- Morning Briefing w/ KevinD
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- Thursday March 2 @ 9:00am
Thursday March 2 @ 9:00am
Matthew
March 02, 2023
“Whenever you see a successful business, someone once made a courageous decision."
📈 The Markets Overnight
🌏 Asia: Down a bit
🌍 Europe: Down a bit
🌎 US Index Futures: Down
🛢 Crude Oil: Up slightly
💵 Dollar: Up a lot
🧐 Yields: Up a lot
🔮 Crypto: Down
🌏 Major Global Catalysts
Investors are becoming increasingly nervous about rising yields as the 2-year hits it’s highest level since 2007 at 4.91%
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Unemployment Claims 196K The number of individuals who filed for unemployment insurance for the first time during the past week.
8:30am Revised Nonfarm Productivity q/q 2.5% Annualized change in labor efficiency when producing goods and services, excluding the farming industry.
8:30am Revised Unit Labor Costs q/q 1.6% Annualized change in the price businesses pay for labor, excluding the farming industry.
4:00pm FOMC Member Waller Speaks about the economic outlook at the the Mid-Size Bank Coalition of America Virtual Event. Audience questions expected.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
COST Costco Wholesale EPS 3.210 Rev 55.53B
AI C3ai EPS -0.220 Rev 64.25M
AVGO Broadcom EPS 10.110 Rev 8.90B
CHPT ChargePoint Holdings EPS -0.170 Rev 165.45M
HPE Hewlett Packard EPS 0.540 Rev 7.43B
DELL Dell Technologies EPS 1.640 Rev 23.48B
ZS Zscaler EPS 0.290 Rev 364.91M
MRVL Marvell Technology Group EPS 0.470 Rev 1.40B
JWN Nordstrom EPS 0.660 Rev 4.35B
Pre-Market Tomorrow:
None
🔮 Selected Analyst Ratings Changes
CELH Celsius Holdings Credit Suisse Reiterates Outperform Maintains 120.00
CRM Salesforce TD Cowen Maintains Outperform Raises to 190.00
CRM Salesforce JMP Securities Reiterates Market Perform Maintains 250.00
NIO NIO JP Morgan Downgrades to Neutral Lowers to 10.00
NVDA NVIDIA Raymond James Assumes Strong Buy Targets 290.00
PLUG Plug Power RBC Capital Maintains Outperform Lowers to 17.00
TGT Target Raymond James Maintains Strong Buy Raises to 195.00
TSLA Tesla Wedbush Reiterates Outperform Maintains 225.00
📉 Stocks In Play
CRM Salesforce Up 17% on strong earnings and guidance.
SI Silvergate Capital Down 44% after announcing annual report will be delayed and receiving numerous analyst downgrades.
TSLA Tesla Down 7.3% as Elon disappoints investors with his failure to follow through on all his hype leading up to yesterday's investor day.
PSNY Polestar Automotive Up 6% after reporting higher Q4 results and reaffirming production estimates.
💬 Commentary
Yesterday's trading session saw weakness prevailing, as the market experienced a choppy down day. The ongoing tug-of-war between the bullish and bearish sentiments is clearly evident on the intraday charts, characterized by frequent sharp reversals. This type of price action may present an opportunity for mean reversion traders but for most investors, it can be a challenging and risky environment to navigate.
This morning, the market is expected to open lower on the back of concerns over potential interest rate hikes by the Federal Reserve and underwhelming news from Tesla's Investor Day. Despite the downward pressure, the market is currently sitting on a strong support level, which may limit the extent of the downside. It's more likely that the bulls will attempt to rally off the lows and push the market higher, but they will face resistance from sellers, which could lead to further choppy price movements.
In this kind of market environment, it's important to remain patient and cautious, waiting for a clearer direction to emerge. While there may be opportunities for short-term trades, it's essential to have a sound risk management strategy in place to protect your portfolio.
March Poll
Morning Briefing readers are a bullish group. We asked yesterday if readers are bullish, bearish or neutral for the month of March. 72% of respondents came in bullish with bearish and neutral coming in at 14% each.
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