Afternoon Note
The market has exhibited that old 2019 resolve. When it looked like all the major indices would turn south after the NASDAQ ran out of steam early, big Blue-Chip names kept the Dow buoyant and helped bring back other equity indices back.
Market breadth has been positive all session.
I’m loving the action in Industrials. At the same time, semiconductor stocks look toppy. Fast money and momentum traders are cashing in on chips and loading up on software names.
Apple Shines
A lot of Apple bears have been on TV since Apple’s (AAPL) earnings release last night trying their best to talk down the stock, but the long term Buy and Hold thesis only got stronger.
Apple Analysts |
Rating |
Price Target |
Evercore ISI |
Outperform |
$365 from $360 |
Raymond James |
Outperform |
$360 from 280 |
JP Morgan |
Buy |
$350 from $300 |
Citigroup |
Buy |
$350 from $300 |
Royal Bank of Canada |
Outperform |
$358 from $350 |
UBS |
Buy |
$355 |
Piper Sandler |
Buy |
$343 from $305 |
Goldman |
Neutral |
$300 from $192 |
New Street Securities |
Buy |
|
Cowen |
Favorite Idea 2020 |
$375 from $325 |
Classic Kitchen Sink Quarter
I came into the day thinking Apple would be the stock of the day, but it might be Boeing.
Boeing (BA) posted a monster earnings miss, littered with red flags, which initially sent shares reeling to $309 a share in preopen action.
787 monthly delivery estimates:
So, why did the stock reverse so quickly? The company’s new CEO David Calhoun has been prepping the street for this report since taking the job. It’s actually a great luxury for a new CEO taking over a beleaguered company to be able to make major apologizes and take major financial hits. Getting it all out there is in fact cathartic for the company and its shareholders.
Also this morning, Calhoun went on a charmed offensive giving a number of interviews in which he came across as component, contrite and confident. He believes the 737 Max will be back in the air midyear, and he sees Phase 1 deal paving the way for big China order. He dismissed the notion of a name change for the 737 Max, underscoring the fact the company won’t try to “market its way out” of its predicament.
Powell at the Plate
All eyes are on the Fed and what should be a critical question and answer period that will cover everything:
Earnings After the Bell
FB
Typically, the stock trades higher the day of, and earnings have rallied 4 out of last five of the releases for an average gain of 3.9%.
TSLA
There are very wild swings with this stock. The last release popped the stock 17.6%, but the prior quarter release sent shares reeling 13.6%.
MSFT
Nadella is the man, as shares of MSFT have rallied 358% under his watch. The stock rallied in four of the last five releases, and each time, shares were much higher a week later.
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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