ECONOMIC SILUET: Watch this energy stock outperformer, Lyft and these rising restaurant stocks in tomorrow’s trading

Senin, 27 Maret 2023

Watch this energy stock outperformer, Lyft and these rising restaurant stocks in tomorrow’s trading

MON, MAR 27, 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

PVH's after-hours pop

PVH Corp. jumped 12% in the extended session after smashing earnings estimates. The Calvin Klein-parent also reported upbeat Q1 and FY guidance. As of today's close, the stock had slightly underperformed peers like Levi and Tapestry so far this year. But including the after-hours move, PVH is up more than 17% in 2023.

Lyft's late-day boost

Lyft ticked higher after hours as its founders step back from day-to-day operations and the company names a new CEO. The stock has significantly lagged its larger rival Uber, along with other gig-economy names. For instance, Uber, DoorDash and Fiverr, are all up over 15% year to date, while Lyft is down 13% since the start of the year. At its highest levels since going public, Lyft's market cap topped $20 billion. As of today's close, the stock was worth around $3.6 billion.

DISH declines

DISH Network was a notable underperformer in the S&P 500 today, following a downgrade to neutral by UBS, which also slashed its price target. The stock has been under pressure for some time, made worse by a recent sizable cybersecurity incident. DISH is trading near its lowest level since November 2008 and down almost 25% in March, which would be its worst monthly decline since March 2020.

Energy names bounce, but are still on track for March declines

A rebound in oil prices today helped the energy sector, but it wasn't enough to set the group on pace for a monthly gain. Both the Energy Select Sector SPDR ETF (XLE) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP) continue tracking for their first back-to-back monthly losses since 2021. Despite gaining 3% or more today, names like Halliburton, Schlumberger and Devon Energy are still off by 10% or more in March. Marathon Petroleum and Occidental are two relative outperformers, tracking for monthly gains. Marathon Petroleum is also a rare energy stock in positive territory so far this year, up 10%.

Consumer discretionary standouts

While consumer discretionary stocks have largely lagged throughout March, there are several bright spots in the restaurant names. Darden Restaurants continues trading at new highs, up over 7% this month. Chipotle and Domino's are each up roughly 10% in March, while McDonald's and Yum Brands also head for monthly gains. Starbucks, however, is a notable laggard and heading for a second-straight monthly decline.

Copart's run continues

Auto auction site and S&P 500 constituent Copart was a notable outperformer today, gaining almost 2%. There was no clear news on the company today, but the move does extend a strong run that has the stock trading at its highest level since January 2022. Eighty percent of the analysts tracked by FactSet have a buy rating on the stock, and it's trading at a roughly 8% discount to its average price target.