- Morning Briefing w/ KevinD
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- Monday February 27 @ 8:55am
Monday February 27 @ 8:55am
Matthew
February 27, 2023
"Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity."
📈 The Markets Overnight
🌏 Asia: Down a bit
🌍 Europe: Up strongly
🌎 US Index Futures: Up strongly
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Down a bit
🔮 Crypto: Up
🌏 Major Global Catalysts
EU and UK nearing deal on Northern Ireland Brexit.
China Russia meeting on Ukraine peace process.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Core Durable Goods Orders m/m 0.1%, 0.7% reported. Change in the total value of new purchase orders placed with manufacturers for durable goods, excluding transportation items.
8:30am Durable Goods Orders m/m -3.7%, -4.5% reported. Change in the total value of new purchase orders placed with manufacturers for durable goods.
10:00am Pending Home Sales m/m 0.9% Change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
10:30am FOMC Member Jefferson Speaks about recent inflation and the dual mandate at an online event hosted by Harvard University.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
HIMS Hims & Hers Health EPS -0.070 Rev 161.17M
OXY Occidental Petroleum EPS 1.800 Rev 8.66B
ZM Zoom Video Communications EPS 0.800 Rev 1.10B
WDAY Workday EPS 0.910 Rev 1.63
Pre-Market Tomorrow:
TGT Target EPS 1.400 Rev 30.67B
BMO Bank of Montreal EPS 2.350 Rev 5.38B
NCLH Norwegian Cruise Line EPS -0.850 Rev 1.50B
AZO AutoZone EPS 21.910 Rev 3.56B
🔮 Selected Analyst Ratings Changes
COST Costco Wholesale Telsey Advisory Group Reiterates Outperform Maintains 580.00
CRWD CrowdStrike Holdings Morgan Stanley Maintains Overweight Raises to 150.00
ENPH Enphase Energy Janney Montgomery Scott Upgrades to Buy Targets 282.00
LPX Louisiana-Pacific Truist Securities Maintains Hold Lowers to 47.00
SQ Block BMO Capital Maintains Outperform Lowers to 101.00
UNIT Uniti Group Cowen & Co. Maintains Outperform Lowers to 9.00
📉 Stocks In Play
LI Li Auto Up 6.3% along with other Chinese EV makers on positive guidance.
SGMO Sangamo Therapeutics Up 19% to 3.16 on Webush upgrade with $16.
MLEC Moolec Science Molecular farming company up 46% on 35.9M share offering.
💬 Commentary
The past week was brutal for the stock market, with major indices and many individual stocks plummeting and sentiment turning decidedly bearish. However, this level of negativity may be overdone, and a rebound could be in the cards. As we noted in our Weekend Update video, the most likely scenario is a few weeks of choppy consolidation before a return to recent highs, rather than a return to the lows of December.
This morning, equity index futures are showing strong gains, likely due to short-sellers being squeezed out. While we should expect to see continued upside today, there may be a strong intraday pullback as nervous longs take the opportunity to reduce their positions.
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