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Business

Southwest, Tesla, Las Vegas Sands

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A Southwest Airlines Co. Boeing 737 passenger jet pushes back from a gate at Midway International Airport (MDW) in Chicago, Illinois.

Luke Sharrett | Bloomberg | Getty Images

Check out the companies making the biggest moves premarket:

Southwest — The airline dropped 2.1% after reporting a $220 million loss for the fourth quarter after the holiday meltdown cost the company millions in expenses and drove up expenses.

Comcast — The media company reported fourth-quarter earnings that beat Wall Street’s expectations, with earnings per share coming in at 82 cents, adjusted, versus the 77 cents expected from analysts surveyed by Refinitiv. Revenue was $30.55 billion compared to the $30.32 expected. Shares, however, were down less than 1% in the premarket.

Tesla — The electric-vehicle maker soared 7% after reporting record revenue and an earnings beat. CEO Elon Musk said Tesla might be able to produce 2 million cars this year.

Las Vegas Sands — Shares of the hotel and casino operator rose about 4% despite the company posting weaker-than-expected financial results for the most recent quarter. Wall Street analysts cited upbeat comments about its reopening in Macao on the company earnings call for their positive outlook on the stock.

Levi Strauss — Shares of the denim maker popped 6% premarket on a better-than-expected quarterly report. Levi Strauss topped analysts’ revenue estimates and beat earnings projections by 5 cents a share.

Blackstone — Blackstone shares dipped less than 1% after the asset manager reported mixed earnings results. Total segment revenues fell short of expectations, while distributable earnings beat estimates by 12 cents a share.

Chevron — The energy giant jumped more than 3% in premarket after the company announced a $75 billion stock buyback program and a dividend hike to $1.51 from $1.42 per share. The buyback program will become effective on April 1.

Dow — The chemicals giant posted fourth-quarter earnings, revenue and adjusted EBITDA that missed analyst expectations before the bell Thursday, sending the stock down more than 3% in premarket trading.

IBM — Shares of IBM shed 2.7% after the company reported quarterly results Wednesday that generally exceeded Wall Street’s expectations but included an announcement that the firm will cut 3,900 jobs. IBM reported adjusted earnings per share of $3.60 per share on $16.69 billion in revenue where analysts expected $3.60 per share and $16.4 billion in revenue, per Refinitiv.

American Airlines — The airline gained 1.5% after its fourth-quarter profits beat Wall Street’s expectations, thanks to strong holiday demand and high fares.

Seagate Technology — The data storage company jumped more than 8% in premarket trading after reporting earnings and revenue for the last quarter that beat expectations.

Pfizer — The pharma giant was downgraded by UBS on Thursday, which said Pfizer’s Covid franchise estimates need to come down and its pipeline is too premature. Pfizer was up less than 1% in the premarket.

— CNBC’s Carmen Reinicke, Yun Li, Samantha Subin, Tanaya Macheel and Michael Bloom contributed reporting.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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Business

PG&E, Lyft, Las Vegas Sands, more

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Check out the companies making headlines before the bell:

Planet Fitness — Shares of the gym franchise jumped nearly 3% in premarket trading after Raymond James upgraded the stock to strong buy from market perform. The Wall Street firm said the company has a resilient and recession-resistant business with no interest rate risk and very little near-term debt
maturities. Meanwhile, its current valuation is well below its recent historical average, Raymond James noted.

PG&E — The utility stock climbed more than 5% premarket after S&P Dow Jones Indices on Friday said PG&E will replace Citrix Systems in the S&P 500, effective prior to the opening of trading on Monday, October 3. Vista Equity Partners is acquiring Citrix Systems in a transaction expected to be completed this week

Las Vegas Sands — Shares of the casino operator surged more than 7% after Macao announced its plan to allow tour groups from mainland China as soon as November. Shares of MGM Resorts rose more than 2%.

Lyft — Shares of the ride-hailing company fell nearly 4% premarket after UBS downgraded the stock to neutral from buy. The Wall Street firm cited its driver survey that indicates drivers prefer Uber and Lyft is not their main app.

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Business

Netflix, Las Vegas Sands and more

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The Netflix logo is seen on their office in Hollywood, California.

Lucy Nicholson | Reuters

Check out the companies making headlines in midday trading.

Netflix — Shares of the streaming company popped 4.4% a day after Netflix posted a smaller-than-expected subscriber loss in the recent quarter. Netflix reported a beat on earnings but a miss on revenue.

Casino stocks — Shares of Las Vegas Sands and Wynn Resorts rose 3.3% and 2.3%, respectively. The action followed a report from Reuters that Macau will reopen casinos on Saturday as it gradually eases back on Covid restrictions.

Bath & Body Works — Bath & Body Works’ shares slipped more than 1% after the personal care retailer trimmed its guidance for the second quarter and full year. The company cited macroeconomic issues among the reason for the cut.

Baker Hughes — Shares plunged more than 8% after the oilfield services company reported disappointing second-quarter earnings. Baker Hughes reported earnings of 11 cents per share, which is half of what analysts were expecting, according to consensus estimates from Refinitiv.

Biogen —  Shares of the biopharmaceutical company fell more than 5% despite the company reporting a beat on quarterly earnings and revenue. Biogen said it faces increasing generic and biosimilar competition for its Tecfidera and Rituxan drugs.

Merck — Merck shares slipped 2.7% after the company’s cancer therapy drug did not meet its goal in a late-stage trial in patients with head and neck cancer.

Nasdaq — Shares of the exchange operator jumped 5.2% on the back of an earnings beat on the top and bottom lines. Nasdaq reported earnings of $2.07 per share on revenue of $893 million.

J.B. Hunt Transport Services — Shares of J.B. Hunt dipped about 1.7% despite a stronger-than-expected report for the recent quarter. The company’s chief operating officer said that the labor and equipment markets remain “challenging.” The transportation company reported $2.42 in earnings per share on $3.84 billion of revenue. Analysts surveyed by Refinitiv had penciled in $2.35 in earnings per share on $3.60 billion of revenue.

Elevance Health — Elevance shares tumbled more than 8% despite a beat on earnings and revenue in the recent quarter. The company, formerly known as Anthem, also raised its full-year guidance.

— CNBC’s Tanaya Macheel, Sarah Min and Jesse Pound contributed reporting

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Business

JPMorgan, Wynn Resorts and more

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Spencer Platt | Getty Images

Check out the companies making headlines in midday trading.

Casino stocks — Las Vegas Sands and Wynn Resorts saw their shares jump more than 11% and 7%, respectively, after the Macau government said the number of casinos allowed to operate there would remain limited at six. Licenses of the current operators – which include Wynn Macau, Sands China and MGM China – are set to expire this year. Shares of MGM Resorts slipped slightly.

JPMorgan Chase — Shares of the major bank fell more than 5%, dragging down the major equity averages. The sell-off came after the firm posted its smallest quarterly earnings beat in nearly two years and the lender’s chief financial officer lowered guidance on companywide returns. CFO Jeremy Barnum said on a conference call that management expected “headwinds” of higher expenses and moderating Wall Street revenue.

Wells Fargo — The bank stock jumped more than 3% after the company posted quarterly revenue that exceeded analysts’ expectations and a significant jump in profit. Results were helped by a $875 million reserve release that the bank had set aside during the pandemic to safeguard against widespread loan losses.

Citigroup — Citi shares lost 2.5% despite the company reporting a beat on quarterly earnings and revenue. However, the bank also reported net income for the latest quarter dropped 26% to $3.2 billion, citing an increase in expenses.

BlackRock — Shares of the asset manager fell 2.6% after the company reported a quarterly revenue miss of $5.11 billion, versus expectations of $5.16 billion, according to FactSet’s StreetAccount. The company beat earnings estimates, however, and grew its assets under management to above $10 trillion.

Monster Beverage — Shares of Monster Beverage fell 4.5% a day after the company revealed plans to acquire CANarchy Craft Brewery Collective, a craft beer and hard seltzer company, for $330 million in cash. The deal would bring brands such as Jai Alai IPA, Florida Man IPA, Wild Basin Hard Seltzer and others to the Monster beverage portfolio.

Boston Beer Company — The alcoholic beverage company’s shares slid more than 9% a day after the brewer cut its annual earnings outlook, citing high costs related to supply chain issues and waning growth of its hard seltzer brand Truly.

Walt Disney Co — Disney shares dropped 3.8% after Guggenheim downgraded the stock to neutral from buy, citing slowing profit growth in streaming and parks. The firm also cut its price target on Disney to $165 from $205.

Sherwin-Williams — The paint company saw its shares fall nearly 3% after it cut its full-year forecast, citing supply chain issues it expects will persist through the current quarter. Sherwin-Williams also said demand is still strong in most of its end markets.

Domino’s Pizza — Shares of Domino’s Pizza slid 2.8% after Morgan Stanley downgraded the restaurant chain stock to an equal weight rating. “DPZ still embodies many of the characteristics of a great long term growth compounder, we see limited justification for further multiple expansion, especially as DPZ’s sales growth will likely being to normalize after experiencing substantial Covid (and stimulus) benefits in 20/21,” Morgan Stanley said.

 — CNBC’s Yun Li and Hannah Miao contributed reporting

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Business

Jim Cramer’s 2022 outlook for the S&P 500’s 10 biggest losers in 2021

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CNBC’s Jim Cramer on Monday offered his 2022 outlook for the 10 worst-performing stocks in the S&P 500 last year, when the broad equity index advanced nearly 27%.

The “Mad Money” host also shared his expectations for the S&P 500’s biggest winners on Monday’s show.

“The worst performers in the S&P last year look like they’re going to keep underperforming in 2022 unless we get some major sea-changes and I just don’t see that happening” in the near or medium term, Cramer said.

1. Penn National Gaming

Cramer said he believes Penn National Gaming, which saw its stock fall 40% last year, will be challenging to own until a trio of major headwinds dissipate. In Cramer’s opinion, Penn National shares will be able to perform better once there’s more consolidation in the industry, more states legalize sports betting and the Covid pandemic fully recedes.

2. Global Payments

While Cramer said Global Payments had been a “perennial winner,” the financial technology company’s stock struggled in 2021, falling 37%.

“I’ve always admired Global Payments, as well as the card issuers and the small business empowerment plays and the buy-now pay-later outfits, but there are just too many darned stocks in the group,” Cramer said. “They’re all too expensive, especially compared to the super-cheap bank stocks that should get a huge profitability boost as the Fed raises rates.”

3. Las Vegas Sands

Las Vegas Sands shares lost nearly 37% last year, and Cramer said it’s still a tough environment to own a casino operator with a large presence in the gaming hub of Macao.

4. Activision Blizzard

KIEV, UKRAINE

SOPA Images | LightRocket | Getty Images

Activision Blizzard’s 28% decline in 2021 could be for a number of reasons, Cramer said, including investors expecting the video game company to struggle as the economy reopened from Covid closures and title release delays. Cramer said another reason is newspaper reports that have been critical of CEO Bobby Kotick. However, the company has pushed back against the validity of the reporting.

Cramer said he thinks Activision Blizzard may actually rise of Kotick leaves the company “because it’s a hit driven business that’s not generating the kind of hits people have come to expect, perhaps because they don’t want to work for Bobby anymore.”

5. MarketAxess Holdings

While MarketAxess Holdings had a first-mover advantage around the digitization of bond trading, Cramer said that’s no longer the case as the field has filled up with competition. “I don’t see how MarketAxess can come back without a massive spike in bond trading, and I think that’s already in the rearview mirror,” Cramer said.

6. Viatris

Cramer isn’t optimistic about Viatris, a generic drug play created in late 2020 when Pfizer spun off its Upjohn division which then merged with Mylan. “The only thing really intriguing about Viatris is that it sells for four times earnings, but that’s usually a red flag and on-patent big pharma stocks are cheap, too,” Cramer said.

7. Citrix Systems

“I’m not sure what to do with this much-less proprietary software company that might be put up for sale at the urging of some powerful activist investors,” Cramer said. “If they walk away, I have no idea what Citrix is worth, other than the fact that it was down 27% last year and it once traded much higher. These guys used to be the king of business collaboration software … but now it’s become a very crowded industry.”

8. Wynn Resorts

A pedestrian with an umbrella walks in front of the Wynn Palace casino resort, operated by Wynn Resorts Ltd., in Macau, China, Jan. 31, 2018.

Billy H.C. Kwok | Bloomberg | Getty Images

Cramer said his outlook on Wynn Resorts is similar to that of Las Vegas Sands. He noted that while he owns Wynn Resorts in his charitable trust, his favorable view on the stock has been wrong to date. Cramer said he thinks Wynn Resorts, which fell about 25% in 2021, could be “stuck in a rut” until the Covid pandemic subsides.

9. IPG Photonics

IPG Photonics, which makes and sells fiber lasers, saw its stock fall 23% last year. However, Cramer said he believes IPG Photonics shares have the best chance of any on this list to rebound in 2022.

“It’s got real earnings, but it had a shortfall thanks to weakening Chinese sales that crushed the stock. I know that IPG Photonics is, therefore, in the doghouse. But it has very good prospects, which is why it still sells for 35 times earnings.”

10. Fidelity National

Fidelity National shares fell about 23% in 2021, which Cramer said largely due to the fact the company is involved in financial technology. “It’s done nothing wrong other than being in a cohort that’s despised and I don’t see any of that changing soon,” he said.

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American Airlines, Kohl’s, Lucid Group and more

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A jet from American Eagle, a regional branch of American Airlines (AA), takes off past other AA aircraft at Ronald Reagan Washington National Airport in Arlington, Virginia, December 3, 2021.

Chris Helgren | Reuters

Check out the companies making headlines in midday trading.

Airlines — Airline stocks rose on Monday as stocks linked to the recovering economy boosted the major averages. American Airlines rose 10%, United Airlines added nearly 11%, and Delta Air Lines popped 8.6%. Alaska Air Group rallied 7%.

Cruise line and casino stocks — Norwegian Cruise Line rose 11% and Carnival rallied 10.4% as reopening plays charged higher. Las Vegas Sands gained more than 9%. MGM Resorts and Wynn Resorts rose 6.8% and 7.6%, respectively.

Kohl’s — Shares of the retailer rallied 7.6% following news that activist investor Engine Capital is recommending that Kohl’s consider either a sale of the company or a separation of its e-commerce business. 

GCP Applied Technologies — Shares of GCP Applied Technologies soared more than 16% after the maker of specialty construction chemicals agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. 

Lucid Group —Shares of the electric vehicle start-up dropped about 7.3% after news that the company received a subpoena on Friday from the Securities and Exchange Commission “requesting the production of certain documents related to an investigation.” Lucid is the latest EV start-up to go public via a SPAC deal to be investigated by the SEC.

Wells Fargo — Shares of Wells Fargo rallied more than 3% after Morgan Stanley upgraded the stock to overweight from equal weight. Morgan Stanley said Wells is the most asset-sensitive stock in its coverage and higher fed funds futures warrant an upgrade. The firm named Wells a top 2022 pick.

Spirit Airlines — Shares of the discount airline rallied 9% after Evercore ISI upgraded Spirit to outperform from in line. Evercore said in its upgrade that it sees “see strategic optionality as company execution and demand improve.”

MicroStrategy – Shares of the business analytics software company dropped more than 5% on the heels of bitcoin’s sell-off over the weekend. MicroStrategy holds billions of dollars’ worth of bitcoin on its balance sheet, so the company’s stock is sensitive to fluctuations in the world’s largest cryptocurrency’s price.

Alibaba — The Chinese internet giant’s shares jumped 7.3% after the company announced a reorganization of its international and domestic e-commerce businesses. Alibaba also said it will replace its CFO.

Boston Beer — Shares of the beverage maker rose 7.6% after Cowen upgraded Boston Beer to market perform from underperform. Cowen said in its upgrade of the beer company that the valuation re-rating is likely complete.

— with reporting from CNBC’s Yun Li, Pippa Stevens and Hannah Miao.

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Casino stocks rally as Macau loosens restrictions

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Casino stocks are on a hot streak this week.

Las Vegas Sands, Wynn, Caesars, Penn National Gaming and MGM Resorts have all surged in recent days, getting a big boost Tuesday after gambling destination Macao eased restrictions for visitors from mainland China.

This group has been incredibly volatile over the past 18 months, hit hard by closures and then travel disruptions and uneven traffic during the coronavirus pandemic.

So, is Lady Luck finally on the casinos’ side?

Quint Tatro, president of Joule Financial, says yes … for one stock.

“The easy play is Las Vegas Sands,” Tatro told CNBC’s “Trading Nation” on Tuesday. “It was March of just this year we were on here speaking about their abrupt shift and their sale of all their Las Vegas properties to basically double down and focus on their Asia exposure. At the time, I think it was a big question mark.”

The benefits of that strategy now make more sense to Tatro in light of China’s reopening and Macao’s rebound. Las Vegas Sands announced in the first quarter that it would sell its Vegas properties including its Venetian Resort for a total of $6.25 billion.

“It still has a difficult balance sheet, it’s not the greatest balance sheet, but they do have $2 billion now in unrestricted cash that they can put where they see the best opportunity,” said Tatro. “If this [rebound] is legit and we start to see a resurgence in the casino space, I think Las Vegas Sands is the play here.”

Las Vegas Sands has tumbled 36% from a March high. It is down 28% for the year.

JC O’Hara, chief market technician at MKM Partners, said the downturn in the China-exposed casino names has him wary. Instead, he prefers DraftKings, a gambling stock that he says looks to have stabilized after its pullback.

“It is reestablishing itself in an uptrend, breaking back above the 150-day moving average. So rather than trying to bottom pick some of these names and make calls on economic data, let’s look where the price action is positive and that’s DraftKings,” he said during the same interview.

O’Hara targets the March highs above $74 as a promising target price and sees a band of support at $50. DraftKings closed Tuesday at $56.47.

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