Watch these EV plays, Chevron and these airlines in tomorrow’s trading

WED, JAN 25, 2023

The goal of this newsletter is to get you ahead of the next day of investing and trading. It's your first look at tomorrow and last look at today powered by the team of people who direct CNBC TV's stock market coverage.

Tomorrow's Top CNBC Stories Tonight

Monster Chevron buyback

Chevron jumped after hiking its quarterly dividend by 6%. The company also authorized a $75 billion buyback program. The stock has had a quiet start to the year; it's basically flat as of Wednesday's close. Remember that 2022 was the stock's best year since 1989.

More losses for Plug Power

Plug Power, which fell 2% in the regular session (underperforming fuel cell peers), extended declines after hours. The company said its 2022 revenue, which it originally expected to be more than 80% higher than 2021, will only grow by 45%-50%. Executives cited project delays and supply chain issues. Despite these moves, Plug Power is up more than 30% in the past month, alongside peers such as FuelCell Energy and Ballard Power Systems.

Big drop for Wolfspeed

Wolfspeed fell as much as 10% in after-hours trading as the chipmaker's latest quarterly revenue and loss-per-share outlook came in well below analyst estimates. WOLF is a constituent of the iShares Semiconductor ETF (SOXX) and has significantly underperformed the fund in the past three months, down 22% vs. SOXX's 22% rise in the same timeframe.
Elsewhere in chips, Lam Research was under pressure on weak quarterly guidance, though fiscal second-quarter results came in above estimates. The company is also cutting around 7% of its workforce, or 1,300 jobs, as it aims to reduce costs. That stock has traded in lockstep with the VanEck Semiconductor ETF (SMH) so far this year, with both up 16% in January.

Ethan Kraft | CNBC Breaking News and Markets Producer
@ethan_kraft

Three new Dividend Aristocrats

Three stocks are being added to the S&P 500 Dividend Aristocrats ETF (NOBL) next week week.
NOBL right now pays a pretty low 1.9% yield, but the ETF is only down 1.45% in the last 12 months. By comparison, the S&P 500 is down 7.8%.
NOBL is also very stable compared to the rest of the market.
Nordson pays a 1.11% dividend, and is up 8% in 2023.
C.H. Robinson pays a 2.52% dividend and is down 4% in 2023.
J.M. Smucker pays a 2.72% dividend, the stock is up 15% so far in 2023.
The 10-year Treasury note is yielding 3.45%.
The 3-month is yielding 4.67% today.
The 2-year note yields 4.13% today.
The iShares iBoxx High Yield Corporate Bond ETF (HYG) is yielding 5.12%.
The SPDR Bloomberg High Yield Bond ETF (JNK) is yielding 5.84%.
Both are also pretty stable compared to the rest of the market, in terms of being less volatile.

More on Chevron

The stock is up 35% in a year but down slightly in 2023.
Buybacks set a record in 2022.
The list of biggest buybackers for the fourth quarter of 2022 and full year, I don't think is ready yet. But, in the third quarter, the list of most prolific share buybackers includes Apple, Alphabet, Meta, Microsoft, Exxon Mobil, P&G and Lowe's. They were all on the list for full year 2021 as well, except for Exxon Mobil, according to S&P.

Shopify surges Wednesday

The stock jumped more than 10% after the Canadian e-commerce giant said it was hiking fees for the first time in a decade.
The Amplify Online Retail ETF (IBUY) is up 20% so far this year.
Wayfair is the leader, up 71%. Affirm is third with a 46% in 2023. BigCommerce Holdings is up about 36% for the year.
On the other hand, Chegg has dropped more than 21%, and 1-800-Flowers is flat.