NasdaqGS - Nasdaq Real Time Price USD

• Stocks weathered another inflation report on Wednesday, as investors gobbled up certain AI names that recently have been smacked.

  Stocks weathered another inflation report on Wednesday, as investors gobbled up certain AI names that recently have been smacked. Some of the stocks that ripped Wednesday are very well known among the momentum crowd, as NBIS rocketed 34%, LITE 14%, BE 12%, CIEN 11%, DELL 10%, HPE and COHR 8%, STX 7%, and TER, SNDK, and FORM 6%.

   

• Raising target price to $200

  NetApp Inc. is a pure-play data storage company, providing enterprise network storage and data management solutions, including storage hardware, software, and services. NTAP has a major converged-infrastructure partner in Cisco Systems Inc. and key data center partners, including Microsoft, Alphabet Inc.'s Google, and Amazon.com Inc.'s Amazon Web Services.

  Rating

  Price Target

   

• The May jobs report comes out this week, as do a few late earnings reports

  The May jobs report comes out this week, as do a few late earnings reports from some big tech and retail names. Last week, the Dow Jones Industrial Average rose 1%, the S&P 500 was up 1.4%, and the Nasdaq popped 2%. Year to date, all three indices are in positive territory, with the DJIA up 6%, the S&P 500 higher by 11%, and the Nasdaq ahead by 16%. On the earnings calendar, highlights this week include Hewlett Packard Enterprise on Monday; Palo Alto Networks, Dollar General, and Ulta Beauty on Tuesday; Broadcom, CrowdStrike, and Medtronic on Wednesday; and Ciena and Lululemon on Thursday. About 96% of S&P 500 companies have reported so far, and overall earnings are up 29% over last quarter. Information Technology, up 56%, and Communication Services, up 51%, are leading the pack. At the bottom are Healthcare, down 3%, and Energy, down 1%, according to LSEG I/B/E/S. On the economic calendar, ISM Manufacturing and Construction Spending are due out on Monday; the Job Openings and Labor Turnover Survey (JOLTS) report on Tuesday; ADP's private payrolls report on Wednesday; and the May Employment Situation report on Friday. Turning to economic data, gas prices remain elevated but dropped a penny last week, with the average price for a gallon of regular gas now at $4.48. The Atlanta Fed GDPNow forecasts GDP growth of 3.8% for 2Q, compared to the 1.6% actual in 1Q. The Cleveland Fed Inflation Nowcast calls for CPI of 4.2% for May, a step-up from the 3.8% print in April and 3.3% in March. Mortgage rates inched up another two basis points last week, with the average 30-year fixed-rate mortgage now at 6.53%, according to FreddieMac. The next Federal Open Market Committee (FOMC) meeting is on June 17, and will be the first under the chairmanship of Kevin Warsh. Odds are at 0% for a rate move at that meeting. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 9% year to date. The leading emerging market ETF (EEM) is up 25% year to date. U.S. growth stocks are up 7% looking at ETF IWF, while value stocks (IWD) are up 12%. Crude oil prices continue to be volatile. On Friday, oil was much lower at $87 per barrel, but still up 51% for the year to date. In other asset classes for the year to date, AGG bonds are down 1%, gold is up 5%, and Bitcoin is down 16%. The U.S. dollar is up 1%, tracking DXY. The VIX Volatility Index was about 15 on Friday, well below its historical average of 20. Turning to sector performance, the year-to-date list from first to worst as of May 22, is Energy (+32%), Information Technology (+18%), Communication Services (+9%), Industrials (+11%), Real Estate (+11%), Consumer Staples (+10%), Materials (+10%), Utilities (+6%), Consumer Discretionary (+2%), Financials (-5%), and Healthcare (-3%).

   

• Attractive on underperformance relative to peers

  NetApp Inc. is a pure-play data storage company, providing enterprise network storage and data management solutions, including storage hardware, software, and services. NetApp has a major converged-infrastructure partner in Cisco, and key data center partners, including Microsoft, Google, and AWS. In 2011, NetApp acquired big data hardware provider Engenio. In February 2016, it acquired all-flash array maker SolidFire.

  Rating

  Price Target