SPX, Nasdaq on Pace for Big Monthly, Quarterly Wins

Walgreens Boots Alliance reported top- and bottom-line wins

Deputy Editor
Mar 31, 2023 at 1:18 PM
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The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) started the last week of March strong, as investors set aside their worries over the banking sector. On Tuesday, rising bond yields pressured Wall Street lower, especially the tech-heavy Nasdaq Composite Index (IXIC), though things eventually cooled down as optimism returned and bond yields retreated. That upward momentum carried into the latter part of the week, with the SPX settling at its highest level in more than a month. All three benchmarks are pacing for solid weekly wins, though just the IXIC and SPX are on track to close out the quarter higher.

Walgreens Boots Alliance's Quarterly Win

This week's earnings slate was relatively bare, but the firms that stepped into the confessional are worth highlighting. Blue-chip pharma giant Walgreens Boots Alliance (WBA) reported top- and bottom-line results that exceeded analysts' expectations. Lululemon Athletica (LULU) earned no fewer than 13 bull notes after its results rolled in, and EVgo (EVGO) reported revenue that rose nearly four-fold from a year ago. Finally, BlackBerry (BB) chimed in with a big fourth-quarter revenue miss and disappointing guidance.

ROKU, PARA Boast Long-Term Strength

Plenty of analyst notes rolled in over the week. At least two brokerages had their eyes on the future, with Susquehanna praising Roku's (ROKU) "long-term drivers," while Bank of America upgraded Paramount (PARA) stock after citing the company's strength in the event of a sale. Elsewhere, UBS upgraded Pinterest (PINS) on improving advertising trends, but downgraded Foot Locker (FL) after highlighting how a recession could dent the retailer.

April Set to Kick Off Slowly

April will start slow, with employment data and a trickle of earnings set to be released in the first week of the month. Meanwhile, Schaeffer's Senior V.P. of Research Todd Salamone explains why investors need both bullish and bearish exposure in the current climate.


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