My top 10 things to watch Wednesday, March 29
1. The Dow and the S&P 500 are set for higher open, one day after the indexes broke three-session winning streaks. The Nasdaq, on a two-day losing streak, is also poised to rise. Wall Street's first quarter ends Friday: The Dow tracks for losses; but S&P 500 and, especially, Nasdaq set for big gains.
2. Macy's (M) CEO Jeff Gennette will retire early next year. The 61-year-old will be replaced by Tony Spring, CEO of the company-owned higher-end Bloomingdale's. Gennette on "Mad Money" tonight.
3. Lululemon (LULU) blowout quarter on all issues and globally. Runrate much higher than every other apparel company. Running rings around them. The stock up nearly 17% ahead of open.
4. Tommy Hilfiger parent PVH (PVH) price target raised to $110 per share from $106 at Barclays. Morgan Stanley goes to $77 from $51. Evercore ISI goes to $100 from $60. The bottom is in.
5. Micron Technology (MU): Other than GPT, I didn't hear anything that would indicate an end to the pain. Auto is OK, cellphone OK, PCs may be OK. China could help. Inventories OK. Negative free cash flow. Huge writedown. Citi, Raymond James, Barclays calling bottom. Stock up and so are our chipmakers: Nvidia (NVDA), Advanced Micro Devices (AMD) and Qualcomm (QCOM).
6. UBS shuffles retailers: Ross Stores (ROST) to sell; Burlington (BURL) to sell; Club name Foot Locker (FL) to sell. Are you kidding me? It's a buy. CEO just bought a ton of it. GO AGAINST THIS CALL.
7. Qualcomm and Club holding Meta Platforms (META) are among Bernstein's "picks for the next six months." Wednesday's note says these stocks screened quantitatively and fundamentally.
8. Club name Apple (AAPL) starts its buy now, pay later service. Apple Pay Later allows four payments over six weeks. Users can apply for Apple Pay Later loans of between $50 and $1,000.
9. Future of Life Institute open letter urges "immediate pause" on artificial intelligence that can compete with humans. Elon Musk, who has warned about the dangers of AI for years, is among the signatories.
10. Long-time China observer Orville Schell says Chinese President Xi Jinping is pure Leninist. He is going on wartime footing; 7.2% increase in China's defense budget; foreign affairs. Something has changed in Beijing that should make policymakers and business leaders SHOULD NOT IGNORE. Schell: "My own view is that whether you are from Blackstone or Morgan Stanley you would have to be deluded not to see which way the wind is blowing; BABA is a smokescreen? " The era of "engagement" is over, he adds. "I am not predicting a conflict but such a prediction is becoming impossible to dismiss." I have always felt that Schell is the foremost thinker on the conflict. Decadent West seeking banking fees versus the fate of Taiwan.
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