Markets closed higher yesterday and the futures are popping fueled by a Nike (NKE) earnings and revenue beat. Could this be the beginning of the Santa rally that we so desperately need? The markets are still on track to have the worst year since 2008.
Wells Fargo (WFS) agrees to pay $3.7 Billion for illegal banking practices that included wrongful repossessing of cars and homes, and wrongful overdraft fees. This could be the step to move the bank beyond its past mistakes and rebuild consumer trust.
Elon Musk says he will step down as Twitter CEO and he is currently looking for a replacement.
Stocks to Watch
Nike (NKE) shares are up around 12% after beating earnings and revenue. UBS analyst calls it a top pick for 2023 and reiterates a buy rating.
Carnival Corp (CCL) is reporting after the bell and is up 2.2% premarket. With Covid-19 in the rearview mirror can the industry gain steam into the next vacation season? Norwegian Cruise line (NCLH), and Royal Caribbean (RCL) are also worth watching.
Fed Ex (FDX) is up 5% premarket after missed revenue but earnings beat. The company has been aggressively cutting costs and is forecasting fiscal savings of up to $3.7 Billion for 2023. That's huge.
Happy Investing,
The Punkrock Capitalist
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