Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Jun 21, 2022 at 10:01 AM
  • Earnings Preview

Analysts Could Soon Come For Newell Brands Stock

by Schaeffer's Digital Content Team
 
Published on Jun 21, 2022 at 9:14 AM
Updated on Jun 21, 2022 at 9:18 AM
  • Opening View

It was a quiet long weekend on Wall Street, with last week's interest rate hike still fresh in investors' minds. Futures on the Dow Jones Industrial Average (DJIA) are up over 400 points ahead of the open, as the broader market attempts to recover from the last three weeks of losses. S&P 500 Index (SPX) and Nasdaq-100 (NDX) futures are on the rise as well, following the former's worst week since March of 2020

Continue reading for more on today's market, including:

  • Senior V.P. of Research Todd Salamone monitors the recent surge in VIX call buying
  • Incase you missed it: the most recent episode of Schaeffer's Market Mashup
  • Plus, K rises on company split; PFE stake sends VALN soaring; and SCHW receives an upgrade.

Futures June21

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and over 1 million put contracts traded on Friday. The single-session equity put/call ratio fell to 0.72, and the 21-day moving average stayed at 0.64.
  2. Kellogg Co (NYSE:K) is up 6.5% premarket, after news that the food giant plans to split into three separate public companies -- snack and international cereal business, another U.S. cereal business, and a pure-play plant-based food producer. Heading into today, the stock is up 4.8% year-to-date. 
  3. Valneva SE ADR (NYSE:VALN) is soaring in electronic trading, up 84.7%, after Pfizer (PFE) agreed to buy an 8.1% stake in the French biotech name for over $95 million. The two companies are already working together on Lyme disease treatments. 
  4. UBS upgraded Charles Schwab Corporate (NYSE:SCHW) to "buy" from "neutral," with a price-target hike to $75 from $68. SCHW is up 3.4% before the bell, and looking to bounce off its recent lows. 
  5. Today will bring The Federal Reserve Bank of Chicago's national activity index and an existing home sales report.  

buzzjune21

International Markets on the Rise as Well

Asian markets were mostly higher on Tuesday, with the exception of the Shanghai Composite in China, which fell 0.3%. Investors kept an eye on Bitcoin’s (BTC) rise, as well as Australia’s central bank projections that inflation will hit its peak by the end of 2022. In response, the Nikkei in Japan added 1.8%, the South Korean Kospi rose 0.8%, and the Hong Kong Hang Seng added 1.9%.

In Europe, stocks are also on the rise, as investor sentiment around the globe brightens. Traders are also trying to look past last week’s Fed decision in the U.S., as well as the Bank of England’s (BoE) fifth-straight interest rate hike. At last check, the London FTSE 100 is 0.5% higher, the French CAC 40 is up 0.9%, and the German DAX has added 0.3%.

Published on Jun 18, 2022 at 1:17 PM
Updated on Jun 21, 2022 at 8:33 AM
  • Monday Morning Outlook
 
Published on Jun 21, 2022 at 7:25 AM
  • Buzz Stocks

Today's Stock Market News & Events: 6/21/2022

by Schaeffer's Digital Content Team

This week investors can expect a brief respite. U.S. markets were closed yesterday in observance of Juneteenth, while jobs data and purchasing managers indexes (PMIs) will hold the bulk of investors' attention later in the week. This week's earnings docket features a few names, with CarMax (KMX)Carnival (CCL)Darden Restaurants (DRI)FedEx (FDX), KB Home (KBH), La-Z-Boy (LZB), Lennar (LEN)Rite Aid (RAD), Smith & Wesson Brands (SWBI), and Winnebago (WGO) slated to report.

Today the Federal Reserve Bank of Chicago's national activity index will be released, alongside an existing home sales report.  

The following public companies are slated to release corporate earnings today, June 21:

Lennar Corp. (NYSE:LEN -- $64.63) operates as a homebuilder primarily under the Lennar brand in the United States. Lennar will report its Q2 earnings of 2022 before the bell today.

La-Z-Boy Inc. (NYSE:LZB -- $23.19) manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. La-Z-Boy will report its Q2 earnings of 2022 after the close today.

Looking ahead to tomorrow, there is no economic data currently scheduled for Wednesday.

All economic dates listed here are tentative and subject to change.

Published on Jun 17, 2022 at 4:26 PM
Updated on Jun 19, 2022 at 6:08 PM
  • Market Recap

Quadruple witching Friday was as volatile as ever. Despite moving back above the key 30,000 level at its session highs, the Dow finished the day below breakeven and logged its third-straight weekly loss. The Nasdaq and S&P 500 also extended their losing streaks for a third consecutive week -- the latter logging its worst week since March 2020 -- though both indexes did settle higher for the day. Meanwhile, the Cboe Volatility Index (VIX), Wall Street's fear gauge, registered a second-straight weekly win despite falling today.

Continue reading for more on today's market, including:

  • How options could help investors mitigate risk.
  • Preparing for the Juneteenth stock market holiday.
  • Plus, American Express stock upgraded; unpacking this streaming giant's new partnership; and HON running into resistance.

The Dow Jones Average (DJI -  29,888.78) lost 38.3 points, or 0.1%, for the day, and 4.8% for the week. American Express (AXP) led the gainers, adding 4.9%. Chevron (CVX), meanwhile, paced the laggards with a 4.8% drop.

The S&P 500 Index (SPX - 3,674.84) rose 8.1 points, or 0.2% for the day, and fell 5.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 10,798.35) gained 152.3 points, or 1.4% for the session, and dropped 4.8% for the week.

Lastly, the Cboe Market Volatility Index (VIX - 31.13) shed 1.8 points, or 5.5% for the day, and added 12.1% for the week.

closing indexes june 17

nyse and nasdaq june 17

5 Things to Know Today

  1. Chinese President Xi Jinping said trade with Russia is expected to hit new records  in the coming months, despite Western sanctions over the war in Ukraine. (CNBC)
  2. An investor sued Elon Musk, Tesla (TSLA), and SpaceX for $258 billion, accusing them of operating a “pyramid scheme” to inflate Dogecoin prices. (MarketWatch)
  3. Analyst upgrades AXP after "relentless panic selling."
  4. A new partnership with Walmart sent this streaming stock higher.
  5. Honeywell stock is now contending with a key resistance level.

earnings june 17

uvol june 17

Oil Prices Snap 7-Week Win Streak

Oil prices settled firmly lower on Friday, as traders became concerned an economic slowdown could lead to weaker demand amid high inflation and the Fed's hawkish stance. July-dated crude fell $8.03, or 6.8%, to settle at $109.56 per barrel. The commodity also saw 9% drop weekly drop, snapping it seven-week win streak.

Gold prices finished lower as well, as the U.S. dollar regained strength, and bond yields moved higher in response to the central bank's tighter economic policy.  August-dated gold shed $9.30, or 0.5%, to close at $1,840.60 an ounce. For the week, the yellow metal saw a roughly 2% loss.

Published on Jun 17, 2022 at 12:10 PM
Updated on Jun 17, 2022 at 1:23 PM
  • 5-Minute Market Rundown

Economic recession fears overwhelmed Wall Street this week, a theme that's been all too prevalent in 2022. The S&P 500 Index (SPX) closed in bear market territory on Monday, while both the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) logged their lowest closes since February and March 2021, respectively. This followed a Wall Street Journal report that the Federal Reserve was "likely to consider" a 75 basis-point interest rate hike. What's more, the 2-year Treasury yield briefly crossed the 10-year rate, forming a yield curve inversion that is indicative of a recession. More losses came on Tuesday, though the Nasdaq was able to settle slightly above breakeven despite logging a 19-month low.

Stocks bounced back on Wednesday, after the Fed officially hiked interest rates by 75 basis points -- the sharpest rise since 1994. Fed Chair Jerome Powell noted a similar hike may happen in July, reinforcing the central bank's dedication to containing inflation. Lackluster economic data helped push the Dow below 30,000 level for the first time in more than a year on Thursday, while the Nasdaq joined the S&P 500 in official bear market territory. Stocks were eyeing another rebound on quadruple witching Friday, but were also on track for their third-straight week of steep losses. 

Volatile Week for Tech Stocks

All this volatility made for an interesting week in the tech sector. Tesla (TSLA) was not spared from the broader market headwinds, despite a fresh analyst upgrade. Neither was Amazon.com (AMZN), which stood out as the worst-performing FAANG name at one point on Monday. While Alibaba (BABA) plummeted alongside its sector peers, the Chinese tech stock remained popular among options traders. Plus, a handful of stocks bucked the tech selloff. Specifically, Oracle (ORCL) bounced back on cloud demand, and an upgrade lifted Snowflake (SNOW) out of all-time lows. Zendesk (ZEN) also managed to distance itself from two-year lows, after settlement talks with activist investor Jana Partners.
 

Retail Movers and Shakers

Inflation jitters had investors carefully monitoring retail stocks. Options traders blasted RedBox Entertainment (RDBX) as the short interest candidate extended its rally and trended on StockTwits. Coty (COTY) also edged higher after reaffirming both its current-quarter and full-year profit and sales guidance, while Best Buy (BBY) sank following a downgrade. Meanwhile, Kroger (KR) issued a beat-and-raise for its latest quarter, and Morgan Stanley turned bullish on Dollar General (DG).

Gold and Oil Stocks to Watch

Investors are taking special interest in commodity-related stocks of late. Gold concern Newmont (NEM) presents a solid opportunity for options bulls right now, and oil name Chevron (CVX) looks like it could soon reclaim former highs. Similarly, Marathon Oil (MRO) could sprint after pulling back to this historically bullish trendline, while blue chip Dow (DOW) also looks like the perfect recovery play. Elsewhere, Continental Resources (CLR) hit multi-year highs on a $25.41 billion buyout offer.

Quiet Holiday Week Ahead

Next week will be a fairly quiet one, with markets closed on Monday in observance of Juneteenth. In terms of key economic data, investors will be eyeing jobs data, and both the S&P Global U.S. manufacturing and services purchasing managers indexes (PMIs). The earnings docket will feature CarMax (KMX)Carnival (CCL), Darden Restaurants (DRI)FedEx (FDX), KB Home (KBH), La-Z-Boy (LZB), Lennar (LEN)Rite Aid (RAD), Smith & Wesson Brands (SWBI), as well as Winnebago (WGO). To better navigate this volatile market, learn how to manage risk after last week's selloff, and see what could lie ahead for the SPX after this rare losing streak.
Published on Jun 17, 2022 at 11:57 AM
  • Midday Market Check

Markets are mixed midday, with the Dow Jones Industrial Average (DJI) last seen down 54 points, while the Nasdaq Composite (IXIC) is up over 1%, and the S&P 500 Index (SPX) is flat. All three indexes are set for steep weekly losses, however. The Dow is headed for its biggest one-week percentage drop since October 2020, while the S&P 500 is eyeing its worst week since March 2020. The Fed's historic interest rate hike pressured stocks this week, along with several economic data points that missed analysts' expectations. 

    Continue reading for more on today's market, including: 

    mmc stats jun 17

    United States Steel Corporation (NYSE:X) is seeing an unusual amount of options activity today, with 28,000 calls across the tape so far, which is double the volume that's typically seen at this point. The most popular contract is the July 24 call, followed by the June 20.50 call, the latter of which expires after the close. X was last seen up 1.9% at $19.96, after issuing an upbeat second-quarter profit forecast. Despite this, BMO and Credit Suisse both cut their price targets to $23 and $44, respectively. Year-to-date, X remains down 16.6%.

    One of the best stocks on the Nasdaq today is AeroClean Technologies Inc (NASDAQ:AERC). The equity was last seen up 14.1% to trade at $20.22, after the U.S. Food and Drug Administration (FDA) cleared  its Purgo air purification technology earlier this month, which is able to eliminate microbes such as the Covid-19 virus. AERC is up 94% year-to-date, and recently found support at its 10-day moving average. 

    aerc jun17

    One of the worst stocks on the Nasdaq is Neptune Wellness Solutions Inc (NASDAQ:NEPT). The security was last seen down 20.2% to trade at $2.17. While no catalyst seems to be driving the equity lower, NEPT is trading at record lows, and now suffers an 83.4% year-to-date deficit. 

    Published on Jun 17, 2022 at 9:51 AM
    Updated on Jun 17, 2022 at 9:51 AM
    • Buzz Stocks

    Why Omnicom Stock Has More to Offer

    by Schaeffer's Digital Content Team
     
    Published on Jun 17, 2022 at 9:27 AM
    • Buzz Stocks
     
    Published on Jun 17, 2022 at 9:25 AM
    • Analyst Update

    American Express Company (NYSE:AXP) is up 0.3% at $137.85 this morning, following an upgrade from Baird to "outperform" from "neutral." The analyst also handed out upgrades to three other financial names, including Capital One Financial (COF) and Fifth Third Bancorp (FITB), noting that the "relentless panic selling" this sector has seen of late provides a solid buying opportunity. Baird also acknowledged the current macro backdrop, but said AXP and its three peers have valuations that reflect this. 

    The panic selling noted by Baird has put AXP at a 16% year-to-date deficit, and sent the equity to its lowest level since March 2021 yesterday. Plus. the stock's 40-day moving average rejected a late-May rally attempt, while all other major moving averages still loom above as potential resistance as well. 

    Analysts were split on the stock coming into today. Of the 15 in coverage, eight said "buy" or better, while seven said "hold." Meanwhile, the 12-month consensus price target of $197.20 is a 43.4% premium to last night's close.

    Options traders have taken a more bearish stance. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AXP sports a 50-day put/call volume ratio of 1.47, which sits higher than 90% of readings from the past year. This implies options traders are picking up long puts at a much quicker-than-usual pace over the past 10 weeks. 

    Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.61 sits higher than 70% of all annual readings. In other words, short-term options traders are incredibly put-biased right now. 

    Published on Jun 17, 2022 at 9:20 AM
    • Analyst Update
     
    Published on Jun 17, 2022 at 9:07 AM
    • Opening View

    Futures on the Dow Jones Industrial Average (DJIA) look to be in recovery mode, after the index yesterday slipped below 30,000 for the first time in over a year. Investors are also eyeing a potentially volatile session ahead of this quarter's quadruple witching later today.

    Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are moving higher as well, though the former remains on track for its worst weekly loss since March 2020. Fed Chair Jerome Powell, speaking at a Fed-sponsored conference, reiterated that the central bank was "acutely focused on returning inflation to our 2 percent objective.”

    Continue reading for more on today's market, including:

    • Senior Market Strategist Matthew Timpane on how to navigate the volatile market with options.
    • Behind the homebuilder stock options bears love before earnings.
    • Plus, ADBE's post-earnings plunge; Roku's latest partnership; and Baird hands out a bull note.

    futuresjune17

    5 Things You Need to Know Today

    1. The Cboe Options Exchange (CBOE) single-session equity put/call ratio rose to 0.86 today.
    2. Adobe Inc (NASDAQ:ADBE) is down 4.4% in pre-market trading, after the software company reported worse-than-expected outlooks for both its current quarter and full year. The tech giant cited geopolitical tensions out of Ukraine and exchange rates as catalysts for the lackluster report. Year-to-date, ADBE has shed 35%.
    3. Streaming stock Roku Inc (NASDAQ:ROKU) is moving 4.1% higher in electronic trading, after revealing a partnership with Walmart (WMT). The Netflix rival will allow viewers to buy Walmart items while using the platform. ROKU is down more than 65% so far.
    4. Credit card stock American Express Company (NYSE:AXP) is up 1.7% heading into today's trading, after landing an upgrade to "outperform" from "neutral" at Baird. The brokerage cited "relentless panic selling" as an ideal buying entry point. AXP has been on a long-term downtrend, off 16% year-over-year.
    5. To close out the week, today will feature capacity utilization, leading economic indicators, and the industrial production index.

    OV Buzz Chart June 17

    Asian Markets Mixed After BoJ Announcement

    Asian markets saw mixed settlements to end the week. The losers were led by the Nikkei in Japan, which shed 1.8% after the Bank of Japan (BoJ) announced it would maintain its dovish monetary policy, unlike most central banks across the globe. Meanwhile, the Hong Kong Hang Seng rose 1.1%, the Shanghai Composite in China added nearly 1%, and the South Korean Kospi fell 0.4%.

    In Europe, stocks are trying to recover from a wild week, even as data rolled in confirming euro zone inflation hit 8.1% in May -- marking a record high. At last glance, the London FTSE 100 is 1% higher, the French CAC 40 is up 1.1%, and the German DAX has added 1.2%.

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