The Dow transports shot up 313 points, or 2.4%, with 13 of 20 components gaining ground, while the Dow Jones Industrial Average undefined fell 66 points, or 0.2%, to reverse an earlier gain of as much as 174 points. The Dow Jones Transportation Average undefined powered up Tuesday, driven FedEx Corp.'s undefined best one-day stock performance in three decades, even as the broader stock market turned lower. Comps refers to year-over-year comparisons.įedEx stock soars toward biggest gain in 29 years, adds 150 points to Dow transports price That backdrop is “why we have heightened levels of concern around tough comps ahead (relative to the rest of the group),” Sheridan wrote, while noting that he was also lowering his bookings estimates to factor in the potential for a worsening macro climate. Which he said benefited significantly during the pandemic from its “open-world” theme and a resonance with younger users. Sheridan also moved to a bearish stance on Roblox Corp. The stock is off 4% in Friday morning trading. He reduced his price target on eBay shares to $42 from $52. given its overexposure to international markets and as recently launched growth initiatives (e.g., focus categories) not having scaled yet and require incremental investments,” he wrote in a note to clients. “With the global consumer environment under pressure and e-commerce growth slowing in a post-pandemic world, we see eBay’s forward GMV and revenue growth at risk esp. Sheridan cut his price target to $186 from $265 on Netflix’s stock, which is off more than 5% in Friday’s session.Īlso faces risks from the evolving macroeconomic picture, according to Sheridan. He thinks Netflix is currently a “show-me story” and that the company has few positive catalysts in store over the next six to 12 months.
Specifically, he worries about the possibility of a consumer recession, as well as competitive dynamics in the streaming industry.
“In terms of risk factors that we continue to monitor, the overall global consumer landscape remains our top focus for rate of change analysis (low-end consumer in U.S., energy price inflation in Western Europe & supply chain constraints even if demand is stable),” Sheridan wrote in a note to clients.
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