No fundamental catalyst for today’s tech wreck (just as there wasn’t last time), but many people noted the coincidental timing of JPM’s Kolanovic note on Vol fragilities coincided with the start of the pain… Liquidity collapsed leaving many to think… Since The Fed statement, gold is the biggest winner… US equity markets suffered their worst day since June (with Trannies worst day since Brexit)… The Dow was the only index green on the day despite the ramp… VIX spiked above 11… Nasdaq VIX spiked back above 17 intraday and back above Russell 2000 vol.. Jeffrey Gundlach’s DoubleLine Capi...
The S&P opened near its daily high and dropped 24 bps before bouncing back a bit hours before close. The index saw a fractional daily loss of 0.10% and a YTD gain of 10.57%. The U.S. Treasury puts the closing yield on the 10-year note at 2.32%. Here is a daily chart of the S&P 500. Today’s selling puts the volume 28% above its 50-day moving average. Here’s a monthly snapshot of the index going back to December 2007. A Perspective on Drawdowns Here’s a snapshot of record highs and selloffs since the 2009 trough. Here is a more conventional log-scale chart with drawdowns highlighted. Here is a linear scale version of t...
Stocks took a violent turn intraday. One of the rumors is someone leaked that AMZN would have a big earnings miss. Regardless we have warned all week about how an earnings miss by 1 of the big 5 stocks can lead to a reversal for the entire market. In tonight’s video we show you one intraday trade we took in the QQQ for a big reward. Watch this video to find out how to prepare for an increase in risk and reward! Video Length – 00:14:18...
Well, well well. We did see some heavy weakness this afternoon which didn’t last too long but it is always a warning when we see that type of move lower on heavy volume. Sometimes it’s a warning shot across the bow, other times it hits, so time will tell, likely Friday will be that time. AMZN is down tonight as well as SBUX who started higher, so tomorrow may be a gong show in the market and I’ll be doing lots of selling. Things may change overnight but so far the end of this week looks sketchy. SPY looks fine in this normal range action but let’s see how tomorrow goes. Under 246 on a closing basis wouldn’t be great but it may be ha...
Leading domain name and internet security provider, VeriSign Inc. (VRSN – Free Report) reported better-than-expected second-quarter 2017 results, which also improved year over year. The company reported adjusted earnings (excluding all one-time items but including stock-based compensation) of 99 cents a share, which beat the Zacks Consensus Estimate of 91 cents. Quarterly earnings also increased 13.8% from 87 cents reported in the year-ago quarter. On a non-GAAP basis, the company posted earnings of $1.05 per share, up 15.4% from the year-ago quarter’s earnings of 91 cents. The increase was primarily driven by a benefit of 6 cents...
Western Digital Corp. (WDC – Free Report) reported fourth-quarter fiscal 2017 non-GAAP earnings (including stock-based compensation) of $2.63 per share, which beat the Zacks Consensus Estimate by 12 cents. Excluding stock based compensation, non GAAP earnings were $2.93 per share as compared with $1.03 reported in the year-ago quarter. The figure was much better than management’s guided range of $2.55–$2.65 per share. Revenues increased 38.5% year over year to $4.84 billion and surpassed the Zacks Consensus Estimate of $4.80 billion. The figure was slightly better than management’s guidance. Western Digital reported revenues...
Q3 Comp Store Sales Up 5% in the U.S. and Americas, 7% in China and 4% Globally Consolidated Net Revenues Up 8% to Q3 Record $5.7 Billion GAAP Earnings Per Share Total $0.47; Non-GAAP Earnings Per Share Expand to $0.55 Company to Assume Full Ownership of East China JV and Operate all Stores in Mainland China SEATTLE–(BUSINESS WIRE)–Starbucks Corporation (NASDAQ:SBUX) today reported financial results for its 13-week fiscal third quarter and 39-week fiscal year to date ended July 2, 2017. Fiscal 2017 and fiscal 2016 GAAP results include items which are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measu...
Electronic Arts (EA – Free Report) reported first-quarter fiscal 2018 results, wherein the company’s adjusted earnings of 36 cents per share easily beat the Zacks Consensus Estimate of 14 cents. Revenues (excluding deferred revenues) came in at $775 million compared with $682 million in the year-ago quarter. The Zacks Consensus Estimate stood at $765.9 million. Per EA, total revenue came in at $1.449 billion, up 14% year over year. Continued increases in digital revenues and strength in games like The Sims, Star Wars, and EA Sports titles like FIFA 17 and Battlefield 1 were the driving factors. EA’s digital revenues (60.7% of rev...
It has been a little more than two months since my multi-part series on retailers highlighted the low valuations and negative sentiment on various companies, including department store chain Dillard’s (DDS). In recent weeks the stock has soared, in part due to speculation that a massive short squeeze could be imminent. It looks like we are seeing signs of one right now, as the stock has moved from $48 in May to nearly $77 today. Not only has the recent move narrowed the gap between market prices and intrinsic value, but it also greatly reduces the odds of a management-led buyout in the near-term. When the stock was in the 40’s, a $60...