Market Update Newsletter

Markets rallied yesterday after Nike's (NKE) stellar earnings, proving that even though the consumer is scaling back spending, they are not entirely spent.

Futures have been down due to the GDP and jobless claims for the last month. GDP forecast was slightly up from 2.9% to 3.2%, which is partly due to increasing prices. Jobless claims are a little higher than expected, which is not a surprise because a slew of companies are cutting their workforce to cut costs, especially the tech sector.

Stocks to Watch

Carmax (KMX) is down 12.7% premarket after a profit and revenue miss. Used car sales were down 22% versus the consensus forecast. Seems like Carvana (CVNA) isn't the only one in the industry that is struggling.

Micron Technologies (MU) received multiple price target cuts and are suffering from low demand for electronics, high inventory, and high production costs.

Under Armour (UAA) receives price target raise. The company names new CEO. With Nike doing so well in the current environment, is it feasible to believe that the industry is in less trouble than expected?

Happy Investing!

The Punkrock Capitalist