- Morning Briefing w/ KevinD
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- Thursday March 16 @ 9:10am
Thursday March 16 @ 9:10am
Matthew
March 16, 2023
“When the Fed taps the brakes, somebody goes through the windshield”
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Up a bit
🌎 US Index Futures: Down a bit
🛢 Crude Oil: Down
💵 Dollar: Down a bit
🧐 Yields: Down
🔮 Crypto: Up
🌏 Major Global Catalysts
Credit Suisse borrows 50B Swiss Francs ($54B) from the Swiss National Bank.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Unemployment Claims 205K, reported. The number of individuals who filed for unemployment insurance for the first time during the past week.
8:30am Philly Fed Manufacturing Index -14.7, reported. Level of a diffusion index based on surveyed manufacturers in Philadelphia.
8:30am Building Permits 1.34M Annualized number of new residential building permits issued during the previous month.
8:30am Housing Starts 1.32M Annualized number of new residential buildings that began construction during the previous month.
8:30am Import Prices m/m -0.2% Change in the price of imported goods and services purchased domestically.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
PLBY PLBY Group EPS -0.170 Rev 75.56M
FDX FedEx EPS 2.730 Rev 22.76B
Pre-Market Tomorrow:
BLDP Ballard Power Systems EPS -0.140 Rev 26.20M
AQN Algonquin Power EPS 0.230 Rev 703.54M
XPEV XPeng EPS -0.350 Rev 822.82M
🔮 Selected Analyst Ratings Changes
AMZN Amazon com JP Morgan Maintains Overweight Lowers to 135.00
GOOGL Alphabet JMP Securities Reiterates Market Outperform Maintains 132.00
INTC Intel Susquehanna Upgrades to Neutral Targets 26.00
NFLX Netflix Citigroup Maintains Buy Raises to 400.00
NVDA NVIDIA Wedbush Reiterates Neutral Maintains 216.00
SQ Block Mizuho Upgrades to Buy Raises 93.00
UAA Under Armour Redburn Partners Initiates Coverage at Buy Targets 13.50
📉 Stocks In Play
SNAP Snap Up 6% as the White House demands Biden TikTok's Chinese owners either spin off their share or face a US ban.
FRC First Republic Bank Down another 32% this morning amid reports they're looking for a buyer. It’s very risky but is this bank with good management and assests becoming too stretched the downside?
VORB Virgin Orbit Down 40% on announcement the company is pausing operations and laying off most staff as it seeks funding to continue operations.
ADBE Adobe Up 5% on solid earnings.
💬 Commentary
Yesterday, the major indices experienced a significant gap down at market open, which resulted in a highly volatile trading day. However, there was a partial recovery of the early losses, and despite the choppiness of the Nasdaq, it managed to close with positive gains due to the outperformance of large-cap technology companies. Currently, QQQ is showing positive gains, while SPY and IWM are slightly negative. Europe is exhibiting signs of recovery, as the Swiss National Bank has shown confidence in Credit Suisse by issuing a substantial loan from their credit facility. Although these developments are positive catalysts, the crisis remains dynamic.
A series of mixed economic data was released at 8:30, with minimal impact on the market. It is becoming evident that the focus of next week's FOMC meeting will not be on economic data analysis but on inspiring confidence in the banking system, with the assurance that the Federal Reserve is in control of the situation. The market is expected to be volatile today, although it is becoming more tradable for traders of all levels, and providing good opportunities. However, it is imperative to maintain situational awareness and agility in the face of changing information, without becoming tied to a particular narrative.
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