November 29, 2022

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Stock futures rose on Tuesday morning

Stock futures rose on Tuesday morning

JPMorgan is promoting Toll Brothers, and says the shares are cheap to trade compared to peers

JPMorgan upgraded shares of Toll Brothers to overweight from a neutral rating, saying in a note to clients Tuesday that the stock trades at a strong discount to its homebuilder peers.

Analyst Michael Rehaut said Toll Brothers is “inexpensive relative to our projections for roughly average gross margins and only moderately below average return on equity for its larger caps in 2023 and 2024,” noting that the company trades at a price-to-discount. WordPad. competitors.

Shares rose 3% in the primary market.

CNBC Pro subscribers can do so Read more about the call here.

– Samantha Sobin

Best Buy, Dicks Sporting Goods and more – the biggest pre-market stock moves

A number of stocks are moving in pre-market trading due to earnings and more.

best buy – The company’s shares jumped after a beat on earnings and an enhanced financial outlook for 2023.

Dick’s Sporting Goods Shares initially rose on outperforming revenue and earnings, as well as better-than-expected third-quarter sales and higher guidance, but later fell.

Abercrombie & Fitch The retail stock jumped about 13% on its earnings beat.

Read more here.

– Carmen Renick

Wall Street cuts Zoom Video price targets after weak guidance

shares Video zoom It fell about 9% in pre-market trading after providing weak guidance for the fourth quarter.

The videoconferencing company reported better-than-expected adjusted earnings per share of $1.07 for the third quarter, but that didn’t win over Wall Street analysts. Several lowered their price targets for Zoom last night and this morning.

Matthew Nicknam, an analyst at Deutsche Bank, writes, “We are struggling to find an upside catalyst in the near term, as the online business is likely to put pressure on the next several quarters, and our estimates point to further downside risks to the street revenue numbers from here.” “. In stock to $75 per share from $95.

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Piper Sandler, MoffettNathanson, Mizuho, ​​UBS and Wells Fargo have also lowered their price target on Zoom Video.

In lowering his price target from $85 to $80, MoffettNathanson analyst Sterling Otey said that “Zoom’s role is still a long way off.”

“Breadcrumbs are being laid out to get a sense of when the overall growth of the business might reverse and, if all goes well, that would still be three quarters into the future. However, it is not entirely clear whether a deteriorating macro environment (layoffs) would extend schedule to a turn-around, or just lead to a lower growth rate before the turn-off,” Auty said in a note to clients.

– Jesse Pound and Michael Bloom

Stock picking opportunities are bullish for the market, says Wilson

A senior Wall Street strategist says the next boom cycle for stocks will not look like the peak of the last decade but will be a rich environment for stock pickers.

Mike Wilson, senior US equity analyst at Morgan Stanley, said on Tuesday that while he expects the S&P 500 to decline from here before hitting a low in 2023, stocks are beginning to separate from each other in a preview of the next sustained rally.

“Probably one of the most optimistic things we’re seeing in the future is that there won’t be a 10-share stock market anymore. There will be more opportunities. It will be more democratic throughout the stock market,” Wilson said. squawk box”.

He added, “It doesn’t mean it will be easy as a stock picker, but there will be more participants. The range is improving. That’s what we’re seeing.”

Wilson released his predictions for 2023 last week. Read more about his predictions on CNBC Pro.

– Jesse Pound

Best Buy jumps in after raising guidance for a full year

Shares of Best Buy rose more than 7% in the pre-market after the e-retailer raised its financial outlook for 2023.

“We’re updating our outlook for fiscal ’23 to stream through our better-than-expected third-quarter results while keeping our outlook for the fourth quarter unchanged,” said Chief Financial Officer Matt Belunas. “We now expect comparable sales to be down approximately 10% and our non-GAAP operating income rate2 to be just above 4.0%.”

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The company also reported third-quarter earnings and revenue that exceeded analysts’ expectations.

– Fred Imbert

Karvana gets another cut

Analysts continued to save carvana, with Quinn being the latest company to downgrade the used car seller. Quinn downgraded its stock-to-market performance rating from outperform and cut its price target to $10 from $55.

“CVNA did not meet 22 profit targets while carrying a significant debt load,” the company wrote, adding that it now estimates that the company will not achieve EBITDA until 2024. “Overall, we are less confident in CVNA’s timeline for reaching to positive free cash flow results.”

Carvana shares are down 97% in 2022.

CNBC Pro subscribers can read more here.

Sam Sabine

European markets rose cautiously as investors assessed economic concerns

European markets It was relatively higher on Tuesday with investors in the area Tracked concerns among us And the counterparts in Asia and the Pacific On China’s tightening of Covid restrictions, which continues to put pressure on production.

Pan-European Stokes 600 It rose 0.3% in early trade. Oil and gas stocks rose 3.2 percent after Saudi Arabia denied a report that OPEC + may boost oil production, while technology stocks fell 0.5 percent.

– Elliot Smith

CNBC Pro: Inflation poised to slide, Morgan Stanley’s Wilson says, but warns of ‘new era’ ahead

Mike Wilson, chief US equity strategist at Morgan Stanley, said he expects a “very sharp drop in inflation,” and predicts when this could happen.

But he said there are two areas of exception, where inflation could be “more persistent”.

CNBC Pro subscribers can read more here.

– Wizen tan

CNBC Pro: Amazon Is Down 40% This Year — Is It Time To Buy? Market professionals have their say

Once upon a time dear Wall Street, Amazon It lost some of its luster this year. The e-commerce giant’s stock is down more than 40%, far underperforming Standard & Poor’s 500which fell by about 15% in the same period.

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Is it time for investors to pile up again? Two Market Professionals Face Off on CNBC”Street signs asiaThursday to make an argument for and against buying the stock.

CNBC Pro subscribers can read more here.

– Xavier Ong

Oil recorded its lowest level since January in Monday’s trading

Crude oil fell to prices not seen since January in Monday’s trading.

Midwest Texas It fell by 0.4% to $79.73 a barrel, after hitting $75.08 a barrel. This has not been achieved since January 3, when it traded as low as $74.27.

Brent It lost 0.2%, ending at $87.45 after dropping to $82.31. It is the lowest level since January 11.

Prices for both have fallen since they jumped earlier this year with Russia’s invasion of Ukraine.

Stocks make the biggest moves after hours

These are the stocks making the biggest moves after hours:

  • Zoom in – The beloved Pandemic fell 4.4% after it gave a weak fourth-quarter outlook despite beating expectations for earnings and revenue.
  • Dale The technology company’s earnings rose 6% after it beat expected revenue and earnings per share in the third quarter.
  • Urban Outfitters Shares rose 2.6% after reporting better-than-expected revenue growth in the most recent quarter, though earnings per share were a penny short of estimates.

See the full list here.

– Alex Haring

Stock futures open near flat

Stock futures opened near flat Monday night.

Dow futures fell 0.01%.

S&P 500 futures lost 0.01%, while Nasdaq 100 futures added 0.01%.

– Alex Haring