- Morning Briefing w/ KevinD
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- Wednesday March 1 @ 9:00am
Wednesday March 1 @ 9:00am
Matthew
March 01, 2023
"In many ways, the stock market is like the weather in that if you don't like the current conditions, all you have to do is wait a while."
Take our Sentiment Poll at the bottom of the email! 🐻🚀📈
📈 The Markets Overnight
🌏 Asia: Up, China up very strongly
🌍 Europe: Up a bit
🌎 US Index Futures: Down a bit
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Mixed
🔮 Crypto: Up stongly
🌏 Major Global Catalysts
Global markets rallied overnight on strongest increase in Chinese manufacturing data in over a decade.
💵 Economic Reports and Events Today
Consensus forecasts shown
9:00am FOMC Member Kashkari Speaks in a panel discussion in Minneapolis.
10:00am ISM Manufacturing PMI 47.9 Survey of about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
10:00am Construction Spending m/m 0.2% Change in the total amount builders spent on construction projects.
10:00am ISM Manufacturing Prices 45.5 Level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
10:30am Crude Oil Inventories 1.7M Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
CRM Salesforce EPS 1.370 Rev 7.99B
PLUG Plug Power EPS -0.250 Rev 277.39M
CELH Celsius Holdings EPS -0.100 Rev 179.13M
ZUO Zuora EPS -0.060 Rev 100.23M
SNOW Snowflake EPS 0.040 Rev 575.72M
OKTA Okta EPS 0.090 Rev 489.36M
SPLK Splunk EPS 1.150 Rev 1.07B
Pre-Market Tomorrow:
KR Kroger EPS 0.890 Rev 34.88B
BBY Best Buy Co EPS 2.110 Rev 14.72B
M Macy's EPS 1.570 Rev 8.25B
🔮 Selected Analyst Ratings Changes
AMAT Applied Materials Needham Reiterates Buy Maintains 135.00
CZR Caesars Entertainment Morgan Stanley Maintains Equal-Weight Raises to 57.00
FSLR First Solar Goldman Sachs Maintains Buy Raises to 260.00
MNST Monster Beverage Citigroup Maintains Buy Lowers to 118.00
PLTR Palantir Technologies DA Davidson Initiates Coverage at Neutral Targets 8.00
TGT Target Baird Maintains Outperform Raises to 195.00
📉 Stocks In Play
TSLA Tesla Up 0.25% ahead of Investor Day starting at 4pm ET, live streamed from Giga Factory Texas.
NVAX Novavax Down 26% after the company expressed doubts about it's ability to stay in business. Careful, bankruptcy and eventual delisting likely.
KSS Kohl's Down 7.6% on poor earnings and guidance.
RETA Reata Pharmaceuticals Small cap with very high short interest up 173% on FDA approval of drug for a rare genetic disorder.
BABA, BIDU, PDD, JD, BILI up around 5% on improving economic outlook for China.
💬 Commentary
Yesterday, the stock market experienced choppy trading as the indices remained range-bound. Index futures were weak in after-hours trading until China's release of strong manufacturing data sparked a global market rally, which has since lost momentum in the pre-market. However, this morning, the indices are giving back their overnight gains due to weak earnings and disappointing forward guidance from several retailers. This is setting us up for another choppy day, with little indication of a major catalyst to break us out of this range anytime soon. While the ISM Manufacturing PMI report at 10am may impact the market today, it is unlikely to trigger a strong rally. So, it seems we will likely have to settle for another day of the grind.
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