Futures are pointing to a higher open on the heels of the S&P's third consecutive week of gains, The S&P is set to open .20% higher as I write this. Asia stocks rallied overnight with more positive commentary out of China while Europe stocks are mixed this morning. The US dollar, Oil, and Gold are higher while Yields are lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/monday-reads-2/
I finally tried to put some of my thoughts down in a post on BPT, you can read it here: Why I am Bullish $BPT (BP Prudhoe Bay Royalty Trust)
BPT broke thru the $15.60 resistance into new 52 week highs on Friday. It tested $16.75 before closing at $16.05. It will likly remain volatile as buyers in the single-digits take profits. After the close today BPT will likely announce their Divy and ex-divy date. Would think the dividend will be north of $1.50 and possibly over $2. Could certainly add some FOMO to the stock into its ex-divy date. Hopefully will get the chance to lock some of my calls in to cover costs and ride the rest:
INCY traded up near $81 on Friday only to close right below that $80 handle. The stock is really going to need to start moving this week for my calls to bear fruit. That $80 handle is important, so a close above that today bodes well for a move to the mid-$80s in the coming sessions:
Musk purchased a 9.2% passive stake in TWTR and the stock is soaring in the pre-market. Have to think at some point that passive stake will become an activist stake. TWTR has always been a frustrating company for me. In the early days after their IPO most of their leadership team didn't even use Twitter. They also had a massive user base but struggled to monetize it. They still have issues and a kick in the butt to accelerate change and growth I think is a very good thing before their platform becomes irrelevant. But not gong to chase this gap in the morning. May look to add some strikes out in July, likely $70 or so, to play for an eventual activist stake by Musk and/or bigger stake later in the day:
SAGE was on watch Friday. It gapped higher at the open after positive data, churned for most of the day, before closing right at highs. If it can break that $38 resistance think the $42 gap-fill is next. Will be watching for some calls again today:
Still have some earnings this week:
Some implies moves for #earnings next week:$TLRY 15.9%$STZ 4.5%$CAG 4.3%$LW 7.8%$WDFC 10.2%$SCHN 9.4%$LEVI 9.1%$AYI 8.8%$SGH 12.4%$SKIL 15.7%$IRNT 21.1%
— Option Millionaires (@OMillionaires) April 3, 2022
SGH is one of my Top 5 stocks for 2022 and it reports tomorrow after the bell. May look to add some spec calls:
Also have the Fed minutes on Wednesday and Bullard speaks near the end of the week. See if the SPY can hold that $450 level next day or so before the next leg to the upside:
Here are the analyst changes of note for today:
| Tesla's relatively high stock price 'justified' by 'no-cost capital,' says BofA | |
| BofA analyst John Murphy maintains his Neutral rating and $1,100 price target on Tesla shares after the company reported Q1 deliveries of 310,048 vehicles that he note was above his estimate of 294,567 but below consensus he says was at 312,540 vehicles. Though Tesla does have a first mover advantage in the EV revolution, it remains unclear whether it will be dominant over the longer-term, but he continues to believe its "relatively high stock price is justified" as long as the company can keep funding outsized growth with "almost no-cost capital driving capacity expansion," Murphy tells investors | |
| Tesla price target raised to $790 from $660 at Cowen | |
| Cowen analyst Jeffrey Osborne raised the firm's price target on Tesla to $790 from $660 and keeps a Market Perform rating on the shares. The analyst said Tesla continues to shrug off the chip supply crunch and is ramping up production in its Berlin and Tesla Gigafactories but cautioned China's shutdown of Shenzhen and Shanghai in recent days may plague output in 2Q | |
| Okta price target lowered to $216 from $273 at BTIG | |
| BTIG analyst Gray Powell lowered the firm's price target on Okta to $216 from $273 but keeps a Buy rating on the shares. According to his fieldwork, the company's 3rd party breach disclosure on March 22nd should have relatively small impact, but though there may be some modest potential for risk with new customer additions, the analyst tells investors in a research note. Powell adds however that he does not expect any material negative impact to existing customer expansion initiatives for Okta | |
| iRhythm price target raised to $192 from $156 at JPMorgan | |
| JPMorgan analyst Allen Gong raised the firm's price target on iRhythm to $192 from $156 and keeps an Overweight rating on the shares. The company addressed its reimbursement overhang "that made the story almost un-investable during 2021," Gong tells investors in a research note. The analyst sees near-term growth in the core U.S. symptomatic atrial fibrillation market and "significant upside" from future opportunities like geographic and indication expansion. "With positive catalysts on tap from beat-and-raise quarters and an increased cadence of data readouts," Gong continues to view iRhythm as one of the "cleanest stories in SMid-cap MedTech
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| Sarepta assumed with an Overweight at Cantor Fitzgerald | |
| Cantor Fitzgerald analyst Kristen Kluska assumed coverage of Sarepta with an Overweight rating and $140 price target. Kluska believes Sarepta is entering an important inflection point, with the potential to expand its footprint from treating around 30% of the Duchenne Muscular Dystrophy community to a large majority, with gene therapy, the analyst tells investors in a research note | |
| PTC Therapeutics assumed with an Overweight at Cantor Fitzgerald | |
| Cantor Fitzgerald analyst Kristen Kluska assumed coverage of PTC Therapeutics with an Overweight rating with a price target of $63, down from $64. Kluska believes PTC currently has multiple valuable programs in both commercial and clinical stages, which could help to fuel continued growth, the analyst tells investors in a research note | |
| AB InBev price target raised to EUR 65 from EUR 60 at RBC Capital | |
| RBC Capital analyst James Edwardes Jones raised the firm's price target on AB InBev to EUR 65 from EUR 60 and keeps an Outperform rating on the shares. The company's "enviable" profit margin could be viewed as a vulnerability, but it merely reflects its "formidable" competitive position in its largest markets, the analyst tells investors in a research note, stating that it also gives him the confidence that margins are "underpinned". Jones adds that he expects AB InBev to deliver on expectations, which should allow shares to rerate as ROIC increases and leverage declines | |
And here is what I am watching today: SAGE, AVAV, SGH, TWTR, VRTX, GBT, SPOT, TWLO, CMG, FUBO, SSYS, APPS. RBLX, U, BLK, and WING.
Let's have a great day!
-JB