ECONOMIC SILUET: Watch this shorted A.I. stock and these big cloud plays in tomorrow’s trading

Rabu, 26 April 2023

WED, APR 26, 2023

Tomorrow's Top CNBC Stories Tonight

The age of the cloud

A day after Microsoft and Alphabet's big focus on the cloud, crediting the growing industry for a good chunk of their successful quarters: Microsoft jumped 7.2% today hitting a 52-week high. Alphabet remains 15.5% from a 52-week high.
With renewed focus on what the cloud can do for profits, three big cloud ETFs remain a distance from 52-week highs. The WisdomTree Cloud Computing ETF (WCLD) is 27.5% from a high. The Global X Cloud Computing ETF (CLOU) is 18% from a high, and the First Trust Cloud Computing ETF (SKYY) is 22% from a high.
Some of the worst performing cloud company stocks so far this year include Zscaler, down 16% in 2023. Box is down 15.8% year to date, and Pure Storage is down 15.4%.
Cloud stocks furthest from 52-week highs include RingCentral, which is 67% from the May 2022 high. Twilio is 58% from the high hit a year ago. Zscaler is 57% from last year's high, and Atlassian is 50% from the August 2022 high.

The biggest shorts

Carvana, once again, is the stock with the highest short interest among names traded on the NYSE or the Nasdaq.
Four of the top 10 are biotechs, including Allogene, which is up 10% in the past week but 68% from the 52-week high. Novavax is up 25% in a month, but shares are still 90% from the 52-week high. Sana Biotechnology is up 61% in a month, and it's 45% from a 52-week high. Verve Therapeutics is up 10% in a month and 63% from the 52-week high.
Fisker, which just picked up regulatory approval to sell cars in Europe, ranks fourth on the list. The stock jumped 22% today on the news from Europe but remains 48% from the 52-week high.
Other notable names among the 20 most shorted stocks include C3.ai, which is 49% from the 52-week high but up 58% year to date. Furniture company Lovesac is up 20% in 2023, but remains 46% off the 52-week high. Beyond Meat is 73% from the 52-week high but up 5% in 2023. WeWork is 95% from the 52-week high and down 71% in 2023.

The transports

The iShares US Transportation ETF (IYT) dropped 2.4% and is now down 6% in April.
This follows less-than-stellar news in Old Dominion's earnings report today.
Yesterday, UPS CEO Carol Tomé told CNBC's Frank Holland the shift from consumer shopping to services is hurting her company's bottom line.
Earlier, CNBC's Ethan Kraft noted the IYT is on pace for its third straight monthly drop.
CSX is down 5.3% in three days.
Canadian National is down 5% in three days.
Norfolk Southern is down 5% in three days. CEO Alan Shaw told CNBC's Morgan Brennan late this afternoon the cost of the Ohio train crash earlier this year will cost the company about $400 million dollars.
Canadian Pacific is down 4.7% in three days.
Union Pacific is down 3.7% in three days.

The truckers

The trucking stocks also are having a tough week. In large part, this is due to a theory of a transports slowdown.
Werner Enterprises is down 6.5% in three days.
J.B. Hunt is down 6% in three days. Shares dropped 4% today.
Knight-Swift has fallen 5.6% in three days.
Saia is down 11.4% in three days.
Landstar is down 7.5% in three days.
Schneider National is down 5.8% in three days.