Watch these biotech names, Arconic and these China-focused ETFs in tomorrow’s trading

TUE, FEB 28, 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

First Solar rises on results

First Solar gained in the extended session after reporting a narrower-than-expected Q4 loss and revenues that topped estimates. The company's full-year EPS and revenue guidance also came in ahead of expectations. First Solar is up over 120% in the past twelve months and, including the after-hours gains, is roughly 5% from a fresh 52-week high.

Ross Stores shares slip

Ross Stores slipped after hours, as the off-price retailer's FY EPS outlook came in short of expectations, though Q4 EPS and revenue topped estimates. Ross and peers TJX Companies and Burlington Stores fell 6% each in February, underperforming the S&P 500.

Rocky times for Marqeta shares

Card-issuing fintech firm Marqeta fell over 17% in extended trading despite a narrower-than-expected loss and a slight revenue beat. The company's Q1 revenue growth range came in below analysts' estimates. The stock has lagged to start this year, down 5% as of today's close. A range of other fintech names, like Affirm, Block, and Shift4 are positive two months into 2023.

Arconic pops on Apollo Global Management news

Arconic finished the day up nearly 20% as Apollo Global Management looks to buy the company, according to CNBC sources. The news came on an already-strong day for metals stocks. The SPDR S&P Metals & Mining ETF (XME) gained almost 2%, with names like Century Aluminum and U.S. Steel among the leaders. Giants like Freeport-McMoRan and Nucor gained around 2% each, extending a recent run that has seen FCX gain 27% in six months and NUE gain 19%.

Ethan Kraft | CNBC Breaking News and Markets Producer
@ethan_kraft

Three health-care stocks hit lows today

Johnson & Johnson hit a low not seen in two years. Shares are 18% from the 52-week high, and they are down 13% in 2023.
CVS Health hit a low not seen since October 2021. Shares are 24% from the 52-week high, and they are down 10% in 2023.
Pfizer hit a low not seen since July 2021. The stock is 28% from the 52-week high, and it's down 20% in 2023.

Novavax and biotech stocks

Novavax raises doubt about its own survivability.
The stock is down 26% after hours. At the close, Novavax was 90% from the 52-week high.
At the same time, you have biotech buyout speculation in other parts of the sector.
February was rough for the biotech exchange-traded funds.
The Loncar Cancer Immunotherapy ETF (CNCR) is down nearly 10% in a month.
The iShares Biotechnology ETF (IBB) is down 7.3% in a month.
The SPDR S&P Biotech ETF (XBI) is down 7.3% also.
The NYSE Arca Biotechnology Index (BTK) is down 6% in a month.

Chinese stocks and ETFs

As the House Select Committee on China meets, ETFs focused on Chinese stocks were about the worst performers over the past month compared with other ETFs tracking stocks from other countries and continents.
The KraneShares CSI China Internet ETF (KWEB) is down 18.5% in a month.
The iShares China Large-Cap ETF (FXI), which is made up of large-cap Chinese companies, was down nearly 16% in the past month.
The iShares MSCI China ETF (MCHI) fell 14.6% in the past month.

February auto sales

The big companies reveal sales for the last month Wednesday.
In February, Tesla led the way as far as the stock is concerned. Shares ended the month up 19%, but they remain 46.5% from the 52-week high.
Stellantis was up 11.5% in February and is 5% from the high.
In February, Honda was up nearly 5%, while GM was down 1.5%. Toyota fell 7.6%, and Ford dropped 10.6% during the month.