🦸 Somebody $SAVE Me

What will it take to keep Spirit's stock afloat? Plus, $SMCI gets back to its super ways.

Happy Monday, Zingers! The market isn’t the only thing hitting all-time highs.

LeBron James and Caitlin Clark both set new scoring milestones for their respective leagues. LeBron notched his 40,000th point last week, the most in NBA history, while Clark set the all-time NCAA scoring record, passing Pistol Pete Maravich. Oddly enough, LeBron scored his first 10,000 points in the same exact number of games as his last 10,000 points: 368.

Much like the market, King James may be getting up there, but he’s still not showing many signs of slowing down.

Today’s Price Action:

$SPY: -.11%
$QQQ: -.36%
$DIA: -.28%

Also, looking to earn some extra money on the side without getting a new job? Check out today’s partner.

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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
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Briefly: After a short-winded draw down, $SMCI remembered what the ‘S’ stands for in its ticker symbol.

What Happened: Super Micro Computer shares shot up more than 25% at one point today — hitting a new all-time high of around $1,150 a share midday — on news that the company will be included in the S&P 500.

Back Up: The S&P announced on Friday that $SMCI and HOKA-parent Deckers will replace Whirlpool and Zion Bancorp in $SPY, the world’s first ETF.

That Said: Goldman Sachs initiated coverage of Super Micro Computer, setting the stage with a Neutral rating and a 12-month target price of $941 — implying a very stretched upside potential from current levels.

PRESENTED BY FINANCE BUZZ

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FIVE MOVERS

Apple stock moved lower today after the tech giant got slapped with a fine of nearly $2 billion from the European Union.

Phunware had some fun shares today. It was up more than 100% at one point, after the Supreme Court’s favorable ruling for Donald Trump.

Ford stock sped higher today after the F-150 maker reported strong sales in February.

Spirit was offering customers a huge discount on its shares today. The airline stock fell more than 10% as its merger with JetBlue officially fell through.

Coinbase shares shot higher today, hitting the highest level in two years as Bitcoin approaches all-time highs.

ONE TRADE IDEA FOR TOMORROW
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Briefly: Looking to pay off your mortgage? Real estate might not be the answer.

So Basically: Bank of America downgraded six players in the Commercial Real Estate (CRE) mortgage REIT sector, citing interest rate headwinds and weakening fundamentals that spell a “rocky road ahead” for the industry.

So Then: BoA analyst Eric Dray conveyed in a note to clients today that the sector might see a downward trend in book values and sustained tepid investor sentiment over the coming quarters.

So What? “The office sector has faced headwinds from slow return-to-office in the U.S.,” according to BoA, evinced by a minimal effective rent growth of just 0.5% year-over-year in the fourth quarter of 2023, coupled with a climb in vacancy rates to 19.6%.

What Next: This is the latest omen for a sector that’s been struggling since the pandemic-era rise of remote work. With roughly $1 trillion in commercial real estate loans set to mature in the next couple years, the worst may be yet to come.

For a full list of real estate stocks catching downgrades, click here.

PRESENTED BY FINANCE BUZZ

You’ve got just enough money in your bank account to last until Friday … but then Monday rolls around, and you’re in the same situation. Again. Food. Bills. Rent. Gas. They dry up every bit of your take-home pay. 

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