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Investors will listen for the central bank's latest perspective on interest rates following the hotter-than-expected CPI and PPI reports this week. As members know, the market is looking for any signs of further disinflation in the housing market as shelter cost inflation remains the Fed's biggest concern. No club names report earnings next week, but we can't wait to see what Nvidia has to show us at its GTC AI developer conference . Other key reports include KB Home on Wednesday, which will provide a real-time look at the state the housing market, unlike the backward-looking housing reports. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: we'll, That's, Jerome Powell's, We're, Jensen, Jim Cramer, Huang, He'll, Lululemon, General Mills, OLLI, LULU, Jim Cramer's, Jim, Jerome Powell, Leah Millis Organizations: Dow, Nasdaq, PPI, Nvidia, Blackwell, CNBC, Micron Technology, Citi, Micron, Broadcom, Nike, FedEx, Music Entertainment, ZTO, Signet Jewelers, SIG, Sportradar, Micron Tech, KB, Worthington Industries, Accenture, Darden, Academy Sports &, Lufax, Brands, Winnebago Industries, Commercial Metals Company, Jim Cramer's Charitable, U.S . Federal, Federal, Market Locations: U.S, California, China, Washington , U.S
Klaviyo — Klaviyo shares jumped more than 9% after the marketing automation company surged to $36.75 after its New York Stock Exchange initial public offering. Stellantis — Shares rose about 1.7% after sales in Europe of brands such as Peugeot and Opel surged more than 6% in August. On Holding — The shoe stock rose finished lower ever after Needham initiated coverage with a buy rating. Lululemon — The athleisure clothing company rose nearly 2% after Needham initiated coverage with a buy rating, saying it expects double-digit top-line growth as accelerating technical innovation drives demand. Davidson initiated coverage on the stock at a buy.
Persons: Instacart, Steelcase, Jefferies, Davidson, Mills, Coty, Morgan Stanley, Chewy, Oppenheimer, Needham, Goldman Sachs, Azul, it's, , Alex Harring, Hakyung Kim, Jesse Pound, Michelle Fox, Sarah Min, Yun Li, Lisa Kailai Han Organizations: Nasdaq, New York Stock Exchange, Bausch Health, , Health, Peugeot, Opel, Chrysler, United Auto Workers, Citi, D.A, LSEG, Coty, Technologies, Textron — Textron, Berkshire Hathaway, Cessna Citation, Azul, JPMorgan, First, Bank Locations: Europe, U.S
The Softbank-owned chip designer's return to the public markets — the largest initial public offering since 2021 — was the highlight of the week. Those are the three things that we'll be focusing on in the week ahead. While struggling to snap back after Covid, China this week reported better-than-expected industrial output and stronger retail sales, signaling that things may be looking up. The United Auto Workers strike against Detroit's three biggest automakers will continue in the week ahead, barring a labor deal. ET: Fed Governor Lisa Cook is set to deliver the keynote address at the NBER's Economics of Artificial Intelligence Conference in Toronto, Canada.
Persons: , Morgan Stanley, Wells Fargo, Jerome Powell's, Jim Cramer, it's, Jim Farley, Stanley Black, Decker, Eli Lilly, Jerome Powell, Mills, Lisa Cook, Jim Cramer's, Jim, Brendan McDermid Brendan Mcdermid Organizations: Nasdaq, Dow Jones, Federal, United Auto Workers, automakers, Fed, West Texas, Saudi, Coterra Energy, Natural Resources, Detroit's, UAW, General Motors, Chrysler, Ford, CNBC, Stanley, Housing, Apogee Enterprise, FedEx, KB, Darden, NBER's, Artificial Intelligence, Jim Cramer's Charitable, Traders, New York Stock Exchange, REUTERS Locations: U.S, Covid, China, WTI, Toronto, Canada, New York City
Also on tap are several speaking engagements for Federal Reserve members, including Chair Jerome Powell on Wednesday and Thursday in his semiannual monetary policy report to Congress. ET: St. Louis Fed president Jim Bullard speaks 8:30 a.m. ET: Federal Reserve Chairman Jerome Powell speaks 12:25 am. ET: Federal Reserve Chairman Jerome Powell speaks 10:00 a.m. Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023.
Persons: Jerome Powell, Louis, Jim Bullard, John Williams, Austan Goolsbee, Loretta Mester, Tom Barkin, Friday's, Jim Cramer's, Jim Cramer, Jim, Mandel Ngan Organizations: Federal Reserve, Darden, FedEx, Louis Fed, Housing, NY Fed, Federal, Chicago Fed, Patterson Companies, Winnebago Industries, Algoma Steel, Cleveland Fed, Richmond Fed, Commercial Metals, U.S, Treasury, Jim Cramer's Charitable, CNBC, AFP, Getty Locations: United States, Olive, Washington ,
Steelcase — Shares of the office furniture company jumped nearly 6% on Wednesday evening following a strong earnings report for its most recent quarter. Both adjusted earnings per share and revenue were higher than analysts estimated, according to FactSet. The company posted stronger-than-expected adjusted earnings per share for the most recent quarter. KB Home posted earnings of $1.45 per share on revenue of $1.38 billion for its fiscal first quarter. Analysts were calling for earnings of $1.15 per share on revenue of $1.31 billion, according to Refinitiv.
Two things will capture all the market's attention in the coming week: The Federal Reserve's March meeting and the government's ongoing attempt to quell worries about the banking system. If it raises, Powell should speak softly; no raise and Powell should strongly remind the market that the work isn't done. Still, for the week, U.S. stocks fared better, with the S & P 500 rising 1.5% and the Nasdaq gaining 4.5%. On Thursday, initial jobless claims for the week ended March 11 came in at 192,000, a decrease of 20,000 from the prior week and below the expected 205,000. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
AI stocks surge after C3.ai's strong forecast
  + stars: | 2023-03-03 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Dado Ruvic/IllustrationMarch 3 (Reuters) - Shares of artificial intelligence-based (AI) product makers zoomed in premarket trade, as a strong forecast by retail investor darling C3.ai Inc (AI.N) amplified an ongoing euphoria driven by the launch of OpenAI's ChatGPT. C3.a1 forecast a better-than-expected revenue and profit for both the fourth quarter and fiscal year 2023, after the AI software company posted third-quarter results that topped Wall Street estimates. Shares of C3.ai climbed 16.14% to $24.73 before the bell, and were among the top five stocks trending on StockTwits. Other major AI stocks with strong premarket moves included business support supplier Steelcase Inc (SCS.N), BigBear.ai (BBAI.N), conversation intelligence firm SoundHound AI (SOUN.O) and Thailand's security firm Guardforce AI (GFAI.O), jumping between 5.4% and 12%. AI firms have been at the forefront of retail buying ever since Microsoft Corp's (MSFT.O) investment in OpenAI's ChatGPT.
Lucid (LCID) – Lucid rallied 5.% in premarket trading after the electric vehicle maker raised more than $1.5 billion in a series of stock sales. Rocket Lab (RKLB) – Rocket Lab fell 1.3% in premarket action after announcing a delay in its first rocket launch from the United States. Rocket Lab cited both poor weather conditions as well as regulatory delays stemming from the processing of documentation by NASA and the Federal Aviation Administration. As a result, Rocket Lab cut its revenue forecast for the fourth quarter. BMO expects positive announcements from Beam's partner Verve Therapeutics (VERV) to help drive the stock higher.
A sign is posted in front of the Gilead Sciences headquarters on April 29, 2020 in Foster City, California. Check out the companies making the biggest moves midday:General Mills — General Mills dropped 4.2%, despite reporting better-than-expected revenue and profit for the last quarter. Gilead Sciences — Gilead Sciences sank 2.4% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. Tesla – Shares of Tesla sank 5.3% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. Arch Capital — The Bermuda-based insurance company rose 2.5%.
But first, Elon Musk staked his Twitter leadership on a poll and it closed just minutes ago. Elon Musk topped off a turbulent week by launching a poll asking Twitter users whether he should quit as CEO. After SEC filings showed Musk sold about $3.6 billion of Tesla stock, its share price tumbled more than 15% amid a growing view that Twitter is becoming a distraction. This is a developing story and Tesla stock is currently up almost 5% in premarket trading. ICYMI: Phil Rosen, your usual host of this newsletter, discussed the "stunning" state of America's oil industry with Citi's Ed Morse.
But what irked markets was Fed Chair Jerome Powell's indication the Fed could continue to raise rates for longer to bring inflation under control. The S & P 500 lost around 2.25% for the week, closing out Friday down more than 1%. Under the hood, the consumer discretionary sector led to the downside this week, followed by financials and technology. Initial jobless claims for the week ending Dec. 10 came in at 211,000, a decrease of 20,000 from the prior week and below expectations of 232,000. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Nonetheless, Accenture gained 1% in premarket trading. Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains fell 2.5% in the premarket after reporting in-line quarter results. Novavax (NVAX) – The drug maker's stock slipped 6.1% in premarket trading after J.P. Morgan Securities downgraded it to "underweight" from "neutral". Eli Lilly (LLY) – Eli Lilly rose 1.4% in premarket trading after the FDA approved its cancer drug Retevmo for new uses. FactSet Research (FDS) – The financial information services provider fell 7 cents shy of estimates with adjusted quarterly earnings of $3.13 per share.
Darden Restaurants — Shares of Olive Garden's parent company fell more than 4% after Darden's fiscal first-quarter results showed lighter-than-expected revenue. The company reported $1.56 in earnings per share on $2.45 billion of revenue. Eli Lilly — The pharmaceutical stock climbed 4.2% after UBS upgraded Eli Lilly to buy from neutral. KB Home – Shares of homebuilder KB Home slipped 4% after the company reported earnings that disappointed Wall Street's revenue expectations. The company reported $3.13 in adjusted earnings per share, below the $3.20 anticipated by analysts, according to Refinitiv.
KB Home — Shares dipped 21% in extended trading after the homebuilder disappointed on revenue expectations in its earnings results. KB Home reported earnings of $2.86 per share on revenue of $1.85 billion. The company reported earnings of 21 cents per share on revenue of $863.3 million. Lennar — Lennar dipped 1% after the home construction company reported its latest quarterly results. The company reported earnings of $5.03 per share on revenue of $8.93 billion.
Stock futures were flat Tuesday evening as traders look ahead to Wednesday's interest rate hike announcement from the Federal Reserve. S&P 500 and Nasdaq 100 futures climbed 0.07% and 0.07%, respectively. The 2-year U.S. Treasury note yield surged as high as 3.99%, its highest level since 2007. "To be sure, the recent technical weakness in stock prices must now contend with the resolve of monetary policy makers in their fight against inflation." He added that third-quarter earnings season may also add headwinds for stock prices if they show further margin erosion for U.S. companies.
FedEx rattled the market after it withdrew its full year earnings guidance Thursday, warning about global softness in its delivery business. After the CPI, markets shifted to price in an even more aggressive Fed rate hiking path. Fed ahead In the week ahead, there are just a few data releases, but they will provide an important window into how the housing market has been coping with the Fed's rate hiking cycle. "Good economic data has been bad for the market, but we haven't seen bad economic data be good for markets. After the CPI release, the futures market for fed funds priced a big jump higher in the terminal rate, or end point where the Fed stops hiking.
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