ECONOMIC SILUET: Watch these cloud stock winners, Beyond Meat and these big retailers in tomorrow's trading

Kamis, 23 Februari 2023

Watch these cloud stock winners, Beyond Meat and these big retailers in tomorrow's trading

THU, FEB 23, 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

Beyond Meat's bounce

Beyond Meat jumped double digits in the extended session after a narrower-than expected loss and a revenue beat. The company's full-year revenue outlook was roughly in line with expectations. The stock has fallen sharply from its early 2021 highs, but including tonight's move, it's up more than 50% in three months.

Wayfair's rough day

Wayfair posted its worst day since March 2020 after posting a wider-than-expected loss and a nearly 20% drop in active customers on a year-over-year basis. The report reflects an ongoing shift in consumer preferences for food and travel over goods.

Booking Holdings' revenue beat

Booking Holdings posted a revenue beat after hours today. The company says January bookings came in 26% above 2019 levels. The stock isn't moving much in the extended session, but it's up over 20% since the start of the year, alongside rival Expedia.

Ulta shares hit a fresh high

Ulta Beauty hit yet another all-time high in today's session as the cosmetic retailer heads for its fifth-straight month of gains (the longest such streak since 2016). It's up over 30% in six months – one of the best performances in consumer discretionary in that interval.

VF Corp. shares tumble

VF Corp., on the other hand, hit its lowest level since 2011 today. The apparel company's stock is down over 50% in twelve months. Of the analysts tracked by FactSet, 36% have a buy rating and 41% say hold. It's trading at a slight discount to its average price target.

Ethan Kraft | CNBC Breaking News and Markets Producer
@ethan_kraft

The cloud run

Frank Holland is looking at the cloud run Friday on CNBC.
The Global X Cloud Computing ETF (CLOU) is up 10% in 2023, and the First Trust Cloud Computing ETF (SKYY) is up about 12% in 2023.
The top three big name stocks are Fastly, up 80% in 2023; Twilio, up 32.5% in 2023; and Cloudflare, up 36% this year. Salesforce is up 24% in 2023, and Zscaler is up 19% in 2023.
On the weaker side: Lumen is down 30% in 2023. Akamai is down 11% in 2023. Rackspace is down 9% in 2023.

Consumer discretionary sector's strong start to 2023

Consumer discretionary is the top S&P sector so far in 2023, up almost 13%.
Next week, several stocks in the sector report including Target, Ross Stores and Advance Auto Parts on Tuesday. Best Buy posts results on Thursday. Abercrombie & Fitch, Kohl's, Macy's and Nordstrom — which aren't in the S&P consumer discretionary sector — also report next week.
Abercrombie & Fitch is up 26% in 2023, but it's still 26% from the 52-week high.
Nordstrom is up 22% in 2023, but shares are 33% from the 52-week high.
Kohl's is up 16.8% in 2023, but it's 54% from the 52-week high.
Target is up 11% in 2023, but shares are 35% from the 52-week high.
Best Buy is up 3.5% in 2023. It's down 26.5% from the 52-week high.
Macy's is flat for the year. Shares are off 26% from the 52-week high.
Advance Auto Parts is down 3.4% in 2023. It's down 38.6% from the 52-week high.
Ross Stores is down about 4% in 2023. Shares are 9% from the 52-week high.
Melissa Repko is following the sector and the health of the consumer on Friday.