Shoppers at the Walmart Supercenter in Burbank during Walmart’s multi-week Annual Deals Shopping Event in Burbank Thursday, Nov. 21, 2024.
Allen J. Schaben | Los Angeles Times | Getty Images
My top 10 things to watch Thursday, May 15
1. The S&P 500 is tracking for a lower open after a third straight winning session. Fed Chairman Jerome Powell at a Washington event today cautioned about higher long-term rates as “supply shocks” provide policy challenges.
2. Walmart delivered a mixed quarter: an earnings beat but a revenue miss. The retail giant affirmed full-year guidance but voiced concerns about wide range of prices. Sam’s Club was really strong. We own Sam’s rival Costco for the Club.
3. CoreWeave reported a true blowout. The growth is incredibly robust and, in retrospect, this stock was given away at the March IPO price of $40 per share. Shares, while down over 2% today, closed yesterday at $67.
4. Club name Apple making iPhones in India for the U.S. market is apparently a non-starter with President Donald Trump. He said he wants them made in America and told Apple CEO Tim Cook that.
5. Club name Starbucks might monetize China. Selling a stake there would be the first strategic step to changing the coffee giant by CEO Brian Niccol. Separately, barista unrest over dress code expands to 100 unionized stores.
6. The Financial Times reported the U.S. is considering dialing back bank rules. This would be incredibly positive for two of our big financial positions: Wells Fargo and Capital One.
7. Evercore likes Netflix after its Upfront showcase for television and streaming advertisers. I liked Disney‘s presentation and think that the stock is the steal in the group.
8. Dick’s offered to buy Foot Locker for a staggering price: $24 per share or $2.4 billion. It’s an amazing sum given the problems at Foot Locker. Separately, Dick’s announced a very good quarter.
9. Barclays cut its UnitedHealth price target to $362 per share from $513 following the CEO exit and reports of a Justice Department Medicare fraud investigation. The analysts kept their overweight buy rating.
10. Crude prices sank 3% today on the potential of an Iran nuclear deal that could see Tehran back in the world oil markets in exchange for halting enriching weapon grade uranium.
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