- Morning Briefing w/ KevinD
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- Tuesday February 28 @ 8:50am
Tuesday February 28 @ 8:50am
Matthew
February 28, 2023
"The brains of humans contain a mechanism that is designed to give priority to bad news."
📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Mixed
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Up strongly
💵 Dollar: Down slightly
🧐 Yields: Up
🔮 Crypto: Down slightly
🌏 Major Global Catalysts
EU and UK very near to finalizing a deal on Northern Ireland.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Goods Trade Balance -90.6B Difference in value between imported and exported goods during the reported month.
9:00am HPI m/m -0.2% Change in the purchase price of homes with mortgages backed by Fannie Mae and Freddie Mac.
10:00am S&P/CS Composite-20 HPI y/y 4.7% Change in the selling price of single-family homes in 20 metropolitan areas.
10:00am CB Consumer Confidence 108.5 Survey of about 3,000 households which asks respondents to rate the relative level of current and future economic conditions including labor availability, business conditions, and overall economic situation.
10:00am Richmond Manufacturing Index -5 Level of a composite index based on surveyed manufacturers in Richmond.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
SPCE Virgin Galactic Holdings EPS -0.510 Rev 370.00K
MNST Monster Beverage EPS 0.630 Rev 1.60B
MARA Marathon Patent Group EPS -0.160 Rev 34.95B
FSLR First Solar EPS -0.150 Rev 989.28M
IPAR Inter Parfums EPS 0.290 Rev 294.02B
AMC AMC Entertainment Hldgs EPS -0.190 Rev 1.01B
HYLN Hyliion Holdings EPS -0.200 Rev 790.00K
RKT Rocket Companies EPS -0.110 Rev 682.73M
BLNK Blink Charging EPS -0.480 Rev 19.11M
RIVN Rivian Automotive EPS -1.940 Rev 747.39M
FSLR First Solar EPS -0.150 Rev 989.28M
Pre-Market Tomorrow:
LOW Lowe's Companies EPS 2.210 Rev 22.71B
DLTR Dollar Tree EPS 2.020 Rev 7.60B
ANF Abercrombie & Fitch EPS 0.860 Rev 1.18B
KSS Kohl's EPS 0.980 Rev 6.00B
NIO NIO EPS 0.000 Rev 7.03B
🔮 Selected Analyst Ratings Changes
BABA Alibaba Group Holding Susquehanna Maintains Positive Lowers to 175.00
CELH Celsius Holdings Credit Suisse Upgrades to Outperform Raises to 120.00
DISH DISH Network B of A Securities Downgrades to Underperform Lowers to 10.00
HIMS Hims & Hers Health B of A Securities Maintains Buy Raises to 13.50
📉 Stocks In Play
ZM Zoom Video Communications Up 5% on better than expected Q4 and strong guidance.
NCLH Norwegian Cruise Line Down 6% on mixed earnings.
ILAG Intelligent Living Application Up 37% on announcement of smart home security products using blockchain.
💬 Commentary
Yesterday, the markets experienced volatility, with a strong gap up being almost entirely erased. This type of price action does not indicate a strongly bullish or bearish market, as both buyers and sellers are active, resulting in messy and indecisive charts. It is important to be cautious during this period, taking profits quickly and cutting losses even quicker. However, there are some pockets of strength in certain stocks, such as TSLA, that can provide opportunities for those looking to hold positions for longer periods. Look for relative strength if you're trying to hold for more than a few hours. Today that might mean energy plays although they could be getting extended already this morning. Alternatively, mean reversion strategies may prove profitable, by buying the dip and selling the rip. As the market eventually breaks out of this messy period, we can expect to see clearer trends emerge but we're not there just yet.
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