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WW selloff ahead of Oprah special creates buying opportunity, says Guggenheim
Guggenheim tells investors in a research note that the recent selloff in WW shares since the March 1 Q4 results announcement creates a buying opportunity ahead of Oprah Winfrey's primetime weight loss special. The firm believes the selloff is not related to any publicly known fundamental risk that has developed since the Q4 print, with its review of app data showing trends are materially unchanged since then. The firm reiterates a Buy rating and $12 price target.
GSK reports 'clinically meaningful' overall survival results from RUBY trial
GSK plc over the weekend announced "statistically significant and clinically meaningful" overall survival, or OS, results from Part 1 and progression-free survival, or PFS, results from Part 2 of the RUBY/ENGOT-EN6/GOG3031/NSGO phase 3 trial in adult patients with primary advanced or recurrent endometrial cancer. These data were presented in a late-breaking plenary session at the Society of Gynecologic Oncology 2024 Annual Meeting on Women's Cancer held March 16-18, the company noted. Hesham Abdullah, Senior Vice President, Global Head Oncology, R&D, GSK said: "The positive data presented today further show how dostarlimab-based regimens could benefit a broader set of patients with endometrial cancer. The results we've seen to date comprise the growing body of evidence supporting the role of dostarlimab as the backbone of our immuno-oncology development programme. Our goal is to continue to identify ways to use dostarlimab alone and in combination with other therapies to help improve outcomes for patients with limited treatment options."
Netflix price target raised to $700 from $585 at Loop Capital
Loop Capital raised the firm's price target on Netflix to $700 from $585 and keeps a Buy rating on the shares. The analyst cites Nielsen's The Gauge and the company's own weekly data that indicate improving trends while noting that near-term engagement and long-term macro / competitive trends for Netflix are positive. Cord cutting has accelerated last year, and the competitive environment for Netflix should ease as traditional media companies have raised streaming prices, the firm tells investors in a research note
Nvidia (NVDA) CEO Jensen Huang will take the stage later today, drumming up enthusiasm for the latest breakthroughs in the AI revolution. The company's annual developer gathering, called GTC, or the GPU Technology Conference, is kicking off at the San Jose Convention Center, with a keynote from Huang slated for 4 PM ET. More than 300,000 people are expected to be in attendance, either virtually or in person, showing just how important the event has become in recent years.
What's on the menu? Nvidia is expected to unveil successors to its key revenue drivers, like Hopper graphics architecture and the H100 GPU, which is currently the go-to processor for training and deploying AI models. The new architecture is believed to be codenamed Blackwell, while the energy-intensive B100 GPU will command far better performance (and likely ship later this year). Another exciting development will be updates to the company's CUDA software, which ties developers to the Nvidia network, as well as the introduction of a dedicated chip for the Chinese market, which has fallen under technology curbs from the U.S. government.
"GTC has become the world's most important AI conference because the entire ecosystem is there to share knowledge and advance the state of the art," Huang said in a press release ahead of the event.
Market movement: While retracing some territory in recent weeks, Nvidia (NVDA) shares are still up 77% YTD after topping the $2T market cap milestone in late February. Analysts now see EPS growth topping 90% Y/Y in 2024, while revenue is forecast to surge 81% to over $110B. "Nvidia has posted a 5% on average over the course of the four-day event, followed by an immediate, yet brief, pullback, which could mark an opportunity for upside potential leading up to its next earnings release," writes SA Investing Group Leader Livy Investment Research. Take the WSB survey.
Dive into anything
Reddit's (RDDT) initial public offering is said to be 4-5 times oversubscribed, with strong demand likely helping the social media platform reach its valuation goal of $6.5B. However, oversubscription isn’t necessarily an indicator of the stock’s performance and the marketing of the IPO is still ongoing. SA analyst Mountainside Research is bearish on Reddit, given its lack of profitability and reliance on advertising. "Based on how other recent IPOs have been received by the market, Reddit may have a rocky start," he noted, though others think it may have the potential to become a meme stock given its ties to r/WallStreetBets. (30 comments)
Out of commission
The National Association of Realtors has agreed to pay $418M over about four years to resolve claims of collusion aimed at maintaining artificially high agent commissions. NAR will also revise multiple regulations that will likely result in a substantial drop in the cost of selling a home. If approved by a federal court, the deal would mean that home listings across much of the U.S. would no longer feature upfront offers to buyers' agents, allowing buyers the opportunity to directly negotiate compensation beforehand. While the news broke on Friday, many are still discussing what it might mean for real estate platforms such as Compass (COMP), Zillow (Z) and Redfin (RDFN). (57 comments)
Spy network
SpaceX (SPACE) is reportedly building a network of hundreds of spy satellites under a classified contract with the National Reconnaissance Office, a U.S. government agency involved with space-based intelligence. The network, which involves a $1.8B contract signed in 2021 and SpaceX's Starshield unit, demonstrates the Pentagon's willingness to invest in low-Earth orbiting satellite systems. There has also been a lot of talk about SpaceX going public, but that could bring a whole lot more scrutiny to a firm that might be closely working with U.S. military and spy agencies. (41 comments)
Today's Markets
In Asia, Japan +2.7%. Hong Kong +0.1%. China +1%. India +0.1%.
In Europe, at midday, London +0.1%. Paris flat. Frankfurt +0.3%.
Futures at 7:00, Dow -0.1%. S&P +0.4%. Nasdaq +0.8%. Crude +0.9% to $81.29. Gold flat at $2,161.40. Bitcoin +1.5% to $68,040.
Ten-year Treasury Yield unchanged at 4.31%.
Today's Economic Calendar
10:00 Housing Market Index
Companies reporting earnings today »
What else is happening...
Meta (META) under federal probe over role in illegal drug sales.
Largest U.S. grid could see 58 GW of power generation shut by 2030.
ByteDance's TikTok faces slowing U.S. growth as users leave app.
Putin hails election victory after harshly suppressing opposition voices.
U.S. warns Europe that reviving metals dispute may hurt WTO reform.
Survey finds GLP-1 users more inclined to get aesthetic procedures.
FAA to probe missing panel in United's (UAL) Boeing (BA) 737 flight.
'Kung Fu Panda 4' keeps top spot at box-office for second weekend.
Microsoft's (MSFT) LinkedIn to launch an online gaming platform.
Citi analysts screen for 25 stocks with growth capex opportunity.
WM price target raised to $256 from $230 at Jefferies
Jefferies analyst Stephanie Moore raised the firm's price target on WM to $256 from $230 and keeps a Buy rating on the shares. The renewable natural gas, or RNG, opportunity for the waste players remains underappreciated, argues the firm, which estimates RNG projects can add 10%-15% to base earnings and lift margins 100-200 basis points. Based on increased confidence in these RNG projects and their P&L impacts, the firm lifts its waste coverage price targets by 5%-15%.
Intellia Therapeutics announces first patient dosed in Phase 3 MAGNITUDE study
Intellia Therapeutics announced the first patient dosed in the global pivotal, Phase 3 MAGNITUDE trial of NTLA-2001. NTLA-2001 is an investigational in vivo CRISPR-based therapy designed as a single-dose treatment to inactivate the TTR gene and thereby prevent the production of TTR protein for the treatment of transthyretin amyloidosis. The MAGNITUDE trial is evaluating the efficacy and safety of NTLA-2001 in patients with ATTR amyloidosis with cardiomyopathy. "Dosing of the first patient in the MAGNITUDE trial of NTLA-2001 puts us one step closer to bringing a potential one-time gene editing treatment to people living with ATTR amyloidosis," said Intellia President and Chief Executive Officer John Leonard, M.D. "With multiple sites now enrolling patients, including in the U.S., we are off to a great start to rapidly enroll this landmark study. MAGNITUDE was informed by the compelling interim Phase 1 results reported last year. These data showed that a single-dose treatment of NTLA-2001 resulted in deep and durable reductions of the TTR protein responsible for the clinical consequences of the disease. We look forward to evaluating the efficacy and safety of NTLA-2001 in patients with cardiomyopathy in the pivotal Phase 3 trial. Assuming a positive outcome, it will pave the way for future global marketing applications, ultimately supporting our goal
Equinix price target raised to $950 from $915 at Truist
Truist raised the firm's price target on Equinix to $950 from $915 and keeps a Buy rating on the shares as part of a broader research note on REIT's, updating the firm's models to reflect Q4 results, recent events, and adjusted revenue growth and expense assumptions. Truist also raises the REIT's 2024 AFFO view to $34.87 from $31.99, assuming 140bps increase in utilization rate, and a 5% increase in average monthly colocation revenue per installed cabine
Embraer reports Q4 revenue $1.975B, consensus $2B.
Adjusted EBIT reached $181.7M in 4Q23, with adjusted EBIT and EBITDA margins of 9.2% and 12.8%. Embraer delivered 75 jets in 4Q23, of which 25 were commercial aircraft, 49 were executive jets (30 light and 19 medium) and 1 was a military C-390. In 2023, the company delivered a total of 181 jets, of which 64 were commercial aircraft, 115 were executive jets (74 light and 41 medium) and 2 were military C-390. Embraer's deliveries increased 13% year-on-year (yoy) when compared to the 160 jets in 2022. The company continues to face supply chain delays which have negatively impacted 2023 results. Firm order backlog ended 4Q23 at $18.7B, the highest number recorded over the past 6 years. Executive and Commercial Aviation registered book-to-bill in excess of 1:1. Meanwhile, Services & Support backlog reached $3.1B - the highest ever registered
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Bull Markets to Face a Global Drain on Liquidity, Gavekal Warns
UPB in da HIZZLE
? SEARCHES FOR VPN SKYROCKET IN TEXAS AFTER PORNHUB SHUTS DOWN ACCESS IN STATE
oil prices have jumped higher and WTI is trading at USD 81.73 per barrel, Brent at USD 85.96. Oil is extended last week's gains, as heightened geopolitical tensions added to supply concerns. Ukraine stepped up drone strikes on Russian refineries over the past week, which took out around 7% of Russian refining capacity in the first quarter, according to a Reuters analysis. That added to warnings from the International Energy Agency last week, that with OPEC+ output cuts likely to remain in place for the rest of the years, the market will be a facing a supply deficit for this year.
CareMax reports Q4 revenue $151.84M, consensus $190.83M
Net loss was $465.8 million, including $369.2 million of non-cash goodwill impairment, compared to net income of $10.4 million for the fourth quarter of 2022, which included a $76.3 million non-cash gain on remeasurement of contingent earnout liabilities and a $20.1 million non-cash income tax benefit, partially offset by a $70.0 million non-cash goodwill impairment. Total membership of 270,000, up 4% year-over-year. Medicare Advantage membership of 111,500, up 19% year-over-year. "In the fourth quarter, we began taking major steps with the goal of solidifying the long-term viability of our business," said Carlos de Solo, CEO. "We have made difficult but necessary decisions to de-emphasize certain longer duration investments, such as de novo centers, and to refocus efforts on driving medical margin within our core centers and management services organization while implementing cost saving initiatives across the organization. Our lenders have also granted us limited waivers of certain financial covenants in our credit facility in the short term to help provide us with flexibility as we explore strategic options across our lines of business to maximize the value of certain assets. In short, we are taking the actions we believe are necessary to reposition CareMax for future success."
$BLNK
Blink Charging price target lowered to $15 from $25 at H.C. Wainwright
H.C. Wainwright lowered the firm's price target on Blink Charging to $15 from $25 and keeps a Buy rating on the shares. The analyst cites the dilutive impact of the shares issued under the company's at the market program for the target drop.
PayPal has fallen far enough, time to buy, Barron's says
PayPal has gone from being one of the market's most expensive stocks to one of its cheapest - and it's now cheap enough to buy, Ben Levisohn writes in this week's edition of Barron's. The bad news is that PayPal will never return to the growth of old. The good news is that it doesn't need to. With a new CEO, Alex Chriss, leading the charge, change is coming - change that should help reverse the recent weakness, the author says.
Dick's Sporting price target raised to $239 from $194 at Barclays
Barclays analyst Adrienne Yih raised the firm's price target on Dick's Sporting to $239 from $194 and keeps an Overweight rating on the shares. The company's Q4 results beat across the board and management for the first time disclosed store economics on the new House of Sport and NextGen Dick's Sporting Goods stores, setting the stage for a new level of profitability, the analyst tells investors in a research note.
Tesla to raise prices on Model Y electric vehicles in parts of Europe
from the weekend --->> : 1. U.S. prosecutors in Virginia have been sending subpoenas and asking questions as part of a criminal grand jury probe looking into whether Meta's (META) social-media platforms are facilitating and profiting from the illegal sale of drugs, Andrea Fuller, Salvador Rodriguez and Khadeeja Safdar of Wall Street Journal report, citing people familiar with the matter. The prosecutors have been requesting records related to drug content or illicit sale of drugs via Meta's platforms, sources told the Journal. The Food and Drug Administration has also been helping with the investigation, the paper adds. A spokesperson for Meta told the Journal that, "The sale of illicit drugs is against our policies and we work to find and remove this content from our services. Meta proactively cooperates with law enforcement authorities to help combat the sale and distribution of illicit drugs." 2. Reddit's (RDDT) is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5B valuation it seeks, Reuters' Echo Wang reports. While the oversubscription does not guarantee a strong performance in the stock market debut, it means the company is poised to at least reach its targeted price range of $31 to $34 per share when it prices the IPO in New York on Wednesday, the sources said. 3. Oracle (ORCL) is no slouch when it comes to cloud computing and AI. But the strength of the company's position has only recently become clear to Wall Street, Eric J. Savitz writes in this week's edition of Barron's. Oracle continues to be a key provider of enterprise software applications and database software. Just this past week, the company announced new AI capabilities for some of its business apps. But the key driver for Oracle is now cloud computing-and the associated opportunity in artificial intelligence, the author notes. Despite a three-year rally in Oracle shares, the stock still looks cheaper on almost every measure than rival enterprise software companies, the publication adds. 4. Comcast (CMCSA) subsidiary Universal's "Kung Fu Panda 4" won this weekend at the North American box office with $20M in its sophomore outing as it crossed the $100M mark to finish Sunday with a 1-day domestic cume of about $108M. Overseas, the Jack Black-voiced movie earned another $39.6M for a total of $176.4M globally. The movie directed by Mike Mitchell, who also commanded "Trolls" and "Shrek Forever After," received an A- CinemaScore from audiences. 5. AT&T (T), PayPal (PYPL), McCormick (MCK) saw positive mentions in this week's edition of Barron's.
New York Community Bancorp downgraded to Underperform at Raymond James
Raymond James downgraded New York Community Bancorp to Underperform from Market Perform with a fair value estimate of $3. The bank's credit costs are likely to impair earnings for the next several years, as incremental disclosures in its annual filing suggest that several years of earnings will be needed to support the balance sheet remix, the analyst tells investors in a research note. The firm says that while the $1.05B equity raise brought New York Community's CET1 ratio in-line with peers and bought the bank time to work through its credit issues, the filing confirmed its suspicion that the bank's interest-only, rent-regulated multi-family exposure is significant at $7B. Raymond James believes New York Community's tangible book value growth will likely be a challenge at best for the next several years.
Futu Holdings upgraded to Outperform from Underperform at CLSA
CLSA analyst Hu Shen upgraded Futu Holdings to Outperform from Underperform with a price target of $65, up from $50. While a further share correction could be possible in the near term, the company's growth potential in the mid- to long term is promising, the analyst tells investors in a research note. The firm says Futu guided for "robust growth" of 19% in the paying client number in 2024 while its overseas expansion is still a key growth driver.
$NVDA Nvidia price target raised to $1,050 from $880 at HSBC --- Buy rated
Nvidia price target raised to $1,050 from $880 at HSBC
HSBC analyst Frank Lee raised the firm's price target on Nvidia to $1,050 from $880 and keeps a Buy rating on the shares. The analyst is encouraged by Nvidia's artificial intelligence product roadmap which focuses on moving beyond GPUs and towards owning the entire value chain. This will take shape next year given the comapny's GB200 AI platform will incorporate both Grace Hopper CPU and B200 AI GPU, implying Nvidia is using its own in-house CPUs for the first time, the analyst tells investors in a research note. HSBC believes this will enable Nvidia to capture further significant pricing power.
Uxin enters term sheet for financing
Uxin announced that it has entered into a term sheet with Xin Gao and an investment fund focusing on automobile related industries on March 18 with respect to financing by the company from the Investors. Xin Gao is an existing shareholder of the company. Xin Gao is controlled by Kun Dai, the chairman of the company's board of directors and the company's chief executive officer. The term sheet constitutes a commitment by company and the Investors to negotiate in good faith to enter into definitive agreements for the financing from the Investors in an aggregate amount of approximately $34.8M at a subscription price of $0.004858 per share. The proposed transaction is subject to the parties' execution of definitive agreements and closing conditions to be stipulated therein.
Hibbett downgraded to Market Perform from Outperform at Telsey Advisory
Telsey Advisory analyst Cristina Fernandez downgraded Hibbett to Market Perform from Outperform with a price target of $74, down from $82. The company's 2024 is projected to be a more difficult year than anticipated with the comp flat to down low single digits and operating margin contraction, the analyst tells investors in a research note. The firm says the lower sales projection is driven by the consumer remaining cautions and not as much newness in the marketplace. Telsey thinks it will be hard for the stock to work until there are signs of accelerating comp growth.
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Have a few 15 day trials to https://optionmillionaires.com - for information send an email to optionmillionaires@gmail.com with ‘trial’ in the header - first come basis
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$CDLX
Out my $CDLX March calls for some bags, added some April strikes - think a $TREE like move coming pic.twitter.com/6Nq5dVunND
— Option Millionaires (@OMillionaires) March 15, 2024
Microsoft is stuffing pop-up ads into Google Chrome on Windows again
www.theverge.com
NYSE market internals summary
Volume is above average for this time of day. Breadth is mixed with issues bearish while volume and new highs to new lows are bullish. Advancing Issues: 1289 / Declining Issues: 1488 -- for a ratio of 0.9 to 1. Advancing Volume: 1,132,288,000 / Declining Volume: 1,062,807,000 -- for a ratio of 1.1 to 1. New 52-Week Highs: 84 / New 52-Week Lows: 45.
Blair sees opportunity for CoStar, Zillow from NAR settlement
William Blair analysts see two notable outcomes from the National Association of Realtors's preliminary $418M settlement that would effectively end the commission-related lawsuits in the residential industry. It would release NAR member agents from liability and it includes a mechanism for brokerage entities with residential transaction volumes that exceed $2B in 2022 to be released from all related claims, the analyst tells investors in a research note. The firm believes the potential changes would likely accelerate commission pressure on buyer agents, and could support overall commission rates around a home transaction trending lower in the near term. Blair also believes the settlement could raise some questions about the role of the MLS system altogether in broadly distributing listings of homes for sale. It thinks this could be an opportunity for players like CoStar Group (CSGP) and Zillow (Z, ZG), but "would give a leg up" to CoStar, saying it has successfully built out the dominant listing distribution in both multifamily and broader commercial real estate. Blair believes today's news is a modest negative for the brokerage models it covers.
Pete Distad Named CEO of New Sports Streaming Service - foxcorporation
Implied Fed funds futures continue to reflect significant paring of rate cut bets
Implied Fed funds futures continue to reflect significant paring of rate cut bets since the end of last year where a 25 bp easing was fully priced in for Wednesday's policy decision. And nearly 160 bps in easing was anticipated for this year. Now it is the case that the market is seeing no chance of rate action Wednesday and only about 16 bps in cuts by June. For the year as a whole the futures are pointing to 73 bps in cuts. All of the focus next week will be the dot plot which currently reflects 75 bps in easing this year. Of market concern is that it would take only two participants to shift their dot from a cut this year to next year, which would move the median dot up to show just 50 bps in easing this year. That would underscore the hawkish tone in the Treasury market. Attention will also be on the pace of QT, though analysts do not expect any change at this point, though a slowing is likely by June.
Realtor association agrees to lower commissions, NY Times reports
The National Association of Realtors has agreed to settle a series of lawsuits by paying $418M in damages and by eliminating its rules on commissions, Debra Kamin of New York Times reports, citing a copy the paper obtained of the agreement. The deal, which lawyers anticipate will be filed within weeks and still needs a federal court's approval, would end a multitude of legal claims from home sellers who argued that the rules forced them to pay excessive fees, reports the Times. The paper says that without the traditional 6% sales commission rate guaranteed, real estate agents will now most likely have to lower their commissions as they compete for business. Economists estimate commissions could now be reduced by 30%, driving down home prices across the board, the Times says. Company in the home realtor space include: Redfin (RDFN), Zillow (Z), Lemonade (LMND), Opendoor Technologies (OPEN), Re/Max Holdings (RMAX) and Compass (COMP).
MOVERSsssssssssss
UP AFTER EARNINGS -
Desktop Metal (DM) up 9%
Groupon (GRPN) up 2%
The Buckle (BKE) up 1%
Cardlytics (CDLX) up 47%
DOWN AFTER EARNINGS -
Adobe (ADBE) down 12%
Ulta Beauty (ULTA) down 8%
Hibbett (HIBB) down 13%
Jabil (JBL) down 9%
Notable open interest changes for March 15th
Thursday's total option volume of 54.3 million contracts resulted in net open interest growth of 2.85 million calls and 4.01 million puts. Tesla (TSLA), Microsoft (MSFT), NVIDIA (NVDA) and SoFi Technologies (SOFI) saw the greatest growth. Top five new positions opened include 51k Under Armour Class A (UAA) Sep-24 7.5 puts, 47k Warner Bros. Discovery (WBD) 4/26 weekly 7 puts, 46k Peloton Interactive (PTON) Jul-24 6 calls, 43k Patterson-UTI (PTEN) Apr-24 10 puts and 34k Teva (TEVA) Apr-24 13 calls.
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