ECONOMIC SILUET: Watch this outperforming cloud stock, these EV names and this transports ETF in trading tomorrow

Senin, 12 Desember 2022

Watch this outperforming cloud stock, these EV names and this transports ETF in trading tomorrow

MON, DEC 12, 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

Oracle shares climb on earnings beat

Oracle rose slightly in the extended session after earnings and revenue beat analysts' estimates. On a year-to-date basis, the stock is down around 7%, outperforming the broader market and many of its large-cap tech peers.

A big day for cloud stocks, and Box steals the show

On that note, many enterprise and cloud stocks rallied Monday. DocuSign extended a post-earnings run that has seen the stock rise 27% in a week. A range of other names, including C3.ai, PagerDuty, Okta and Asana were up over 6% Monday. Box has been a bright spot for this group in 2022. Of the WisdomTree Cloud Computing ETF (WCLD)'s 75 holdings, it is the only name in positive territory, up 15% year-to-date.

Lucid posts lowest close on record

Despite the broader market rally, it was not a pretty day for EV stocks. Tesla fell roughly 6%, inching closer to its November low, which was its lowest level since November 2020. Rivian fell 6% after announcing that talks with Mercedes-Benz Group over a planned joint venture had been paused. Lucid followed its rivals lower, posting its lowest close on record.

Transport names pop to begin the week

Transport and logistics stocks were among the leaders in the Industrials sector Monday. J.B. Hunt, Expeditors International and Norfolk Southern were each higher by more than 3%, though they remain near the flatline over the past month. The Dow Transports have slightly outperformed the S&P 500 in 2022, but the broader iShares US Transportation ETF (IYT) has underperformed. That ETF finished the day roughly 19% off its January high.

An ugly day for RH

RH posted its worst day since August after Goldman Sachs cut its rating to sell from neutral. That decline ends three-straight days of gains and follows a strong earnings beat last Thursday. Relative to other names in the furniture and home improvement space, RH has been a laggard. It's currently tracking for its first and worst annual decline since 2016.

Chinese tech rally loses some steam

U.S.-listed Chinese tech stocks are sputtering a bit after a strong run in recent weeks. Names like Pinduoduo, Baidu, JD.com, and Netease are all still in positive territory over the past month, but those stocks fell between 1% and 4% on Monday. Pinduoduo, which remains a big outperformer in 2022, is now around 6% from the intraday high it notched Friday.