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- The Daily REITBeat | Thursday, March 6th, 2025
The Daily REITBeat | Thursday, March 6th, 2025
"Another Tech Drag"
David Auerbach
March 06, 2025
Good Morning!
Futures in the red at the time of this writing as talking heads focus on disappointing earnings out of several tech companies as China AI growth leaves a negative vibe in today’s market with European Central Bank policy decision and some US economic data.
Tomorrow brings the February Nonfarm Payrolls report and after yesterday’s JOLTS report, it could be one to watch.
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From Bloomberg
"Stock futures signaled a sharply weaker open for Wall Street, with tech stocks in particular hit by a raft of disappointing earnings and further signs of Chinese innovation in artificial intelligence.
Contracts on the Nasdaq 100 fell 1.4% while those on the S&P 500 dropped 1%. Marvell Technology Inc. shares were among the biggest premarket losers, dropping about 15%, after the chipmaker’s result and revenue forecast failed to live up to investors’ lofty expectations. CrowdStrike Holding Inc. tumbled after the cybersecurity company issued a worse-than-expected earnings outlook. MongoDB Inc. dropped 17% after the database software company gave a disappointing forecast.
Chip shares came under renewed pressure after Alibaba Group Holding Ltd. introduced its Qwen platform, a model that it claims performs as well as Chinese start-up DeepSeek but with a fraction of the data. The news, alongside the underwhelming earnings, are denting investor confidence in US companies’ dominance in AI.
“Clearly Alibaba is weighing on sentiment,” said Alexandre Hezez, chief investment officer at Group Richelieu in Paris. “The tech sector has been weakened lately, if you combine that with Marvell, it’s a pretty sour cocktail for US stocks”"
In REIT News
KeyBanc upgrades CUBE to Overweight from Sector Weight ($47 price target)
Yesterday, Morningstar downgraded EQR ($80) and VTR ($85) to Hold from Buy
NLCP, OLP, ONL announced quarterly earnings
BXP announced that it completed the formation of a joint venture with CrossHarbor Capital and Albanese Organization to develop 290 Coles Street, a full-block, 1.75 acre site into a 670-unit market-rate residential project in Jersey City, NJ whereby the $400 million development project will see BXP owning a 19% common equity interest in the venture, Albanese owns a 14% common equity interest, and CrossHarbor Capital owns the remaining 67% common equity interest while BXP will also provide $65M in preferred equity as additional project funding
MAC announced that Pindustry will anchor HiFi, its mixed-use outdoor development project adjacent to premier retail destination FlatIron Crossing located in the Denver-Boulder corridor
ONL announced a change in its corporate name to Orion Properties Inc., to better describe its broader investment strategy to shift its portfolio concentration over time away from traditional office properties, towards more dedicated use assets that have an office component
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Have a great day!
David Auerbach