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Stock futures rise to start the week

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Goldman names SolarEdge, First Solar top picks for 2023

Goldman Sachs named SolarEdge Technologies and First Solar as top picks for the new year, noting that both stocks have big upside over the next 12 months.

“While solar equities outperformed in 2022 vs. R2K, stocks are still ~20% below early ’21 peak levels and valuations remain below pre-IRA levels,” analyst Brian Lee wrote.

“This is despite fundamentals having significant positive momentum that we see setting up for healthy upside across many pockets of the group into 2023, particularly in the backdrop of improving margins and policy tailwinds (not uncertainties),” Lee added.

CNBC Pro subscribers can read the full story here.

— Sarah Min

Expect continued ‘tug-of-war’ between Fed and economic data in 2023, says B. Riley Wealth’s Hogan

Don’t be surprised if the market volatility experienced in 2022 continues into the new year, according to Art Hogan, chief market strategist at B. Riley Financial.

“The market has been in a tug-of-war between better-than-feared economic data juxtaposed with concerns about the potential for the Fed to over-tighten monetary policy and push the economy into a recession,” he wrote in a note to clients Friday. “That tug-of-war will likely continue in the first quarter of 2023 unless and until the Fed gets to their terminal fed funds rate.

Investors should expect a “bumpy ride” within the first few months of the year as the central bank grinds toward its terminal fed funds rate.

“Weaker economic trends will likely form heading into 2023 as the Fed battles inflation, but a mild recession may help set stocks up for a better second half of the year,” he said.

Given this backdrop, Hogan recommends a “barbell” investing approach, with a focus on energy, staples and healthcare. On the other end, investors should look for well-priced growth companies that have undergone a price-to-earnings multiple contraction. These companies should offer balance sheet liquidity and strong free cash flows, with leadership roles in their sectors.

— Samantha Subin

Where the major averages stand

Here’s where the major averages stand heading into one of the final trading weeks of 2022

Dow Jones Industrial Average:

  • Down 4.83% for December
  • 10.91% off its record high
  • Down 9.41% for the year

S&P 500

  • Down 5.58% this month
  • Sits 20.05% off its record highs
  • Down 19.17% for 2022

Nasdaq Composite:

  • Down 6.65% this month
  • 32.68% off its highs
  • Down 31.57% for the year

— Samantha Subin, Chris Hayes

Stock futures open slightly lower

Stock futures opened slightly lower to start the week.

Futures tied to the Dow Jones Industrial Average fell 18 points, or 0.05%. S&P 500 and Nasdaq 100 futures slipped 0.04% and 0.05%, respectively.

— Samantha Subin

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Business

Carvana, MongoDB, TripAdvisor, Toll Brothers and more

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A mascot of TripAdvisor is seen at its display at a trade fair.

Axel Schmidt | Reuters

Check out the companies making headlines in midday trading.

Carvana — Shares of the online car dealership fell more than 32% after Carvana’s largest creditors signed an agreement to negotiate together with the company. Bankruptcy concerns around Carvana have grown since the company reported disappointing third-quarter results last month. The pact between the creditors was first reported by Bloomberg.

MongoDB — The database platform surged almost 22% following the company’s quarterly results. Mongo posted better-than-expected revenue for the most recent quarter and issued upbeat fourth-quarter revenue guidance, according to Refinitiv.

State Street — Shares of the asset manager jumped more than 8% after the company announced a new buyback plan. The company said it now intends to buy back up to of $1.5 billion of its common stock in the fourth quarter of 2022, $500 million more than the amount announced previously.

Online travel — Online travel stocks dropped after Wolfe Research downgraded the sector to market underweight from market weight, citing trouble ahead on the likelihood of a recession. The firm named a worse outlook for names such as Booking Holdings, Airbnb, TripAdvisor and Expedia. Shares of TripAdvisor and Expedia were down more than 6%. Booking Holdings fell more than 4%, and Airbnb shed 3%.

Stitch Fix — Shares gained 3%, bouncing back from an earlier dip during pre-market trading. On Tuesday, the company posted quarterly results that fell short of analysts’ expectations, according to FactSet. Stitch Fix also trimmed its full-year forecast.

Toll Brothers — Shares of the luxury homebuilder rose 7% after the company reported quarterly results. Toll Brothers posted home sales revenue that was better than Wall Street expectations, according to Refinitiv.

Dave & Buster’s Entertainment — Dave and Buster’s stock shed more than 4% despite the company posting solid quarterly revenue on Tuesday. The entertainment company also provided an update on the fourth quarter, noting that through the first five weeks of the period, pro forma combined walk-in comparable store sales declined 2.4% versus the comparable period in 2021. However, those sales have increased 15.7% over the same period in 2019.

SolarEdge Technologies — The solar stock gained 3.6% after Bank of America upgraded it to a buy from neutral. The firm said the stock could gain more than 20% as its outlook improved.

Campbell Soup — Shares rose more than 5% after Campbell Soup topped forecasts on the top and bottom lines in its latest earnings report. The food producer cited “inflation-driven pricing, brand strength and continued supply recovery” for its recent results.

Chinese tech stocks — Shares of U.S. listed China stocks declined even as Beijing announced it will lift some Covid restrictions. JD.com and Baidu were each lower by more than 2%.

Airlines — Airline stocks fell as a group during midday trading. Shares of Southwest Airlines declined nearly 4%, while American Airlines slid 4.3%. Shares of Delta Air Lines, Alaska Air Group and United Airlines each slipped more than 3%.

Lowe’s Companies — Shares added more than 3% after Lowe’s affirmed its full-year guidance, and announced a new $15 billion share repurchase program. The home improvement retailer is hosting its annual analyst and investor conference on Wednesday.

— CNBC’s Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting

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Business

PayPal, Airbnb, Match Group, Caesars and more

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A sign is posted outside of the PayPal headquarters in San Jose, California.

Justin Sullivan | Getty Images

Check out the companies making headlines in extended trading.

Match Group — Shares of the dating app operator tumbled as much as 23% after the company reported revenue of $795 million for the second quarter, compared with FactSet estimates of $803.9 million. Match also issued weak guidance around adjusted operating income and revenue for the current quarter.

Solaredge Technologies – The solar-power stock tanked nearly 13% in after-hours trading following disappointing quarterly results. Solaredge reported an EPS of 95 cents, below analysts’ expectation of 88 cents per share, according to FactSet. Revenue also came in shy of estimates.

PayPal — The payments giant’s shares soared 11% after hours following stronger-than-expected second-quarter results and an increase in its forecast. PayPal also revealed it has entered into an information-sharing agreement with Elliott Management.

SoFi — Shares climbed more than 7% after the personal finance company reported a beat on the top and bottom lines. “While the political, fiscal, and economic landscapes continue to shift around us, we have maintained strong and consistent momentum in our business,” SoFi CEO Anthony Noto said in a statement.

Airbnb — Shares of Airbnb fell about 10% in extended trading after the vacation home rental company posted weaker-than-expected revenue for the second quarter. The company also reported more than 103 million booked nights and experiences, the largest quarterly number ever for the company but short of StreetAccount estimates of 106.4 million.

Advanced Micro Devices — AMD’s shares fell nearly 5% despite reporting strong quarterly earnings and revenue, after the chipmaker issued a weaker-than-anticipated third-quarter forecast. The chipmaker said it expected $6.7 billion in revenue during the current quarter, plus or minus $200 million. Analysts expected $6.83 billion.

Caesars Entertainment — The casino company lost about 2% after it reported a quarterly loss of 57 cents per share, which was 74 cents lower than analysts had expected. It also reported a Caesars Digital loss of $69 million, compared with $2 million for the comparable prior-year period.

Robinhood — Robinhood slid about 2% after reporting it will cut its headcount by some 23%, after previously laying off 9% in April, and posting a decline in monthly active users and assets under custody for the second quarter. The investing app operator released its results a day ahead of schedule.

Starbucks — The coffee chain saw shares edge higher by more than 2% after it reported better-than-expected quarterly results, despite lockdowns in China weighing on its performance. Within the U.S., however, net sales rose 9% to $8.15 billion and same-store sales grew 3%.

— CNBC’s Sarah Min and Yun Li contributed reporting.

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Business

Spirit Airlines, Didi Global and more

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Take a look at some of the biggest movers in the premarket:

Spirit Airlines (SAVE) – Spirit jumped 6.1% in the premarket after JetBlue (JBLU) sweetened its bid for Spirit. JetBlue will increase its breakup fee for the deal to $350 million and pay part of that as a dividend if the deal is consummated, increasing the value to $31.50 per share. JetBlue shares were unchanged.

Didi Global (DIDI) – Didi shares skyrocketed in the premarket after The Wall Street Journal reported that China regulators have concluded a year-long probe and it is set to lift an order banning the company from adding new users.

Keurig Dr Pepper (KDP) – The beverage maker’s stock will be added to the S&P 500 index prior to the opening of trading on June 21, along with ON Semiconductor (ON) and real estate investment trust VICI Properties (VICI). Keurig rallied 7.9% in premarket action, with ON Semiconductor surging 7.2% and VICI jumping 8.4%.

Eli Lilly (LLY) – The drugmaker’s stock rose 1.2% in premarket trading, after announcing successful results in studies involving diabetes drugs Trulicity and Jardiance.

Under Armour (UAA) – Under Armour stock is among those being replaced in the S&P 500 on June 21. Under Armour will move to the S&P MidCap 400, along with laser maker IPG Photonics (IPGP). Under Armour lost 1.2% in the premarket.

Revlon (REV) – Revlon is in talks with lenders on pushing back debt payment deadlines as the cosmetics maker tries to avoid a bankruptcy filing, according to people familiar with the matter who spoke to The Wall Street Journal. The talks involve extending the maturity date on about $1.7 billion in debt that comes due as early as 2024. Revlon added 1.6% in premarket trading.

Starbucks (SBUX) – Starbucks is considering only external candidates to be its next CEO, according to interim Chief Executive Officer Howard Schultz. He told The Wall Street Journal that the company needs to add new talent to its executive ranks. Starbucks was up 1.8% in the premarket.

Apple (AAPL) – Apple shares are on watch as the company’s annual Worldwide Developers Conference begins. Apple stock has lost 16.9% so far this year amid concerns about a slowdown in demand. Apple gained 1.4% in premarket trading.

Solar companies – Shares of solar equipment providers rose in premarket trading, following a Reuters report saying the White House would declare a 24-month exemption from solar panel tariffs as well as other moves to spur U.S. solar panel production. SolarEdge Technologies (SEDG) added 4.3%, Sunrun (RUN) jumped 11.1%, First Solar (FSLR) gained 2.3%, JinkoSolar (JKS) rallied 5.9% and SunPower (SPWR) rallied 7.2%.

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Business

Citrix Systems, Boeing, Nike, Kellogg and more

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Pedestrians cross a street in front of a Rite Aid store in Oakland, California.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Rite Aid — Shares of Rite Aid rallied more than 16% after it reported a quarterly profit of 15 cents per share, smashing analysts’ expectations for a quarterly loss of 32 cents per share. The drugstore chain also announced a store-closure program it expects will help save about $25 million annually.

Citrix Systems — Citrix shares surged 12.8% after Bloomberg reported that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the software maker, which has been exploring options including a potential sale since September.

Braze — The software company’s shares soared by more than 16% following a quarterly report that included a lower-than-expected loss and better-than-expected revenue. It was Braze’s first earnings report since going public last month.

Micron — Shares of the semiconductor company surged more than 9% after it beat estimates on the top and bottom lines for its fiscal first quarter. Second-quarter guidance also impressed analysts and helped Mircon earn an upgrade from Bank of America.

Nike — Shares jumped 6.5% after the athletic apparel brand posted a better-than-expected quarterly report despite supply chain issues. The company reported quarterly earnings of 83 cents per share, 20 cents a share above the Refinitiv consensus estimate. Revenue also came in above forecasts.

General Mills — The consumer-food giant’s shares fell nearly 4% after the company reported quarterly earnings of 99 cents per share, which missed estimates by 6 cents. General Mills beat revenue estimates for the quarter and raised its full-year sales forecast. On the downside, it said it’s dealing with higher input costs and supply chain disruptions.

Boeing — The aircraft maker’s shares rose 5% after UPS placed an order for 19 of the company’s 767 freighters. Also on Tuesday, RBC named Boeing a top stock pick for 2022, saying it sees free cash flow improving.

Pfizer, Moderna — Vaccine stocks traded lower after the Centers for Disease Control and Prevention director said initial Covid-19 shots “may not be enough” to prevent infection and noted that the omicron variant has more than 50 different mutations. Shares of both Pfizer and Moderna fell more than 3%.

Kellogg — The maker of cereal and other foods saw its shares slip by about 2.3% after it announced union employees have ratified a previously announced tentative agreement for a master contract at its four U.S. cereal plants. The contract covers about 1,400 union-represented employees at plants in Battle Creek, Mich., Omaha, Neb., Lancaster, Pa., and Memphis, Tenn.

SolarEdge — On a strong day for solar stocks, SolarEdge outperformed and rose more than 7% after Cowen named it a top stock pick for 2022. The investment firm said in a note to clients that SolarEdge can benefit from both the residential and commercial rooftop solar markets.

 — CNBC’s Jesse Pound and Hannah Miao contributed reporting

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Business

Nike, Micron Technology, Braze and more

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Take a look at some of the biggest movers in the premarket:

Nike (NKE) – Nike jumped 3.5% in the premarket after it reported quarterly earnings of 83 cents per share, 20 cents a share above estimates. Revenue was slightly above forecasts, but the athletic footwear and apparel maker said sales were hurt by a slowdown in production and transportation of its goods.

Micron Technology (MU) – Micron beat estimates by 5 cents a share, with quarterly profit of $2.16 per share. The chip maker’s revenue also came in above consensus. Micron gave an upbeat forecast, amid continued strong demand for its chips. Its shares leaped 8.2% in premarket action.

Braze (BRZE) – Braze reported a lower-than-expected loss and better-than-expected revenue in the cloud computing company’s first report since going public in mid-November. The stock surged 11.9% in the premarket.

Citrix Systems (CTXS) – Citrix shares surged 7.8% in premarket trading following a Bloomberg report that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the software maker.

General Mills (GIS) – General Mills missed earnings estimates by 6 cents a share, with quarterly profit of 99 cents per share. The food producer’s revenue was above Wall Street forecasts. The company raised its full-year sales forecast, as at-home dining demand remains elevated, but said it is still dealing with higher input costs and supply chain disruptions. Its shares fell 1.9% in the premarket.

Rite Aid (RAD) – The drugstore chain earned a profit of 15 cents per share, compared to expectations of a 32 cents per share quarterly loss. Rite Aid also announced a store closure program, initially targeting 63 stores with an expected annual savings of about $25 million. The stock rallied 4% in premarket trading.

FactSet (FDS) – The financial information provider earned $3.25 per share for its latest quarter, 25 cents a share above estimates. Revenue came in above consensus as well, boosted by higher sales of analytics and research solutions.

Moderna (MRNA) – Moderna CEO Stephane Bancel told a Swiss newspaper that work on a booster to protect against the Covid-19 omicron variant could begin within a few weeks, adding that only minor adjustments would be needed. Moderna had said earlier this week that a booster dose of its current vaccine increases protection against the omicron variant by 37-fold.

Nikola (NKLA) – The electric vehicle company will pay a $125 million civil penalty to settle Securities and Exchange Commission charges that it had allegedly defrauded investors. Nikola said the settlement resolves all outstanding issues and investigations. Its shares added 3.1% in the premarket.

SolarEdge Technologies (SEDG) – The solar equipment maker’s stock rose 2.5% in premarket trading after it was named a “top pick” at Cowen. The firm said investor enthusiasm remains high for both solar and fuel cell technology, despite a move by California to dampen solar incentives.

Nvidia (NVDA) – The graphics chipmaker’s stock added 3% in the premarket after it was named a “top pick” at UBS, which notes Nvidia’s “wide moats” in its markets.

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Business

What Jim Cramer is watching in the market Tuesday, including why the selling has returned

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Jim Cramer on CNBC’s Halftime Report.

Scott Mlyn | CNBC

(This article was sent first to members of the CNBC Investing Club with Jim Cramer. To get the real-time updates in your inbox, subscribe here.)

What I am looking at November 30, 2021:

  • Second thoughts about omicron related to downbeat talk by Moderna’s Noubar Afeyan co-founder of Moderna (MRNA) who says the strain poses serious threats and Bancel’s interview with the FT was much more downbeat then when he was on CNBC… told FT “material drop” in effectiveness… But still using several months time frame to solve things… lots of money on the line for Moderna… I have Dr. Topol on Mad Money tonight who has been the most right of the commentators save Gottlieb…
  • Square (SQ)… sell to hold at Bank of America, but still need visibility on cash app… Dorsey all in – will we get a mid-quarter update tomorrow?… focus turns to Afterpay…. Fits into Seller and Cash App systems…
  • Piper says Edwards Lifesciences (EW) is the best beat and raise story… I think it is better than Medtronic, which missed badly…
  • When will the activists come for 3M (MMM) which has so badly underperformed?
  • Ford (F)  will pass GM in number of EV sold according to Morgan Stanley’s Jonas in 2021… calculates Mustang Mach-E selling 2,800 cars per month profitably,  150,000 next year-3.5% of volume…. I am convinced that is low
  • Factory output in China up for first time in a while according to November numbers… coincides with improving Baltic freight… should spur another Caterpillar (CAT) run… tiresome
  • Oil bear market?… Club members get ready to buy some Chevron (CVX) which makes a ton of money above $70…
  • Marvell Technology (MRVL)…BMO goes $70 to $80 on price target—remember high perf computing an 5G… Club name, reports this week… tends to sell off on the news…
  • Walmart (WMT)…Guggenheim says don’t panic on loss of CFO Brett  Biggs… 1.5% dividend… 22 times 2022 earnings estimate… deserves premium…
  • Dollar Tree (DLTR) downgrade to neutral at Goldman Sachs… cites slowing low end consumer, declining traffic…expected improvements now priced in.   Further growth limited?
  • Solaredge (SEDG) downgraded by Morgan Stanley… up 17% in 3 months percent… more balanced risk reward so buy to hold.
  • JPMorgan analyst Tusa trashes General Electric (GE) again… says plan is far from original… no change, net leverage -despite better pension performance… neutral rating but he is relentless
  • 10-year at 1.69% last week, now at 1.42%… Is the world stopping?
  • Wedbush cuts Twitter (TWTR) price target from $69 to $52… lower multiples…internal candidate as CEO not a surprise

The CNBC Investing Club is now the official home to my Charitable Trust. It’s the place where you can see every move we make for the portfolio and get my market insight before anyone else. The Charitable Trust and my writings are no longer affiliated with Action Alerts Plus in any way.

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Typically, Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If the trade alert is sent pre-market, Jim waits 5 minutes after the market opens before executing the trade. If the trade alert is issued with less than 45 minutes in the trading day, Jim executes the trade 5 minutes before the market closes. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. See here for the investing disclaimer.

 (Jim Cramer’s Charitable Trust is long F, MRVL.)

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Business

Nike, FedEx, Skillz, Ford & more

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Take a look at some of the biggest movers in the premarket:

Nike (NKE) – Nike came in 14 cents a share above estimates, with quarterly profit of 90 cents per share. The athletic footwear and apparel company’s revenue came in below analysts’ projections, however, and its full-year revenue outlook was also shy of estimates. Nike said North American revenue was hit by port-related issues which delayed shipments by up to three weeks. Nike shares slid 3.2% in premarket trading.

FedEx (FDX) – FedEx reported quarterly earnings of $3.47 per share, beating the consensus estimate of $3.23 a share. Revenue also came in above forecasts. FedEx’s average revenue per package for its Ground service rose by 11%, as it continues to benefit from the pandemic-related surge in e-commerce orders. Its shares jumped 4% in premarket action.

Skillz (SKLZ) – Skillz tumbled 7% in premarket action after the mobile gaming company announced a 32 million share public offering. The offering priced at $24 per share, with Skillz selling 17 million shares and certain stockholders selling the rest. Skillz said it would use the proceeds for general corporate purposes.

AstraZeneca (AZN) – AstraZeneca’s Covid-19 vaccine received the backing of Canada regulator Health Canada, which joined European countries in saying the vaccine is not linked to an increase in blood clots. Countries that had temporarily halted use of the vaccine have now resumed administering shots.

Hartford Financial (HIG) – The financial services company said it is “carefully considering” a takeover proposal from insurance company Chubb (CB) for $65 per share or more than $23 billion. Hartford shares surged 18.7% Thursday following news of the offer, although it Is giving back about 1.4% in premarket trade.

Ollie’s Bargain Outlet (OLLI) – Ollie’s beat estimates by 14 cents a share, with quarterly earnings of 97 cents per share. The discount retailer’s revenue also came in above Wall Street forecasts. Comparable-store sales jumped 8.8%, beating the consensus FactSet forecast of a 3.2% increase. Ollie’s shares gained 4.6% in premarket trading.

Enphase (ENPH), SolarEdge Technologies (SEDG) – Susquehanna Financial upgraded both alternative energy stocks to “positive” from “neutral,” based on an anticipated expansion in solar installations in the years ahead and the strength of the two companies in the residential sector. Enphase rose 3.3% in the premarket, while SolarEdge gained 2.1%.

Ford Motor (F) – Ford shares are up 2.5% in premarket trading after Barclays upgraded the stock to “overweight” from “equal weight,” and increased its price target on the stock to $16 per share from $9. Barclays is encouraged by Ford’s developing electric vehicle strategy, among other factors.

Coherent (COHR) – The laser technology company remains on watch, as it mulls competing takeover bids from Lumentum (LITE) and II-VI (IIVI). Coherent first struck a deal to be acquired by Lumentum in January, but has received eight subsequent bids and revised offers since then.

Molson Coors (TAP) – The beer brewer’s stock fell 2.3% in premarket action after Deutsche Bank added it to its “short term sell catalyst” list. Deutsche Bank said the call is based on short-term concerns, including a material impact on first-quarter results from adverse February weather in Texas.

Petco Health (WOOF) – The pet supplies retailer was upgraded to “buy” from “neutral” at Bank of America Securities, saying Petco’s fourth-quarter results and 2021 were ahead of its expectations. The stock jumped 2.8% in premarket trading after losing 3.8% in Thursday trading.

Hims & Hers Health (HIMS) – Hims & Hers Health shares fell 3.3% in the premarket after the telehealth company reported a net quarterly loss of $3.1 million, even though that was smaller than the $12.4 million loss reported a year earlier. Revenue came in higher than anticipated, however, and total revenue was up by 80% for 2020.

Sarepta Therapeutics (SRPT) – The drugmaker’s shares rallied 5.4% in premarket trading after it reported upbeat results in a trial involving an experimental muscular dystrophy treatment.

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