ECONOMIC SILUET: Watch these standout chip stocks, Charles Schwab and these office REITs in tomorrow’s trading

Selasa, 14 Maret 2023

Watch these standout chip stocks, Charles Schwab and these office REITs in tomorrow’s trading

TUE, MAR 14, 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

Smartsheet's rise on results

Smartsheet rallied in the extended session after reporting a surprise fourth-quarter profit and revenues that topped estimates. Analysts also expected the collaboration software company to report a loss in its first quarter and for the full fiscal year, but Smartsheet is expected to report earnings, on an adjusted basis.

Standout performances from AMD, Nvidia

AMD and Nvidia led chipmakers higher today. Both names have had strong starts to the year, with AMD up 35% and Nvidia up 65%. Both stocks are still double digits off their recent highs, thanks to weak performance in 2022. As we near the halfway point for March, AMD and Nvidia are tracking for their longest monthly win streaks since summer 2021.

Arista Networks' fresh high

Arista Networks hit an all-time high today as the networking giant continues to outperform many other cloud and internet players. For instance, of the nearly 70 constituents of the First Trust Cloud Computing ETF (SKYY), 95% are still 10% or more off their recent highs. Analysts remain bullish, with approximately 62% of the firms tracked by FactSet rating Arista a buy.

More pain for Lucid, Rivian

Lucid and Rivian continued getting hammered today, down more than 3% each. The EV-makers are the worst performers on the Nasdaq 100 through the past month, with Rivian off by 32% and Lucid off by 27%. Rivian continues finding new lows, while Lucid is still around 24% above its early-January low. Polestar has been similarly beat up in recent weeks.

Ethan Kraft | CNBC Stocks & Markets Editor
@ethan_kraft

Insider buying at banks and Walt Bettinger's bet

Sara Eisen's interview with Walt Bettinger, the CEO of Charles Schwab, revealed he just bought 50,000 shares of his company.
Nick Wells from the CNBC data team found several other instances of recent buys by bank CEOs including the chiefs of Lakeland Financial, Cullen/Frost Bankers, PacWest, Bankwell Financial and SouthState.
In three trading days:
Lakeland Financial is up 3.5%.
Cullen/Frost is down 7.1%.
PacWest is down 34%.
Bankwell Financial is down 6.8%.
SouthState is up 1%.
Schwab is down 14.7%.

The office REITs

Diana Olick will report on the sector Thursday on CNBC as defaults rise.
In a month:
Vornado is down 30%.
SL Green is down 29.5%.
Boston Properties is down 26%.
Brandywine Realty Trust is down 24%.
Brookfield Property is down 20%.
CBRE is down 15%.

Ethan hit the chips above, but software also had a big turnaround day

The S&P Software and Services Industry was up 2.3% today.
Fidelity National Information led the way up 7%, but it's down about 15% in a week.
Fiserv is up 6% today, but down nearly 6% in a week.
Global Payments is up 5.4% today, but down 7% in a week.