Stocks Finally Find Footing After Jobs Report

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Posted: Apr 06, 2021 1:28 PM
Stocks Finally Find Footing After Jobs Report

Source: AP Photo/Vahid Salemi, File

After an unsure start to trading, stocks found their footing and gathered upside momentum after the so-called JOLTs report was released.  At 7.3 million job openings in February, the number was better than anticipated.

To see the chart, click here.

Meanwhile, there are more signs the US economy is on fire.  The IMF just updated its GDP projections and sees the American economy now growing at 6.4% this year without the proposed infrastructure plan. The most important part of the new math is the United States is once again the straw that will stir the global drink. The message is clear – we do not need egregious spending or more stimulus checks.  And do not derail this with higher taxes.

IMF GDP Estimates

United States

Euro Zone

China

2021

6.4%

4.4%

8.4%

Prior

5.1%

4.2%

8.1%

2022

3.5%

3.8%

5.6%

Prior

2.5%

3.6%

5.6%

Once again, the market is responding positively to strong economic data – I like that a lot.  I don’t like that so much money remains on the sidelines, so it’s about the momentum crowd bounding around. 

They continue pile into growth names, lifting the NASDAQ higher, and Energy is bouncing back after an ugly session yesterday.

Mahaney Touches Down

Influential Internet analyst Mark Mahaney started his new gig at Evercore with a ton of enthusiasm for the industry. Etsy (ETSY) and Roku (ROKU) are responding best at the moment.

  • Airbnb (ABNB) initiated with an Outperform at Evercore ISI; tgt $245
  • Alphabet (GOOG/L) initiated with an Outperform at Evercore ISI; tgt $2525
  • Amazon (AMZN) resumed with an Outperform at Evercore ISI; tgt $4000
  • American Public Education (APEI) initiated with a Buy at Truist; tgt $43
  • Booking Holdings (BKNG) resumed with an In-line at Evercore ISI; tgt $2390
  • Bumble Inc. (BMBL) initiated with an In-line at Evercore ISI; tgt $64
  • Chewy (CHWY) resumed with an Outperform at Evercore ISI; tgt $105
  • eBay (EBAY) resumed with an In-line at Evercore ISI; tgt $65
  • Etsy (ETSY) initiated with an Outperform at Evercore ISI; tgt $265
  • Expedia Group (EXPE) resumed with an In-line at Evercore ISI; tgt $168
  • Facebook (FB) resumed with an Outperform at Evercore ISI; tgt $370
  • fuboTV (FUBO) resumed with an Outperform at Evercore ISI; tgt $30
  • GoDaddy (GDDY) initiated with an In-line at Evercore ISI; tgt $87
  • GoodRx (GDRX) resumed with an Outperform at Evercore ISI; tgt $50
  • Lyft (LYFT) resumed with an Outperform at Evercore ISI; tgt $73
  • Magnite (MGNI) initiated with an In-line at Evercore ISI; tgt $44
  • Match Group (MTCH) resumed with an Outperform at Evercore ISI; tgt $180
  • Metromile (MILE) initiated with an Overweight at Piper Sandler; tgt $15
  • Netflix (NFLX) resumed with an Outperform at Evercore ISI; tgt $665
  • Pinterest (PINS) initiated with an Outperform at Evercore ISI; tgt $97
  • PubMatic (PUBM) initiated with an In-line at Evercore ISI; tgt $53
  • Redfin (RDFN) initiated with an In-line at Evercore ISI; tgt $75
  • Roku (ROKU) initiated with an Outperform at Evercore ISI; tgt $400
  • Snap (SNAP) resumed with an Outperform at Evercore ISI; tgt $68
  • Spotify (SPOT) resumed with an Outperform at Evercore ISI; tgt $360
  • Stitch Fix (SFIX) initiated with an Outperform at Evercore ISI; tgt $78
  • The Trade Desk (TTD) initiated with an Outperform at Evercore ISI; tgt $770
  • TripAdvisor (TRIP) resumed with an In-line at Evercore ISI; tgt $50
  • Trupanion (TRUP) initiated with an Outperform at Evercore ISI; tgt $100
  • Twitter (TWTR) resumed with an In-line at Evercore ISI; tgt $75
  • Uber (UBER) resumed with an Outperform at Evercore ISI; tgt $74
  • Wish (WISH) initiated with an Outperform at Evercore ISI; tgt $22
  • Wix.com (WIX) initiated with an Outperform at Evercore ISI; tgt $370
  • Yandex N.V. (YNDX) initiated with a Buy at New Street; tgt $81
  • Zillow (ZG) initiated with an Outperform at Evercore ISI; tgt $179