ECONOMIC SILUET: Watch these gambling stocks, ChargePoint and these industrial favorites in tomorrow’s trading

Kamis, 02 Maret 2023

Watch these gambling stocks, ChargePoint and these industrial favorites in tomorrow’s trading

THU, MAR 02, 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

Standout decliners in consumer staples

It was a generally strong day for consumer staples, but Hormel underperformed after disappointing quarterly results and weak outlook. The stock hit its lowest level since October 2021 and posted its worst day since last September. Tyson was also a laggard, hitting its own 52-week low and extending a weak run that's seen the stock fall 20% in six months.

A big week for Chinese tech stocks

Chinese tech has had a strong week. The KraneShares CSI China Internet ETF (KWEB) is tracking for its best weekly gain since early January, and PDD Holdings and JD.com are among the best performers on the Nasdaq 100 heading into Friday. However, both are still negative over the course of the past month, and a weekly gain for the KWEB ETF would be its first in five.

ChargePoint's after-hours dip

ChargePoint is down double digits in extended trading after revenues missed estimates. The EV-charging company's Q1 revenue outlook also came in well below expectations. The stock is still narrowly higher for the year, when accounting for the decline in after-hours trading. However, it was down 13% over the past month, as of today's close.

DexCom, Abbott Laboratories pop

DexCom led the Nasdaq 100 today after the Centers for Medicare and Medicaid Services announced it would expand coverage for continuous glucose monitors, which the company makes. The much-larger Abbott Laboratories, which also makes a continuous glucose monitor, gained around 1.8% today.

A strong week for Duolingo

Duolingo is tracking for its best week since going public in 2021 after reporting a narrower-than-expected loss earlier in the week. The stock also notched its highest level since December 2021 in today's session.

Ethan Kraft | CNBC Breaking News and Markets Producer
@ethan_kraft

Gambling stocks in 2023

Contessa Brewer reports on how gambling and sports leagues are getting tighter and tighter.
DraftKings is up 63% in 2023.
MGM Resorts shares are up 35% in 2023.
Caesars Entertainment is up 25% in 2023.
Las Vegas Sands is also up 25% in 2023.
Of course, not all of these gains are because of sports gambling, but it shows how well these gambling stocks are doing so far. You might get better odds on the stocks than at the casino or the sportsbook right now.

Old industrial stocks power higher

GE hit a high not seen since 2021 today. The stock is up 31% year to date.
W.W. Grainger hit an all-time high today. The stock is up 23% year to date.
Otis Worldwide hit a 13-month high, and it's up 9.4% in 2023.
Steel Dynamics hit an all-time high. Shares are up 36% year to date.

Mortgage rates are over 7%

D.R. Horton now down nearly 12% in a month.
Lennar down 11% in a month.
PulteGroup is down roughly 10% in a month.
Taylor Morrison is down 4% in a month.
Toll Brothers is also down 4% in a month.

Beyond ChargePoint (more from Ethan above)

The stock is down more than 13% in extended trading after quarterly results were below expectations. ChargePoint is now up 2% in 2023, when accounting for after-hours action. ChargePoint is 46% from the 52-week high.
Blink is down nearly 20% this year. Shares are down 70% from the high.
EVgo is up 32% in 2023, when including extended trading. Shares are 58% from the 52-week high.