Stocks are rising as investors await inflation data, and the Nasdaq is attempting four straight days of gains

These are the stocks that are trading at a 52-week high on Wednesday.

• Darden (DRI) Trading at levels not seen since January 2022
• TPR fabric Trading at levels not seen since December 2021
• Ulta (ULTA) traded at an all-time high until its October 2007 IPO
• Wayne (WYNN) Trading at levels not seen since November 2021
• SLB (SLB) Trading is at levels not seen since October 2018
• Everest RE Group (RE) Trading at an all-time high dating back to the initial public offering in October 1995
• caterpillar (cat) Trading at all-time highs dating back to when trading on the New York Stock Exchange first began in 1929
• Snap-in (SNA) Trading at levels not seen since June 2021
• First Solar (FSLR) Trading at levels not seen since February 2011
• Entertainment Wrestling (WWE) Trading is at levels not seen since April 2019
• Aramark (ARMK) Trading is at levels not seen since February 2020
• five below (five) Trading at levels not seen since January 2022
• Grand Canyon Education (LOPE) Trading is at levels not seen since September 2019
• Associate Directors Group (AMG) Trading at levels not seen since January 2022
• Biomarin (BMRN) Trading is at levels not seen since August 2020
• Lincoln Electric Holdings (LECO) It was trading at an all-time high when it was listed on NASDAQ in 1995
• Toro Corporation (TTC) Trading is at levels not seen since May 2021

—Carmen Reinicke, Chris Hayes

Discovery Warner Brothers It was upgraded to Buy from a Neutral rating by Guggenheim, who said risk-reward looks attractive at these levels.

“We see an attractive narrative for the first half of 2023, with the impact of recently announced domestic renewals, strong cost controls, and the upcoming launch of our restructured Max product as key catalysts,” analyst Michael Morris wrote in a note to clients Wednesday.

He added, “Cost discipline in direct dealing with consumers in particular should enhance confidence in the company’s ability to meet EBITDA estimates for 2023 and reduce leverage targets.”

Morris set a price target of $16.50 on the shares, which would mean up 31% from Tuesday’s close. The stock is down 60% in 2022.

Morris said that while cord cutting and slowing ad spending continue in 2023 and could put pressure on revenue within the networking segment, the stock looks attractive at the current multiple, trading at 5 times 2024E EBITDA and 6 times 2024 free cash flow.

“However, we see a 200 basis points sequential improvement in sequential improvement in distribution revenue trends in the new year with around 30% of our domestic affiliate base renewing and potential for further support as the base balance is renewed over the next several years,” he wrote.

– Samantha Sobin

Bullish sentiment in the latest weekly poll of financial newsletter writers rose to 41.4% from 36.6% last week, according to Investors Intelligence. The bulls approached the December high of 43.3%, which itself was close to the mid-August high of 45.0%.

“The stats for bulls in the mid-40s don’t yet suggest tops. Our rules say more than 55% of bulls return defense to the field,” Investors Intelligence said.

Bearish views eased to 32.9% from 33.8%, while those forecasting a short-term correction fell to 25.7% from 29.6%. The “bull bear spread” remained positive for an eighth week, to +8.5 from +2.8 last week.

“Modest positive spreads, after a negative stat, point to the stock rally,” II said.

– Scott Schneiber

the Standard & Poor’s 500 posted the most daily moves of at least 1% in either direction since 2008, underlining the volatility the stock market has seen in the past year, according to data Analyzed by Charles Schwab.

The general index has either moved up or down 1% or more in just over 120 trading days. In 2008, the last time this number of days was exceeded, the index recorded daily movements of this magnitude in more than 130 trading days.

These fluctuations reflect the volatile business landscape seen in 2022. The S&P 500 lost 19.4% on the year as investors grew increasingly concerned about a potential recession.

The index is up 2.1% so far in 2023.

– Alex Haring

Levi Strauss Shares fell more than 2% before the bell after Citigroup analyst Paul Leguize downgraded the jeans maker to neutral from a buy rating.

“While LEVI is a strong brand with good long-term global prospects, in the near and medium term we expect a challenging US backdrop featuring weaker denim trends to pressure results,” he wrote in a note to clients on Wednesday.

CNBC Pro subscribers can read more at CNBC Pro Contact from Citi here.

These are the stocks that make the biggest moves in pre-market trading.

For more information, check out the full list here.

– Tanaya McHale

Thursday’s consumer price index report may show that inflation is running faster than Wall Street expects, as measured by the Cleveland Fed.

central bank Real-time inflation tracker It indicates that the core CPI rose at a monthly pace of 0.1%, while the core index, excluding volatile food and energy prices, indicates a rise of 0.5%.

Both numbers are ahead of Dow Jones estimates of a 0.1% drop in the headline and a 0.3% gain on the core.

On an annual basis, the Cleveland Fed model indicates gains of 6.6% and 5.9% for the core, compared to related Dow Jones estimates of 6.5% and 5.7%.

– Jeff Cox

Bank of America downgraded Coinbase It underperformed from neutral, sending the stock down 4% in the primary market.

“While it is encouraging that COIN will remain nimble on expenses as it navigates its first crypto winter as a public company and seeks to maintain balance sheet liquidity, we believe that the ‘23 consensus cycle rate may be too high,” Bank of America said Wednesday.

– Samantha Sobin

carmax Shares fell 3 percent after JPMorgan downgraded the used-car seller from neutral, saying investors were not fully pricing in the risks surrounding the company.

“To be clear, we believe KMX is likely to be a long-term winner in the used car market and finally see the investments over the past three years pay off,” he said. JPMorgan said. “However, the path to realizing this potential continues to push, making it difficult to rule out the timing and magnitude of natural margins.”

– Samantha Sobin

European markets It opened mixed as investors braced for more inflation data this week, with US consumer price data for December due Thursday.

The pan-European Stoxx 600 Index rose 0.1%, with major sectors and stock exchanges showing a mix of marginal gains and losses. Mining and retail stocks saw the biggest gains, both up 0.9%, while the construction sector led slight losses, down 0.4%.

DoubleLine Capital CEO Jeffrey Gundlach said in a webinar on Tuesday that he would “significantly” favor non-US stocks in 2023.

One reason Gundlach is bullish on emerging markets in particular is currency effects. The dollar rose sharply last year as the Federal Reserve raised interest rates, but the investor said he expected that to reverse.

“I think the dollar is going down,” Gundlach said.

Read more about Gundlach’s market outlook on CNBC Pro.

– Jesse Pound, Yoon Lee

Wells Fargo he Its footprint in the mortgage market is shrinking Where the bank manages regulatory pressures and the impact of higher interest rates on housing.

Wells Fargo, at one time the nation’s largest mortgage lender, will limit home loans to existing customers and borrowers from minority communities.

The changes will bring Wells Fargo closer to rivals like JPMorgan Chase and Bank of America, which have previously pulled out of home loans.

Wells Fargo shares fell less than 1% in the extended trading period.

– Jesse Pound, Heo Soon

It was a quiet open for stock futures, with all contracts for the three major averages down less than 0.1%.

– Jesse Pound

Wall Street pulled together another positive session on Tuesday. Here’s a look at how the major market averages have fared so far this year.

• The S&P 500 rose 0.70% on Tuesday and is now up 2.08% for the year.
• The Nasdaq Composite was up 1.01% on Tuesday and is now up 2.64% for the year.
• The Dow Jones Industrial Average rose 0.56% on Tuesday and is now up 1.68% for the year.
• The small cap Russell 2000 rose 1.49% on Tuesday and is now up 3.49% for the year.

– Jesse Pound