Traders Market Weekly: Record Highs with Netflix, PCE & Tesla Risk

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    Boeing (BA 213.00, -4.70, -2.2%): downgraded to Equal Weight from Overweight at Wells Fargo; China delaying delivery of Boeing (BA) 737 Max jets, according to WSJ


    Uber (UBER 62.55, -0.65, -1.0%): aiming to close Drizly, an alcohol delivery service.


    Goldman Sachs (GS 382.03, +4.28, +1.1%): beats by $1.86, beats on revs
    Morgan Stanley (MS 90.88, +1.00, +1.1%): beats by $0.06, reports revs in-line
    PNC (PNC 147.17, -1.75, -1.2%): beats by $1.04, beats on revs, sees Q1 revs below consensus; FY24 revs in line


    Tractor Supply (TSCO 217.02, -6.55, -2.9%): seeing delayed deliveries due to Red Sea issues


    S&P 500 futures are down 14 points and are trading 0.4% below fair value,
    Nasdaq 100 futures are down 60 points and are trading 0.4% below fair value,
    Dow Jones Industrial Average futures are down 61 points and are trading 0.2% below fair value.

    The 10-yr note yield is four basis points from Friday at 3.99% and the 2-yr note yield is up two basis points from Friday at 4.17%.


    6″ of fresh snow in mtns. of SW VIRGINIA 🙂


    The NY Empire State Manufacturing Index plunged to -43.7 in January (consensus -4.0) from -14.5 in December.

    • This reply was modified 3 months ago by Truman.
    • This reply was modified 3 months ago by Truman.

    Morning Market
    Dow 37476.42 -116.56 (-0.31%)
    Nasdaq 14996.31 +23.55 (0.16%)
    SP 500 4780.19 -3.64 (-0.08%)
    10-yr Note -4/32 3.994
    NYSE Adv 752 Dec 1990 Vol 199 mln
    Nasdaq Adv 1276 Dec 2871 Vol 2.1 bln

    Industry Watch
    Strong: —
    Weak: Energy, Materials, Financials, Industrials, Real Estate

    Moving the Market
    — Hesitation from buyers with earnings season looming and the S&P 500 and Dow Jones Industrial Average sitting near all-time highs
    — Rising market rates; 10-yr yield sitting near 4.00%
    — Gains in mega cap stocks propelling upside moves for the major indices
    — Digesting earnings results from Goldman Sachs (GS) and Morgan Stanley (MS)

    Bank stocks underperform; GS going against the grain

    Meanwhile, bank stocks are relative underperformers after the latest batch of earnings news.
    The SPDR S&P Bank ETF (KBE) is down 1.0% and the SPDR S&P Regional Banking ETF (KRE) is down 1.1%.
    Goldman Sachs (GS 384.58, +6.31, +1.7%) is going against the grain after beating earnings and revenue estimates
    Morgan Stanley (MS 86.49, -3.20, -3.6%) PNC (PNC 147.95, -0.95, -0.7%) trade down following their quarterly results.

    Alphabet (GOOG 144.98, +0.75, +0.5%), Microsoft (MSFT 391.49, +3.03, +0.8%), Tesla (TSLA 221.92, +3.00, +1.4%), NVIDIA (NVDA 558.67, +11.58, +2.2%) are all trading up.

    Shares of TSLA had been down as much as 3.1% this morning after CEO Elon Musk said he is uncomfortable making Tesla a leader in AI without having ~25% voting control, and shares of GOOG had been down as much as 0.6% earlier. Meanwhile, MSFT and NVDA have extended early gains.


    What is with planes? First Boeing $BA now this:
    P&D’s expect the unexpected…

    At least we weren’t long Spirit Airlines
    $SAVE 7.75, -7.23, -48.3% plunged after a court blocked its merger with JetBlue $JBLU 5.18, +0.29, +6.1%
    U.S. Global Jets ETF $JETS down 1.8%.

    A federal judge on Tuesday blocked JetBlue Airways Corp.’s proposed $3.8 billion acquisition of Spirit Airlines Inc., agreeing with the Justice Department’s assertion that the deal would eliminate a competitor important to price-conscious travelers.

    The decision sent Spirit’s SAVE, -44.90% stock down 55%, while shares of JetBlue JBLU, 6.58% rose 7%.

    Removing Spirit as a rival would free JetBlue to raise prices by as much as 30%, Justice officials argued. JetBlue is the country’s sixth-largest carrier, and Spirit ranks seventh.

    Antitrust enforcers focused during a 17-day trial on how the deal would affect head-to-head competition between JetBlue and Spirit, the impact on routes that Spirit flies today but JetBlue doesn’t, and the markets that Spirit might enter in the future.

    Consumer advocates hailed the decision.

    “This is an enormous victory for travelers, workers, and local communities, and another huge win for antitrust enforcers at the DOJ,” William J. McGee, senior fellow for aviation and travel at the American Economic Liberties Project, said in a statement. “For the first time in 40-plus years, a judge has flat-out blocked an airline merger to protect us all from an even more consolidated industry.”

    • This reply was modified 3 months ago by Truman.

    Dow 37,360.99 -231.99 -0.62%
    S&P 500 4,765.96 -17.87 -0.37%
    Nasdaq 14,944.35 -28.41 -0.19%
    VIX 13.90 1.20 9.45%
    Gold 2,032.10 -19.50 -0.95%
    Oil 72.03 -0.65 -0.89%
    BITCOIN 43.333


    Interactive Brokers EPS misses by $0.01, revs in-line
    – DARTs 1.93M v 1.91M in Q3, 1.89M in Q4 2022
    – Commission rev $348M from $333M in Q3 & $331M yr ago
    – Execution, clearing, distribution fees expenses rose to $100M from $98M Q3 & $90M yr-ago
    $IBKR $84.75 -2.43 (-2.79%) AH


    Progress Software EPS beats by $0.11, beats on revs; Guides Q1 EPS in-line, revs above consensus.
    Guides FY24 EPS in-line, revs in-line
    $PRGS up 3.3% AH


    Calavo Growers DOWN -6% after Warns, Delays
    Delays release of its Q4 and FY23 earnings results;
    Expects to report FY23 revs below consensus;
    Exploring sale of its Fresh Cut Business to F&S Fresh Foods…
    $CVGW 27.42▼ 1.63 (5.61%) After Hours ·


    Definitive Healthcare (DH) CEP Robert Musslewhite steps down; Founder and Executive Chairman Jason Krantz to serve as interim CEO; reiterates Q4 guidance; issues prelim FY24 guidance.
    DH down 1.5%


    Impinj (PI) raises Q4 revenue guidance…
    PI up 11.0%

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