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🐣 Earnings Season
Plus, Boeing's quality issues cost United Airlines this much.
Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.
🟥 | US Stocks Fell on Wednesday, with the S&P 500 and Nasdaq Composite closing lower for a fourth straight day. The market faced downward pressure from declines in mega-cap tech stocks like Nvidia, Meta, and Apple.
📈 | One Notable Gainer: Shares of Interactive Brokers rose 2% after Bank of America increased its price target from $147 to $152. Bank of America cites a favorable macroeconomic environment marked by rising equity markets and growing retail engagement.
📉 | One Notable Decliner: Property casualty insurance company Travelers Companies saw its stock plummet 7%, suffering its biggest selloff in 4 years after reporting a profit miss.
🐣 | Tomorrow's Trade: Earnings Season. Scroll down for more.
Plus, ever hear of the concept of “one clicker payouts”? Today’s partner has all the details. Watch this video before you start trading.
YESTERDAY’S POLL RESULTS
🟩🟩🟩🟩🟩🟩 Bullish
🟨⬜️⬜️⬜️⬜️⬜️ Bearish
S&P 500 Heatmap. Credit: Finviz
All stocks on US exchanges. Credit: Finviz
Global ADR snapshot. Credit: Finviz
MARKET MOVERS
ADDY (+6%) Adidas shares hit two-year highs as “terrace” sneaker trend boosts brand heat (Reuters)
LLY (+1%) Eli Lilly’s highly popular weight loss drug Zepbound showed promise as a sleep apnea treatment in late-stage trials (CNBC)
ASML (-7%) Key semiconductor manufacturing equipment maker ASML said that sales suffered a steeper drop than investors had expected (CNBC)
URBN (-3%) Urban Outfitters shares declined after Jefferies warned about slowing foot traffic and cut its rating to Underperform (Investopedia)
USB (-4%) Shares of US Bancorp fell after the regional bank reported a drop in revenue and lowered its guidance for 2024 net interest income (Barron’s)
TOGETHER WITH MONUMENT TRADERS ALLIANCE
Dear Reader: Nvidia stock has been on fire this year… And while the regular gains have been spectacular...
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It involves one ticker… One trade… Every week.
And in June, NVDA could have produced three winners (out of four trades)...
And $1,000 in each of the four trades would've turned into $13,700! This 243% total gain (within a month) is more than NVDA has made all year!
But that's the power of One Ticker Payouts.
How is this possible?
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OVERHEARD ON THE STREET
FT: The IMF warned the US that its massive fiscal deficits have stoked inflation and pose “significant risks” for the global economy.
CNN: United Airlines claims it was pushed into the red by Boeing and its ongoing quality issues, resulting in a $200 million hit in the first quarter.
Reuters: Apple's CEO says the company is considering a manufacturing facility in Indonesia. Apple has already met Indonesia’s 35% local content requirement.
CNN: Ford is recalling more than 450,000 compact SUVs and pickup trucks in the United States because they might lose drive power resulting from a battery issue.
CNBC: Amazon cloud unit killed its Snowmobile data transfer truck eight years after driving its 18-wheeler onstage at its Reinvent conference.
TOMORROW’S TRADE IDEA, TODAY
Overweight Tech Stocks
With some major earnings reports right around the corner, Wells Fargo (WFC) has its eyes on some tech stocks that could see a bump.
The bank has identified several overweight companies primed for growth. It highlighted Uber (UBER) and Monday.com (MNDY) as stocks with attractive growth prospects. Both are expected to report earnings in May.
Uber
According to analyst Ken Gawrelski, Uber is a “buy now” stock. He recently raised his price target from $90 to $95, a 28% upside from Tuesday’s close.
The analyst believes that price rate increases will drive growth and help offset driver insurance costs for Uber. He also pointed out that the company’s recent Investor Day was a success, with high sentiment surrounding the stock. He’s confident that won’t change even if the company misses earnings for Q1.
Uber shares are up over 26% this year and a whopping 131% over the past 12 months.
Monday.com
Project-management software company Monday.com currently holds an overweight rating from analyst Michael Berg. He sees several factors as possible tailwinds for growth.
Berg cited the company’s differentiated platform and strong growth levers as assets that could help it continue to seize market share.
On top of that, he’s bullish on its pricing power and ability to withstand a tough macroeconomic landscape. According to Berg, Monday’s partners remain confident and plan to keep investing.
Its shares are up over 5% year-to-date and 42% over the past 12 months.
As Q1 results start to roll in, these stocks could allow investors to get a jump on companies poised for growth throughout the rest of the year.
Which stock do you think will outperform over the next 12 months? |
TOGETHER WITH MONUMENT TRADERS ALLIANCE
Dear Reader: Nvidia stock has been on fire this year… And while the regular gains have been spectacular...
Research shows that a new strategy that was just introduced by multimillionaire trading wizard Nate Bear could have produced BIGGER gains in one-seventh of the time!
He calls the strategy "One Ticker Payouts"...
It involves one ticker… One trade… Every week.
And in June, NVDA could have produced three winners (out of four trades)...
And $1,000 in each of the four trades would've turned into $13,700! This 243% total gain (within a month) is more than NVDA has made all year!
But that's the power of One Ticker Payouts.
How is this possible?
This ad is sent on behalf of Monument Traders Alliance. 105 West Monument Street, Baltimore, MD 21201.
ON OUR RADAR
WP: In a joint statement, the governors of six Southern states warned their residents that joining the United Auto Workers would threaten state jobs.
Axios: IRS data shows that this year’s average income tax refund is larger, but fewer taxpayers have gotten money back than last year.
Bloomberg: US utility debt has long been favored by risk-averse investors, but an uptick in wildfires has upended some of the safest bets on Wall Street.
Axios: Enrollment in vocational programs and trade jobs is ticking up as Gen-Zers look to start their careers without the high cost of a college degree.
Bloomberg: The GOP bill will include the divest-or-ban bill of TikTok in a package of fast-moving bills that include aid for Ukraine and Israel.
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