The market has gone bonkers since Wednesday Oct. 10.
Here are three things to remember in moving about a tough market:
Square Inc.
Square Inc. SQ is down roughly 20% since its Chief Financial Officer Sarah Friar said she was leaving the company Wednesday. My first thought was that she’s not leaving because there’s turmoil inn the company. She’s leaving to become CEO of social networking service NextDoor. Analysts I’ve spoken to say Square is in a solid position in the payments market, and of course the total addressable market is large. Credit Suisse even raised its price target to $94 a share, about 24% above its current level.
Maybe Square is a value play in the midst of market wreckage? Still, beware. Payments are a crowded and competitive space.
Bank Earnings
JPMorgan Chase & Co. (JPM – Get Report) reported earnings Friday morning, beating expectations, as did CitiGroup Inc. (C – Get Report) and Wells Fargo & Co (WFC – Get Report) . Bank earnings have been solid so far Friday, and First Republic Bank (FRC – Get Report) and PNC Financial Services Group Inc. (PNC – Get Report) will report later. Bank earnings can often be indicative of where the economy is headed, and we are in a moment during which investors and analysts are trying to figure out if we are at the peak of the economic cycle.
Jim Cramer’s Teach-in
Jim Cramer and gusts will be talking about Cannabis stocks and FAANG stocks tomorrow. FAANG stocks are interesting. They were somewhat part of the selloff in the past two days. The question is, are some of those stocks truly seeing slowing growth prospects, or should they continue to be valued at high earnings multiples? Cramer and other experts will have insight on that Saturday morning.
Your can register for the event here.
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