- Morning Briefing w/ KevinD
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- Thursday February 23 @ 8:55am
Thursday February 23 @ 8:55am
Matthew
February 23, 2023
“Often a sign of expertise is noticing what doesn't happen.”
📈 The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Up
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Up
💵 Dollar: Down slightly
🧐 Yields: Up
🔮 Crypto: Mixed
🌏 Major Global Catalysts
Inflation and rates still in focus with markets digesting yesterday’s FOMC minutes release.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Prelim GDP q/q 2.9%, 2.7% reported. Annualized change in the value of all goods and services produced by the economy.
8:30am Prelim GDP Price Index q/q 3.5%, 3.9% reported. Annualized change in the price of all goods and services included in GDP.
8:30am Unemployment Claims 200K, 192K reported. The number of individuals who filed for unemployment insurance for the first time during the past week.
11:00am Crude Oil Inventories 2.9M Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
SQ Block EPS 0.300 Rev 4.60B
LYV Live Nation Entertainment EPS -0.920 Rev 3.60B
BYND Beyond Meat EPS -1.180 Rev 75.80M
CVNA Carvana EPS -2.290 Rev 3.10B
Pre-Market Tomorrow:
None
🔮 Selected Analyst Ratings Changes
COTY Coty Piper Sandler Maintains Overweight Raises to 14.00
INTC Intel Morgan Stanley Upgrades to Equal-Weight Lowers to 28.00
NVDA NVIDIA Goldman Sachs Upgrades to Buy Targets to 275.00
PLTR Palantir Technologies RBC Capital Reiterates Underperform Maintains at 5.00
TDOC Teladoc Health SVB Leerink Upgrades to Outperform Targets to 34.00
TGT Target Telsey Advisory Group Maintains Outperform Raises to 185.00
U Unity Software Piper Sandler Maintains Overweight Raises to 43.00
📉 Stocks In Play
NVDA NVIDIA Up 11.5% on an earnings beat and guidance showing video game growth resuming.
OCEA Ocean Biomedical Small cap bio-tech up 13.7% on report of positive results from melanoma and glioblastoma research.
LCID Lucid Down 13% on lower than expected earnings and production nubmers, and weak orders.
💬 Commentary
We had a very choppy day yesterday as the market was focused on the FOMC meeting minutes release and their effect on interest rates. The report showed a Fed that was more hawkish than expected, concern about the tight job market, and firmly committed to controlling inflation with continued rate hikes if required. Not surprisingly this nervous market sold off report and continued selling into the close. NVDA's earnings beat after hours turned things around and lifted all the indices, especially the Nasdaq. That bullish sentiment continued this morning ahead of the morning economic reports with the incises printing another leg up.
Markets are currently selling off on a GDP price index report that came in hotter than expected and an unemployment claims number that shows continued tightness in the job market. It looks like another choppy day ahead that favours range trading.
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