1. Stocks up Wednesday morning. Bond yields down. Oil and natural gas up, too. But nat gas has been on a nearly two-month slide. Tom Jorden, CEO of Club holding Coterra Energy (CTRA), mounted a spirited defense of the much-maligned company in an interview with me late Tuesday. Coterra is about 50% crude and 50% nat gas.
2. KeyBanc very negative on Club holding Advanced Micro Devices (AMD), saying demand has softened across the board; lowers price target to $80 per share from $85. Barclays actually raises PT to $70 from $68; acknowledges weakness. December bad.
3. Club holding Nvidia (NVDA) is top five S&P 500 stock so far this year after a really rough 2022. I do worry about gaming, smartphones, and the need for more data centers even. KeyBanc cuts PT to $220 from $230.
Listen to “The Homestretch,” our new daily audio feature exclusive to Club members. It’s a way for me to help you get ready for the final hour of trading. Look for our text and email alerts.