ECONOMIC SILUET: Watch these discounted industrial stocks, Boeing and these nat gas plays in tomorrow’s trading

Senin, 10 April 2023

Watch these discounted industrial stocks, Boeing and these nat gas plays in tomorrow’s trading

MON, APR 10, 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.

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Attractive discounts in big industrial names

Industrials outperformed today, with notable gains in several of the heavy equipment names that have been hard-hit recently. Caterpillar gained 3% and Deere advanced 2%, though both are still down over 10% in 2023. Meanwhile, United Rentals gained almost 3%, though weakness in March has extended into April and that stock is down 15% over the past four weeks. Each of those names are trading at a nice discount to their average analyst price target, according to FactSet, and all have mostly buy ratings.

A mixed bag for auto dealers

CarMax is set to report earnings before the bell on Tuesday. It and other auto dealers were up broadly today, though it's been a mixed start to the year for the group. CarMax is up around 8% so far, outpacing the broader market but underperforming rivals like AutoNation and Group 1, which are up over 20% in 2023. Lithia Motors has lagged, up just 4% this year and off 13% in a month.

Expedia's slump continues

Expedia Group was among the worst performers in the S&P 500 today, falling 2%. It extends a recent rout that has seen the stock fall over 8% in the past month. Rival Booking Holdings is up almost 4% in the same period. Expedia also trails on a year-to-date basis, up just 2.5%, while Booking and Airbnb are up closer to 30%. Just half of the analysts tracked by FactSet rate Expedia as a buy, though it does trade well below the average price target.

A rough day for Chinese tech shares

Shares of U.S.-listed Chinese tech companies were lower today, with TAL Education falling almost 5%. Larger names like Baidu, Bilibili, JD.com, and PDD Holdings were also firmly in negative territory. While Alibaba also posted a decline today, it has outperformed its rivals over the past month, gaining 22%. The KraneShares CSI China Internet ETF (KWEB), in contrast, is up just 6% in a month.

Ethan Kraft | CNBC Stocks & Markets Editor
@ethan_kraft

West Texas Intermediate crude is below $80

Since OPEC+ announced its output cut last week, oil prices have fallen.
The Energy Select Sector SPDR Fund (XLE) is down 1% since OPEC announced the cut last week.
Schlumberger, Baker Hughes and Marathon Petroleum are all down more than 3% in a week.
ExxonMobil and Chevron are both down about 1% in that period.

Nat gas jumps reportedly on short covering, and related stocks also leapt.

Southwestern Energy was up 5.2% today.
EQT gained about 4% today.
Antero Resources climbed 2.7% today

The U.S. dollar

It is down 11% from the early March highs.

Gold

The VanEck Gold Miners ETF (GDX) is up 25% in the last month.
Today, it cooled off and fell 1.3%.

Boeing

Deliveries are due out at 11 a.m. ET Tuesday, and Phil LeBeau will be covering them.
Boeing is up 60% in six months and is the top performing Dow stock in that timeframe.
Year to date, the stock is up 10%.