ECONOMIC SILUET: Watch WWE stage a comeback. Gold is rallying and big Alzheimer's drug news is ahead

Kamis, 05 Januari 2023

Watch WWE stage a comeback. Gold is rallying and big Alzheimer's drug news is ahead

THU, JAN 05, 2023

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 WWE comeback story

World Wrestling Entertainment jumped double digits after hours as former CEO Vince McMahon returns to the company and says he supports launching a review of strategic alternatives.
The WSJ had earlier reported that McMahon believes the company should pursue a sale. The stock has soared nearly 50% in a year, as of Thursday's close. It finished the day 13% off its November high, and is up more than 10% in extended trading.

Consumer stocks were on the move

A very mixed picture in consumer staples today. Constellation Brands was the worst performer in the S&P 500 and closed at a 52-week low after missing on earnings and lowering its outlook.
Meanwhile, Walgreens Boots posted its worst day since August despite beating on earnings and revenue. It saw sales of Covid-19 test kits and vaccines decline, and it reported an unadjusted loss due to a settlement related to the opioid crisis.
On the other hand, Lamb Weston led the S&P and closed at an all-time high after its quarterly results blew past analyst estimates. The potato product producer also raised its outlook. Today's gains extend a recent run that's seen Lamb Weston rise over 52% in a year.
And Conagra Brands was also a leader after it hiked its forecast and topped EPS and revenue estimates, citing price increases. That stock closed at its highest level since March 2017.
Costco is higher in the extended session after reporting a 7% increase in December sales compared with last year. E-commerce sales slid more than 6%, though that was a smaller drop than in November. That stock is down 18% over the past twelve months. 68% of the analysts tracked by FactSet have a buy rating on the stock and it currently trades almost $100/share below its average analyst price target.

Chinese tech stocks are standouts this week

The KraneShares CSI China Internet ETF (KWEB) is poised for a double-digit weekly gain and is up over 30% in three months.
Many of the Nasdaq 100's top performers this week are Chinese tech stocks.
JD.com and Pinduoduo are both up 17% on the week, and Pinduoduo hit its highest level since October 2021 in today's session.

Solar growth poised for a slowdown, SolarEdge CFO warns

Solar stocks fell in today's session. Sunrun was down 8%, SunPower fell 5%, and SolarEdge and Enphase fell around 4%.
Those moves followed expectations from SolarEdge CFO Ronen Faier that the industry would slow in the U.S. this year, though he sees Asian and European markets surging.
The Invesco Solar ETF (TAN) is on pace for a weekly decline and is down 13% in a month.

Ethan Kraft | CNBC Breaking News and Markets Producer
@ethan_kraft

Top small cap names include a beauty brand and a coal stock

The Russell 2000 fell back below the down 20% line over the last 12 months.
The big names that have outperformed include: ELF, which is up 76% in 12 months; Peabody Energy, which is up 138% in 12 months; and Nordic American Tankers, which is up 63% in 12 months.
On the lower end are names like: Boxed, which is down 97% in 12 months (the stock was up 30% today on news it would be sold);
TuSimple, which is down 95% in a year; and Party City, which is down 94% in a year.

Gold prices are rallying

Gold closed out 2022 with a loss, but the commodity is up 12% since November.
The VanEck Gold Miners (GDX) is up 21% in three months.
Canadian gold mining company, IAMGOLD, has gained 137% in three months.

Crypto stocks are getting crushed

Short sellers are doing well in the crypto space. All the big names have hit 52-week lows in the last three or four weeks.
Silvergate Capital hit a new low today, the stock is 92% off a 52-week high that it hit in March.
Grayscale Digital hit a new low on Tuesday. The stock is down 84% over the past year.
Microstrategy, Galaxy Digital, Coinbase, Riot Platforms and Marathon Digital all hit lows right after Christmas. All of these are down more than 80% from their highs, except for MicroStrategy, which has tumbled 71% from its high.

Awaiting Alzheimer's drug news

The FDA is expected to make a key call on an Alzheimer's drug developed by Biogen and its Japanese partner on Friday.
Shares of Biogen are up 28% in six months.
That's much better than the key biotech ETFs, including BTK, which is up 10.4% in that same time period; the IBB, which is up 7% in that time period; and XBI, which is up 2% in six months.