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TUE, MAY 30, 2023

Tomorrow’s Top CNBC Stories Tonight

C3.ai is heading for its best month ever

C3.ai soared 33% after announcing that its generative A.I. is available on the AWS Marketplace. The stock is heading for its best month on record, up 147%, and is up almost 300% year-to-date. It was trading at all-time lows as recently as December.
Palantir, which has also been on an A.I.-fueled tear, is up 90% in May.

Enphase poised to snap a losing streak in May

Enphase outperformed after announcing an expanded partnership with Natec for European distribution. It was the third-best performing stock on the S&P 500 today, though it remains one of the biggest laggards year-to-date, down over 30%. It’s currently tracking for a gain in May, which would snap its longest monthly losing streak since 2015.

Upgrades for two beer stocks benefiting from Bud boycott

Several of the companies that have recently come under fire for their LGBTQ Pride-related decisions lagged today.
In beer, Anheuser-Busch posted its worst day since July 2022 on no clear news. Shares slid 4.7%.
Roth MKM noted Bud Light market share losses in notes upgrading both Boston Beer and Constellation Brands. The pair finished higher today. Molson Coors ended along the flatline.
While Anheuser-Busch is down 16% in the past month, these smaller rivals are all in positive territory.

Kohl’s targeted for Pride-themed baby clothes

And in retail, Kohl’s shares fell more than 5% as it becomes the latest target of boycotts.
Target, which came under fire last week, fell 3.7% today and is tracking for its worst month since May 2022. Its current 8-day losing streak is its longest since 2018.
Macy’s also underperformed, though to a lesser extent, while Nordstrom, Urban Outfitters, Abercrombie and American Eagle were all higher.

These fintech stocks are moving higher

Buy-now-pay-later player Affirm Holdings gained 5% today. Rival Klarna said on Friday that it expects to become profitable this year, and that seems to be boosting optimism across the space. Affirm has had a strong May, up over 60%, after three-straight monthly declines.
Elsewhere in fintech, SoFi posted its best day since January as debt ceiling talks point to a firm resumption of student loan payments. The company is firmly in positive territory this year, though it’s still almost 30% off its August high.

Tech’s run

The S&P Tech sector led the way again today, and is now up 7.25% in five sessions, 10.5% in May. The only other S&P sector that’s up in May and in the last five trading sessions in S&P Communications.
In May, of course, Nvidia is the leader up 44.5%. AMD, Broadcom, Synopsys, AMAT, Lam Research, ServiceNow, KLA, ON Semi and Western Digital make up the rest of the top ten — all up 20% or more.
Apple ranks 43rd in the S&P Tech index in May, up a mere 4.5%.
The relative strength index is at 75. The RSI is one of several statistics traders look at to determine the movement of a stock or sector. 70 represents oversold.

DraftKings vs. the rest of the pack

DraftKings is vastly outperforming the other casino stocks. It is up 6.3% in May and 23.5% in 3 months.
The other main gambling stocks are down in both the month-to-date and 3-month category, with only data company Sportsradar up 4.5% in May, and Red Rock Resorts up 4.4% in 3 months.
Caesars is down 9% in May and 19% in three months.
VICI Properties is down 10% in May and 9% in three months.
MGM is down 12% in May and 8% in three months.
Las Vegas Sands is down 14% in May and 4% in three months.
Penn Entertainment is down 16% in May and 18% in three months.
Wynn is down 18% in May and 17% in three months.
Melco is down 21% in May and 16% in three months.
Bally’s is down 23% in May and 33% in three months.
Contessa Brewer reports from Nevada for CNBC on Wednesday.

Mixed records for auto parts stocks

Phil LeBeau reported that cars are on the road, on average, at record levels.
Advance Auto Parts reports its numbers tomorrow. The stock is down 23% so far this year and 47% from its August 2022 high.
Competitor O’Reilly hit a high earlier this month. It is up 43% in 2023. AutoZone also hit a high in early May before dropping, but it’s up 19.4% in 2023.

Energy companies meet with shareholders

Exxon Mobil and Chevron both hold annual shareholder meetings Wednesday morning.
Shares of Exxon Mobil are down 5.7% so far this year. Exxon Mobil is paying a 3.5% dividend as of today.
Shares of Chevron are down 14.7% so far this year. Chevron is paying a 3.94% dividend as of today.
The S&P Energy sector is down 11.2% in 2023.

Meta also has a shareholder meeting

Turkish stocks get a boost

A big boost for the ETF amid some semblance of political certainty as Recep Tayyip Erdogan won the race for president. He’s been president since 2014 and was prime minister from 2003 to 2014.
The iShares MSCI Turkey ETF (TUR) shot up almost 6% today, but it’s down 51% in a year.
At one point, Turkey was an important part of the emerging markets index, but it’s no longer in the top 10 of the iShares MSCI Emerging Market ETF (EEM). That fund is 10% off the 52-week high it hit in June 2022.

One more thing on C3.ai…

Ethan hit the stock run above.
The shorts like this stock, too.
The overall short interest as a percentage of the overall share count is down in the last month, but up big time since early February.
The short interest as a percentage of the shares outstanding is currently 24%, that’s on the high side.