Pencils down, it’s time for lunch. Here’s what you missed this morning:

• 🟥 | Market Snapshot: The S&P 500 and the Nasdaq Composite retreated this morning amid Nvidia and Micron Technology declines.

• 📈 | In focus: The Commerce Department’s final estimate for Q1 GDP showed an annualized gain of 1.4% — 0.1% higher than the previous estimate. In other economic news, the Labor Department reported 223,000 claims for unemployment insurance in the week ending June 22nd, a 6,000 drop from the previous week.

• 💪 | Noteworthy: Following a stress test of the 31 largest banks in America, the Fed concluded that each bank could withstand a severe recession scenario.

• 🛻 | The Midday Trade: Ford May Start Catching Up in the Race. Scroll down for more.

Plus, our partner will show you how their new trading tool works at no charge.

🛎️ You currently have 0 referrals, only 1 away from receiving JPMorgan's Top Picks For June.

TOGETHER WITH TURNING POINT

This Could Be the Turning Point for Your Portfolio

How much did your portfolio grow in the past two months? Our research shows you could’ve grown a $25,000 account into more than $100,000.

Former multi-million dollar hedge fund manager Roger Scott spent the better half of 2023 developing what might be the most advanced trading tool that exists: a revolutionary software system that the stocks institutions are buying or selling in real-time. 

In the last 2 months, this system has scored an insane 93.5% win rate across 60+ issued trade alerts, giving over 450 regular traders like you a chance to nail 56 winners out of 60 issued trades. Now I’m not promising you’ll get the same results, or that you won’t have any losses. 

But it’s not too late to get in on the next trade. See how this new trading tool works at no charge. 

*By clicking the link above you agree to periodic updates from The TradingPub and its partners (privacy policy)
**Stated results are from hypothetical options applied to real published trades from 10/30/23 - 12/26/23. The result was a 93.5% win rate, an average return of 13.7% including winners and losers and average hold time of less than 24 hours. Performance is not indicative of future results. Trade at your own risk and never risk more than you can afford to lose.

STREET STATS

MORNING MOVERS

Levi Strauss, Walgreens, & Micron

LEVI: Shares of Levi Strauss plummeted following the release of its fiscal second-quarter results, falling short of sales expectations (YF)

WBA: Walgreens shares plunged to the lowest levels in nearly three decades after slashing its full-year profit forecast (TS)

MU: Micron Technology’s stock fell after its Q3 results showed that AI revenue fell short of lofty expectations (Reuters)

HIMS: Shares of Hims & Hers tumbled after Hunterbrook Media published a report raising questions about the company’s weight loss drug sales (WSJ)

IP: International Paper saw its stock fall after Suzano announced that it had ended its efforts to purchase the company (Investopedia)

TOP CALLS

Planet Labs: JMP Securities Reiterates Market Outperform on Planet Labs, Maintains $4 Price Target (Trade It)

AvalonBay Communities: Wells Fargo Maintains Overweight on AvalonBay Communities, Raises Price Target to $222 (Trade It)

Dave: JMP Securities Reiterates Market Outperform on Dave, Maintains $75 Price Target (Trade It)

BioMarin Pharmaceutical: Wells Fargo Maintains Overweight on BioMarin Pharmaceutical, Raises Price Target to $115 (Trade It)

M&T Bank: Keefe, Bruyette & Woods Maintains Market Perform on M&T Bank, Maintains $170 Price Target (Trade It)

General Mills: Wells Fargo Maintains Equal-Weight on General Mills, Lowers Price Target to $67 (Trade It)

THE MIDDAY TRADE

Ford May Start Catching Up in the Race

Underperforming the Competition

Morgan Stanley (MS) is bullish on Ford Motor (F). So bullish, in fact, that analyst Adam Jonas has it as his top stock in the automotive sector. 

Ford Shares have fallen just over 3% over the past six months, while General Motors (GM) shares are up 26% over the same period. In April and May, the six-month performance gap between the two stocks hit 40 percentage points, only the third time one has outperformed the other since 2010. 

However, the investment bank thinks Ford could soon begin to close that gap.

Closing the Gap

Jonas believes the tides may begin to turn as the automotive sector flips from EV investment to capital discipline. EV demand has been underwhelming, and the excitement surrounding them has largely faded. Now, investors are looking to see how automakers will preserve their capital. 

The analyst thinks Ford can turn the tables by focusing on how it uses its capital, which could have a big impact on its stock performance. The stock outperformed in 2021 when Ford pivoted towards EVs, and it may be able to replicate that with another pivot.

Getting Back on Track

Jonas does not anticipate that the automaker will follow in GM’s footsteps and initiate a stock buyback program. However, he believes it will find alternative ways to preserve capital while dishing out excess earnings to shareholders. 

He holds overweight ratings on both Ford and GM but favors Ford because he believes it is better positioned to preserve cash. He has given the stock a $17 price target, a 40% upside from Wednesday’s close. 

There is no doubt that Ford’s stock has underwhelmed investors lately, but a shift in its priorities could get it back on track.

TOGETHER WITH TURNING POINT

This Could Be the Turning Point for Your Portfolio

How much did your portfolio grow in the past two months? Our research shows you could’ve grown a $25,000 account into more than $100,000.

Former multi-million dollar hedge fund manager Roger Scott spent the better half of 2023 developing what might be the most advanced trading tool that exists: a revolutionary software system that the stocks institutions are buying or selling in real-time. 

In the last 2 months, this system has scored an insane 93.5% win rate across 60+ issued trade alerts, giving over 450 regular traders like you a chance to nail 56 winners out of 60 issued trades. Now I’m not promising you’ll get the same results, or that you won’t have any losses. 

But it’s not too late to get in on the next trade. See how this new trading tool works at no charge. 

*By clicking the link above you agree to periodic updates from The TradingPub and its partners (privacy policy)
**Stated results are from hypothetical options applied to real published trades from 10/30/23 - 12/26/23. The result was a 93.5% win rate, an average return of 13.7% including winners and losers and average hold time of less than 24 hours. Performance is not indicative of future results. Trade at your own risk and never risk more than you can afford to lose.

SURVEY THE STREET

SpaceX is preparing for an insider share sale that will value Musk’s astronautics company at $210 billion and price shares at $112 apiece.

Despite not being a publicly listed company, this latest share sale will make SpaceX the most valuable aerospace firm on the planet.

Unless you land a job at SpaceX or have contacts within the company, securing shares is anything but easy — but Bloomberg did provide some insights into how it can be done.

Plus, Yesterday’s Poll + Results:

Will Entertainment Industry Leaders Implement User-Generated Content to Compete With YouTube?

🟩🟩🟩🟩🟩🟩 Yes ✅ 

🟨⬜️⬜️⬜️⬜️⬜️ No ❌