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THU, MAY 04, 2023

Tomorrow’s Top CNBC Stories Tonight

DraftKings pops on results

DraftKings is higher in the extended session after posting a revenue beat and narrower-than-expected loss. The company’s full-year revenue guidance also topped estimates. The stock was already having a strong year before the after-hours move. If its gains hold to the opening bell, it will open at its highest level since early 2022.

Estee Lauder shares slide

Estee Lauder fell again today as analysts cut their price target on the stock. The cosmetics and personal care giant is now heading for its worst week on record, fueled by its big post-earnings decline. As other companies have seen some recovery in travel, including in Asia, Estee Lauder says its recovery there has been slower than in other regions.

Mosaic’s rough week

Mosaic Company hit its lowest level since January 2022 as earnings came in below estimates, with the company citing lower fertilizer prices. Those results weighed on peer CF Industries despite its big earnings and revenue beat on Monday. Both stocks are now heading for a weekly decline, though Mosaic’s is sharper: It’s currently on pace for its worst week since mid-March.

Ball stands out in the S&P 500

Ball Corp. led the S&P 500 today and posted its best session since 1987 on the heels of an earnings beat. The packaging and aerospace supplier has outperformed the S&P so far this year, though it remains almost 30% off its recent high. Thanks in large part to today’s gain, Ball Corp. is heading for its best week since mid-November.

Commodities

Energy stocks

The Energy Select Sector SPDR Fund (XLE), which tracks big energy, is down 8% in a month — the weakest of the 11 S&P sectors — and down 4.5% in a year.
Within the XLE, Marathon Petroleum is the worst performer in the last month down 16.5% and up 9% in a year.
APA is down 15.3% in a month and down 28.6% in a year.
Halliburton is down 12.7% in a month and down 24% in a year.
Chevron is down 7.6% in a month and 6.8% in a year.
Exxon Mobil is down 7.8% in a month and up 15.6% in a year.

Gold stocks

The VanEck Gold Miners ETF (GDX) jumped 2.4% today. It’s up 4.4% in a month and flat in a year.
AngloGold is up 15% in a month and 38% in a year.
IAMGOLD is up 10.3% in a month and 50% in a year.
Kinross is up 5% in a month and 3% in a year.

Apple and friends

The stock went above $170 after hours before backing off. It’s up about 2.5% after beating earnings estimates, driven by stronger-than-anticipated iPhone sales.
The supply chain is in flux but not a single U.S.-listed supplier is up more than 1% after hours.
In the last three months:
Cirrus is down 19.5%.
Qualcomm is down 21%, and off 5.5% today.
Jabil is down 7.8%.
Skyworks is down 9%.
Lumentum is down 23%.
AMD is flat.
Corning is down 12%.
Intel is up 3%.
Broadcom is up 2%.
Qorvo is up 12%.
Micron is down 3%.

DraftKings

The stock is up 9% after hours on the company’s earnings report as Ethan wrote above.
The company expects to break-even on adjusted EBITDA, which is the key metric in the gambling industry. Executives say they’ll bring in $3 billion revenue this year.
Including the after hours move, the stock is up almost 50% in a year and more than 100% in 2023.
In the past three months since the company’s last report, the stock is up 38%.
Las Vegas Sands is up 6% in three months.
MGM is up 2.6% in three months.
All of the other gambling and gambling-related stocks are down in the past three months: VICI is down 6%. Sportradar is down 7.75%. Caesars is down 21%. Penn is down 24%. Bally’s is down 27.6%.