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📍 A New Destination
Plus, it costs this little to produce Ozempic
Happy Thursday 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 rose Thursday. Stocks changed little today, with the S&P 500 and the Dow rising less than 1%, while the Nasdaq Composite had a slight pullback. The S&P 500 and Dow Jones Industrial Average each capped off a strong first quarter with another record close.
📈 | One Notable Gainer: Shares of luxury retailer RH soared 17% after the company issued a strong full-year forecast for demand and revenue growth. The optimistic full-year forecast overshadowed the company’s fourth-quarter revenue miss.
📉 | One Notable Decliner: Reddit’s stock plummeted 15% after CEO Steve Huffman disclosed he sold 500,000 shares and COO Jennifer Wong disclosed she sold 514,00 shares.
📍 | Tomorrow's Trade: A New Destination. Scroll down for more.
Plus, today’s partner is highlighting some Amazon exploits you can use to save money.
YESTERDAY’S POLL RESULTS
🟨🟨🟨⬜️⬜️⬜️ iShares Russell 2000 ETF (IWM) (17)S
🟩🟩🟩🟩🟩🟩 Pacer US Small Cap Cash Cows 100 ETF (CALF) (34)
S&P 500 Heatmap. Credit: Finviz
All stocks on US exchanges. Credit: Finviz
Global ADR snapshot. Credit: Finviz
MARKET MOVERS
AMC (-14%) AMC Entertainment said in an SEC filing that it might sell $250 million worth of stock to offset its poor box office revenue during Q1 2024 (LAT)
EL (+6%) Shares of Estée Lauder climbed after Bank of America upgraded its recommendation on the stock to buy from neutral (MW)
SNOW (+1%) Cloud data provider Snowflake saw its shares rise after its CEO disclosed in a filing that he purchased 31,542 shares for $5 million (Barron’s)
ALL (+2%) Insurance company Allstate gained 2% after an HSBC upgrade to buy from hold that cited Allstate’s “decisive management actions” (Investing.com)
BRZE (-12%) Shares of customer engagement platform Braze tanked after its fourth-quarter results suggested a significant slowdown in demand (BarChart)
PRESENTED BY FINANCE BUZZ
Do you shop on Amazon or use Prime? If so, you might be missing out on huge savings and a chance to earn extra cash on every purchase you make.
Amazon doesn't exactly endorse all of these hacks, as they can give you big discounts, save money, and even make a little extra cash in the process.
OVERHEARD ON THE STREET
Fleet World: Tesla has reached the landmark of 200,000 vehicle deliveries in the UK, a decade after the first deliveries of the Model S began.
NYT: FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison and was also ordered to forfeit more than $11 billion.
Bloomberg: Elon Musk’s X is testing “adult content” and “NSFW” groups for users. It’s unclear if X will ultimately require age verification for these groups.
BI: Crypto billionaire Mike Novogratz says Bitcoin will keep soaring because reckless government spending has “destroyed” US fiscal stability.
Bloomberg: Novo Nordisk’s $1,000 diabetes shot, Ozempic, could be profitability produced for less than $5 a month.
TOMORROW’S TRADE IDEA, TODAY
Time for a Change
Boeing (BA) announced Monday that its CEO Dave Calhoun will be stepping down at the end of the year.
This announcement follows a series of safety issues with Boeing products making the headlines recently. Calhoun isn’t the only leadership change; the commercial airplane division head and board chairman are also leaving.
Boeing plans to look outside the organization for its next CEO, and analysts think this is the right move. CNBC has compiled a list of some analyst outlooks on the stock moving forward.
The Buyers
Both Stifel (SF) and TD Cowen have Boeing listed as a buy.
Stifel gives the stock a $270 price target, representing a 43% upside from Tuesday’s close. The firm believes a new CEO will take some customer pressure off the company and help return operations to normal.
TD Cowen has a $230 price target for Boeing, which comes in at 22% above Tuesday’s close. The bank likes that Boeing is giving itself plenty of time to find its next CEO, saying that a “knee-jerk” change would have been the wrong move.
Mixed Reviews
Bank of America (BAC) gives Boeing a neutral rating with an upside of around 10%. BofA sees the leadership change as the first of several steps towards rebuilding the company.
Morgan Stanley (MS) gives Boeing an equal rating with a $235 price target. The firm believes Calhoun’s delayed exit will provide some stability during this tumultuous period.
Wolfe Research analyst Myles Walton gives Boeing an outperform rating and a price target of $240. JPMorgan (JPM) gives the stock an overweight rating and a price target of $230.
The firms agree that the change within Boeing is necessary and could be positive with the right replacement. The stock is down over 23% this year. Investors looking to buy a storied company at a discount could take advantage of the timing.
Are you bullish or bearish on Boeing (BA) stock? |
PRESENTED BY FINANCE BUZZ
Do you shop on Amazon or use Prime? If so, you might be missing out on huge savings and a chance to earn extra cash on every purchase you make.
Amazon doesn't exactly endorse all of these hacks, as they can give you big discounts, save money, and even make a little extra cash in the process.
ON OUR RADAR
The Guardian: Russia claims the terrorists responsible for 140 dead were paid by Ukraine with cryptocurrency. The White House described the claim as “nonsense.”
Axios: A new Pew Research study shows how addictive TikTok is for teens, with 17% of kids scrolling on the app “almost constantly.”
Axios: Roughly 10% of American workers are employed in jobs that are highly vulnerable to being impacted and possibly displaced by artificial intelligence.
Reuters: BlackRock CEO Larry Fink warned of a US retirement crisis and urged the private sector and government to ensure Americans have enough to retire.
Fox Business: According to data from Indeed, wages in the US are falling at a “striking” pace and are getting closer to returning to their pre-pandemic level.
Join the conversation