RRC

J.P. Morgan Downgrades Range Resources and Antero Resources: J.P. Morgan downgraded Range Resources (RRC) to Underweight from Neutral with a $39 price target, and Antero Resources (AR) to Neutral from Overweight, citing concerns over natural gas liquids fundamentals and relative valuation.

Impact of Gulf Coast Capacity Expansion: Both companies expect a decrease in their pricing premiums due to increased dock capacity on the Gulf Coast, which may support higher benchmark prices but diminish their competitive edge.

Analyst's View on Range Resources: Despite a positive outlook on Range's management and business model, the analyst believes an Underweight rating is warranted due to its premium valuation compared to peers, projecting lower free cash flow yields for Range.

CNX Resources Upgrade: CNX Resources (CNX) was upgraded to Neutral from Underweight with a $38 price target, as its valuation has become more reasonable after underperforming over the past year, now trading at a lower multiple compared to the gas E&P average.

Market Overview: The S&P 500 and Dow Jones are down slightly, while the Nasdaq is up, with mixed stock index performance influenced by rising bond yields and expectations of a Federal Reserve interest rate cut.

Corporate News: Significant M&A activity is boosting stocks, with Confluent surging over 27% after its acquisition by IBM, and Carvana rising over 7% due to its inclusion in the S&P 500.

Economic Indicators: Upcoming government reports and the FOMC meeting are anticipated to impact markets, with expectations of a 25 basis point rate cut and a focus on job openings and employment costs.

International Markets: Overseas stock markets are generally higher, with notable gains in the Eurozone and Japan, while European bond yields are rising amid positive economic data and expectations of future interest rate increases.