- Morning Briefing w/ KevinD
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- Tuesday March 21st @ 9:00am
Tuesday March 21st @ 9:00am
Matthew
March 21, 2023
“Amateurs know the rules, but experts know the exceptions.”
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📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up strongly
🌎 US Index Futures: Up strongly
🛢 Crude Oil: Up strongly
💵 Dollar: Down
🧐 Yields: Up
🔮 Crypto: Up
🌏 Major Global Catalysts
The US Treasury is suggesting the possibility of insuring all deposits of any size, at all banks.
💵 Economic Reports and Events Today
Consensus forecasts shown
10:00am Existing Home Sales 4.19M Annualized number of residential buildings that were sold during the previous month, excluding new construction.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
GME GameStop EPS -0.130 Rev 2.18B
ARRY Array Technologies EPS 0.080 Rev 366.77M
NKE Nike EPS 0.540 Rev 11.45B
Pre-Market Tomorrow:
WOOF Petco Health and Wellness EPS 0.240 Rev 1.57B
OLLI Ollie's Bargain Outlet EPS 0.480 Rev 456.19M
BZUN Baozun EPS 0.390 Rev 387.93M
WGO Winnebago Industries EPS 1.450 Rev 823.06M
🔮 Selected Analyst Ratings Changes
DKNG DraftKings Benchmark Reiterates Buy Maintains 23.00
GOOGL Alphabet Stifel Reinstates Buy Targets 130.00
NEE NextEra Energy Morgan Stanley Maintains Overweight Lowers to 94.00
NFLX Netflix Benchmark Reiterates Sell Maintains 250.00
META Meta Platforms Morgan Stanley Upgrades to Overweight Raises to 250.00
📉 Stocks In Play
FRC First Republic Bank Up 24% on Treasury chatter and Jamie Dimon rescue plan.
ALT Altimmune Down 36.% after the company announced results from Phase 2 obesity trial and 12-week Phase 1b type 2 diabetes safety trial.
CSIQ Canadian Solar Up 9% on strong earnings.
AG First Majestic Silver Down 14% on the temporary closure of one of the company's mines representing 21% of revenue.
💬 Commentary
Yesterday saw a stabilizing of the markets with a relief rally led by the energy, materials, and financials sectors. Although there was an early and violent rotation away from tech, all 11 S&P sectors and major indices finished in the green by the end of the day. In the pre-market this morning, there is a sea of green with IWM leading the way and QQQ lagging behind. Financials and energy are the leading sectors, with KRE - the regional banking ETF - up more than 4%.
This renewed confidence in the financial sector comes in the wake of JP Morgan's proposal for a rescue plan for the troubled First Republic Bank, and the Treasury Department's exploration of ways to insure all deposits above the current $250K limit. The rally is expected to continue today, but at a slower pace later in the day, as traders position themselves for tomorrow's FOMC meeting results, where a 25bps rate hike is now showing an 85% probability.
While aggressive traders may find plenty of opportunities today, more risk-averse investors may want to wait until after the FOMC meeting before making any major moves.
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