Weekly Market Report [09/19-23/2022]
Here are what happened in the week from Sept.19 to 23. The latest AAII Sentiment shows the highest level of pessimism since march 2009. The Fed raised rates by another 75 bps. Jim Cramer is now 'short' Nvidia stock. Costco reported FY2022 Q4 earnings.
US MARKET SENTIMENT
According to AAII Sentiment Survey, the percentage of individual investors describing their six-month outlook for stocks as "bearish" rebounded to its highest level since 2009. Plus, this week's bullish sentiment reading ranks among the 20 lowest in the survey's history.
Bullish sentiment, expectations that stock prices will rise over the next six months, pulled back by 8.4 percentage points to 17.7%.
Neutral sentiment, expectations that stock prices will stay essentially unchanged over the next six months, decreased by 6.5 percentage points to 21.4%.
Bearish sentiment, expectations that stock prices will fall over the next six months, rose sharply by 14.9 percentage points to 60.9%.
Source: AAII
LAST WEEK'S HIGHLIGHTS
Fed Raises Rates by Another 75 bps
🔸 The Federal Reserve raised its target interest rate by 75 bps to a range of 3.00%-3.25% on Wednesday.
🔸 It also signaled the need for further rate increases in the months ahead. The new dot plot projections show the median rate rises to 4.4% by the end of this year and tops at 4.6% in 2023.
🔸 U.S. stocks finished sharply lower after the Fed said it would raise interest rates on Wednesday.
🔸 The Federal Reserve raised its target interest rate by 75 bps to a range of 3.00%-3.25% on Wednesday.
🔸 It also signaled the need for further rate increases in the months ahead. The new dot plot projections show the median rate rises to 4.4% by the end of this year and tops at 4.6% in 2023.
🔸 U.S. stocks finished sharply lower after the Fed said it would raise interest rates on Wednesday.
Jim Cramer is Now 'Short' Nvidia Stock
🔸 Well-known television personality Jim Cramer, shared a bearish take on NVIDIA Monday during CNBC's "Squawk on the Street."
🔸 Cramer has been a bull on Nvidia shares for years, including many times throughout 2022. His current bearish comments come as Nvidia shares are down 56% year-to-date.
🔸 The company launches the new gaming lineup, the RTX 40 series
🔸 Well-known television personality Jim Cramer, shared a bearish take on NVIDIA Monday during CNBC's "Squawk on the Street."
🔸 Cramer has been a bull on Nvidia shares for years, including many times throughout 2022. His current bearish comments come as Nvidia shares are down 56% year-to-date.
🔸 The company launches the new gaming lineup, the RTX 40 series
Costco Sales Rise as Inflation Continues to Weigh on Consumers
🔸 The company's revenue rose 15% to $72.09 billion in the fourth quarter. The average estimate of analysts polled by FactSet was $72.04 billion.
🔸 Costco posted net income of $1.87 billion, or $4.20 a share, for the quarter ended Aug. 28, up from net income of $1.67 billion, or $3.76 a share, a year earlier.
🔸 According to Bloomberg, the cost of preparing a classic lunch at an American diner has shot up by almost 13% in a year.
🔸 The company's revenue rose 15% to $72.09 billion in the fourth quarter. The average estimate of analysts polled by FactSet was $72.04 billion.
🔸 Costco posted net income of $1.87 billion, or $4.20 a share, for the quarter ended Aug. 28, up from net income of $1.67 billion, or $3.76 a share, a year earlier.
🔸 According to Bloomberg, the cost of preparing a classic lunch at an American diner has shot up by almost 13% in a year.
US MARKET EARNINGS SEASON UPDATE
1️⃣FedEx (FDX)
📉 Missed FY2023Q1 revenue estimate
Data as on 9/23/2022 from moomoo app:
Average Target Price – US$290 (Based on 28 institutions)
Analyst Rating - 10 Buy, 13 Outperform and 9 Hold (Based on 33 analysts)
📉 Missed FY2023Q1 revenue estimate
Data as on 9/23/2022 from moomoo app:
Average Target Price – US$290 (Based on 28 institutions)
Analyst Rating - 10 Buy, 13 Outperform and 9 Hold (Based on 33 analysts)
2️⃣Costco (COST)
📈 Beat FY2022 Q4 earnings estimate
Data as on 9/23/2022 from moomoo app:
Average Target Price – US$573.459 (Based on 30 institutions)
Analyst Rating - 8 Buy, 15 Outperform and 11 Hold (Based on 34 analysts)
📈 Beat FY2022 Q4 earnings estimate
Data as on 9/23/2022 from moomoo app:
Average Target Price – US$573.459 (Based on 30 institutions)
Analyst Rating - 8 Buy, 15 Outperform and 11 Hold (Based on 34 analysts)
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