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TUE, MAY 23, 2023

Tomorrow’s Top CNBC Stories Tonight

An after-hours jump for Urban Outfitters

Urban Outfitters is jumping in the extended session after a big earnings beat. Revenue was roughly in line with analyst estimates. The stock is an outperformer in retail this year, up nearly 12% as of today’s close. If the stock holds onto gains overnight, it could open within striking distance of a 52-week high.

VF Corp’s move after results

Elsewhere in retail, VF Corp is slightly higher in extended trading. It topped earnings estimates alongside a slight revenue beat, but it saw a 7% decline in its Americas business. That stock hit its lowest level since 2010 in Monday’s session.

Victoria’s Secret slides

Victoria’s Secret fell nearly 6% in the regular session after UBS reiterated a sell rating and cut its price target. The stock closed at its lowest level since going public in 2021. We’ll get earnings reports from Kohl’s and Abercrombie & Fitch Wednesday morning. Kohl’s is an underperformer this year, down 24%. Abercrombie is flat year to date.

A weak forecast drags on Agilent shares

Agilent is in negative territory after hours. The lab tech company topped Q2 earnings and revenue estimates, but it’s getting weighed down by a weak Q3 EPS and revenue outlook. As of the close, it was already off by 14% this year and roughly 20% off its recent high.

Casino stocks’ rough day

Casino stocks underperformed today, with Wynn, MGM, and Las Vegas Sands down 5% or more. All three are down over 10% so far this month after notching 52-week highs at its start. They’re all still firmly in positive territory year to date. Smaller rival Melco Resorts is negative in 2023 and off by 20% in May alone, which would be its worst month since April 2022.

Covid stocks

As reports surface that China may be facing new Covid problems, two big players in the fight against the illness are popping.
Moderna is up 9% in two days, but it’s still 36.6% from the 52-week high set in December.
Pfizer is up nearly 8% in two days, but shares are 27.8% away from the 52-week high, also hit in December.

Two analysts call for 20% moves for a pair of Dow components

Jefferies says Microsoft could jump 20% from here. The firm has a new price target of $400. The stock is at $315 today and is up 31.5% in 2023.
HSBC says Chevron will jump 20%, saying the stock has been underperforming, but it will rise to $189 a share. Right now, it is at $156 and down 12.6% in 2023.

Nvidia reports Wednesday afternoon

Nvidia shares are up 110% in 2023 and 3.6% from the 52-week high hit on May 2.

Amazon’s shareholder meeting starts at noon

The stock is up 37% this year, but it’s still 21.5% from the 52-week high hit last August.

The chips

Broadcom hits an all-time high. The stock is up 23% in 2023.
The VanEck Semiconductor ETF (SMH) is up 29.4% in 2023.
Nvidia is the top stock in the ETF. AMD is second, up 67% in 2023, and Lam Research ranks third, up 36.5% year to date.
At the bottom of the pile: Qualcomm, down nearly 6%; Texas Instruments, up 2.7% in 2023; and Qorvo, up close to 4% this year.

One more tech stock on the rise

Palantir hit a 13-month high today.
The stock is up 97% in 2023 and up 33.5% in a week.
Cathie Wood’s ARK Innovation ETF (ARKK) and some of her other funds have been buying in recent weeks.
ARKK is up 27% in 2023.

Big retail results tomorrow

A few more details on Abercrombie & Fitch: Ethan hit it above. The company reports in the morning. The stock is flat in 2023 but 27.4% from the 52-week high set in February.
Kohl’s reports in the morning. The stock is down 23.7% in 2023, and it’s 60% off the 52-week high hit last June.
Petco reports in the morning. The stock is up 7.4% in 2023, but shares are 40% from the June 2022 high.