Salesforce signage outside office building in New York.
Scott Mlyn | CNBC
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What I am looking at January 6, 2022:
- Tech sell-off day four… tends to be the length of them for the past 25 years, but we do have employment number tomorrow… so hedge funds should set up short going into the number… watch Salesforce (CRM) for a tell of when things are done going down… ServiceNow (NOW) is a second tell… Datadog (DDOG) a third (cloud based monitoring and analytics)… PayPal (PYPL) a fourth… Microsoft (MSFT) a fifth.. none has been able to gain traction so far this year…
- Dollar General (DG) downgraded buy to hold at Wells Fargo… end of monthly child care payments…payments had started in July… got paid on the 15th…
- Walgreens Boots Alliance (WBA) crushes numbers-CEO Roz Brewer… Covid aided but has been left behind by CVS… Revenue $33.9 B v. $33B est… I pushed this one yesterday
- As Cloudflare (NET) multiple compression comes down—analysts follow it down (just like they followed it up)… Piper cuts price target on a good company $226 to $115… It’s at $105 down from $221 November 8th… and business is accelerating!!!… Fastly (FSLY) PT lowered $51 to $35 at Piper..$122 a year ago now $32… A GME in its own right?
- Vicious downgrade—Target (TGT) buy to hold at Wells Fargo…differentiated model was right place right time during the pandemic but not anymore… can this be Pelotoned?…
- Half-hearted attempt to call the bottom in Global Payments (GPN) by Deutsche Bank…still one more payments company, a once loved group…Susquehanna says will make numbers…
- Significant: Authentic Brands pulls its offering… this is Jamie Salter such a smart guy.(Neil Lane, Nine West, Lucky, Juicy Couture, Nautica, Thomasville, Van Heusen, Izod, Barneys, SI, Aeropostale, Brooks Brothers, Eddie Bauer, Hart. Schaffner & Marx, Jones New York, Tretorn, Volcom)… instead selling some equity stakes to CVC and HPS investment… this is an incredibly important pull because few are more savvy than Jamie…
- JPMorgan goes $53.50 to $57 for Wells Fargo (WFC)… following it up, usual expansion -good note..11x; but Citi (C) lowered $80.50 to $76…but should do better… they like Bank of America (BAC) PT raised $50 to $52.50…
- Bank of America goes buy to hold on Goldman Sachs (GS).. Wow 6x, but was up huge last year; says too much reliance on capital markets at 70% of rev…PT cut from $490 to $475…
- Evercore ISI likes Lowe’s (LOW) for pricing power-hold to buy…barely down from the high (9 points)… be careful…
- Jefferies hold to buy Five9 (FIVN)… $133 has come down from $211.. yet beat the numbers… CEO Rowan Trollope—should make money this year and once coveted by Zoom… but street looking for flat eps…
- Big call: JPMorgan brings PT of Netflix (NFLX) $750 down to $725—estimate of new Q4 signups down from 8.8 to 6.25m; Netflix said 8.5m… blistering…
- Microsoft (MSFT)… Jefferies PT goes from $375 to $400, says valuation is downside protection…
- TJX (TJX)… Barclays loves it here…total generic company loved by street endlessly…
- Susquehanna backs Boeing (BA) on big Allegiant order…stock was down yesterday despite big win—that was a futures driven decline; started after hawkish fed statement…
- VF Corp. (VFC) buy to hold Barclays, $79 target… has been a laggard… I like Ralph Lauren (RL)… VFC has Vans, Kipling, Northface, Timberland, Dickies… sold the jeans business near the bottom…
- Conagra Brands (CAG) EPS misses… on Mad tonight…64 cents v. 68 cents estimate, but sticking with $2.50 for year…margin compression worse than thought…
- Constellation Brands (STZ) makes $3.12 v. $2.77 est…sales $2.32B toward the high est… also on tonight…
- Bed Bath & Beyond (BBBY) misses big… sales $1.89B v. 1.95B est… loss of 25 cents v. breakeven estimate…sequential comp sales improvement…comp sales minus 7%, but got better…Buy Buy Baby doing well…
- Costco (COST) December sales so strong—food, hearing aids very strong
- Morgan Stanley says club name Alphabet (GOOGL) has top five execs all incentivized by stock price…
- Time to buy Etsy (ETSY)?…top pick for Needham…cheaper than it was-tweaking to midpoint of guide though…
- Bank of America likes Rivian (RIVN), Lucid (LCID)… but don’t forget big lock-up expiration for Lucid ahead
- Again following stock down Truist PT cut Nvidia (NVDA) $389 to $350… multiple compression but the q was fabulous –all good news…but doesn’t matter to them…
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