ECONOMIC SILUET: Watch luxury retailers, this standout insurance stock and crypto names in trading tomorrow

Rabu, 30 November 2022

Watch luxury retailers, this standout insurance stock and crypto names in trading tomorrow

WED, NOV 30, 2022

The goal of this newsletter is to get you ahead of the next day of investing and trading. It's your first look at tomorrow and last look at today powered by the team of people who direct CNBC TV's stock market coverage.

Tomorrow's Top CNBC Stories Tonight

A strong month for apparel names

PVH Corp. jumped as much as 10% in the extended session after a big beat on earnings and revenue. The move follows a strong month for apparel makers. At today's close, PVH was up nearly 31% in November – its best month in two years. Rivals like Tapestry, Ralph Lauren and Capri Holdings were up between 19% and 26% on the month.

A play on pets

Petco posted its best day since June 2021 after reporting earnings that were in line with estimates, while revenue and same-store sales beat expectations. The stock gained 16%, though it remains more than 50% off its April high. Other names in the pet space also rallied, including e-commerce player Chewy (up 7%), and animal drugmakers Elanco (up 5%) and Zoetis (up 4%).

Chinese EV stocks leap

Not to sound like a broken record, but the Chinese EV-makers are in focus again as XPeng jumped almost 50% today alone. The move came even after a wider quarterly loss and expectations for next-quarter deliveries to halve. Larger-cap rivals Li Auto and NIO were up roughly 20%. The rally appears fueled by optimism over November delivery numbers from the three companies, which are set to be released on Thursday.

Energy names slump

Crude held on to gains following a much sharper-than-expected drawdown in inventories. Nonetheless, energy stocks were relative underperformers. Pioneer Natural Resources, Marathon Petroleum and Valero all fell more than 1%. On a week-to-date basis, both the SPDR Oil & Gas ETF (XOP) and SPDR Energy Select Sector ETF (XLE) are tracking for declines.

Insurance ETF with a few standout performers

The iShares U.S. Insurance ETF (IAK) on Wednesday hit its highest level since inception in 2006. Names like W.R. Berkley, Erie Indemnity, Hartford Financial Services and Globe Life are all among the fund's constituents hitting new highs. Erie is up nearly 47% in 2022.

Ethan Kraft | CNBC Breaking News and Markets Producer
@ethan_kraft

Crypto traders will react to groundbreaking interview with Sam Bankman-Fried

Bitcoin rose back above $17,000 this afternoon, and it spiked during the interview with Bankman-Fried who has run the biggest crypto exchange in the world, FTX, before its collapse.
Crypto stocks jumped Wednesday, but clearly the damage – severe damage – has been done.
Riot Blockchain was up 9.7% today, but it 88% off the 52-week high.
Galaxy Digital was up 9.3% today, but it is 87% off the 52-week high.
Cleanspark was up 9.2% today, but is 88% from the 52-week high.
MicroStrategy was up 8.8% today, but is down 73% from the 52-week high.
Marathon Digital was up 7.3% today, but is down 89% from the 52-week high.
Coinbase was up 6% today, but is 86% off the 52-week high.
Silvergate Capital was up 5.9% today, but is 88% from the 52-week high.
A Senate committee holds hearings on FTX Thursday. That could move prices again one way or the other.

Leon Cooperman loves Alphabet

Famed investor Leon Cooperman is super bullish on Alphabet. He makes the case in a CNBC.com Pro Talks interview.
The stock picked up 6% today, but it's still 33% from the high set back in February.

Once-loved FANG names enjoy a bounce

All the components and Apple were up at least 4% today…one catalyst was Fed Chief Jay Powell's comments about a possible slowdown in rate hikes.
Apple is 19% off the January high.
Amazon is 46% off the 52-week high.
Netflix is 55% off the 52-week high.
Meta is 66.5% off the 52-week high.

Cloud stocks moving

Salesforce down 7% after posting results
Snowflake down 5.5% after posting results
Just like the complex was in play Wednesday due to the cybersecurity stocks last night, tonight it's there's a new cloud hanging over the industry.
On "Mad Money" Wednesday night, CEO of Snowflake Frank Slootman was extremely optimistic on future growth.

S&P Tech is in the lead

The sector was the leader Wednesday, up 5%.
In the last three months, within S&P Tech, some of the payment stocks have fallen the most including Global Payments down 16% in three months and PayPal down 14%.

Energy laggards

S&P Energy was today's least good performer, up half a percent.
The White House announced today it wants to refill the strategic petroleum reserve at $70 a barrel.
While that might not have a major impact on the energy stock complex, it's worth noting that despite the strong performance from the sector in November, Devon fell 11.4%, Coterra fell 10.3%, Pioneer Natural dropped 8% and Diamondback Energy was down 5.8%.

High-performing retailers hitting 52-week highs

That includes O'Reilly Auto, Ross Stores and Ulta (which reports Thursday afternoon).
The SPDR Retail ETF (XRT) is up 7.2% in November led by Etsy up 40%, American Eagle up 39% and Burlington Stores up 37%.
On the downside, Carvana down 43%, Advance Auto Parts down nearly 21% and Children's Place down 12.3% in November.