WED, JUL 26, 2023

Tomorrow's Top CNBC Stories Tonight

Align Technology pops in after-hours trading on guidance

Align Technology is up more than 10% in the extended session after handily beating earnings and revenue estimates. The maker of Invisalign also issued strong full-year revenue guidance. Including tonight’s move, the S&P 500 constituent is up more than 80% so far in 2023. If the gains hold to the opening bell tomorrow, Align will notch a 52-week high.

SunPower tumbles on early results

SunPower was crushed after releasing preliminary second-quarter results, with the company saying demand weakened more than previously expected. Today’s 15% drop was the stock’s worst decline since January 2022 and dragged other solar players with it, including Maxeon and SolarEdge. The Invesco Solar ETF (TAN) is currently tracking for its third monthly decline in four.

Xpeng shares soar on Volkswagen deal

Xpeng posted its best day since November after Volkswagen took a stake in the Chinese EV-maker. It’s been a very strong year for the group, with Xpeng and larger rival Li Auto up more than 90% so far. Li also hit a 52-week high in today’s session. Nio is up around 35% year to date.

The Dow's streak and the Russell's surge

The Dow Jones Industrial Average has been up for 13 straight days.
That’s one day shy of the 14-session streak set back in 1897.
In those 13 days, the Dow is up 5.29%.
For comparison purposes, the S&P 500 is up 3.8% in that time frame, while the Nasdaq Composite is up 3.4%. The Russell 2000 has gained 6.2%.

Mastercard and cannabis

Mastercard said today it won’t allow cannabis transactions on its debit cards. It's another setback on payments as far as legal cannabis dealers are concerned.
The sector is having another hard year.
Canopy Growth is down 82% in 2023. Shares are 92% from the 52-week high.
Trulieve is down 47% so far this year. It's 75% from the 52-week high.
Aurora Cannabis is a 50-cent stock. It's down nearly 50% so far this year.
The Global X Cannabis ETF (POTX) is down 42% year to date. The fund is 68% from the 52-week high.

EVs

Seven major auto companies are combining forces to build out EV charging stations, aiming to have 30,000 plugs throughout the country.
GM, BMW, Hyundai, Kia, Mercedes and Stellantis are on board to challenge Tesla’s growing dominance in this part of the burgeoning EV sector.
The charging stocks were up across the board today, but they are all still a good bit from 52-week highs.
Wallbox was up 3.6% today. It is 61% from the 52-week high.
EVgo, up 3.5% today. Shares are 67% from the 52-week high.
Blink Charging up 2.2% today. It's 77% from the 52-week high.
Beam Global up 1.3% today. It's 49% from the 52-week high.
ChargePoint up 1.2% today. Shares are 58% from the 52-week high.

Teladoc

CNBC stock watcher Tom Rotunno was following Teladoc shares today, jumping after last evening’s earnings report.
Today was the biggest day for the stock since May 2017.
The stock was up 27% but remains 33% from the 52-week high.
It is up 22% in 2023.

Visa and the Great American consumer

Visa executives said yesterday consumers are still spending especially on travel and entertainment. Thanks to CNBC’s Kate Rooney who was on the call.
Executives also said, “Consumer spend across all spend from affluent to low spend remained stable since March. Our data did not indicate any behavior change across consumer segments.”
Over the past three months...
United Airlines is up about 30%.
Southwest Airlines is up 17%. The stock hit a new high today.
Delta Air Lines is up 42%.
American Airlines is up 32%.
Blade Air Mobility is up 53%.
Expedia and Airbnb are up roughly 33%.
Booking Holdings is up 14%.
Carnival is up 101%.
Norwegian Cruise Line is up 67%.
Royal Caribbean is up 70%. The company reports tomorrow.
The SPDR S&P Retail ETF (XRT) is up 10.6% in three months. Abercrombie, Nordstrom and Urban Outfitters are among the best performing clothing retailers. All three are up at least 33% in three months.
Leslie’s, Foot Locker and Victoria’s Secret are at the bottom of the retail pile.
Live Nation reports tomorrow. The stock is up 50% in three months. It hit a new 52-week high during the regular session.

Other big earnings Thursday

The list is long, and CNBC will focus on many areas, but here are a few of the stocks we’ll be following.
Comcast reports tomorrow. The stock is up 17.5% over the past three months. It’s now just under $43 a share. Comcast owns NBCUniversal, the parent company of CNBC.
McDonald’s is flat over the past three months, but up 10% in 2023.
Hershey is down 8% in the past three months. It's 13% from the May 52-week high.
Norfolk Southern is up about 18% over the last three months.
American Tower is down 5% in the past three months. It's 32% from a 52 week high. The dividend right now is 3.2%.
Ford is up 18% over the past three months.
Intel is also up 18% over the past three months. Shares are up 30% year to date and 15% from the 52-week high.
Hartford Financial is up 10.5% in the past three months. The stock is 5% from the January 52-week high and pays a dividend of 2.2%.