The NASDAQ dropped 2.5% on Thursday. Growth stocks largely fell, along with FANMAG stocks. EVs, solar, cloud, software, semis and healthcare were weaker, while homebuilders proved strong.
US inflation continues to confound markets. Opinion is divided as some see it as worrying while others think deflation will be the concern later in the year. Fed Governor Waller told Bloomberg TV there may be less than three interest-rate hikes this year or even as many as five, depending on inflation in the second half of the year. This sums up the confusion.
Oil up. Gold firmer. Industrial metals mixed. Bitcoin lower.
| NASDAQ | S&P 500 | BITCOIN |
|---|---|---|
| 14,806.81 (-2.51%) | 4,659.03 (-1.42%) | 42,501.31 (-3.19%) |
Here are some trending stocks:
Monster Beverage Corp (NASDAQ: MNST) buys craft beer and hard seltzer maker CANarchy Craft Brewery Collective. The deal excludes CANarchy's restaurants.
Tesla (NASDAQ: TSLA) stock fell nearly 7%. Its electric Cybertruck missed the production deadline and a German IT specialist claims he successfully hacked into 25 Tesla vehicles across 13 countries.
Virgin Galactic (NASDAQ: SPCE) stock plummeted 18.9% after announcing plans to raise up to $500M via convertible senior notes. The proceeds are to fund working capital, admin and capital expenditures. Preliminary Q4 free cash flow was not as bad as prior guidance. SPCE stock is down 70% in the past year.
Shareholders in Gores Metropoulus II (NASDAQ: GMII) meet to approve its SPAC combination with lodging start-up Sonder.
Bank stocks earnings season begins today with reports from JPMorgan (NYSE: JPM), Citi (NYSE: C) and Wells Fargo (NYSE: WFC). With inflation, the order of the day bank stocks are in favor.
KB Home (NYSE: KBH) reported an upbeat Q4 earnings beat, but deliveries and orders came below consensus while beating backlog. KBH stock soared 16.5%.
Taiwan Semiconductor Manufacturing Company (NYSE: TSM) released upbeat Q4 earnings with revenue and EPS ahead of consensus. Positive guidance on 2022 revenue growth boosted the TSM share price by 5%.
Boeing (NYSE: BA) could resume 737 Max service in China later this month.
Delta Air Lines (NYSE: DAL) Q4 revenue and EPS were better than expected. DAL shares rose 2%.
KNOT Offshore Partners (NYSE: KNOP) declares a $0.52 dividend.
Mattel (NASDAQ: MAT) was upgraded to buy from neutral at MKM.
Mimecast (NASDAQ: MIME) reportedly received takeover interest from rival Proofpoint but instead opted to be acquired by security company Permira for $80/sh.
Proterra (NASDAQ: PTRA) announced a multi-year agreement to supply its battery systems to Vicinity Motor (CVA: VMC) for electric buses and commercial vehicle configurations; Proterra battery systems will power a minimum of 600 commercial EVs through 2024.
Snap (NASDAQ: SNAP) has been downgraded to market perform from outperform at Cowen. The company cited near-term concerns around lingering iOS changes impacting Snap's measurement, targeting, attribution for direct response ad units and a high valuation.
Meta (NASDAQ: FB) faces a $3.1bn UK class action lawsuit for breach of competition law.
In Asia:
Asian stocks fell in overnight trading as interest rate hikes cause concern and virus spikes again look worrying.
China Evergrande bondholders agree to a six-month reprieve on a $708 million onshore bond letting the troubled real estate developer avert its first onshore public default.
In cryptocurrency news:
Today most cryptos are in the red.
China to launch blockchain infrastructure to support state-run NFT blockchain.
North Korean hackers stole nearly $400 million in cryptos last year.
