Risk comes off, but long weekend to see some position closing

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Here is what you need to know on Friday, February 17:

Equity markets remained on the defensive after yet more hawkish data and central bank comments on Thursday. Bond yields continued to push higher and have now ticked up nearly 50 basis points in the past two weeks. Equity markets up here as a result look very rich. Little in the way of economic data appears on Friday, but a few Fed speakers will make an entrance. Hawkish rhetoric is likely to continue meaning risk assets are likely to fall and the US Dollar remain supported ahead of the long weekend. 

The US Dollar is up to 104.40 for the Dollar Index, Gold is lower to $1,827, and Oil down to $76.38.

See forex today

European markets are lower, CAC -0.2%, Dax -0.7%, FTSE -0.2% and Eurostoxx -0.7%.

US futures also lower, Nasdaq -0.7%, Dow and S&P both -0.4%.

Wall Street top news

Deere (DE) raises forecasts for 2023 as it sees strong demand.

DraftKings (DKNG) posts strong results.

DoorDash (DASH) up 5% on strong earnings.

Redfin (RDFN) down on revenue forecasts.

Texas Roadhouse (TXRH) misses earnings.

Applied Materials (AMAT) provides earnings beat and strong guidance.

Vale (VALE) profits drops 30% on weak iron-ore prices, still beats estimates.

Upgrades and downgrades



Friday, February 17, 2023

Coinbase Global COIN Compass Point Neutral>>Buy $100
DraftKings DKNG BTIG Research Neutral>>Buy $24
TechnipFMC FTI Citigroup Neutral>>Buy $18
Cisco CSCO DZ Bank Hold>>Buy $58
Healthcare Services Group HCSG RBC Capital Mkts Sector Perform>>Outperform $14>>$17
Roku ROKU BofA Securities Underperform>>Buy $45>>$85
Virgin Galactic SPCE Wolfe Research Underperform>>Peer Perform  
ZIM Integrated Shipping ZIM JP Morgan Neutral>>Overweight $17.6>>$30.4
Kuehne & Nagel International KHNGY JP Morgan Neutral>>Overweight  


Friday, February 17, 2023

Cohu COHU Craig Hallum Buy>>Hold  
PennyMac Mortgage PMT BTIG Research Buy>>Neutral  
C.H. Robinson CHRW JP Morgan Neutral>>Underweight $87
EPAM Systems EPAM Cowen Outperform>>Market Perform $390>>$370
Focus Financial FOCS Oppenheimer Outperform>>Perform  
Focus Financial FOCS Raymond James Outperform>>Mkt Perform  
Generac GNRC Wells Fargo Overweight>>Equal Weight $135
Canada Goose GOOS Evercore ISI Outperform>>In-line $25>>$20
InMode INMD Needham Buy>>Hold  
Toast TOST SMBC Nikko Outperform>>Neutral $26>>$23
TuSimple Holdings TSP HSBC Securities Buy>>Hold $15.9>>$2.2


Source: WSJ.com

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