Cathie Wood’s Innovation ETF is set for best month ever
Cathie Wood is on pace to notch her best month ever as her beaten-down innovation darlings staged a big comeback in the new year.
Wood’s flagship Ark Innovation ETF (ARKK) jumped over 3% on Tuesday, bringing its January return to more than 27%. The fund is slated for its strongest month ever since its inception in 2014.
Leading the 2023 rally were the largest laggards of last year, including Coinbase, which has skyrocketed about 66% year to date. Shopify, Tesla, Exact Sciences, Roku and Nvidia have all rallied more than 30% this year.
Defiance’s NFT ETF is shutting down
The Defiance Digital Revolution ETF (NFTZ) will begin liquidation next month, according to a press release, making it the latest casualty in last year’s crypto decline.
The fund holds stocks that have exposure to the non fungible token market, or NFTs, which soared in value at the height of the crypto boom before seeing trading volume dry up quickly last year.
The Defiance fund, which launched in December 2021, has a total return of -54% over the past year and has less than $6 million in assets under management.
— Jesse Pound
Homebuilders outperform during midday trading
Homebuilding stocks outperformed on the back of stronger-than-expected earnings results from PulteGroup.
PulteGroup shares jumped more than 8% during midday trading on Tuesday. Meanwhile, Lennar shares added 3%, and D.R. Horton shares were up 2.8%.
— Sarah Min
Most companies are topping fourth-quarter earnings projections
It’s the busiest week of earnings season, with thirty companies representing 6.8% of S&P 500’s market cap reporting fourth-quarter earnings today. 38.9% of the S&P 500’s market cap has already been reported.
Earnings are beating estimates by 2% and 63% of companies have topped projections, according to a Credit Suisse note sent to clients on Tuesday morning. Earnings per share are on pace to dip by 0.9%, the firm said.
Credit Suisse noted that more domestically-oriented companies in the broader index are delivering faster growth in earnings per share compared to their globally-oriented peers, at 0.1% and -1.6%, respectively.
— Pia Singh
Stocks making the biggest moves in midday trading
These stocks are among …….
