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One AI model that is built to help investors pick winners in the stock market has grown confident in the near-term upside for a mid-sized energy stock. Some of the data sources that feed into the iFi AI model include macroeconomic updates, news articles, fundamental company data and technical trading indicators. The AI model is bullish on more energy stocks than just Marathon, as Southwestern Energy also makes the cut. One potential momentum play from the iFi AI list is Vertiv , whose share price has more than doubled in 2024. The CEO of iFi AI, which launched in March , is CNBC senior analyst and commentator Ron Insana.
Persons: Ai, Ron Insana Organizations: Oil, Southwestern Energy, CNBC Locations: Marathon, LSEG, The Ohio
XLU 1M mountain Utilities stocks have risen sharply in May. Woodard identified other ETFs and stocks that could benefit from increased energy consumption and investment in the electric grid. Miners should retain pricing power given constrained capacity after a decade of underinvestment," the Bank of America note said. Bank of America is positive on the Global X Uranium ETF (URA) , which offers exposure to both physical uranium and miners. Bank of America did not include a utilities ETF in the note, but the firm has a buy rating on Xcel Energy, among such stocks.
Persons: Jared Woodard, Woodard, ruddy, — CNBC's Michael Bloom Organizations: Bank of America . Investment, Utilities, Bank of America, Miners, Companies, VanEck Oil Services, Halliburton, Uranium, Xcel Energy Locations: Freeport, McMoRan
The sale comes after GameStop shares surged earlier this week in a brief revival of the meme-stock trade. Reddit — The social media stock popped 12% after Reddit announced a partnership with OpenAI. Take-Two Interactive — Shares of the video game publisher were up about 1% after its quarterly report showed stronger-than-expected bookings. Revenue guidance of $3.1 billion to $3.15 billion was also softer than the $3.3 billion expected by Wall Street. JD.com — The Chinese e-commerce stock advanced 2.2% on the heels of a Macquarie upgrade to outperform from neutral.
Persons: Reddit, OpenAI, Doximity, Globant, DXC, Tilray, Coinbase, JD.com, Macquarie, Jefferies, Yun Li, Jesse Pound, Samantha Subin, Hakyung Kim Organizations: GameStop, OpenAI, Reuters, Microsoft, Nvidia, Bloomberg Law, Globant SA, Technology, FactSet, Wall, Bank of America, Macquarie, DuPont de Nemours, Jefferies
Take-Two Interactive Software — Shares of the video game company were down more than 2% after an update about the timing of the new Grand Theft Auto game. Doximity also reported in line revenue guidance for the first quarter. Expected revenue of $585 million to $589 million was weaker than the $590.2 million consensus estimate. The information technology company expects earnings of 55 cents to 60 cents per share in the first quarter, weaker than the FactSet consensus estimate of 76 cents earnings per share. Revenue guidance of $3.1 billion to $3.150 billion was less than the anticipated $3.3 billion.
Persons: Reddit, Doximity, Globant, FactSet, Goldman Sachs, — CNBC's Brian Evans, Michelle Fox, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh Organizations: GameStop, OpenAI, Bloomberg, Globant SA, FactSet, Citigroup, DXC Technology
ValueAct Capital on Wednesday unveiled a stake in Flutter Entertainment , the Dublin-based parent company of sports betting firm Fanduel. It is possible that ValueAct previously had some other exposure to Flutter. The hedge fund previously had a position in The Stars Group, which was acquired by Flutter in 2020. While the ValueAct stake in Flutter is small, Gordon Haskett analyst Don Bilson pointed out in a note to clients that UBS also reported a stake in the gaming company. UBS has previously worked with ValueAct to build stakes in individual stocks for the hedge fund, Bilson said.
Persons: Mason Morfit, ValueAct, Walt Disney, Gordon Haskett, Don Bilson, Bilson Organizations: Capital, Walt, Securities and Exchange Commission, Stars, UBS, New York Stock Exchange, NYSE, Seagate Technology Holdings, Paycom Locations: Dublin, ValueAct
Under Armour — The sportswear maker's Class A shares slumped 11% and its Class C stock fell 9% after it issued lower-than-expected full-year earnings guidance. Under Armour now expects earnings in the range of 18 cents to 21 cents while analysts polled by FactSet had forecast 59 cents. Cisco Systems also hiked its 2024 revenue guidance, saying it now expects revenue of $53.7 billion at the midpoint of a range. Meme stocks — Shares of AMC and GameStop extended losses following the revival of the meme stock movement on Monday and Tuesday. Baidu reported CNY 31.51 billion ($4.7 billion) of revenue, topping the CNY 31.34 billion expected by analysts, according to StreetAccount.
Persons: Armour, FactSet, Goose, Warren Buffett's Berkshire Hathaway, Chubb, Deere, GoodRX, Raymond James, John Ransom, Coupang, Tesla, — CNBC's Michelle Fox, Hakyung Kim, Sarah Min, Samantha Subin, Jesse Pound Organizations: Walmart, Wall, LSEG, Revenue, , Berkshire, Cisco Systems, AMC, GameStop, Deere, Company, Baidu, UBS, ISI, European Union, Facebook Locations: Krakow, Poland, The Seattle
Check out the companies making headlines in midday trading: GameStop , AMC Entertainment — The so-called meme stocks retreated significantly after a two-day rally . GameStop declined about 30%, while AMC dropped 20% as the trading frenzy seemed to fade. The sell-off in AMC shares also came after the company announced a debt-for-equity swap. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively. According to the firm, shares could benefit from Chinese government stimulus policy and Nio's latest battery as a service, or BaaS, strategy, which could drive sales, said the bank.
Persons: Max, Morgan Stanley, JPMorgan Chase, Glenn Murphy, Cowen, Yun Li, Pia Singh, Michelle Fox, Alex Harring, Jesse Pound Organizations: GameStop, AMC Entertainment, AMC, Boeing, Justice Department, Dell Technologies, JPMorgan, Tesla, Management, New York Community Bancorp, Petco, Wellness Locations: Nio
AMC Entertainment , GameStop — AMC and GameStop shares posted fell in early morning trading as momentum fizzled from the meme stock craze , which was reignited Monday by a social media reappearance from "Roaring Kitty." GameStop shares slid 6%. Boeing — The airplane manufacturer's shares slid 1.1% after the Justice Department said Boeing violated a 2021 settlement related to its two fatal 737 Max crashes, exposing the company to potential U.S. prosecution. SunPower — The solar stock dropped 22.3%, giving back some of its 59% surge from the prior session. On Wednesday, however, Wolfe Research downgraded the stock underperform from peer perform, noting SunPower the "most extreme example of the meme stock resurgence" within clean technology names.
Persons: Lien, Max, Nio, Dell, Morgan Stanley, Wolfe, , Alex Harring, Fred Imbert, Jesse Pound Organizations: AMC Entertainment, GameStop, AMC, Boeing, Justice Department, JPMorgan, White House, Wolfe Research Locations: China
Billionaire investor David Tepper's hedge fund increased its bets on Chinese tech stocks during the first three months of 2024, while dialing back exposure to some key domestic names. Appaloosa Management's quarterly report on Wednesday showed that Alibaba is now its top holding after buying several hundred million dollars worth of shares. The fund also revealed that it holds put options against Microsoft , which could indicate more selling in the second quarter. Outside of technology, Appaloosa exited a small position in hospital stock HCA Holdings and added a small position in Boeing . Chinese tech stocks have been trending higher, however, with the KWEB up 19% in the second quarter.
Persons: David Tepper's, Tepper Organizations: PDD Holdings, Baidu, Adobe, iShares FTSE, CSI China Internet, Microsoft, Holdings, Boeing, Quarterly, Carolina Panthers Locations: ., iShares FTSE China
Loan loss reserves have perked back up in recent quarters and are at roughly 1.75% of loans outstanding, according to MRB Partners. If the economy only modestly slows, as many economists expect, new loan loss reserves could be smaller in the future. This situation comes as bank earnings were generally better than expected for the first quarter. Lauren Goodwin, chief market strategist and economist at New York Life Investments, agreed that a potential slowing or reversal of loan loss reserves would be positive for bank earnings but said she is cautious about bank profitability more broadly. To be sure, banks may need to increase their loan loss reserves if the economic outlook gets worse.
Persons: Banks, Bob Elliott, Salvatore Ruscitti, Ruscitti, Lauren Goodwin, Goodwin, they're, Unlimited's Elliott Organizations: MRB Partners, Funds, Bank, P Bank ETF, New York Life Investments Locations: Bridgewater, MRB
The rally back to the record highs for the S & P 500 is already spurring at least one Wall Street shop to raise its expectations for the year. BMO Capital Markets strategist Brian Belski said in a note to clients Wednesday that he is raising his year-end target for the S & P 500 by almost 10% — to 5,600 from 5,100. .SPX YTD mountain The S & P 500 has rebounded to record highs. "Historical performance patterns suggest continued gains given the level of YTD performance. The S & P 500 hit an intraday all-time high on Wednesday morning, trading near 5,279.
Persons: Brian Belski, Belski, — CNBC's Michael Bloom Organizations: BMO Capital Markets, Street, CNBC Market, Survey, BMO
Check out the companies making the biggest moves in premarket trading: Meme stocks -- GameStop soared 120%, adding to the 74.4% it gained Monday , after the man who fueled the 2021 GameStop frenzy "Roaring Kitty" posted online for the first time in about three years. Shares of AMC popped 106%, while Reddit and Robinhood added 4% and nearly 6%, respectively. Alibaba -- U.S.-listed shares shed nearly 5% after the Chinese e-commerce giant reported an 86% drop in profits for its fiscal fourth quarter . However, Alibaba beat revenue expectations, coming in at 221.9 billion Chinese yuan ($30.7 billion) versus the LSEG consensus estimate of 219.66 billion yuan. Sony -- U.S.-listed shares added 3% after the PlayStation maker reported quarterly revenue of 3.5 trillion yen, topping the 2.89 trillion yen, per LSEG.
Persons: Kitty, Robinhood, FactSet, , Jesse Pound, Alex Harring Organizations: GameStop, AMC, Home, LSEG, Revenue, Sony, PlayStation, Vodafone, Walmart, Wall Street Journal, United Airlines, Novo Nordisk
The rapid shift in expectations away from multiple rate cuts this year may have created a trading opportunity around Wednesday's inflation data, according to Bank of America. We believe squeeze risks for rate-sensitive laggards on a CPI miss outweigh downside risks on a CPI beat," Kwon wrote. Specifically, there could be an opportunity to bet on the squeeze risk through the SPDR S & P Regional Banking ETF (KRE) , Kwon said. KRE YTD mountain This regional bank ETF is underperforming the broader market year to date. Investors could position for this potential squeeze by just buying the ETF outright, though that does carry the risk of a hot inflation reading pushing regional bank stocks down.
Persons: Ohsung Kwon, Kwon, Russell, CNBC's Michael Bloom Organizations: Bank of America . Equity, Regional Banking, Federal Reserve, Silicon Valley Bank, First Republic, Bank of America Locations: IWM, Silicon
Corporate executives and board members have made several notable buys of their own stock in the opening days of May, including a big Wall Street name buying shares of Walt Disney . Director James Gorman bought 20,000 shares of the entertainment company for $2.1 million on May 8, according to securities filings and VerityData. Gorman's buy is something of an outlier among Disney executives this year, as two executive vice presidents have made small sales in 2024. Several other Macerich insiders have also bought shares in May. Pegram also bought shares in March.
Persons: Walt Disney, James Gorman, Gorman, Morgan Stanley, Gorman's, Ali John Mirshekari, Martha Sullivan's, Jackson Hsieh, Macerich, Michael Pegram's, Pegram, , Nick Wells Organizations: Walt, Disney, Sensata, MAC, Caesars Entertainment, Caesars Locations: America
One of those programs is iFi Ai, an investment information firm powered by IBM's Watsonx. IFi AI takes in a wide range of market signals and data to make projections about where individual stocks will go next. One of the outputs from the iFi AI model is a 30-day projected price return. The iFi AI model sees a gain of 23%. The iFi AI model is not the only entity bullish on Schwab.
Persons: Ai, IBM's Watsonx, Ron Insana, Warren Buffett's Berkshire Hathaway, iFi, Piper Sandler, Matthew Clark, Charles Schwab, Schwab Organizations: CNBC, Paramount Global, Paramount, Sony, Skydance Media, Western Alliance
Reddit rose more than 9%, hitting its highest level since March. Retail brokerage stock Robinhood climbed 8%, cutting some of its losses from last week. Shares of Reddit and Robinhood rose sharply on Monday as social media-fueled retail trading appeared to be making a comeback. Both Reddit and Robinhood could theoretically benefit from a return of the retail trading frenzy. Robinhood had its initial public offering in July 2021, while Reddit went public in March of this year.
Persons: Keith Gill, Gill, WallStreetBets chatroom, Robinhood, Reddit Organizations: New York Stock Exchange, GameStop, Robinhood Locations: New York City, Reddit
GameStop — Shares in the video game retailer soared more than 65% on Monday after "Roaring Kitty," the man who fueled the 2021 GameStop mania, posted online on Reddit for the first time in roughly three years. Reddit , Robinhood — Shares of the two companies that were involved with the meme stock mania in 2021 rose on Monday as GameStop surged. Reddit rose more than 9%, hitting its highest level since March, while retail brokerage stock Robinhood gained about 6.2%. Intel — The chipmaker gained nearly 4% after The Wall Street Journal reported that it is in talks for an $11 billion deal with Apollo Global Management to build a factory in Ireland. Airlines — American Airlines gained 4.4%, while United Airlines and Delta Air Lines added 2.9% and 1.7%, respectively, after HSBC initiated coverage with buy ratings.
Persons: Incyte, Morgan Stanley, , Alex Harring, Brian Evans, Hakyung Kim, Jesse Pound Organizations: Walgreens, Alliance, Bloomberg, GameStop, Arm Holdings, Nikkei, Nexstar Media Group, CW, Intel, Street Journal, Apollo Global Management, Technologies, Susquehanna, Airlines — American Airlines, United Airlines, Delta Air Lines, HSBC, Delta Locations: Irving, Texas, Ireland
Kenvue — Shares declined nearly 2% after Kenvue announced Johnson & Johnson will sell its 9.5% stake stake in the company. The consumer health company completed its spinoff from Johnson & Johnson in May 2023. The company's balance sheet deterioration was also a point of concern for the stock, according to the firm. Demand for international travel and a rebound in corporate travel will support the stocks, according to the firm. Incyte — The biopharmaceutical company jumped more than 5% Monday after it approved a $2 billion share repurchase program.
Persons: Kitty, Jefferies, Blayne Curtis, Kenvue, Johnson, Squarespace, Penn, Susquehanna, , Samantha Subin, Jesse Pound, Michelle Fox, Pia Singh, Fred Imbert Organizations: GameStop, Arm, Nikkei, Nvidia, Intel, Street Journal, Apollo Global Management, Kenvue, Johnson, Penn Entertainment, Bank of America, Airline, American Airlines, HSBC, Delta, Susquehanna Locations: Ireland, Delta
The Dublin-based parent company of FanDuel launched a secondary listing of its shares on the New York Stock Exchange on Jan. 29. Shareholders have since voted to making the NYSE the primary listing for the stock rather than London, and that change is slated to take effect May 31. UBS analyst Ben Shelley said in a May 9 note to clients that the primary listing change could help close those gaps. Flutter is not the only company in recent years to shift its primary listing to the U.S., and the track records of those companies could be a positive sign for Flutter. UBS pointed to building materials companies CRH — which transitioned its primary listing to the NYSE in September 2023 — and Ferguson — which made the switch in May 2022 — as examples.
Persons: FanDuel, Ben Shelley, , Ferguson, Shelley, Paddy Power Organizations: UBS, The, New York Stock Exchange, NYSE, Penn Entertainment, MGM Resorts International, DraftKings, MGM International Locations: U.S, The Dublin, London
Akamai Technologies — Shares of the cloud company fell more than 10% after issuing weak guidance for the second quarter. Akamai sees adjusted earnings ranging from $1.51 to $1.56 per share on revenue of $967 million to $986 million. Sweetgreen — The salad chain popped 5% after Sweetgreen reported first-quarter revenue of $158 million, topping the LSEG consensus estimate of $152 million. Analysts polled by FactSet called for a loss of 4 cents a share on revenue of $141.2 million. The DNA testing company posted a loss of 56 cents per share, while analysts had estimated a loss of 71 cents, per StreetAccount.
Persons: Akamai, Sweetgreen, Array's, FactSet, Bumble, StreetAccount, LSEG, Sanofi, Yelp's, Macheel, Jesse Pound, Michelle Fox Organizations: LSEG, , Gen, Revenue, Management, Unity Software, HSBC, 3M Locations: Norton
Arm — Shares of British chip designer fell 1% in volatile trading after the company issued revenue guidance that left investors unimpressed. Airbnb said revenue in its second quarter total $2.68 billion to $2.74 billion, while analysts were expecting $2.74 billion, according to LSEG. AppLovin — The mobile technology company soared 19% on the heels of better-than-expected first quarter earnings . Warby lost 2 cents a share, narrower than the consensus forecast of 9 cents per share from analysts surveyed by FactSet. Cheesecake Factory — Shares rallied nearly 9% after the chain's first quarter earnings beat estimates.
Persons: FactSet, Forthe, Klaviyo, Airbnb, AppLovin, AMC's financials, Duolingo, , Warby Parker, Warby, Kate Spade, Roblox, That's, Raymond James, Ancora, Alan Shaw, Equinix, amortization, Charles Meyers, Samantha Subin, Yun Li, Jesse Pound, Sarah Min, Hakyung Kim, Tanaya Macheel, Michelle Fox, Scott Schnipper Organizations: LSEG, LSEG . Revenue, AMC Entertainment, Revenue, FactSet . Revenue, FactSet, Leadership, JPMorgan, Norfolk Southern, postmarket Locations: The Virginia
Quarterly revenue was $248 million, versus the $249.5 million expected from analysts polled by FactSet. Klaviyo guided for second-quarter revenue of $211 million to $213 million, higher than the $210 million expected from analysts polled by LSEG. AppLovin reported earnings per share of 67 cents, versus the 57 cents expected from analysts polled by LSEG. Bumble reported earnings per share of 19 cents, versus the 7 cents expected from analysts polled by FactSet. Adjusted earnings per share were 7 cents, versus the 6 cents expected.
Persons: Revenue, Klaviyo, AppLovin, AMC's, Duolingo, LSEG . Bumble —, Bumble, Warby Parker, Warby, Roblox, , Jesse Pound, Tanaya Macheel, Alex Harring, Samantha Subin Organizations: FactSet, Warner Bros, LSEG, postmarket, Revenue, AMC, FactSet . Revenue, Wall Locations: British
A small tweak in BlackRock's model portfolio turned a sleepy fund into one of the market's fastest growing active ETFs overnight. BlackRock added the U.S. Equity Factor Rotation ETF (DYNF) to its target allocation model portfolio in mid-March. The growth of DYNF sits at the center of two broader trends — rapid growth of model portfolios and the proliferation of active ETFs. Model portfolios are strategies offered by asset managers to investors and financial advisors. Meanwhile, model portfolios that want to add active management may not be able to add the best-performers in a category.
Persons: Michael Gates, DYNF, financials, Berkshire Hathaway, Morningstar, Elisabeth Kasner, Kasner, It's Organizations: U.S, Equity, BlackRock's, Stock Market, Microsoft, Nvidia, Berkshire Locations: BlackRock, DYNF
Reddit reported a loss of $8.19 per share on $243 million of revenue. Analysts surveyed by FactSet were expecting a loss of $8.75 per share on $214 million of revenue. Electronic Arts – The video game stock fell more than 3% after disappointing results for the fiscal fourth quarter. Cirrus Logic posted fourth-quarter adjusted earnings of $1.24 per share, exceeding the 64 cents per-share earnings analysts polled by StreetAccount anticipated. Match projected between $850 million and $860 million of revenue, while analysts surveyed by StreetAccount were looking for $882.7 million.
Persons: Reddit, FactSet, StreetAccount, Rivian, LSEG, , Fred Imbert, Michelle Fox Theobald, Yun Li, Sarah Min Organizations: Technologies, Arts, EA, Intel —, Intel, Department of Commerce, LSEG, Bros, Cirrus, Logic, Revenue, Arista Networks, Arista Locations: China
Shares of Robinhood rose in extended trading Wednesday afternoon after the retail brokerage announced stronger-than-expected first-quarter results. Robinhood reported net income of $157 million, or 18 cents per share, for the first quarter. Cryptocurrency transactions accounted for $126 million in revenue in the quarter, the company said. Robinhood said that its number of funded customers rose by 810,000 year over year to 23.9 million. Shares of Robinhood were up nearly 40% year to date before Wednesday's earnings announcement.
Persons: Robinhood, Dan Gallagher, Robinhood's Organizations: LSEG, Securities and Exchange Commission
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