $294 million through the sale of 14.7 million shares.

The company will begin trading on the Nasdaq Global Market under the ticker "NASDAQ:BRCB" on Thursday.

Underwriters have been granted a 30-day option to purchase an additional 2.2 million shares of Class A common stock.

J.P. Morgan, Jefferies, Morgan Stanley, and Baird are serving as the lead book-runners for the offering, with Stifel and William Blair also acting as book-runners.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.