Friday’s big stock stories: What’s likely to move the market in the next trading session
Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here’s what CNBC TV’s producers were watching as the Nasdaq Composite fell for a fourth straight day, and what’s on the radar for the next session. SpaceX Friday marks two weeks since SpaceX debuted. The IPO was priced at $135 a share. Shares ended Thursday’s session at $153. At their highest level so far, shares hit $225.64 on June 16. Thus far, nine analysts cover the stock according to FactSet. Five rate it a buy, while two say it’s a hold. Two others rate it underweight or sell. Morningstar has a $62 price target. Among the analysts covering the stock, the consensus price target is $242.57. CNBC TV’s Seema Mody will run through the numbers on Friday. ” Morning Call ” will have a lot more on SpaceX and the rest of the space with CNBC TV’s Morgan Brennan, who’s been covering it all from the very beginning. SPCX 5D mountain SpaceX shares in the past five trading days CVS CNBC contributor and ” Halftime Report ” trader Josh Brown loves CVS . Thursday on “Halftime,” he called it “the best stock in the market.” The stock is up 45% in three months and it hit a new high on Thursday. The analysts are on his side: 25 have an overweight or buy rating, five deem it a hold, according to FactSet. The average price target is $104.25. Shares ended the session at $104.66. But Josh Brown said, “This is a big enough market cap for enough people to make money with.” He also said, “There’s a whole big market out there. We don’t need the ‘Mag Seven’ to always be at the top of the 52-week high list.” The Magnificent Seven Speaking of the Magnificent Seven: These stocks are all off double digits from their highs. Tesla is down 25% from the December high. Nvidia is off 17% from the May high. Microsoft is 36% from the July high. Meta Platforms is down 32% from the August high. Alphabet is off 18% from the May high. Apple is 13% from the high hit earlier this month. Shares sank 6% today as the company announced price hikes on its iPads and MacBooks. All of these stocks are down double digits in a month, except Nvidia, which is down 9% in that period. META 1M mountain Meta Platforms in the past month Top sectors so far this week Tech and communications services are at the bottom of the pile. Healthcare is up 4.6% week to date. Utilities are up 3% this week. Real estate is up 2.5% week to date. Friday’s data The University of Michigan’s consumer sentiment data for June is out at 10 a.m. ET. Economists polled by Dow Jones are looking for things to be pretty steady, anticipating a reading of 49.0, compared to the prior month’s result of 48.9. A lot goes into the number but checking on the State Street SPDR S & P Retail ETF (XRT), it’s up 4.3% in June and up 9.4% in three months.
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