Market Snapshot
briefing.com
| Dow | 34162.21 | -83.67 | (-0.24%) | | Nasdaq | 11951.12 | +59.31 | (0.50%) | | SP 500 | 4141.32 | +4.03 | (0.10%) | | 10-yr Note | -26/32 | 3.76 |
|
| | NYSE | Adv 1438 | Dec 1472 | Vol 841 mln | | Nasdaq | Adv 2051 | Dec 2456 | Vol 4.9 bln |
Industry Watch
| Strong: Consumer Discretionary, Information Technology, Materials |
| | Weak: Communication Services, Consumer Staples, Real Estate, Health Care |
Moving the Market
-- Digesting the January Consumer Price Index (CPI), which showed continued deceleration from peak inflation, but inflation remains to high for the Fed
-- S&P 500 finding support after slipping below 4,100
-- Treasury yields rising after the CPI report
-- Upside leadership from some mega cap stocks
|
Closing Summary
14-Feb-23 16:25 ET
Dow -156.66 at 34089.22, Nasdaq +68.36 at 11960.17, S&P -1.16 at 4136.13
[BRIEFING.COM] The stock market traded in mixed fashion today as investors digested the January Consumer Price Index (CPI).
Briefly, total CPI increased 0.5% month-over-month (Briefing.com consensus 0.5%) following last month's upwardly revised 0.1% increase (from -0.1%) and core-CPI, which excludes food and energy, increased 0.4% month-over-month (Briefing.com consensus 0.4%) on top of last month's upwardly revised 0.4% increase (from 0.3%). On a year-over-year basis, total CPI was up 6.4% -- the smallest 12-month increase since the period ending October 2021 -- and core-CPI was up 5.6% -- the smallest 12-month increase since December 2021.
Still, the year-over-year levels were not as low as expected; and it didn't escape notice that services inflation, less energy services, accelerated to 7.2% year-over-year from 7.0% in December.
The Treasury market had a stronger reaction initially with market participants cognizant that this report won't convince the Fed to pause its rate hikes yet and it certainly won't convince the Fed that a rate cut might be in order this year. The 2-yr note yield, which stood at 4.50% just before the report, surged to 4.66% before settling the session at 4.63%. The 10-yr note yield, at 3.68% before the report, surged to 3.79% before settling the session at 3.76%.
The stock market looked less resolute in its thought process. The main indices moved higher shortly after the open with investors seemingly still willing to buy on weakness before the early gains faded and the S&P 500 briefly slipped below the 4,100 level. As yields pulled back from their highs, the major indices were able to bounce somewhat and close the session well above their intraday lows.
The Nasdaq closed with a decent gain today thanks to an upside pull from several mega cap stocks. The Vanguard Mega Cap Growth ETF (MGK) was up 0.5% versus a 0.2% loss in the Invesco S&P 500 Equal Weight ETF (RSP).
Most of the S&P 500 sectors registered a decline with real estate (-1.0%) and consumer staples (-0.9%) sinking the bottom of the pack. The heavily weighted information technology (+0.4%) and consumer discretionary (+1.2%) sectors led the outperformers.
Market internals also reflected mixed action under the surface. Decliners led advancers at the Nasdaq while advancers were roughly in line with decliners at the NYSE.
- Nasdaq Composite: +14.3% YTD
- Russell 2000: +10.1% YTD
- S&P Midcap 400: +9.9% YTD
- S&P 500: +7.7% YTD
- Dow Jones Industrial Average: +2.8% YTD
Reviewing today's economic data:
- Total CPI increased 0.5% month-over-month (Briefing.com consensus 0.5%) following last month's upwardly revised 0.1% increase (from -0.1%) and core-CPI, which excludes food and energy, increased 0.4% month-over-month (Briefing.com consensus 0.4%) on top of last month's upwardly revised 0.4% increase (from 0.3%). The index for shelter accounted for nearly half of the monthly all items increase.
- On a year-over-year basis, total CPI was up 6.4% -- the smallest 12-month increase since the period ending October 2021 -- and core-CPI was up 5.6% -- the smallest 12-month increase since December 2021. Still, the year-over-year levels were not as low as expected.
- The key takeaway from the report is that there has been a clear deceleration from peak inflation; however, the inflation rates are not nearly low enough to suggest the Fed would even be thinking about cutting rates this year.
Some of the companies reporting earnings ahead of tomorrow's open include: Kraft Heinz (KHC), Analog Devices (ADI), Biogen (BIIB), Roblox (RBLX), The Trade Desk (TTD), Ryder System (R), and Generac (GNRC).
Market participants will receive the following economic data on Wednesday:
- 7:00 ET: Weekly MBA Mortgage Index (prior 7.4%)
- 8:30 ET: January Retail Sales (Briefing.com consensus 1.7%; prior -1.1%), Retail Sales ex-auto (Briefing.com consensus 0.8%; prior -1.1%), and February Empire State Manufacturing Survey (Briefing.com consensus -19.0; prior -32.9)
- 9:15 ET: January Industrial Production (Briefing.com consensus 0.5%; prior -0.7%) and Capacity Utilization (Briefing.com consensus 79.1%; prior 78.8%)
- 10:00 ET: December Business Inventories (Briefing.com consensus 0.3%; prior 0.4%) and February NAHB Housing Market Index (Briefing.com consensus 37; prior 35)
- 10:30 ET: Weekly crude oil inventories (prior 2.42 mln)
- 16:00 ET: December net Long-Term TIC Flows (prior $171.5 bln)
Market still mixed ahead of the close
14-Feb-23 15:30 ET
Dow -115.59 at 34130.29, Nasdaq +63.96 at 11955.77, S&P +1.88 at 4139.17
[BRIEFING.COM] Things are little changed in the last half hour. The S&P 500 and Nasdaq are above their flat lines while the Dow remains pinned in the red.
Suncor Energy (SU), Devon Energy (DVN), GXO Logistics (GXO), Airbnb (ABNB), TripAdvisor (TRIP), Akamai Tech (AKAM), and GoDaddy (GDDY) are among the companies reporting earnings after today's close.
Some of the companies reporting earnings ahead of tomorrow's open include: Kraft Heinz (KHC), Analog Devices (ADI), Biogen (BIIB), Roblox (RBLX), The Trade Desk (TTD), Ryder System (R), and Generac (GNRC).
Market participants will receive the following economic data on Wednesday:
- 7:00 ET: Weekly MBA Mortgage Index (prior 7.4%)
- 8:30 ET: January Retail Sales (Briefing.com consensus 1.7%; prior -1.1%), Retail Sales ex-auto (Briefing.com consensus 0.8%; prior -1.1%), and February Empire State Manufacturing Survey (Briefing.com consensus -19.0; prior -32.9)
- 9:15 ET: January Industrial Production (Briefing.com consensus 0.5%; prior -0.7%) and Capacity Utilization (Briefing.com consensus 79.1%; prior 78.8%)
- 10:00 ET: December Business Inventories (Briefing.com consensus 0.3%; prior 0.4%) and February NAHB Housing Market Index (Briefing.com consensus 37; prior 35)
- 10:30 ET: Weekly crude oil inventories (prior 2.42 mln)
- 16:00 ET: December net Long-Term TIC Flows (prior $171.5 bln)
Market internals reflects mixed action
14-Feb-23 14:55 ET
Dow -83.67 at 34162.21, Nasdaq +59.31 at 11951.12, S&P +4.03 at 4141.32
[BRIEFING.COM] The S&P 500 and Nasdaq Composite enjoy a positive position in the afternoon trade thanks to their outperforming mega cap components while the Dow Jones Industrial Average sports a slim loss.
The Vanguard Mega Cap Growth ETF (MGK) is up 0.6% versus a 0.1% gain in both the S&P 500 and the Invesco S&P 500 Equal Weight ETF (RSP).
Market internals reflect mixed action under the surface. Advancers lead decliners by an 11-to-10 margin at the NYSE while decliners lead advancers by the same margin at the Nasdaq.
A short time ago, New York Fed President Williams (FOMC voter) gave a speech indicating that he believes the Fed's work is not done yet.
Energy complex futures settled the session in mixed fashion. WTI crude oil futures fell 1.2% to $79.11/bbl and natural gas futures rose 6.7% $2.57/mmbtu.
On a related note, the S&P 500 energy sector (+0.3%) maintains a slim gain. Occidental Petro (OXY 66.16, +1.40, +2.2%) is the top performing component after receiving an upgrade to Buy from Neutral at Goldman.
Leidos slips in S&P 500 after soft guidance; Aptiv outperforming following investor day
14-Feb-23 14:30 ET
Dow -134.21 at 34111.67, Nasdaq +27.11 at 11918.92, S&P -4.16 at 4133.13
[BRIEFING.COM] The S&P 500 (-0.10%) is slightly below flat lines in recent trading, having moved mostly sideways over the last half hour.
S&P 500 constituents Leidos (LDOS 95.44, -5.27, -5.23%), Marsh McLennan (MMC 166.95, -7.05, -4.05%), and PayPal (PYPL 77.07, -2.38, -3.00%) dot the bottom of the S&P. LDOS falls as the company's Q4 beat was overshadowed by underwhelming guidance, while PYPL slips due in part to Stephen Mandel's Lone Pine Capital disclosing it exited its position in PYPL.
Meanwhile, auto component manufacturer Aptiv (APTV 121.89, +9.10, +8.07%) is today's top performer following guidance from the company's investor day presentation.
Gold narrowly higher following inflation data
14-Feb-23 14:00 ET
Dow -101.70 at 34144.18, Nasdaq +32.13 at 11923.94, S&P -1.17 at 4136.12
[BRIEFING.COM] With about two hours to go on Tuesday the tech-heavy Nasdaq Composite (+0.27%) remains the lone outperformer.
Gold futures settled $1.90 higher (+0.1%) to $1,865.40/oz as this morning's inflation data showed a clear deceleration from peak inflation.
Meanwhile, the U.S. Dollar Index is down about -0.1% to $103.29.
Page One
Last Updated: 14-Feb-23 09:02 ET | Archive
CPI report drives mixed feelings on Valentine's Day
Today is Valentine's Day, but yesterday it looked like the stock market was celebrating Valentine's Day because there was a lot of love for stocks. Market participants didn't act worried at all about the January Consumer Price Index and what it might show in terms of inflation trends and what it might convey in terms of the Fed's thinking about monetary policy.
Remarkably, the S&P 500 made up everything it lost last week and a smidgen more, demonstrating once again a willingness to buy on weakness.
The mega-cap stocks drove the rebound effort but it was a family affair. The major indices all gained at least 1.1%. Buyers came back for more this morning, too, driving the futures for the major indices higher ahead of the January CPI report at 8:30 a.m. ET.
Currently, the S&P 500 futures are up six points and are trading 0.1% above fair value, the Nasdaq 100 futures are up three and are trading roughly in-line with fair value, and the Dow Jones Industrial Average futures are up 56 points and are trading 0.2% above fair value.
There has been some whipsaw trading action following the CPI report. The futures spiked higher initially, but rapidly reversed, erasing those gains and then some before rebounding again. There was some whipsaw volatility in the Treasury market, too. The 2-yr note yield spiked to 4.57%, came back to 4.48%, and is currently at 4.53%. The 10-yr note yield bumped up to 3.72%, fell to 3.64%, and is currently at 3.69%.
Total CPI increased 0.5% month-over-month (Briefing.com consensus 0.5%) following last month's upwardly revised 0.1% increase (from -0.1%) and core-CPI, which excludes food and energy, increased 0.4% month-over-month (Briefing.com consensus 0.4%) on top of last month's upwardly revised 0.4% increase (from 0.3%). The index for shelter accounted for nearly half of the monthly all items increase.
On a year-over-year basis, total CPI was up 6.4% -- the smallest 12-month increase since the period ending October 2021 -- and core-CPI was up 5.6% -- the smallest 12-month increase since December 2021. Still, the year-over-year levels were not as low as expected.
The key takeaway from the report is that there has been a clear deceleration from peak inflation; however, the inflation rates are not nearly low enough to suggest the Fed would even be thinking about cutting rates this year.
This inflation report is drowning out most other news items like Dow component Coca-Cola (KO) reporting in-line earnings and issuing better than expected FY23 guidance, Bloomberg reporting that President Biden will name Fed Vice Chair Lael Brainard to be Director of the National Economic Council later this week, thereby creating an opening at the Fed, and the eurozone reporting in-line Q4 GDP growth of 0.1% quarter-over-quarter.
How the stock market settles today is anyone's guess. The volatility following the CPI report suggests it can be cherry-picked for interpretation by bulls and bears alike.
Today's price action, then, will ultimately be the tell, but perhaps more so in the Treasury market than the stock market.
-- Patrick J. O'Hare, Briefing.com
Marriott checking in with nice gains as robust travel demand drives upside earnings report (MAR)
Hotel owner and operator Marriott (MAR) is checking in with solid gains today after reporting upside 4Q22 results and providing an upbeat outlook for 1Q23 and FY23. The company's impressive earnings report offers yet another sign that travel demand isn't just holding up in this uncertain economic climate, but rather, it's actually quite robust and it appears to be strengthening. On that note, MAR disclosed that booking trends remained strong halfway through the quarter and that worldwide RevPAR was up by nearly 52% yr/yr in January.
- That statement, combined with MAR's upside EPS guidance and FY23 RevPAR forecast of healthy RevPAR growth of 6-11%, are the factors that are mainly pushing the stock higher.
- It was a near certainly that MAR's Q4 results would shine given that both the airline and credit card industries credited the favorable travel demand backdrop for their strong quarterly performances. Additionally, competitor Hilton (HLT) posted a blowout Q4 earnings report last week as its RevPAR exceeded pre-pandemic levels for the second quarter in a row.
MAR lived up to the lofty expectations and easily surpassed Q4 earnings and revenue estimates. There were a few primary drivers behind the company's outperformance.
- There has been no letup in demand for leisure travel, even as hotels and airlines raise their prices. Higher room prices played a significant role in the 28.8% yr/yr increase in RevPAR. That metric also came in 5% above 2019 levels due to an 11% increase in average daily rate.
- In the wake of the pandemic, group events, such as weddings and business conferences, made a complete comeback and are now more than fully recovered versus 2019 levels. In Q4, MAR's group revenue grew by 20% yr/yr.
- Echoing the recent commentary from various airline executives, MAR's CEO Anthony Capuano stated that demand for business travel is steadily improving and is nearly 90% recovered versus pre-pandemic levels in the U.S. and Canada. The reopening of China in the wake of its stringent zero-COVID policy is positively impacting business travel demand, as is the return of in-person meetings.
While Mr. Capuano and CFO Leeny Oberg are clearly bullish on MAR's prospects for FY23, the executives did remind investors that lodging is a cyclical business and that concerns about macroeconomic conditions are still prevalent. Consequently, the company provided a wider-than-normal RevPAR guidance range for the year. Overall, though, the story for MAR remains very positive as the momentum it gained in Q4 is picking up even more steam in 1Q23.
Palantir Technologies gaps higher after achieving GAAP profitability for the first time in Q4 (PLTR)
Palantir Technologies (PLTR +15%), a cloud-based data analytics firm founded initially to support the U.S. Government, gapped significantly higher today following its first quarter of GAAP profitability in Q4. CEO Alex Karp mentioned in past quarters that the company's goal was to reach GAAP profitability by 2025, so today's achievement is meaningful and is receiving full attention today, helping brush its underwhelming Q1 and FY23 sales guidance to the side. The company also expects to be GAAP profitable for the year.
Additionally, Mr. Karp mentioned that there will be plenty of interest in companies wanting to buy PLTR's software and potentially buy out the entire organization, raising the speculation of a possible takeover down the line.
- In Q4, PLTR doubled adjusted EPS yr/yr to $0.04 while GAAP EPS slipped into positive territory at $0.01. Sales grew moderately at 17.5% yr/yr to $508.62 mln, exceeding analyst estimates.
- One of the primary metrics investors have wanted to see since PLTR's DPO in late 2020 was private sector growth. As such, PLTR's 5% sequential commercial sales growth to $215 mln in Q4 was a notable strong point, marking a return to sequential growth after Q3 snapped a nine-quarter-long streak.
- Although commercial revs continued to slow on a yr/yr basis, registering just 11% growth, down from +17% in Q3 and +46% in Q2, much of this stemmed from catch-up revs in Q3 and contracting revs from customers in PLTR's strategic investment program. Management was confident in the momentum and opportunities ahead in its commercial business, partly due to the 79% spike yr/yr in U.S. commercial customers, setting up this business to reaccelerate sales growth this year.
- Meanwhile, government revenue continued to grow steadily, climbing 23% yr/yr in Q4 to $293 mln. Strength was broad-based, with U.S. government sales expanding by 22% yr/yr and international government sales improving by 26%.
- The most glaring weakness from Q4 was PLTR's guidance. The company predicted FY23 revs to gain just 16% yr/yr at the midpoint of its $2.18-2.23 bln range. This growth rate will not propel PLTR toward its FY25 goal of $4.5 bln it outlined in Q2 but has not touched on since. However, PLTR appears to be shifting focus toward profitability rather than growth at all costs, which is likely the better move over the long run.
PLTR's first quarter of GAAP profitability is being met with considerable praise today, engulfing its downbeat revenue guidance. CEO Alex Karp's comments on the company receiving buying interest are also spurring buying activity today.
Shares have tumbled over 80% from all-time highs in January 2021, largely due to poor financial performance and share-diluting stock-based compensation, which PLTR noted was just $129 mln in Q4 compared to $849 mln in 3Q20. With its first quarter of GAAP profitability under its belt, perhaps PLTR can finally turn around its share price.
Restaurant Brands Int'l getting grilled today as EPS miss fans profit-taking flames (QSR)
Burger King owner and operator Restaurant Brands Int'l (QSR) is getting grilled today after reporting mixed 4Q22 results that included its first EPS miss since 4Q20. Based on the stock's recent strength, it's evident that expectations were pretty high heading into the print. Since November 16, when the company appointed former Domino's Pizza (DPZ) CEO Patrick Doyle as Executive Chairman, shares have climbed higher by about 15%. Today, the stock is giving back some of those gains on a sell-the-news reaction as investors lock in gains.
- Given Mr. Doyle's impressive track record at DPZ, his appointment at QSR sparked hope that he could quickly turn Burger King's fortunes around as the chain struggles to keep pace with its larger rival McDonald's (MCD).
- On that note, MCD's Q4 U.S. comps of +10.3% handily exceeded Burger King's +5.0% performance as menu price increases and successful menu additions (adult Happy Meal, McRib) supported MCD's growth.
- Overall, consolidated comp growth slowed a bit to 7.9% from 8.6% in Q3.
However, in our view, one small EPS miss and a slight dip in comp growth shouldn't erase the optimism that has grown over the past few months. If Burger King isn't showing notable improvement by 2Q23, then there would be more reason to worry. Furthermore, QSR's results were actually quite solid, overall, with early signs appearing that its recently announced "Reclaim the Flame" campaign is working.
In a separate press release today, QSR announced that Joshua Kobza will take over as CEO on March 1, replacing Jose Cil. Kobza, who became QSR's COO in 2019, was heavily involved in the acquisitions of the Tim Hortons and Popeyes franchises in 2014 and 2017, respectively.
Along with Mr. Doyle, he will now be tasked with executing the "Reclaim the Flame" initiative, which includes a $400 mln investment over the next two years to bolster Burger King's digital capabilities, advertising, restaurant technology, and remodeling efforts.
- Encouragingly, Burger King saw sequential improvement in U.S. comps, which came in at +4.4% last quarter. While that represents a fairly modest win, it's worth noting that QSR only funded a total of $30 mln in Q4 towards its "Reclaim the Flame" program. There's much more to come in the near future, including new menu enhancement such as a premium chicken sandwich, and a restaurant refresh plan that will touch approximately 3,000 restaurants.
- Meanwhile, coffee and breakfast chain Tim Hortons continues to perform well, posting comp growth of 9.4% -- despite lapping a +10.3% figure in the year-earlier quarter. Popeyes was a bit of a disappointment, as comps grew by just 3.8% while lapping a negative number of (0.4)%.
While the EPS miss and modest deceleration in comp growth is disappointing, we believe the sequential growth improvement at Burger King -- by far QSR's largest brand -- is a promising development. The next quarterly report will be key for QSR and Burger King as the impact of Mr. Doyle's appointment as Executive Chairman will be better gauged.
Coca-Cola is flat despite solid Q4 numbers as investors weigh lingering uncertainties in FY23 (KO)
Shares of Coca-Cola (KO -1%) are down today despite the beverage giant delivering revenue growth surpassing analyst expectations, in-line EPS, and spritely FY23 forecasts. KO still encountered headwinds in the quarter, mainly inflation and FX impacts. However, the blemishes produced by these challenges were reasonably minor. Nevertheless, investors are cautious, especially after the January CPI report showed inflation not cooling as much as expected, particularly within the food-at-home category.
- CEO James Quincey added that consumer demand held up relatively well in Q4, evidenced by net revs expanding by 7% yr/yr to $10.1 bln while organic revs jumped 15%. Although comparable operating margins gained 65 bps yr/yr in Q4, adjusted EPS of $0.45 remained flat, primarily due to higher-than-expected currency headwinds, which clipped 8 pts of top-line growth.
- All regions registered positive organic sales growth in the quarter, with Latin America leaping above the rest, delivering a 32% growth rate in Q4. EMEA remained a laggard; although organic revs climbed 9%, this region saw a 7% decline in net revs, underscoring persistent weakness in Europe.
- Outside of juice, dairy, and plant-based beverages, all of KO's product categories boasted positive yr/yr sales growth in Q4.
- Solid demand dynamics were further highlighted by KO's price/mix contributing 12 pts to total revenue growth while unit case volumes slipped just 1%. Although this was KO's first quarter of volume contraction since 4Q20, it may be easier to forgive this slight imperfection given the close resemblance to PepsiCo's (PEP) flat volume growth in Q4. Additionally, KO commented that it saw robust volume gains across many markets, offset by the suspension of its Russia business, lingering pandemic-related restrictions, and the surge in COVID-19 cases in China.
- The small dip in volumes, despite the sizeable increase in pricing, reflects still-favorable elasticities. However, like PEP mentioned last week, KO expects price/mix to moderate through FY23 as it cycles pricing actions from the previous year. Furthermore, KO remarked that even though the inflationary environment appears to be cooling, it anticipates elevated inflation across its operations this year, echoing what we heard from PEP.
- Still, despite the obstacles from Q4 remaining in KO's path in FY23, it targeted upbeat numbers for the year. The company expects EPS growth of +4-5% yr/yr, topping estimates, and organic sales growth of +7-8% on top of the +16% posted in FY22.
KO's CEO acknowledged the numerous uncertainties in FY23, from geopolitics and war to inflation and supply chains. However, the company is focused on what it can control, stepping up its marketing investments. KO has proved its ability to steer through volatile times, and its Q4 results further reflect the firm's resilient brands and commanding global presence.
SolarEdge heads a bit lower despite some sunny Q4 results/guidance (SEDG)
SolarEdge (SEDG -3%) is not looking very sunny today. This supplier of solar PV inverters is trading lower today despite a big Q4 EPS beat. SEDG also reported upside revenue and Q1 revenue guidance that was better than analyst expectations.
- The company reported Q4 revenue of $890.7 mln, up a robust 61% yr/yr, with record revenue from its global solar business, driven by significant sequential growth in the US. In aggregate, SEDG shipped a record 3.1 gigawatts of its DC optimized inverter systems in Q4 and 217 megawatt hours of residential batteries. SEDG also delivered record shipments to France, the Netherlands, Spain and Brazil.
- From a demand and inventory point of view, SEDG continues to see very strong demand from Europe for all products and relatively low inventory levels in the channel. In North America, residential sell through reports from its distributors for Q4 were seasonally down more so than the company has seen in the recent past. SEDG says early reports from the start of 2023 are showing an improvement but, given the uncertainties in the market related to NEM 3.0 (California) and the economic environment, SEDG remains cautious on the rate of the recovery.
- We have been watching non-GAAP gross margin as an important metric. It had been falling in recent quarters, but it finally has been stabilizing. Non-GAAP gross margin in Q4 was 30.2%, which was above the high end of prior guidance of 27-30%. It finally has been ticking sequentially higher after several sequential declines and got back above 30% for the first time in a year: 1Q23E 28-31%, 4Q22 30.2%, 3Q22 27.3%, 2Q22 26.7%, 1Q22 28.4%, 4Q21 30.3%, 3Q21 34.0%, 2Q21 33.9%. The Q1 guidance of 28-31% looks to continue the stabilization trend.
- In terms of the full year performance, total revenue in 2022 grew 58% and 63% in the solar business. Growth in the solar business was strong across all segments and regions. A key highlight of 2022 was the huge 89% growth in Europe, fueled by higher power prices caused by the Ukraine-Russia conflict. With gas supplies/prices up in the air, many European consumers turned to solar ahead of the winter.
Overall, this was an impressive finish to an impressive year for SEDG. The stock is lower today despite the good results. Perhaps investors are a bit worried about SEDG's somewhat cautious comments about North America and maybe they wanted to see more robust guidance for Q1. But that seems like nitpicking to us. This was a good solid quarter for SEDG.
|
