Warren Buffett Can Beat S&P 500, Help Fight Off Recession Fears, Investors Say - Bloomberg

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1. Warren Buffett Can Beat S&P 500, Help Fight Off Recession Fears, Investors Say  Bloomberg
2. Top economists predict credit crunch, commercial real estate meltdown  Markets Insider
3. Who decides when we’re in a recession, and how do they know?  OregonLive
4. Recessions Don't Have to Be Scary for Your Portfolio. Here's Why.  The Motley Fool
5. From a painful credit crunch to a meltdown in the commercial real estate market, here's what top economists are predicting for the coming months  Yahoo Canada Finance

Warren Buffett Can Beat S&P 500, Help Fight Off Recession Fears, Investors Say - Bloomberg
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Twitter to let publishers charge users per article read, says Elon Musk - The Guardian

Twitter CEO Elon Musk said on Saturday that the social media platform will allow media publishers to charge users on a per-article basis with one click, calling it a win for both the public and media organisations.

The feature, to be rolled out in May, will enable users who do not “sign up for a monthly subscription to pay a higher per article price for when they want to read an occasional article”, billionaire owner Musk tweeted.

On Friday, Musk had said that Twitter will take a 10% cut on content subscriptions after the first year, noting that the company will not take a cut for the first 12 months. These subscriptions include long-form text and hours-long video.

Since taking over the social media firm in October, Musk has been bringing in changes to try to boost revenue at Twitter after the social media platform saw advertising income drop last year in the run-up to his on-again-off-again acquisition that closed.

Under Musk’s ownership Twitter has reduced its workforce from 7,500 people to about 1,500, leading to fears that moderation standards and its ability to comply with upcoming European standards would suffer as a consequence.

Twitter has been repeatedly warned that it is not ready for a new European Union regulatory regime for monitoring digital platforms, with breaches risking a fine of 6% of global turnover and, in the most extreme cases, a temporary suspension of the service.

Under the rules for large platforms, they must carry out annual risk assessments outlining the risks of harmful content such as disinformation, misogyny, harms to children and election manipulation. The moderation systems and measures put in place to mitigate those risks will also be checked by the EU.

Platforms will also be banned from building profiles of child users for companies to target them with ads. Those platforms that can be reached by minors must also put in place measures to protect their privacy and keep them safe. Users must also be able to report illegal content easily.

With Reuters

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Twitter to let publishers charge users per article read, says Elon Musk - The Guardian
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Elon Musk rolls out paywall for Twitter's data - Financial Times

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Elon Musk rolls out paywall for Twitter's data - Financial Times
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MTA ends real-time service alerts on Twitter, says platform is ‘no longer reliable’ - The Hill

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NEW YORK (WPIX) – New York’s Metropolitan Transportation Authority, which provides public transportation services for millions of riders in the NYC metro area each day, has ended its real-time service alerts on Twitter, an agency official said in a statement Thursday night.

MTA Acting Chief Customer Officer Shanifah Rieara blamed Twitter’s new policy of requiring a fee to use its application programming interface, also known as API. This interface is what allows the MTA to send out real-time service changes on the social media platform.

“The MTA does not pay tech platforms to publish service information and has built redundant tools that provide service alerts in real-time. Those include the MYmta and TrainTime apps, the MTA’s homepage at MTA.info, email alerts, and text messages. Service alerts are also available on thousands of screens in stations, on trains, and in buses,” Rieara said. “The MTA has terminated posting service information to Twitter, effective immediately, as the reliability of the platform can no longer be guaranteed.”

On Twitter, the MTA further said the platform “is no longer reliable for providing the consistent updates riders expect.”

Elon Musk pays for LeBron James, Stephen King and William Shatner’s Twitter check marks

The MTA’s access to Twitter through its API, meanwhile, has already been interrupted twice in the past two weeks, once on April 14 and again on Thursday, according to the transit agency.

Transit officials said customers will still be able to tweet at all MTA accounts and the agency will respond. 

Early this year, Twitter announced it would no longer support free access to its API. Toward the end of March, the company released a new paid tier structure for the tweets, but did not specify when access to accounts would be lost. Access to Twitter’s API system could cost companies and public agencies that use it close to $500,000 per year, according to reporting by WIRED.

Fake city Twitter accounts falsely claimed a Chicago road is closing

Twitter has long been a way for the MTA’s riders to keep track of train delays or service alerts. Other public agencies also frequently share news and weather alerts or the latest crime warnings from their local police department.

But when the Elon Musk-owned platform began stripping blue verification check marks this month from accounts that don’t pay a monthly fee, it left public agencies and other organizations around the world scrambling to figure out a way to show they are trustworthy and avoid impersonators.

New York City’s government Twitter account, for instance, pinned a tweet to its profile telling users that it is an “authentic Twitter account representing the New York City Government[.] This is the only account for @NYCGov run by New York City government.”

While Twitter is now offering gold checks for “verified organizations” and gray checks for government organizations and their affiliates, the former comes at a cost too steep to justify for many agencies.

This story comprises reporting from WPIX’s Kiran Dhillon and The Associated Press.

Tags MTA New York Twitter

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MTA ends real-time service alerts on Twitter, says platform is ‘no longer reliable’ - The Hill
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Bitcoin Circles Above $29.5K as Investors Weigh Sluggish GDP, Latest Banking Woes - CoinDesk

Ether (ETH), the second-largest cryptocurrency by market value, followed a similar pattern, jumping almost 3% over the past 24 hours to change hands at around $1,920. The CoinDesk Market Index (CMI), which measures overall crypto market performance, was up over 6% for the day.

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Bitcoin Circles Above $29.5K as Investors Weigh Sluggish GDP, Latest Banking Woes - CoinDesk
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Asian shares hesistant on banking jitters, US economic concerns - Reuters

• Summary
• Companies

• Asian stock markets:
• Singapore's shares slide 0.5% after raising property tax
• European futures lower, U.S. futures up on Meta earnings beat
• Nomura posts sharp fall in net profit, shares plunge
• Euro close to 1-year high; oil prices rebound after tumblig 4%

SYDNEY, April 27 (Reuters) - Asian shares were subdued on Thursday as troubles at U.S. lender First Republic Bank (FRC.N) continued to unnerve investors amid concerns that growth in the world's biggest economy could surprise on the downside.

The caution is set to extend to Europe, with pan-region Euro Stoxx 50 futures sliding 0.3%. Nasdaq futures , however, gained 0.6% as Facebook owner Meta (META.O) soared 12% after the bell with its earnings beat, and S&P 500 futures rose 0.3%.

Intel (INTC.O) and Amazon (AMZN.O) will report their results later on Thursday.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) skidded 0.2%, while Japan's Nikkei (.N225) trimmed earlier losses to be 0.1% lower.

Singapore's Straits Times Index (.STI) fell 0.5%, dragged lower by real estate companies after the government raised taxes on private property purchases.

China and Hong Kong stocks oscillated between losses and gains, as investors weighed still steep declines in China's industrial profits data and new developments on the geopolitical front.

Investors cheered the phone call between President Xi Jinping and his Ukrainian counterpart Volodymyr Zelenskiy, but were dishearted by U.S. saying that Chinese cloud computing firms pose a threat to U.S. security.

On Thursday, Nomura 8604.T shares fell more than 7% after posting a sharp fall in quarterly net profit as a global banking crisis roiled markets and hit its investment banking business.

Overnight, the woes of First Republic continued, with its market value briefly sinking as much as 41% to about $888 million, a far cry from its peak of more than $40 billion in November 2021.

Investors are waiting to see whether it can find buyers for assets and engineer a turnaround after CNBC reported that U.S. government officials are currently unwilling to intervene.

"First Republic is a bank it would seem to soon be no more. As the bank attempts all manner of rescue strategies it continues to slide relentlessly," said Clifford Bennett, chief economist at ACY Securities.

"It is a case of the incredible shrinking bank. Until, in the end, it likely just simply ceases to exist."

Overnight, the S&P 500 (.SPX) and the Dow (.DJI) were pulled lower by weakness in economically sensitive sectors, hinting at mounting recession jitters.

The Atlanta Federal Reserve's GDPNow, which tracks how incoming data influences estimated gross domestic product (GDP), showed that the estimate for the first-quarter growth is now at an annualised 1.1%, sharply down from 2.5% just a week ago.

That suggests there may be a downside risk to U.S. first-quarter GDP data, due later on Thursday, with analysts polled by Reuters tipping an expansion of 2%. Wells Fargo lowered its forecast for U.S. GDP growth by 100 basis points to a 0.8% rise.

Fed funds futures are pricing in a chance of about 75% that the Federal Reserve will hike interest rates by 25 basis points (bps) at its May meeting next week.

In the currency markets, the euro edged 0.1% higher to $1.1054, moving closer to its highest level in over a year of $1.1095 hit just a day ago. It has benefited from bets that the economic outlook for Europe could be on the upside after Germany raised its economic forecast for growth this year.

The dollar index , which measures the currency against six major rivals, eased 0.1% to 101.3, on top of a 0.4% decline overnight, due to fresh concerns over a U.S. slowdown.

U.S. Treasuries yields mover slightly higher, with the two-years up 3 basis points to 3.953%, and ten-years up 2 bps to 3.4504%. One-month Treasury yields tumbled ahead of a possible Washington vote on the U.S. debt ceiling.

Oil recovered some ground on Thursday after tumbling almost 4% on recession fears. U.S. crude futures edged up 0.1% to $74.4 per barrel, while Brent crude futures rose 0.3% to $77.90 per barrel.

Gold gained 0.5% to $1,990.04 per ounce.

Reporting by Stella Qiu; Editing by Kenneth Maxwell

Our Standards: The Thomson Reuters Trust Principles.

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Asian shares hesistant on banking jitters, US economic concerns - Reuters
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Deutsche Bank logs 11th straight quarterly profit, reveals job cuts - CNBC

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022.

Alex Kraus | Bloomberg | Getty Images

Deutsche Bank on Thursday reported a net profit of 1.158 billion euros ($1.28 billion) for the first quarter, emerging from a turbulent month that saw it swept up in market fears of a global banking crisis.

Net profit attributable to shareholders was comfortably above a consensus forecast of 864.54 million euros produced by a Reuters poll of analysts, and up from 1.06 billion euros for the first quarter of 2022.

This marked an 11th straight quarter of profit for the German lender after the completion of a sweeping restructuring plan that began in 2019 with the aim of cutting costs and improving profitability.

"Our first quarter results demonstrate the relevance of our Global Hausbank strategy to our clients and underscore that we are well on track to meeting or exceeding our 2025 targets," said CEO Christian Sewing.

"We aim to accelerate execution of our strategy through a number of measures announced today: raising our ambitions for operational efficiency, boosting capital efficiency to drive returns and support shareholder distributions, and seizing opportunities to outperform on our revenue growth targets."

Deutsche's corporate bank net revenues came in at 2 billion for the quarter, up 35% year-on-year and the highest quarterly figure since the launch of its transformation program. Net interest income was the main driver, growing 71%.

However, the bank also flagged job cuts for non-client facing staff and reported a sharper-than-expected 19% year-on-year fall in investment bank revenues year-on-year.

"The bank is currently implementing additional efficiency measures across the front office and infrastructure," it said in the report.

"These include strict limitations on hiring in non-client facing areas, focused reductions in management layers, streamlining the mortgage platform and further downsizing of the technology centre in Russia."

Other data highlights for the quarter:

• Revenues came in at 7.7 billion euros, up from 7.33 billion euros in the first quarter of 2022, despite what the bank called "challenging conditions in financial markets" during the quarter.
• Provision for credit losses stood at 372 million euros, compared to 292 million euros a year ago.
• CET 1 capital ratio, a measure of bank solvency, stood at 13.6%, up from 12.8% a year ago an 13.4% the previous quarter.

The beat on earnings expectations follows a 1.8 billion euro net profit for the final quarter of 2022, which vastly outstripped expectations and brought the bank's annual net income to 5 billion euros. However, uncertainty around the macroeconomic outlook, along with weaker-than-expected investment bank performance, kept traders cautious on the company's stock.

The market turmoil triggered by the collapse of U.S.-based Silicon Valley Bank in early March, which eventually resulted in the emergency rescue of Credit Suisse by UBS, briefly engulfed Deutsche Bank late last month despite its strong financial position.

Its Frankfurt-listed stock plummeted, while credit default swaps — a form of insurance for a company's bondholders against its default — soared, prompting German Chancellor Olaf Scholz to publicly dispel market concerns.

'Natural beneficiary' of Credit Suisse demise

CFO James von Moltke told CNBC on Thursday that the March banking turmoil had enabled the bank to prove its mettle to a skeptical market.

"It was an interesting market environment in March, for sure. We were tested, and I think the silver lining of the test is we passed, and I think we passed with flying colors," he said.

"The market was looking for vulnerabilities in banks with this surprise out of the U.S. regional banking sector. It was looking for securities losses, interest rate mismanagement issues, commercial real estate exposures, and many other sort of features."

He suggested that, in scrutinizing Deutsche Bank, market participants saw a strong and profitable business model, stable balance sheet and deposit base, a "very moderate" and "well underwritten" commercial real estate book and "no near-term financing needs."

"So across the various dimensions, when the market took a good look at us, what they saw was a stable, well-run well-risk managed bank," von Moltke told CNBC's Annette Weisbach.

Von Moltke also suggested that Deutsche Bank would be a "natural beneficiary of fallout" from stricken Swiss lender Credit Suisse's collapse and emergency rescue by UBS.

"We admire the management team at UBS, and we think that that competitor will be formidable with the passage of time. But equally, a concentration of the banking relationships with now one provider for many of their clients is something that you'd expect to see them diversify," he said.

"We think we're a natural destination for some of their clients, some of their people, some of the business, and I think we're well-positioned to profit from that opportunity."

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Deutsche Bank logs 11th straight quarterly profit, reveals job cuts - CNBC
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Boeing earnings: Planemaker reports mixed Q1 results, boosts 737 Max production - Yahoo Finance

Boeing (BA) released a mixed Q1 earnings report, beating on top-line revenue but missing on profit. The company also said it would be boosting output of its 737 Max planes despite a recent production issue.

For the quarter, Boeing reported revenue of $17.92 billion, up 28% compared to a year ago and topping estimates of $17.43 billion, as the planemaker said demand for its planes pushed higher. Boeing’s adjusted EPS loss for the quarter of $1.27 was wider than Street estimates of $0.97.

"We delivered a solid first quarter and are focused on driving stability for our customers," Boeing CEO Dave Calhoun said in a statement. "We are progressing through recent supply chain disruptions but remain confident in the goals we set for this year, as well as for the longer term. Demand is strong across our key markets and we are growing investments to advance our development programs and innovate strategic capabilities for our customers and for our future."

The company reaffirmed its prior guidance of $4.5 billion-$6.5 billion of operating cash flow and $3.0-$5.0 billion of free cash flow (non-GAAP) for the year.

Boeing also reaffirmed its prior guidance for the 737 Max this year, seeing 400-450 deliveries this year, and said it will boost production the 737 to 38 planes a month. This comes after the plane maker suffered a setback with its 737 Max production in mid-April, warning that a problem with several brackets in the fuselage would affect deliveries.

“We will work diligently through rework of affected airplanes in production and storage to ensure each meets our standards of prior delivery,” Calhoun said in a memo to employees today. “This effort will impact the timing of deliveries over the next several months.”

FILE - The Boeing 787 Dreamliner after its landing at Le Bourget airport, east of Paris, upon its presentation for the first time at the 49th Paris Air Show at the airport, June 21, 2011. Boeing reported Tuesday, April 11, 2023, that deliveries of new jetliners jumped in March, helped by the return of the long-range 787 Dreamliner, as the U.S. aircraft maker edged out European rival Airbus in both deliveries and new orders. (AP Photo/Francois Mori, File)

Calhoun had previously said the issue would delay production by only weeks. Boeing's current backlog of 737 planes stands at 4,219 planes, per Boeing’s website.

Boeing also said today the 787 Dreamliner program is producing three planes per month with plans to ramp production to five per month in late 2023, and to 10 per month in the 2025/2026 timeframe. Boeing’s 787 Dreamliner faced a delivery delay of its own back in February, as the company had to halt deliveries due to an issue with a fuselage component. The issue was resolved in early March after the plane maker addressed concerns raised by the FAA about Dreamliner’s forward pressure bulkhead.

Speaking of the Dreamliner, in March, Boeing landed a huge deal with Saudi Arabia, as first reported by Yahoo Finance’s Brian Sozzi. Boeing secured an order for up to 121 787s from two Saudi Arabian airlines — state-owned Saudi Arabian Airlines and new national player Riyadh Air. A total of 78 planes are considered firm orders, while 43 are options to purchase more. Of the 121 orders, 72 are from Riyadh Air.

Based on the list price for the 787 of about $338 million, the deal could be worth up to an estimated $40 billion.

"It is significant," Calhoun said to Yahoo Finance about the deal.

Boeing previously announced Q1 deliveries earlier this month rose to 130 up from 95 a year ago, with 113 737 Maxes, 11 787s, four 777s, and one 767 and 747.

—

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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Boeing earnings: Planemaker reports mixed Q1 results, boosts 737 Max production - Yahoo Finance
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Hyundai Motor bolsters US presence with $5 bln EV battery venture - Reuters.com

• Summary
• Companies

• Shares rise as much as 5% to 7-month high
• To develop Georgia battery plant in joint venture with SK On
• Plant to start production in H2 2025, support 300,000 EVs

SEOUL, April 25 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) said on Tuesday it had finalised a $5 billion electric vehicle (EV) battery joint venture in the U.S., boosting electrification efforts in its largest market.

Hyundai also reported its first-quarter net profit had more than doubled, exceeding expectations. Its shares rose as much as 5% to a seven-month high after the announcements, and as the automaker also initiated steps to improve shareholder returns.

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd (096770.KS), will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement.

The move follows new U.S. sourcing requirements for EV battery components and critical minerals in order for car buyers to qualify for up to $7,500 in credits under the Biden administration's Inflation Reduction Act (IRA). Cars made by Hyundai and sister company Kia Corp (000270.KS) are currently not eligible for the tax credits.

The announcement was made as South Korean President Yoon Suk Yeol is in Washington to meet President Joe Biden on the first state visit to the U.S. by a South Korean leader in 12 years. Accompanying Yoon on the trip are top executives of some of South Korea's biggest companies, including Hyundai Motor Group Executive Chair Euisun Chung.

Rivals General Motors Co (GM.N) and Samsung SDI (006400.KS) said they would invest over $3 billion to build a joint venture EV battery manufacturing plant in the United States.

The Hyundai-SK On Georgia plant is expected to start manufacturing battery cells in the second half of 2025 with an annual production capacity of 35 GWh, sufficient to support the production of 300,000 EVs.

Hyundai, which makes the Tucson sport-utility vehicles (SUVs) and the Elantra sedans, reported a net profit of 3.3 trillion won ($2.47 billion) for the January-March period versus a profit of 1.6 trillion won a year earlier, thanks to a rise in vehicle output as a global chip shortage eased and demand for its high-margin SUVs remained strong.

That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts.

"On top of strong car demand, raw material costs have continued to stabilise and drop since late last year, helping Hyundai achieve better profitability," said Lee Jae-il, an analyst at Eugene Investment & Securities.

Hyundai and Kia cars are competitive in the U.S., based on their prices and a favourable exchange rate, he added.

Seo Gang Hyun, head of Hyundai's planning and finance division, said conventionally powered SUVs and luxury Genesis cars still accounted for a large proportion of the company's U.S. sales.

"So I would say that the impact of the Inflation Reduction Act would not be as substantial as you are concerned about," he told analysts on an earnings call after being questioned about the issue.

Hyundai and Kia also said on Tuesday they planned to invest a combined 1.05 trillion won to acquire more shares in autonomous mobility firm 42dot Inc to maintain control and increase its operational competitiveness.

($1 = 1,336.2400 won)

Reporting by Heekyong Yang and Joyce Lee; Editing by Christian Schmollinger

Our Standards: The Thomson Reuters Trust Principles.

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Hyundai Motor bolsters US presence with $5 bln EV battery venture - Reuters.com
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Dow Jones Stock Futures: First Republic Bank Crashes 20% On 'Unprecedented' Deposit Flight - Investor's Business Daily

Dow Jones futures were little changed ahead of Tuesday's open, with a busy week of earnings results ahead that includes tech titans Google-parent Alphabet (GOOGL), Amazon (AMZN), Facebook-owner Meta Platforms (META) and Microsoft (MSFT). Late Monday, First Republic Bank (FRC) crashed after the company's earnings results late.

X

Also late Monday, Cadence Design Systems (CDNS) and First Republic Bank were on the move after earnings. Cadence shares lost nearly 4% in extended trade.

First Republic crashed more than 20% after total deposits cratered 35.5% from last year to $104.5 billion as of March 31, even with the $30 billion injected from the biggest banks. Deposits declined by $72 billion during the quarter, down 40.8% from year-end. FactSet analysts projected deposits dropping to $145 billion.

"With the closure of several banks in March, we experienced unprecedented deposit outflows," commented CFO Neal Holland in a statement.

Early Tuesday, 3M (MMM), Dow (DOW), General Electric (GE), General Motors (GM), Halliburton (HAL), McDonald's (MCD), PepsiCo (PEP), PulteGroup (PHM), Spotify (SPOT), UPS (UPS) and Verizon Communications (VZ) will be key earnings reporters.

Google-parent Alphabet and Microsoft will report late Tuesday. Meta earnings are scheduled for Wednesday after the market close. And Amazon earnings are due late Thursday.

Stock Market Today

On Monday, the Dow Jones Industrial Average rose 0.2%, with Chevron (CVX) one of the big winners. CVX stock rallied 1.4%. The S&P 500 rose 0.1%, while the tech-heavy Nasdaq composite lost 0.3%.

EV leader Tesla traded down 1.5% Monday. Among Dow Jones stocks, Apple (AAPL) rose 0.2% and Microsoft (MSFT) lost 1.4% in today's stock market action.

Crocs (CROX), DraftKings (DKNG), IBD Leaderboard stock Las Vegas Sands (LVS) and IBD SwingTrader stock Lululemon Athletica (LULU) — as well as Dow Jones stocks JPMorgan Chase (JPM), Nike (NKE) and Visa (V) — are among the top stocks to buy and watch with the ongoing market rally.

Nike and DraftKings were featured in this week's Stocks Near A Buy Zone column.

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3 Top Growth Stocks To Buy And Watch In The Current Stock Market Rally

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Dow Jones Futures Today: Oil Prices, Treasury Yields

Ahead of Tuesday's opening bell, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed vs. fair value in overnight trading. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.

The 10-year U.S. Treasury yield fell to 3.51% Monday. Over the last two weeks, the 10-year yield rebounded from its lowest level since mid-September. U.S. oil prices rose Monday, as West Texas Intermediate futures settled just below $79 a barrel.

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What To Do In The Stock Market Rally

Now is an important time to read IBD's The Big Picture column with the stock market trend in a "confirmed uptrend" after continued gains.

Amid Monday's quiet action, the market outlook remains in a confirmed uptrend, which means investors continue to have the green light to buy breakout stocks. IBD's recommended exposure currently sits at 40% to 60%.

Two useful IBD MarketSmith lists to check right now are "Breaking Out Today" and "Near Pivot." The latter shows stocks nearing buy points in bases, and the other flags stocks rising past buy points during the session.

To find more stock ideas, check IBD Stock Lists, like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and should be checked every day.

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Learn How To Time The Market With IBD's ETF Market Strategy

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Dow Jones Stocks To Buy And Watch: JPMorgan, Nike, Visa

JPMorgan shares inched higher Monday, holding steady near a flat base's 144.44 buy point and above the 50-day moving average, according to IBD MarketSmith pattern recognition.

Nike shares rose 1.2% Monday, still above their 50-day line and approaching a cup-with-handle's 127.59 buy point.

Visa shares remain in buy range above a 230.15 cup-with-handle buy point. The buy range goes up to 241.66. Visa reports fiscal second-quarter results late Tuesday.

Top Stocks To Buy And Watch: Crocs, DraftKings

Crocs shares climbed 2.7% Monday, extending a win streak to seven sessions and finishing extended past a cup base's 143.60 buy point, according to IBD MarketSmith. The 5% buy range went up to 150.78. The company plans to report first-quarter earnings on Thursday.

Backstory: Broomfield, Colo.-based Crocs is best known for its rubbery, casual-wear shoes. The company in recent years expanded its Crocs brand portfolio from the classic slip-on clogs to include boots, sandals, wedges and sneakers. The Crocs brand makes up around 75% of sales.

DraftKings broke out above a cup base's 21.72 buy point last week, but gave up the entry during Monday's 2.55% drop. The 5% buy zone tops out at 22.81.

Backstory: Boston's DraftKings is an online sports platform that allows users to play daily fantasy games and win cash prizes. Sports-betting prospects look strong, with around 20% of U.S. adults saying they bet money on sports in some way in the last 12 months, according to a 2022 Pew Research Center survey. DraftKings reports Q1 results on May 4.

Las Vegas Sands, Lululemon

IBD Leaderboard stock Las Vegas Sands moved out of the 5% buy range above a 60.40 buy point in a cup with handle during Monday's 1.4% rally. The buy zone topped out at 63.42.

Backstory: Last week, Las Vegas Sands smashed earnings expectations for the first quarter and signaled a "robust recovery" in China's Macau gaming hub. The casino stock posted earnings of 28 cents per share, up from a net loss of 40 cents a year ago. Revenue vaulted nearly 125% to $2.12 billion.

IBD SwingTrader stock Lululemon moved further past a 371.36 entry in a cup with handle, with a near-1% rise Monday.

Backstory: On March 28, Lululemon hiked 2023 guidance after topping earnings and revenue estimates for the holiday fourth quarter, sparking a 12.7% surge on March 29. The yogawear and athleisure apparel retailer's final fourth-quarter results also exceeded its own preliminary announcement, issued in early January.

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Tesla Stock

Tesla stock slid 1.5% Monday, hitting its lowest level since Jan. 26. In recent weeks, shares triggered the 7%-8% loss rule from a buy point at 200.76 in a cup with handle. And they are trading sharply below their 50-day line, a key level.

The stock closed Monday 55% off its 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares gained 0.2% Monday. They remain solidly above a 157.48 buy point and at the top of the buy range that runs up to 165.35.

Microsoft shares are still above a flat base's 276.86 buy point despite a three-day losing streak, as they dropped 1.4% Monday. The 5% buy area goes up from the buy point to 290.70. Earnings are due out late Tuesday.

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Dow Jones Stock Futures: First Republic Bank Crashes 20% On 'Unprecedented' Deposit Flight - Investor's Business Daily
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Asia stocks in pensive mood for earnings-packed week - Reuters.com

• Summary
• Companies

• Asian stock markets:
• Nikkei up 0.2% in slow trade, U.S. stock futures slip
• BOJ meeting bookmarks a busy week of data
• Analysts look for tech earnings to beat the Street

SYDNEY, April 24 (Reuters) - Asian shares were mostly lower on Monday in a week packed with economic data and central bank meetings, along with earnings from the tech giants that have kept the S&P 500 afloat so far this year.

Market action was sluggish in the wake of Friday's surprisingly strong surveys of business activity which reinforced the case for higher interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.4%, while Japan's Nikkei (.N225) nudged up 0.2%. Chinese blue chips (.CSI300) fell 0.4%.

Over in Australia, there was some weakness in mining stocks (.AXJO) after Chile moved to boost state control over its lithium industry, which has the world's largest reserves of the battery metal.

EUROSTOXX 50 futures and FTSE futures were both little changed. S&P 500 futures and Nasdaq futures eased 0.3% ahead of a busy week of earnings.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) alone have accounted for nearly half of the S&P 500's gains through March, so there is much riding on their outlooks.

"We believe stalwarts Microsoft, Amazon and Google should all deliver cloud results that meet and likely exceed Street 1Q expectations this week despite recent noise in the market," said analysts at Wedbush Securities.

"We also believe a major narrative of tech earnings season will be the AI arms race and each Big Tech player updating investors on their own AI ambitions/monetization strategy as Redmond battles Google and other tech stalwarts for the AI trophy case."

The U.S. House of Representatives could this week vote on a Republican plan to raise the debt ceiling in exchange for spending cuts. Weak tax receipts mean the government could run out of money earlier than expected, and the risk of default has seen a rise in U.S. credit default swaps.

Figures on U.S. wages and economic growth due this week will likely reinforce the case for further tightening. The Atlanta Fed's influential GDP Now tracker has the U.S economy growing an annualised 2.5% in the first quarter, only a shade slower than the previous quarter.

BOJ GETS A NEW BOSS

Markets are pricing in an 86% chance the Federal Reserve will hike rates by a quarter point at its meeting in the first week of May, and fully expect a similar hike from the European Central Bank with some risk of a half-point move. ,

Central banks in Canada and Sweden meet this week, but most attention will be on the Bank of Japan for the first meeting chaired by its new governor, Kazuo Ueda.

Ueda on Monday said policy easing had to be continued since inflation was still under 2% in trend terms.

Only three out of 27 economists polled by Reuters expect the BOJ to start to scale-back its yield curve control policy (YCC) this soon, but there are reports the central bank is considering conducting a comprehensive review of the impact of its easing.

"Media background suggests don't expect tweaks to YCC, but its clear the writing is on the wall and the risk is of more substantive change at the next meeting," said Tapas Strickland, head of market economics at NAB.

In contrast, the head of Belgium's central bank warned in an FT article on Monday that investors are underestimating how high eurozone borrowing costs will rise.

The divergence in policy between Japan and the rest of the developed world has seen the yen weaken steadily in the last few weeks, with the euro in particular hitting a six-month high.

The single currency was firm at 147.56 yen on Monday , while the dollar held at 134.35 .

The euro held at $1.0980 , within sight of its recent one-year peak of $1.1075.

A higher dollar and bond yields have been a burden for gold, which shed 1.2% last week and was last lying at $1,979 an ounce .

Chicago wheat gained almost 1% after Russia threatened to terminate a grain deal allowing Ukrainian exports, raising concerns over world supplies.

Oil prices also lost ground last week, though planned production cuts from OPEC offer some support.

Brent eased 66 cents on Monday to $81.00 a barrel, while U.S. crude fell 67 cents to $77.20 per barrel.

Reporting by Wayne Cole; Editing by Christopher Cushing

Our Standards: The Thomson Reuters Trust Principles.

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