Wall Street Lunch: Stocks For Amen Corner

seekingalpha04-11

The Masters could boost stocks in the golf industry, such as Topgolf, Callaway Brands and Acushnet Holdings.Casino and gaming stocks, including DraftKings, PENN Entertainment, and Las Vegas Sands, ...

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Wirestock/iStock Editorial via Getty Images Listen below or on the go on Apple Podcasts and Spotify \n\n\n\n\n\n\n\n\nPure golf stocks, apparel makers and gaming names could see a Masters bump. (0:16) Wholesale inflation runs a little cooler in March. (1:20) Amazon CEO says AI will be built on the cloud. (3:45) The following is an abridged transcript Our top story so far The Masters tees off in Augusta, Georgia today. An estimated 123 million people now play, up 30% since 2016., with 531 million rounds played in 2023. On Wall Street many traders will have one eye on the screen and one eye on the coverage, here’s a look at stocks that tied to the sport. Pure golfing-focused stocks typically fly under the radar, but golf’s biggest weekend puts a spotlight on names like Topgolf Callaway Brands (MODG) and Acushnet Holdings (GOLF), which owns Titleist. Nike (NKE) and Under Armour (UAA) make golf equipment and apparel, while DICK'S Sporting Goods (DKS) is a high-volume retailer of equipment. And with legalized sports betting expansing, every major sporting event draws attention to casino and gaming stocks. Coming off March Madness, the Masters offers another chance to cash in for names like DraftKings (DKNG), PENN Entertainment (PENN) and Las Vegas Sands (LVS). In today’s trading Cool wholesale inflation data prompted some equity buying premarket, but the major averages are now mixed without much conviction either way. Treasury yields are also mixed, with the short end up slightly and the longer end lower. The March PPI came in a little cooler than expected with a 0.2% rise and the annual rate dropping to 2.1%. The core PPI, which excludes food and energy prices, also rose 0.2%, in line with forecasts, but the annual rate ticked up to 2.4%. Eugenio Aleman, chief economist at Raymond James noted \"energy goods prices were down by 1.6% ... This means that the increase in energy prices within the Consumer Price Index for March was not due to an increase in the cost of energy goods but, perhaps, to strong demand.\" \"Although the PPI is less important for monetary policy than consumer prices, the weakness in PPI could indicate potentially better consumer inflation numbers in April,\" he said. But Steven Blitz, economist at GlobalData TS Lombard, says yesterday's data and Fed minutes \"suggest that the marriage between the FOMC and disinflation is heading for a divorce ... Fact is, there is no return to 2% inflation without markedly slower growth, no matter how one wants to parse any one month’s inflation data.\" Also on the economic front, jobless claims continue to remain low. For the week, they fell more than expected to 211,000. Oliver Allen, economist at Pantheon Macro, says; “The big picture is that initial claims remain very low, but they are likely to rise across Q2.” Among active stocks Robinhood (HOOD) was under pressure after Citi downgraded the stock to Sell from Neutral, saying the market may be placing too much weight on the app's crypto business. Analyst Christopher Allen said the stock's 44% year-to-date climb appears to be largely due to rising bitcoin (BTC-USD) prices (up ~64%) even though crypto only accounts for an estimated 13% of Q1 2024 revenue. Another day, another defense of Nvidia (NVDA). Raymond James raised its price target on the semiconductor giant to $1,100 from $850, keeping a Strong Buy rating. Analyst Srini Paijuri said: \"We believe concerns regarding a potential pause in customer spending ahead of Blackwell ramps are unwarranted as Inferencing demand continues to outpace GPU supply.\" And Morgan Stanley said Microsoft’s (NASDAQ:MSFT) EPS could double by 2029. Analyst Keith Weiss said: \"As investors hone in on the Generative AI cycle and look to identify assets able to monetize and compound the benefits of these innovations, we extend our discrete Microsoft forecast to 5-years, highlighting the durable EPS story enabled by their strong secular positioning.\" In other news of note Amazon (AMZN) CEO Andy Jassy issued his letter to shareholders, saying the company is still committed to keeping costs in check. He said \"We’ve challenged every closely held belief in our fulfillment network, and re-evaluated every part of it, and found several areas where we believe we can lower costs even further while also delivering faster for customers.\" ed. Naturally, AI was a major topic of the letter. “Generative AI may be the largest technology transformation since the cloud (which itself, is still in the early stages), and perhaps since the Internet,\" he said. He pointed to significant traction in AMZN's generative AI products and believes the generative AI boom will be built ”on top of the cloud. The amount of societal and business benefit from the solutions that will be possible will astound us all.\" And in the Wall Street Research Corner UBS spotlighted stocks of “leading disruptors undergoing technological transformation, which should lead to consequential and enduring impact.” Analysts said when it comes to financial technology, drivers such as “rapid urbanization, digitalization trends around mobility, cloud, analytics, social media, emerging technologies, and stronger demand from millennials” are factors that will contribute to its growth. They expect fintech revenues to grow at a CAGR of 11.5% to $680 billion in 2030. Their global leaders include Barclays (BCS). HDFC Bank (HDB), ING (ING) and Mastercard (MA).","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426261762"}