Top 10 Things to Watch on Friday, December 23, 2022 1. US stock futures rose and fell on Friday in a volatile pre-market after a higher-than-expected inflation reading. Wall Street on Thursday broke a two-session winning streak in a big way. December is traditionally a strong time for the market, but stocks do drop during the month. 2. The Fed’s preferred measure of inflation – the core PCE price index – showed an advance of 4.7% yoy in November vs. 4.6% expected. Remember, wage deflation and consumer portfolio tightening are central bank objectives. Commodity does not matter. 3. Case in point: Natural gas prices are down almost 25% this week alone and even more during the month. Worst weekly performance since early 2014. As it prepares to post consecutive weekly gains, oil prices are still falling for the sixth month out of the past seven months. 4. Citi lowered its price target on Paychex (PAYX) to $119 per share from $131. The tone was very cautious. I totally agree. A good number but it might be weaker from now on. Barclays is lowering the numbers, too. Win for the Fed on the workers side. 5. Wedbush cut its price target on Tesla (TSLA) to $175 a share from $250, though it maintains its Outperform (Buy) rating. Analysts believe the EV maker will miss the fourth quarter’s downgrade estimates and expect a more rigorous preparation for next year. Musk promises not to sell another Tesla for about two years. 6. Bank of America cut its price target on CarMax (KMX) to $49 a share from $100. Much lower than same-store sales growth. Stevens and Bird also lowered their PTs to $53 and $65, respectively. JPMorgan says it’s too early to buy KMX, the used-car seller’s “pain from above.” 7. Citi says Club with Alphabet (GOOGL) Google will be the winner of the NFL Sunday Ticket/YouTube deal. For Alphabet, the ranking adds a loyal viewership base to its vast ecosystem of services and products, providing greater opportunity to collect user data and target ads more effectively. 8. Loop Capital reduced Paramount Global (PARA) to a sell from hold, and lowered its price target to $14 per share from $30. He cites a decrease in cash flow. He says the path to the revenue stream is not clear. Paramount’s portfolio includes CBS, many cable networks including Showtime, as well as Paramount+ and Pluto TV. 9. THE DISNEY OWN CLUB (DIS) NEEDED A STRONG SECOND WEEKEND AT THE BOX OFFICE FOR “Avatar: The Way of Water.” Its opening weekend domestically of $134 million was below estimates. Together with the current balance abroad is more than 600 million dollars. 10. Facebook parent Meta Platforms (META) agreed to pay $725 million to settle a class action lawsuit. The lawsuit alleged that the social media giant gave third parties access to user data without their consent. This was claimed in 2018 after the Cambridge Analytica scandal. (Jim Cramer’s Charitable Trust is long GOOGL, DIS, and META. See here for a full list of stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a share in his charity fund portfolio. If Jim talks about a stock on CNBC, he waits 72 hours after the trade alert is issued before executing the trade. The above investment club information is subject to our terms and conditions and privacy policy, along with our disclaimer. No fiduciary obligation or duty will be created, or created, by virtue of your receipt of any information provided in connection with Investment Club. There are no specific results or guaranteed profit.
Top 10 things to watch Friday, December 23, 2022
1. US stock futures rose and fell on Friday in a volatile pre-market after a higher-than-expected inflation reading. Wall Street on Thursday broke a two-session winning streak in a big way. December is traditionally a strong time for the market, but stocks do drop during the month.
2. The Fed’s preferred measure of inflation – the core PCE price index – showed an advance of 4.7% year-on-year in November vs. 4.6% expected. Remember, wage deflation and consumer portfolio tightening are central bank objectives. Commodity does not matter.
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