ECONOMIC SILUET: Watch these discounted dating stocks, American Airlines and this Apple supplier in tomorrow’s trading

Rabu, 12 April 2023

Watch these discounted dating stocks, American Airlines and this Apple supplier in tomorrow’s trading

WED, APR 12, 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

Match and Bumble shares slide

Match Group and Bumble extended their recent slumps today. Those names are off by more than 25% in just three months, and Match fell to an all-time low in today's trading. Bumble hit its lowest level since March 2022. A majority of analysts covering both stocks have buy ratings, according to FactSet, and they're both trading at decent discounts to their average price target.

A tough time for media names

It was a rough day for several big media companies, including 2% declines in giants like Disney, Netflix, and CNBC-parent Comcast. Paramount Global and Charter were down 3% and 4%, respectively. As Warner Bros. Discovery announced major changes to its streaming strategy, the stock fell almost 6%. Still, it's up almost 50% since the start of the year. And then there's DISH Network, which hit its lowest level since 1999 today and is the second-worst performer on the S&P 500 this year, down 42%.

Abercrombie & Fitch suffers on downgrade

Abercrombie & Fitch posted its worst day since February after Argus downgraded the stock to hold, saying the company has struggled to expand margins amid headwinds like inflation and cautious consumer spending. The commentary weighed on other mall-focused retailers: Gap fell over 7%, American Eagle and Nordstrom fell 6%, and Urban Outfitters and Macy's fell roughly 5%.

American Airlines' outlook drags peers' shares

American Airlines fell 9% today as its first-quarter earnings outlook missed analysts' estimates. The move weighed on all of the major airline stocks, with United falling 6.5%, JetBlue down 3.7%, and Alaska down 2.8%. Delta's 2% drop comes ahead of the company's quarterly results Thursday morning. Despite today's decline, most of the airlines are still in positive territory so far this year. United is the top gainer, up 10%, followed by JetBlue. Alaska and Southwest are lower on a year-to-date basis.

Cirrus Logic tumbles

Cirrus Logic's 12% drop, fueled by rumored changes to Apple's new iPhone, was its worst session since April 2021. Today's move disrupts a relatively consistent upward march for the component-maker this year, which hit an all-time high as recently as March 30. It's still up 20% in 2023, outperforming tech and the broader market.