ECONOMIC SILUET: Watch these winning travel stocks, Uber and these tech high-flyers in tomorrow’s trading

Senin, 01 Mei 2023

MON, MAY 01, 2023

Tomorrow's Top CNBC Stories Tonight

Chegg's outlook overshadows an earnings beat

Chegg fell over 30% in the extended session as its Q2 revenue outlook came in below estimates. That overshadowed an earnings and revenue beat in its prior quarter. The stock had hardly been a big underperformer as of today's close, but including the after-hours move, it's down over 50% in 2023.

BlackBerry leaps in extended trading

BlackBerry jumped as much as 10% after hours as the cybersecurity firm announces a review of its business, which could ultimately lead to a sale or spin off. The stock is up about 20% in 2023, though it remains over 40% off its 52-week high.

Uber's strong day before earnings

Uber had its best day in almost three months ahead of Tuesday morning's earnings report. While it's still around 13% off its February 52-week high, it has been a strong performer so far this year, up over 30%. As of today's close, the ride-sharing and delivery giant is down nearly 50% from its February 2021 all-time high. CEO Dara Khosrowshahi will be on "Squawk Box" tomorrow at 7:30 a.m. ET.

Fresh highs for Meta and Nvidia

Two tech giants on a tear: Meta and Nvidia both hitting 52-week highs in today's session. Meta is up almost 60% in three months, while Nvidia is up 38% in the same interval. Analysts suspect Meta could have more room to run: It finished today down 8.5% from its average price target, and 75% of analysts tracked by FactSet rate it a buy.

Newell shares slump

Newell Brands was the worst-performing S&P 500 constituent today as investors continued digesting its earnings report. Analysts at Morgan Stanley cut their price target on the stock and reiterated an equal weight rating. The company reported a wider-than-expected quarterly loss on Friday and warned that "consumer discretionary spending in our categories remains under pressure." That stock has fallen more than 50% in the past twelve months and now has one of the smallest market caps on the S&P 500.

Cruises and casinos extend their run

Where Newell continues seeing weakness, other discretionary names are seeing the opposite. Specifically, travel and leisure stocks are extending a trend we've seen throughout this year. Norwegian Cruise Line had its best day since October after pent-up demand and higher ticket prices fueled a revenue beat. It also posted a smaller-than-expected quarterly loss and raised its annual forecast. Carnival and Royal Caribbean shares also got a boost. Casinos like Caesars, MGM Resorts and Las Vegas Sands were also firmly in positive territory, with MGM and Sands hitting 52-week highs. MGM isn't moving much in the extended session, but a big recovery in Macao helped fuel an earnings and revenue beat there.