- Morning Briefing w/ KevinD
- Posts
- Monday July 22 @ 9:00am
“It takes 20 years to build a reputation and only 5 minutes to ruin it.”
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Up strongly
🌎 US Index Futures: Up strongly
🛢 Crude Oil: Down
🪙 Gold: Down slightly
🧐 Yields: Down
💵 Dollar: Down slightly
🔮 Crypto: Down a bit
🌏 Major Global Catalysts
💵 Economic Reports and Events Today
None
FOMC member blackout period in effect until after the July 31 FOMC meeting.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
Pre-Market Tomorrow:
SPOT Spotify Technology EPS: 1.18 Revenue: 4.09B (link)
KMB Kimberly-Clark EPS: 1.71 Revenue: 5.11B (link)
ACI Albertsons Companies EPS: 0.67 Revenue: 24.14B (link)
GE GE Aero EPS: 0.99 Revenue: 8.46B (link)
FCX Freeport-McMoRan EPS: 0.38 Revenue: 5.99B (link)
LMT Lockheed Martin EPS: 6.46 Revenue: 17.04B (link)
KO Coca-Cola EPS: 0.81 Revenue: 11.75B (link)
PM Philip Morris International EPS: 1.57 Revenue: 9.17B (link)
GM General Motors EPS: 2.72 Revenue: 45.30B (link)
UPS United Parcel Service EPS: 1.99 Revenue: 22.18B (link)
CMCSA Comcast EPS: 1.12 Revenue: 30.02B (link)
PHM PulteGroup EPS: 3.27 Revenue: 4.49B (link)
🔮 Selected Analyst Ratings Changes
ANF Abercrombie & Fitch: JP Morgan Upgrades to Overweight Raises Target to $194.00
CHUY Chuy's Holdings: Wedbush Downgrades to Neutral Lowers Target to $37.50
CRWD CrowdStrike Holdings: BTIG Downgrades to Neutral No Target
CRWD CrowdStrike Holdings: Guggenheim Downgrades to Neutral No Target
LEN Lennar: Goldman Sachs Downgrades to Neutral Lowers Target to $174.00
NU Nu Holdings: JP Morgan Downgrades to Neutral Raises Target to $14.50
TXG 10x Genomics: Jefferies Upgrades to Buy Maintains Target at $24.00
📉 Stocks In Play
CRWD CrowdStrike Holdings: Down 5% as analyst downgrades come in after Friday's outage. (link)
S SentinelOne: Up 5% as traders buy CrowdStrike's competitors. See also PANW Up 1%, NOW Up 1%. (link)
NVDA NVIDIA: Up 2% on reports the company is developing a version of its new Blackwell AI chips for the Chinese market that will comply with U.S. export controls. (link)
TAN Invesco Solar ETF: Up 3% as Harris is seen as solar-friendly. (link)
SERV Serve Robotics: Up 37% adding to Friday's 187% gain after Nvidia disclosed a 10% stake in the company. (link)
VZ Verizon Communications: Down 3% as revenue falls below expectations. (link)
💬 Commentary
Markets were highly volatile last week as breadth improved dramatically. Small-cap stocks made strong gains early in the week but gave back most of those gains by week's end. The senior indices, especially the Nasdaq, were notably weak throughout the week due to sell-offs in semiconductors and the "Mag 7" stocks.
This week promises to be just as volatile, if not more so. The week begins with reaction to President Biden's announcement that he will not run for reelection. On Tuesday, earnings reports from Tesla and Alphabet, along with UPS and GM, will be closely watched as earnings season ramps up. The economic calendar is also busy, with the Flash Manufacturing and Services PMIs on Wednesday, along with the Bank of Canada rate announcement. Thursday's Q2 GDP report will be closely monitored, and finally, on Friday, the Fed's favored inflation gauge, the Personal Consumption Expenditures (PCE) report, will be released just in time for the next week’s FOMC meeting.
Stocks are moving strongly higher, shaking off the political events of the weekend. The Nasdaq is leading the charge, up 1.1% as mega-cap tech and the Mag 7 see strong gains across the board. Small caps are lagging, gaining only 0.4%. It appears this early tech rally may continue through the day and potentially extend into tomorrow’s earnings reports from Google and Tesla.
⛵ When you’re ready…
Some tools/resources that I personally find valuable.
A powerful yet simple fundamental analysis tool: Stock Unlock
AI-powered stock research tools used by institutional investors: Finchat
The trading journal to help improve your trading performance: Tradervue
Analyze trade ideas with me, KevinD, in live calls: My trading group
#1 charting software for serious traders: TradingView
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