Traders Market Weekly: A Magical Green First Quarter for Stocks

Viewing 15 posts - 16 through 30 (of 49 total)
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    Apparel co. PVH Crashes 20% after earnings

    Incl #TommyHilfiger #CalvinKlein
    EPS beats by $0.19, beats on revs;
    BUT Guides Q1 EPS & FY25 EPS and revs below consensus;
    Approves $2 bln increase to its stock repurchase authorization

    $PVH 111.90▼ 27.83 (19.92%) After Hours


    Another EV Wreck Punters & Dribblers:

    Canoo Up the creek without a paddle!

    identifies substantial doubt about its ability to continue as a going concern per 10-K filing

    $GOEV 2.42 ▼ 1.45 (37.47%) After Hours


    Transocean (RIG) announces 365-day contract extension with independent operator in the U.S. Gulf of Mexico valued at approximately $195 mln

    $RIG 6.45 +0.08 (+1.26%) After hours


    U.S. health insurers dropping on updated Medicare Advantage rate

    $CVS -5.7% $UNH -5.6%, $ELV -3.8%, $CNC -2.3%, $MOH -2.3%


    Fair Value for Tuesday, April 2:

    S&P 500: 5,301
    Nasdaq 100: 18,508
    DJIA: 39,938


    Wells Fargo’s Q2 Tactical Idea List Adds

    Aerovate Therapeutics $AVTE
    Amazon $AMZN
    Annexon $ANNX
    Citigroup $C
    Global-E Online $GLBE
    Graphic Packaging $GPK
    Insmed $INSM
    RTX $RTX
    Sirius XM $SIRI
    Skechers USA $SKX
    Starbucks $SBUX
    Tesla $TSLA


    Goldman Sachs Conviction List Q2 Changes

    -Blue Owl Capital $OWL
    -Chevron $CVX
    -Cintas $CTAS
    -TE Connectivity $TEL

    +Citigroup $C
    +Royal Caribbean $RCL
    +SLB $SLB
    +TPG Inc. $TPG


    European March final manufacturing PMI all higher:

    Eurozone 46.1 vs 45.7 prelim
    Germany 41.9 vs 41.6 prelim
    France 46.2 vs 45.8 prelim
    Italy 50.4 vs 48.8 expected
    Spain 51.4 vs 51.0 expected
    Switzerland PMI 45.2 vs 44.9
    UK 50.3 vs 49.9 prelim


    Equity indices in the Asia-Pacific region ended Tuesday on a largely flat note while Hong Kong’s Hang Seng (+2.4%) outperformed after returning from yesterday’s closure.

    —Equity Markets—

    Japan’s Nikkei: +0.1%
    Hong Kong’s Hang Seng: +2.4%
    China’s Shanghai Composite: -0.1%
    India’s Sensex: -0.2%
    South Korea’s Kospi: +0.2%
    Australia’s ASX All Ordinaries: -0.1%

    Developer China Vanke fell to a record low after its results showed that core profit fell more than 50.0% in 2023.
    China Securities Daily speculated that a reserve requirement ratio cut is not likely in the short term.

    Hong Kong
    New home sales in Hong Kong hit a ten-year high in March.

    March Manufacturing PMI 59.1 (expected 59.2; last 56.9)

    South Korea
    March CPI 0.1% m/m (expected 0.3%; last 0.5%); 3.1% yr/yr, as expected (last 3.1%)
    Samsung is reportedly planning to increase the prices of solid state drives due to high demand.

    Reserve Bank of Australia Assistant Governor Kent spoke in support of changing to an ample reserve system from the current floor system.
    The latest policy minutes from the RBA showed that a potential rate hike was not discussed at the last policy meeting.
    Australia’s March Manufacturing PMI 47.3 (expected 46.8; last 47.8).
    March MI Inflation Gauge 0.1% m/m (last -0.1%) March job advertisements -1.0% m/m (last -2.1%).
    March Commodity Prices -15.3% yr/yr (last -15.3%)


    Major European indices trade near their flat lines.

    –Equity Markets—

    STOXX Europe 600: UNCH
    Germany’s DAX: -0.3%
    U.K.’s FTSE 100: +0.2%
    France’s CAC 40: -0.2%
    Italy’s FTSE MIB: UNCH
    Spain’s IBEX 35: -0.3%

    Final Manufacturing PMI readings from Germany, France, Spain, Italy, and the U.K. beat expectations, though readings from Germany and France pointed to an ongoing contraction while Italy and the U.K. rejoined Spain in expansionary territory.

    Eurozone’s March Manufacturing PMI 46.1 (expected 45.7; last 46.5)
    Germany’s March Manufacturing PMI 41.9 (expected 41.6; last 42.5)
    U.K.’s March Manufacturing PMI 50.3 (expected 49.9; last 47.5).
    France’s March Manufacturing PMI 46.2 (expected 45.8; last 47.1)
    Italy’s March Manufacturing PMI 50.4 (expected 48.7; last 48.9)
    Spain’s March Manufacturing PMI 51.4 (expected 51.1; last 51.5)
    Swiss March PMI 45.2 (expected 45.0; last 44.0)

    March Manufacturing PMI 50.3 (expected 49.9; last 47.5).
    March Nationwide HPI -0.2% m/m (expected 0.4%; last 0.7%); 1.6% yr/yr (expected 2.4%; last 1.2%).
    February BoE Consumer Credit GBP1.378 bln (expected GBP1.600 bln; last GBP1.770 bln)
    February Mortgage Lending GBP1.51 bln (expected -GBP150 mln; last -GBP1.07 bln)

    March Unemployment Change -33,400 (expected 10,000; last -7,500)
    March Manufacturing PMI 51.4 (expected 51.1; last 51.5)

    February Retail Sales -0.2% yr/yr (expected 0.4%; last 0.3%).
    March PMI 45.2 (expected 45.0; last 44.0)


    Veeva Systems (VEEV 226.43, -3.96, -1.7%): CFO Brent Bowman departing, effective today; Board member Tim Cabral to serve as interim CFO until a replacement is named

    Nokia (NOK 3.57, +0.07, +2.0%): Lumine Group completes the purchase of the device management and service management platform businesses from Nokia

    Eli Lilly (LLY 761.09, +0.54, +0.1%): price target raised to $895 from $675 at Citigroup
    Estee Lauder (EL 155.21, +3.18, +2.1%): upgraded to Buy from Neutral at Citigroup

    Disney (DIS 120.62, -0.88, -0.7%): moves ahead in proxy battle with Nelson Peltz’s Trian Partners

    General Electric (GE 140.59, +0.74, +0.5%): launches as independent, investment-grade public company following completion of GE Vernova spin-off; reaffirms long term guidance

    Boeing (BA 189.23, -0.27, -0.1%): factory logs indicate missed procedures during 737 production, according to WSJ

    Trump Media & Technology Group Corp. (DJT 47.67, -0.99, -2.0%): sliding again pre-open following yesterday’s 21.5% decline after it reported $58 mln net loss in FY23; FY23 revs were $4.1 mln (no ests)


    JOLTS – Job openings totaled 8.756 million in February following a revised 8.748 million (from 8.863 million).

    Factory orders increased 1.4% month-over-month in February (consensus 1.0%) after declining a revised 3.8% (from -3.6%) in January. Excluding transportation, factory orders increased 1.1% on the heels of a 0.6% decline in January. Shipments of manufactured goods were up 1.4% after a 0.8% decline in January.

    The key takeaway from the report is that there was a pickup in new orders in February for durable and nondurable goods, demonstrating that there has not been a lingering drop-off in demand.

    Treasuries are moving off intraday high yields.

    The 10-yr note yield hit 4.40% earlier, but sits at 4.36% now.
    The 2-yr note yield hit 4.73% earlier, but sits at 4.70% now.


    Early Market
    Dow 39141.29 -425.56 (-1.08%)
    Nasdaq 16165.76 -231.07 (-1.41%)
    SP 500 5190.42 -53.35 (-1.02%)
    10-yr Note -4/32 4.365
    NYSE Adv 557 Dec 2195 Vol 148 mln
    Nasdaq Adv 848 Dec 3206 Vol 1.4 bln

    Industry Watch
    Strong: Energy, Utilities
    Weak: Health Care, Information Technology, Consumer Discretionary, Communication Services, Real Estate

    Moving the Market
    — Jump in market rates keeping stock market in check
    — Normal consolidation activity after stellar start to the year for many stocks
    — Weakness in health care stocks on updated Medicare Advantage rate
    — Softness in mega cap and semiconductor stocks

    Nine of the 11 S&P 500 sectors are trading down and four of them are down more than 1.0%.

    The consumer discretionary sector is the top laggard, sinking alongside shares of Tesla (TSLA 165.06, -10.28, -5.8%) after reporting Q1 production and delivery numbers.

    The health care sector is the next worst performer, trading down 1.5% due to softness in health insurer stocks on an updated Medicare Advantage rate.


    Dow 39,170.24 -396.61 -1.00%
    S&P 500 5,205.81 -37.96 -0.72%
    Nasdaq 16,240.45 -156.38 -0.95%
    VIX 14.61 0.96 7.03%
    Gold 2,297.10 40.00 1.77%
    Oil 85.24 1.53 1.83%


    MBA mortgage applications: -0.6% (prior -0.7%)
    Mortgage market index: 195.6 (prior 196.8)
    MBA purchase index: 145.6 (prior 145.7)
    MBA refinancing index: 4536.5 (prior 460.9)
    MBA 30-year mortgage rate: 6.91% (prior 6.93%)

Viewing 15 posts - 16 through 30 (of 49 total)
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