Tomorrow's Top CNBC Stories Tonight |
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Molson Coors' standout performance |
Molson Coors was a bright spot for the S&P 500 today, gaining over 7% and hitting its highest level since February 2019. The beer giant handily beat estimates, thanks in part to higher prices. Even before today's gain, the stock was outperforming rivals. As of today's close, TAP is up 26% in 2023. Brewing behemoth AB InBev is up just 6% this year, and Constellation Brands is down 1%. Boston Beer is off by 5.5%. |
Oil stocks under pressure |
A pullback in oil prices pressured energy stocks today. BP topped estimates but fell more than 8% as its buyback size disappointed investors and amid some concerns over demand. Diamondback fell nearly 5% after an earnings miss, turning negative year to date. Halliburton was the worst energy performer on the S&P 500, also falling more than 8%. The VanEck Oil Services ETF (OIH) posted its worst day since mid-March, led by declines in Schlumberger, Halliburton and Baker Hughes
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Chegg tumbles — and so do its peers |
Chegg's big artificial intelligence warning and subsequent plunge weighed on other education plays, as CNBC's Chris Hayes points out. A variety of names sold off today, including language-learning app Duolingo, which fell over 10%. Academic publisher John Wiley & Sons fell 7%, and Stride, which saw an earnings-fueled rally last week, was off almost 4%. UK-listed Pearson sank 15% for its worst day since 2017.
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Solar stocks lost their shine today |
Solar stocks remain under pressure, with Enphase and SolarEdge falling more than 4% today. In the past week, SolarEdge and First Solar are down roughly 15%, while Enphase has fallen over 30%. Shoals Technologies Group fell over 10% today after Barclays analysts cut it to underweight and slashed its price target to $19/share from $27.
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The stock is now at a 15-month high. It is up almost 100% in 2023. That is far outpacing the other members of the FAANG group. Apple is up 30% year to date. Amazon is up 23% in 2023. Alphabet is up 19% in 2023. Netflix is up nearly 8% in 2023. The five stocks make up 13.2% of the S&P 500 and 27.6% of the QQQ/Nasdaq 100.
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A 15-month high for the stock. MGM is up 37% in 2023. Las Vegas Sands is up 32% year to date. Caesars, which reported today, is up 7% year to date. Caesars says sports betting will be profitable this year, according to CNBC reporter Contessa Brewer. That is a combination of online and traditional betting sites. DraftKings is up about 94% year to date.
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The SPDR S&P Regional Banking ETF (KRE) fell hard today, down 6.3%. It's now down 34% in 2023. Leading the way lower was PacWest, which dropped 28% today and is off 71% year to date. The bank's executives have said deposits have been rebounding since late March. Western Alliance Bancorp dropped 15%. It is down 48% in 2023. Zions fell about 11% today. It is down 51% in 2023. All 148 regional bank stocks in the KRE fell today. Year to date, only five of the stocks in the KRE out of 148 are up. New York Community Bancorp is the leader, up about 18% in 2023.
| Stanley Druckenmiller joined the chorus of big investors ringing the alarm bell and fiscal issues during a speech at the University of Southern California. BlackRock's Rick Rieder said the problem involving the debt ceiling has quickly become the biggest issue for stocks and bonds. Credit default swaps on the U.S. 1-year are now up 35% in a week. Credit default swaps on the U.S. 5-year are up 20% in a week.
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Analyst Mark Mahaney shares his top two tech stock picks, giving one 152% upside TUE, MAY 02 2023 Here are Tuesday's biggest analyst calls of the day: Apple, Ferrari, Dell, Tesla, Chegg, Penn & more
TUE, MAY 02 2023 A buying force will give stocks a boost as soon as next week, especially these shares, Goldman says TUE, MAY 02 2023 Trading the Fed decision: What JPMorgan traders see happening on Fed day — based on these scenarios
TUE, MAY 02 2023 This tech stock can rally 25% as PC market bottoms, Morgan Stanley says TUE, MAY 02 2023 BlackRock's Rieder highlights a fresh worry for investors beyond the Fed's expected rate hike
TUE, MAY 02 2023 |
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Biggest Stock Picks on CNBC TV |
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Here are the best trade ideas from investors and analysts on CNBC today. |
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