- Morning Briefing w/ KevinD
- Posts
- Monday March 27 @ 9:00am
"No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.”
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📈 The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Up
🌎 US Index Futures: Up
🛢 Crude Oil: Up strongly
💵 Dollar: Unchanged
🧐 Yields: Up strongly
🔮 Crypto: Down a bit
🌏 Major Global Catalysts
FCNCA First Citizens Bancshares purchases assets of SIVB Silicon Valley Bank
💵 Economic Reports and Events Today
Consensus forecasts shown
None
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
None
Pre-Market Tomorrow:
FUTU Futu Holdings EPS 0.700 Rev 237.12M
WBA Walgreens Boots Alliance EPS 1.100 Rev 33.44B
MKC McCormick & Co EPS 0.520 Rev 1.54B
CURLF Curaleaf Holdings EPS -0.040 Rev 354.36M
🔮 Selected Analyst Ratings Changes
CRM Salesforce RBC Capital Reiterates Outperform Maintains 225.00
DASH DoorDash JMP Securities Reiterates Market Outperform Maintains 100.00
ETSY Etsy Evercore ISI Group Maintains Outperform Lowers to 140.00
JPM JPMorgan Chase RBC Capital Maintains Outperform Lowers to 132.00
MRO Marathon Oil Goldman Sachs Maintains Sell Lowers to 24.00
MSFT Microsoft Wells Fargo Maintains Overweight Raises to 320.00
SQ Block Wedbush Reiterates Outperform Maintains to 114.00
SQ Block Atlantic Equities Downgrades to Neutral Lowers to 70.00
📉 Stocks In Play
FRC First Republic Bank Up 30% as the banking sector rallys on the purchase of Silicon Valley Bank's assets by First Citizens Bank.
IOVA Iovance Biotherapeutics Up 12% after the company completed its Biologics License Application submission for Lifileucel.
NVS Novartis Up 7% on positive results from a trial of its breast cancer treatment.
SI Silvergate Capital Up 13% after Friday's 52% rally on heavy retail trading.
FAANGs Down about 0.2% Several mega-cap tech stocks are down as a rotation to riskier small cap stocks begins.
💬 Commentary
On Friday, the stock market experienced a sharp decline prior to the opening bell followed by a remarkable recovery throughout the trading day, culminating in a positive finish for both the day and the week. An interesting development was the initiation of a market rotation from large-cap technology stocks to small-cap equities, as evidenced by IWM's impressive outperformance over QQQ.
This rotation persists this morning, likely due to the potential stabilization of the banking crisis and the acquisition of Silicon Valley Bank's assets by First Citizens Bank. As a result, other IWM constituents such as small-cap energy, regional banks, healthcare, and biotech stocks are exhibiting noteworthy activity and price appreciation this morning. Early identification of such market rotations can offer a significant advantage, and we will closely monitor these sectors for opportunities and continuation.
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