Futures are pointing to a lower open to start the week, with S&P futures down .35% as I write this. Asia markets fell overnight led by weaker than expected China data while Europe indexes are also in the red. The US dollar is higher while Yields, Oil, and Gold are all lower.
And my rant from Friday if you missed it: JB Noon Rant – August 13th, 2021
Eyes are on Afghanistan this morning as the Taliban has took swift control of the country. Of course you now have some of the media outlets trying to say it will have impacts in the market - classic click-bait:
There always seems to be some instability in the mideast, so this does not help things. But hard to think it has any major impact on markets outside of maybe a small bid in defense manufacturers as a sympathy play. Seems like just yesterday the top Iran general was killed and the ensuing missile strikes at US bases. where some of Fintwit was hyping it up like WW3 was coming. Not saying this needs to be completely ignored, would just say those hyping it on the media outlets and Fintwit as a possibly market catalyst are likely going to be wrong.
Earnings season rolls on, here are some of the implied moves:
Some implied moves for #earnings next week(1of2):$NVDA 5.6%$RBLX 11.8%$CSCO 3.9%$AMAT 5.3%$TME 8.9%$SE 7.9%$WMT 3.5%⁰$HD 3.4%$TGT 5.2%⁰$LOW 4.7%⁰$TJX 3.9%$M 10.2%$KSS 8.9%$EL 5.1%⁰$BJ 6.3%$ROST 4.3%⁰$FTCH 12.8%$DE 7.7%⁰$BILI 11.1%$BZUN 11.3%$RAIL 15.4%
— Option Millionaires (@OMillionaires) August 15, 2021
None of the names this week really catch my eye though NVDA and SE will certainly be interesting.
U rallied for the third session in a row, testing the $129 handle. It is pulling back in the pre-market. Would not be surprised to see a test of $125 or so. If that holds I will keep the last of my calls into tomorrow as I think this is headed into the mid $130s in the coming sessions. If it breaks, I will lock the last in and look to revisit:
SSYS gave back all the gains from last week and closed back under the 50dma. I still think the sector is on the rebound and will be eyeing some leaps into 2022, likely Jan $35s:
Perfect Bull-flag setting up on JYNT. If it holds $95 again today, I will finally start adding some later dated calls:
This SMG is pinching real nice. Not catching a falling knife but will be adding some calls once it finds support:
PTON also looks interesting here for a bounce to $120:
Still eyeing a re-entry on EXPI. And will looking at possibly entries in HSKA, IMND, and CMG.
Here are the analyst changes of note for today:
| Lululemon price target raised to $450 from $400 at JPMorgan | |
| JPMorgan analyst Matthew Boss raised the firm's price target on Lululemon to $450 from $400 and keeps an Overweight rating on the shares. The analyst expects "broad based beats" in Q2 for department stores and specialty softlines | |
| Crispr Therapeutics price target raised to $160 from $151 at Canaccord | |
| Canaccord analyst Arlinda Lee raised the firm's price target on Crispr Therapeutics to $160 from $151 and keeps a Buy rating on the shares. The analyst said with clinical datasets for multiple drug candidates due by year end and first regenerative medicine and in vivo edited candidates entering the clinic in the next 18-24 months, she views the company's potential to efficiently edit genes to treat a diverse range of diseases as highly attractive | |
| Planet Fitness upgraded to Buy from Neutral at Roth Capital | |
| Roth Capital analyst George Kelly upgraded Planet Fitness to Buy from Neutral with a $100 price target | |
| Sea Limited price target raised to $345 from $280 at Cowen | |
| Cowen analyst John Blackledge raised the firm's price target on Sea Limited to $345 from $280 and keeps an Outperform rating on the shares. The analyst said his increase target reflects its outlook for Shopee given the continued push into Latin America. He also forecasts strong growth across key lines when the company reports 2Q21 earnings despite lapping tough comps | |
| Cree price target lowered to $115 from $150 at Cowen | |
| Cowen analyst Jeff Osborne lowered the firm's price target on Cree to $115 from $150 and keeps an Outperform rating on the shares. The analyst said he thinks the stock remains range bound until their analyst day in mid November and said he fielded a lot of inbounds on Cree over the last 3 weeks, and thinks it is the most disliked semis name among his coverage | |
| Jefferies starts CS Disco at Hold, says premium valuation 'fair' | |
| As previously reported, Jefferies analyst Brent Thill initiated coverage of CS Disco with a Hold rating and $55 price target. He is a "fundamental fan" given the company's disruptive tech within the eDiscovery space, what he sees as levers to drive top-line growth of 30% plus and a litigation backlog that should be a near-term catalyst, but Thill sees the stock's current premium valuation as "fair," he tells investors | |
And here is what I am watching today: SMG, PTON, HSKA, EXPI, SSYS, U, JYNT, and WIX.
Let's have a GREAT DAY!
-JB