By: Ira EpsteinRead More
Although I usually let my charts tell me where stocks are headed next, the 'technicals' are a tad sunnier than I at the moment. This is notwithstanding recent weakness that has caused new record highs that were within spitting distance just a few weeks ago to recede. A 3095 target that lay just 4.5% from early May's peak now sits 10.5% away. It's certainly do-able, but I doubt buyers have the mo...Read More
Credit Suisse is lacking hope toward Kraft HeinzTrade uncertainty has stocks hovering around breakeven, leaving marketsrelatively quiet at midday. Three stocks that are making noise today are measurement name Keysight Technologies Inc (NYSE:KEYS), Tommy Hilfiger parent PVH Corp (NYSE:PVH), and ketchup manufacturer Kraft Heinz Co (NASDAQ:KHC). Below, we will dive into what is moving the shares of...Read More
The social media stock is making a notable move higher todaySnap Inc (NYSE:SNAP) options volume is heavy today, as the shares of the Snapchat parent jump 1.6% to trade at $11.87 -- putting them within striking distance of their April 8 eight-month peak at $12.63. Most of the action has been at the hands of bullish speculators, as they target even more upside for the social media stock over the nex...Read More
Traders have been buying to open out-of-the-money June calls this weekU.S.-China trade tensions have sparked a sell-off in oil prices recently, with the front-month July-dated contract shedding roughly 13% since its April 23 close at $66.24 per barrel -- last seen at $57.53 per barrel. This weak price action has been seen in the VanEck Vectors Oil Services ETF (OIH), which is off more than 27% ove...Read More
In mid-May 2019 the leading cryptocurrency, Bitcoin(BTC), was trading around $5,600. At $4,000, a prominent technician predictedit was gearing up for a run to $6,500. Yet when it reached $5,700, herecommended selling because of a technical "non-confirmation." As if on cue, BTC began an epicupside run, easily slicing through his initial target! Following an $8,600print, the price cratered...Read More
China's retaliatory tariff hikes are set to take effect on June 1The U.S.-China trade war could remain in focus next week, with China's retaliatory tariffs on $60 billion in U.S. goods slated to take effect on Saturday, June 1. Meanwhile, next week's potentially market-moving events will also include May's highly anticipated nonfarm payrolls, as well as Apple's (AAPL) Worldwide Developers Conferen...Read More
UNIQUE OPPORTUNITY: First, we typically see stocks sell-off and as the old saying goes, “Sell in May and Go Away!” which is what has been happening. So what does this mean? It means we should start to see money flow into the safe-haven assets like the Utility sector, bonds, and most importantly precious metals. I anticipated this and our XLU utilities ETF taken with members has al...Read More
Speculators are targeting at-the-money weekly options that expire tomorrowRide-sharing service Uber Technologies Inc (NYSE:UBER) is set to unveil its first earnings report as a publicly traded company after tonight's close, and ahead of the event, the stock is relatively quiet -- last seen down 0.3% at $39.84. UBER's options pits, on the other hand, are buzzing, with volume running at a much quick...Read More
UBS just downgraded Verizon from "buy" to "neutral" The Dow component Verizon Communications Inc (NYSE:VZ) was just served a bearish note by UBS. The analyst knocked the stock to "neutral" from "buy," saying its valuation already prices in a number of potential catalysts. The analyst maintained their price target of $59, which sits at a slight premium to current levels. VZ is down 2.1% at $56.94 a...Read More
Traders aren't doing much with trade uncertainty sapping sentimentStocks are hovering near breakeven today in a low-volume session. Trade uncertainty is holding back the Dow Jones Industrial Average (DJI) and its index peers, with news China is halting soybean purchases from the U.S. overshadowing upbeat gross domestic product (GDP) data from this morning. There's also notable weakness in the ener...Read More
Analyst sentiment remains bullishly skewed, howeverAlthough Dropbox Inc (NASDAQ:DBX) is down 0.5% to trade at $22.51 today, it remains on pace toward its first weekly win since May 3. However, this mini-heater has sent DBX barreling toward a trendline with bearish implications, if history is any guide.More specifically, the equity is now within one standard deviation of its 80-day moving average,...Read More
The SPX is down more than 5% so far this monthThe U.S. stock market got off to a rip-roaring start in 2019, with the S&P 500 Index (SPX) surging more than 17% year-to-date through its April 30 close. The broad-market index started the month of May off strong, too, hitting a record intraday high on May 1, before the cards came crashing down on renewed U.S.-China trade tensions. The SPX is now pacin...Read More
Chinese stainless-steel producer Tsingshan Holding Group plans to set-up a cold-rolling mill with an annual capacity of 600,000 tonnes per year in Busan, South Korea, and has submitted letters of intent to the city government and potential business partners, Chinese market sources told Fastmarkets.Domestic suppliers may raise concerns about Tsingshan's plans because South Korea currently consumes...Read More
Canadian Solar recently bounced off its 200-day trendlineShares of Canadian Solar Inc. (NASDAQ:CSIQ) are surging this morning, last seen up 7.8% at $19.07. The alternative energy provider reported a narrower-than-expected first-quarter loss, and named Yan Zhuang as acting CEO, while its current CEO Dr. Shawn Qu takes a medical leave of absence. Plus, the company's Chief Financial Officer (CFO) Hu...Read More
TSLA fell to a two-year low yesterdayThe shares of Tesla Inc (NASDAQ:TSLA) are down 0.3% to trade at $189.22 today, after Barclays trimmed its price target to $150 from $192. The analyst in coverage said Tesla is "stalling as a niche automaker," and waxed pessimistic about the stagnating Model 3 demand, as well as a path to profitability. In summation, Barclays said Tesla "has a lot of catching...Read More
The cybersecurity firm gave a weak current-quarter profit forecastPalo Alto Networks Inc (NYSE:PANW) stock is down 6.2% in electronic trading, set to open near the $200 per share level for the first time since mid-January. This downside comes after the cybersecurity firm offered a weaker-than-expected current-quarter profit forecast due to acquisition-related costs and tariffs, though PANW did bea...Read More
Veeva Systems just reported first-quarter earnings and revenue that beat expectations Software concern Veeva Systems (NYSE:VEEV) is soaring this morning after the company reported first-quarter earnings and revenue that exceeded analysts' expectations last night. The firm also lifted its guidance for the second quarter, as well as the full year. The shares are up 9.8% at $147.69, trading at fresh...Read More
X and STLD stocks were hit with more bearish attentionThe shares of United States Steel Corporation (NYSE:X) have been getting crushed in recent months, and are now set to open at fresh three-year lows after Deutsche Bank weighed in on the broader steel sector. The analyst note released this morning cited changes in the space due totrade tensions and weak prices, and in response X was downgraded t...Read More
By: Ira EpsteinRead More