After a sharp selloff in the late session, the Dow, S&P 500, and Nasdaq all look set to rebound on Thursday. The Fed Chairman Jerome Powell's postinterest rate hike press conference was more about Janet Yellen, Treasury Secretary,'s sudden 180 on deposit insurance than it was Jerome Powell, the Fed Chairman. It's understandable that Powell wanted to be cautious because of the uncertainty surrounding how tight credit conditions are due to recent banking turmoil.
Coinbase (COIN), shares fell nearly 15% Thursday morning, shortly after it was informed by the SEC that it had received a Wells Notice. This is a warning about possible securities charges. Oppenheimer has downgraded COIN from outperform to hold from buy and removed the price target in light of a White House economic analysis that criticized the digital asset sector.
Short-seller Hindenburg Research discovered that Jack Dorsey's Block(SQ) fell nearly 18% on Thursday morning. Block, previously known as Square, is accused by Hindenburg of being a facilitator of fraud. Block did not respond immediately to CNBC's request to comment.
Barclays flags refinancing risks in office REITs and downgrades SL Green Realty to underweight (sell), and Boston Properties (BXP to equal weight (hold). This adds to the problems of a group already struggling with layoffs and hybrid work. We covered Office REITs on Wednesday's "Mad Money", and warned that things could get worse before they get better.
The new financial reporting structure of Club Holding Ford (F) was unveiled ahead of Thursday's Teach-In event. Ford Model e (the EV company) suffered a loss of $2.1 billion in adjusted earnings before interest and taxes in 2022. Management expects this loss to rise to around $3 billion in 2019. Ford expects to break-even in revenue this year, minus some variable costs incurred by its first-generation EVs. However, this will be offset by increased investments in new EV products as well as manufacturing as the company increases its capacity. Ford reiterated its commitment of producing 600,000. EVs per year by 2023 and scaling up to 2,000,000 by 2026.
Club Apple (AAPL), increasing its commitment towards sports and content According to reports, Apple plans to spend $1B per year on movies that will be released in theaters. The company may also consider bidding for streaming rights for some English Premier League soccer matches. Apple already hosts Major League Soccer on its TV+ platform, having signed a $2.5 billion 10-year deal.
In response to the GTC conference this week, Nvidia (NVDA's) price target was increased to $300 per Share from $270 at Needham.
After a round of check-ins in Chicago and recent company updates, Coty (COTY), was added to Piper Sandler’s top beauty ideas. Piper changes in COTY to Club holding Estee Lauder EL, which they like long-term due to recovery in China and Covid travel. They see COTY's near-term upside potential as stronger.
Darden Restaurants (DRI), slightly outperforms revenues and margins, boosting its full-year sales outlook. Olive Garden led the way with 12.3% growth in same-restaurant sales.
(Jim Cramer’s Charitable Trust has PXD and DVN, CTRA. F, AAPL. NVDA. EL. For a complete list of stocks, please see here.
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