- Morning Briefing w/ KevinD
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- Wednesday February 22 @ 8:50am
Wednesday February 22 @ 8:50am
Matthew
February 22, 2023
"Down cycles are not fun. But they form the basis for enormous future profitability.”
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Down
💵 Dollar: Near unchanged
🧐 Yields: Down slightly
🔮 Crypto: Down
🌏 Major Global Catalysts
An uncertain future for mega retailers
Increasing fears of rising rates
💵 Economic Reports and Events Today
Consensus forecasts shown
All Week G20 Meetings Day 1 G20 meetings are attended by finance ministers and central bankers from 20 industrialized nations including the G7 nations.
2:00pm FOMC Meeting Minutes A detailed record of the FOMC's most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
NVDA NVIDIA EPS 0.BABA Alibaba Group Holding EPS 2.360 Rev 35.65B
TDOC Teladoc Health EPS -0.250 Rev 633.65M
U Unity Software EPS 0.010 Rev 438.95M
ETSY Etsy EPS 0.820 Rev 750.65M
LMND Lemonade EPS -1.200 Rev 78.26M
BROS Dutch Bros EPS 0.070 Rev 195.76M
EBAY eBay EPS 1.060 Rev 2.46B
LCID Lucid EPS -0.400 Rev 302.61M
Pre-Market Tomorrow:
BABA Alibaba Group Holding EPS 2.360 Rev 35.65B
PLNT Planet Fitness EPS 0.470 Rev 272.01M
W Wayfair EPS -1.610 Rev 3.06B
DISH DISH Network EPS 0.470 Rev 4.15B
MRNA Moderna EPS 4.680 Rev 5.02B
🔮 Selected Analyst Ratings Changes
COTY Coty Wells Fargo Maintains Equal-Weight Raises to 11.00
CZR Caesars Entertainment JP Morgan Maintains Overweight Raises to 69.00
DKNG DraftKings Morgan Stanley Maintains Overweight Raises to 22.00
SHOP Shopify DA Davidson Upgrades to Buy Targets 50.00
SQ Block Keybanc Maintains Overweight Raises to 100.00
WMT Walmart Credit Suisse Reiterates Outperform Maintains 170.00
📉 Stocks In Play
PANW Palo Alto Networks Up 10% on an earnings beat and raised guidance.
BIDU Baidu Up 7% on earnings and $5B share buyback.
LLAP Terran Orbital Low float, it's already traded 6X the float, up 118% on a $2.4B contract for satellite production.
💬 Commentary
Yesterday morning, the markets experienced a significant gap down and sold off relentlessly throughout the day. An early and misguided attempt by the bulls to buy the dip resulted in their absence for the rest of the day. All 11 sectors were down, with energy showing relative strength and consumer discretionary leading the decline. While the return of big red candles and downside momentum is not desirable, the selling was orderly and not panicked. We have entered an area of strong support that, absent any major catalysts, is expected to hold. It is crucial to maintain the SPY zone of 397 to 402, with additional robust support around 392.
All eyes will be on the release of the FOMC minutes from the last meeting at 2:00 this afternoon. Given the significant events that have transpired since the last meeting, this report may appear outdated and have a muted effect on the markets unless there is new information to analyze. Today, market conditions are expected to be choppy, with a high potential for strong reversals, and thus, caution is warranted.
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