Nio Inc. (NYSE: NIO)
Nio is up 1.15% premarket as some investors believe it might be time to get back into the Chinese electric vehicle maker stock. According to The Motley Fool, its market demand remains high. Plus, Nio is transitioning to a new technology platform and still preparing its factories to produce new models. If the company can ramp up production and launch new products this year as planned, it could see a boost in its margins.
Nio is up 1.15% premarket as some investors believe it might be time to get back into the Chinese electric vehicle maker stock. According to The Motley Fool, its market demand remains high. Plus, Nio is transitioning to a new technology platform and still preparing its factories to produce new models. If the company can ramp up production and launch new products this year as planned, it could see a boost in its margins.
Harley Davidson (NYSE: HOG)
Harley Davidson is up 3.81% premarket as the motorcycle company continues to behave like a bank. There’s a reason for this. Harley trades with banks during times of stress, and their consumer finance operations are very large. A small bank is attached to each manufacturing organization. Although Harley is a manufacturing company, it does not carry the same risks as banks and does not have any deposits that can be withdrawn.
Harley Davidson is up 3.81% premarket as the motorcycle company continues to behave like a bank. There’s a reason for this. Harley trades with banks during times of stress, and their consumer finance operations are very large. A small bank is attached to each manufacturing organization. Although Harley is a manufacturing company, it does not carry the same risks as banks and does not have any deposits that can be withdrawn.
Top 10 Cities where Home Prices could go down in 2023
10. NASHVILLE, TN: inventory in the Nashville Housing Market has skyrocketed over the last year as fewer pandemic homebuyers are moving in. Meanwhile, the market is 34% overvalued according to data from the Reventure App. Prices in Nashville could decline by a lot in in the coming years.
09. DALLAS, TX: inventory in the Dallas Housing Market has tripled over the last year. While the sky-high property taxes are keeping many would-be homebuyers locked out of the market. I expect DFW home prices to decline by 20-30% over the next several years.
08. SAN FRANCISCO, CA: home prices in the Bay Area Housing Market are already down 15% YoY. And they could decline further in coming months due to the collapse of the tech sector. Companies such as Meta, Google, and DocuSign are doing big layoffs.
07. BOISE, ID: Boise benefitted from tech remote workers moving in during the pandemic. But now those remote workers are getting laid off and called back into the office. Creating a big pileup of inventory and declining home prices.
06. TAMPA, FL: remote buyers were a big reason Tampa's Housing Market spiked during the pandemic. But the locals in Tampa only earn about $64k per year. Meaning that today's Housing Bubble in Tampa is not sustainable. Prices could decline by 20-30%.
05. JACKSONVILLE, FL: this is a real estate market that investors love. But now that rents are going down, investors are bailing on Jacksonville. Which is resulting in a surge in sellers cutting the price. This Housing Market is 30% overvalued based on the historical relationship of home prices to median income.
04. PHOENIX, AZ: Phoenix is a very boom/bust Housing Market. And the bust has started. Prices are already down 10% from peak and could decline another 25% based on how overvalued the prices still are today. Especially at Mortgage Rates north of 6%.
03. SALT LAKE CITY, UT: Utah is a Housing Market exposed to layoffs, lots of home building, and where the house prices grew way above local incomes in the last several years. That's a recipe for a big Housing Crash. One that has already started in cities like Salt Lake City and Provo.
02. LAS VEGAS, NV: Las Vegas is an economy and housing market based off tourism and and investor demand. Not a great combination for an imminent recession. These risk factors have already caused inventory in Las Vegas to explode while prices are already down 10%. They could go down another 25%.
01. AUSTIN, TX: what a reversal of fortunes. Just a year ago Austin's Housing Market was deemed as "untouchable" and the fastest growing in America. Now it's mired in the first year of what will likely be a multi-year housing downturn that sees prices decline by as much as 40% in total. High property taxes, layoffs, lots of homebuilding - Austin has all the headwinds one would expect for a crashing Housing Market.
10. NASHVILLE, TN: inventory in the Nashville Housing Market has skyrocketed over the last year as fewer pandemic homebuyers are moving in. Meanwhile, the market is 34% overvalued according to data from the Reventure App. Prices in Nashville could decline by a lot in in the coming years.
09. DALLAS, TX: inventory in the Dallas Housing Market has tripled over the last year. While the sky-high property taxes are keeping many would-be homebuyers locked out of the market. I expect DFW home prices to decline by 20-30% over the next several years.
08. SAN FRANCISCO, CA: home prices in the Bay Area Housing Market are already down 15% YoY. And they could decline further in coming months due to the collapse of the tech sector. Companies such as Meta, Google, and DocuSign are doing big layoffs.
07. BOISE, ID: Boise benefitted from tech remote workers moving in during the pandemic. But now those remote workers are getting laid off and called back into the office. Creating a big pileup of inventory and declining home prices.
06. TAMPA, FL: remote buyers were a big reason Tampa's Housing Market spiked during the pandemic. But the locals in Tampa only earn about $64k per year. Meaning that today's Housing Bubble in Tampa is not sustainable. Prices could decline by 20-30%.
05. JACKSONVILLE, FL: this is a real estate market that investors love. But now that rents are going down, investors are bailing on Jacksonville. Which is resulting in a surge in sellers cutting the price. This Housing Market is 30% overvalued based on the historical relationship of home prices to median income.
04. PHOENIX, AZ: Phoenix is a very boom/bust Housing Market. And the bust has started. Prices are already down 10% from peak and could decline another 25% based on how overvalued the prices still are today. Especially at Mortgage Rates north of 6%.
03. SALT LAKE CITY, UT: Utah is a Housing Market exposed to layoffs, lots of home building, and where the house prices grew way above local incomes in the last several years. That's a recipe for a big Housing Crash. One that has already started in cities like Salt Lake City and Provo.
02. LAS VEGAS, NV: Las Vegas is an economy and housing market based off tourism and and investor demand. Not a great combination for an imminent recession. These risk factors have already caused inventory in Las Vegas to explode while prices are already down 10%. They could go down another 25%.
01. AUSTIN, TX: what a reversal of fortunes. Just a year ago Austin's Housing Market was deemed as "untouchable" and the fastest growing in America. Now it's mired in the first year of what will likely be a multi-year housing downturn that sees prices decline by as much as 40% in total. High property taxes, layoffs, lots of homebuilding - Austin has all the headwinds one would expect for a crashing Housing Market.
Gamestop (NYSE: GME)
Gamestop is up 42.83% premarket after posting a surprise fourth quarter adjusted profit of 16 cents per share. Wall Street had been expecting a loss of 15 cents per share. Short interest in the flagship meme stock is about 21%, and analyst Ihor Dusankiwsky expects a big short covering tomorrow.
Gamestop is up 42.83% premarket after posting a surprise fourth quarter adjusted profit of 16 cents per share. Wall Street had been expecting a loss of 15 cents per share. Short interest in the flagship meme stock is about 21%, and analyst Ihor Dusankiwsky expects a big short covering tomorrow.
AMC Entertainment Holdings (NYSE: AMC)
AMC Entertainment is up 11.79% premarket as the fellow meme stock got a boost following Gamestop’s 42% rally. 2022 was a devastating year for AMC, with the stock starting at 27.20 and ending the year at 4.07, a miserable 85% loss. So far in 2023, it’s off to a better start with shares more than doubling from its year-end close of 4.07.
AMC Entertainment is up 11.79% premarket as the fellow meme stock got a boost following Gamestop’s 42% rally. 2022 was a devastating year for AMC, with the stock starting at 27.20 and ending the year at 4.07, a miserable 85% loss. So far in 2023, it’s off to a better start with shares more than doubling from its year-end close of 4.07.
Petco Health and Wellness Company (Nasdaq: WOOF)
Petco is down 9.54% premarket after its latest earnings report. The company delivered net revenue of $1.58 billion, up 4.2 percent versus the prior year. This was driven by the strength of its consumables business. The company also saw a 1.1 decrease in adjusted EBITDA. Its adjusted earnings per share of $0.23 was also a decline of $0.05 from the prior year. Overall, the company saw a 44.8 percent decrease in net income for 2022.
Petco is down 9.54% premarket after its latest earnings report. The company delivered net revenue of $1.58 billion, up 4.2 percent versus the prior year. This was driven by the strength of its consumables business. The company also saw a 1.1 decrease in adjusted EBITDA. Its adjusted earnings per share of $0.23 was also a decline of $0.05 from the prior year. Overall, the company saw a 44.8 percent decrease in net income for 2022.
$SOFI - SoFi Checking and Savings to Offer Access to Up to $2 Million in FDIC Insurance
The Federal Reserve just announced a 0.25% interest rate hike.
FOMC Hikes By 25Bps; Target Range Stands At 4.75% - 5.00%
- Interest Rate On Reserves Balances Raised By 25Bps To 4.90%
- Interest Rate On Reserves Balances Raised By 25Bps To 4.90%
Janet Yellen says the US is not considering a blanket deposit insurance increase
Top-Five for the Dow Jones Industrial Average:
Microsoft, Intel and Walt Disney are outperforming:
Microsoft (MSFT, 279.66 +7.37 , +2.71% ): Approaching new 2023 highs Intel (INTC, 28.805 +0.68 , +2.40% ): Trying to close in positive territory for the first time this week Disney (DIS, 96.41 +1.51 , +1.59% ): Flirting with 20-day Moving Average (96.82) Merck (MRK, 103.59 -0.81 , -0.78% ): Slipping lower as shares fall for third straight session Travelers (TRV, 164.68 -1.95 , -1.17% ): Hovering around new 2023 lows
Microsoft, Intel and Walt Disney are outperforming:
Microsoft (MSFT, 279.66 +7.37 , +2.71% ): Approaching new 2023 highs Intel (INTC, 28.805 +0.68 , +2.40% ): Trying to close in positive territory for the first time this week Disney (DIS, 96.41 +1.51 , +1.59% ): Flirting with 20-day Moving Average (96.82) Merck (MRK, 103.59 -0.81 , -0.78% ): Slipping lower as shares fall for third straight session Travelers (TRV, 164.68 -1.95 , -1.17% ): Hovering around new 2023 lows
Gold shoots higher after Fed signals one more hike on tap this year
With about two hours to go on Thursday the tech-heavy Nasdaq Composite (+1.36%) stands atop the major averages, up more than 150 points.
Gold futures settled $46.30 higher (+2.4%) to $1,995.90/oz, it's highest close since March 2022, propped up by the follow-through of yesterday's Fed announcement.
Meanwhile, the U.S. Dollar Index is down less than -0.1% to $102.33.
With about two hours to go on Thursday the tech-heavy Nasdaq Composite (+1.36%) stands atop the major averages, up more than 150 points.
Gold futures settled $46.30 higher (+2.4%) to $1,995.90/oz, it's highest close since March 2022, propped up by the follow-through of yesterday's Fed announcement.
Meanwhile, the U.S. Dollar Index is down less than -0.1% to $102.33.
Market : Stocks and rate hike expectations slide
The major averages have slid from their highs with the S&P 500 (-0.2%) sliding past yesterday's closing low while the Nasdaq (+0.3%) is trying to avoid the same fate.
Equities peaked just after 11:00 ET with the S&P 500 marking a high just seven points below its 50-day moving average (4014), but the buying momentum faded as the day went on without a news catalyst to account for the reversal.
The technology sector (+0.7%) remains firmly ahead and it is responsible for keeping the Nasdaq in positive territory. On the downside, nine sectors trade in the red with financials (-1.1%) and energy (-1.8%) displaying the widest losses. It is worth noting that Deutsche Bank (DB 9.52, -0.76, -7.4%) has fallen past last week's low to a level not seen since early November, so there appear to be some worries about the health of the German banking giant.
Treasuries trade on their highs with the 10-yr yield down nine basis points at 3.41% and last week's low looming six basis points below. As for rate hike expectations, the fed funds futures market now sees just a 28.4% implied likelihood of a hike in May, down from 49.4% yesterday.
The major averages have slid from their highs with the S&P 500 (-0.2%) sliding past yesterday's closing low while the Nasdaq (+0.3%) is trying to avoid the same fate.
Equities peaked just after 11:00 ET with the S&P 500 marking a high just seven points below its 50-day moving average (4014), but the buying momentum faded as the day went on without a news catalyst to account for the reversal.
The technology sector (+0.7%) remains firmly ahead and it is responsible for keeping the Nasdaq in positive territory. On the downside, nine sectors trade in the red with financials (-1.1%) and energy (-1.8%) displaying the widest losses. It is worth noting that Deutsche Bank (DB 9.52, -0.76, -7.4%) has fallen past last week's low to a level not seen since early November, so there appear to be some worries about the health of the German banking giant.
Treasuries trade on their highs with the 10-yr yield down nine basis points at 3.41% and last week's low looming six basis points below. As for rate hike expectations, the fed funds futures market now sees just a 28.4% implied likelihood of a hike in May, down from 49.4% yesterday.