- Morning Briefing w/ KevinD
- Posts
- Thursday May 11 @ 9:00am
"Probably one of my greatest assets over the last 30 years is that I’m open-minded and I can change my mind very quickly."
📈 The Markets Overnight
🌏 Asia: Down slightly
🌍 Europe: Mixed
🌎 US Index Futures: Mixed
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Down
🔮 Crypto: Down
🌏 Major Global Catalysts
Inflation reports still in focus with today’s PPI Producer Price Index.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Core PPI m/m 0.2%, 0.2% reported. Change in the price of finished goods and services sold by producers, excluding food and energy.
8:30am PPI m/m 0.3%, 0.2% reported. Change in the price of finished goods and services sold by producers.
8:30am Unemployment Claims 245K, 264K reported. The number of individuals who filed for unemployment insurance for the first time during the past week.
10:15am FOMC Member Waller Speaks about financial stability and climate change at a conference organized by the Federal Reserve Bank of St. Louis.
1:01pm 30-y Bond Auction Highest yield on a 30-year bond the government sold at auction, and the bid-to-cover ratio of the auction.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
SLF Sun Life Financial EPS 1.130 Rev 787.76M
GETY Getty Images Holdings EPS 0.040 Rev 228.74M
IAG Iamgold EPS -0.020 Rev 227.32M
PHUN Phunware EPS -0.070 Rev 5.38M
Pre-Market Tomorrow:
CPG Crescent Point Energy EPS 0.300 Rev 636.83M
🔮 Selected Analyst Ratings Changes
COST Costco Wholesale Morgan Stanley Maintains Overweight Raises to 535.00
AA Alcoa Credit Suisse Upgrades to Outperform Targets 50.00
LTHM Livent Keybanc Upgrades to Overweight Targets 30.00
MOS Mosaic Piper Sandler Downgrades to Neutral Targets 42.00
RBLX Roblox Benchmark Upgrades to Buy Targets 45.00
SQ Block CLSA Downgrades to Underperform Lowers to 63.00
TWLO Twilio Goldman Sachs Downgrades to Neutral Lowers to 53.00
📉 Stocks In Play
SOUN SoundHound AI Up 6% along with other AI companies ahead of earnings after the close.
GOOGL Alphabet Up 2.5% after yesterday's I/O developers conference highlighted AI offerings.
IBRX ImmunityBio Down 50% after FDA does not approve their cancer drug.
WW WW International Down 13% as a major shareholder sells it's remaining stake.
💬 Commentary
Yesterday, the pre-market gains after the CPI report were quickly given back as the market spent most of the day declining. However, in the afternoon, a strong rally helped the market find its footing, resulting in overall positive price action. This is encouraging for bullish investors who can use this as a basis for continued buying.
Today, ahead of the PPI and employment reports, there has been a lot of volatility, which is primarily due to negative news from PACW PacWest, the bank at the center of the latest round in the regional banking crisis. The morning's data came in mixed, with PPI lighter than expected, and unemployment claims a little hotter than expected. The market's reaction so far has been relatively muted, indicating that it will likely be another choppy day. It looks like the best long side opportunities today will be in the communications and discretionary sectors with regional banks and energy leading to the downside.
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