With the worst month since May 2012 behind us, we can look forward to more market moving events in the coming weeks to include the FOMC meeting Sep 17-18th as well as other possible catalysts i.e. Syria. With possible intervention delayed, the market can breathe a short sigh of relief in the form of a few nice green days to take the SPY above the 50 dma(166.08) . Hard to say if that will be the case or if we will resume the trend fo last week as folks sold any gap up.
Some news over the weekend including Verizon buying the rest of it’s wireless stake from Vodaphone. A move that has been talked about for sometime.
Now the bonehead move of the weekend is MSFT buying NOK wireless business. Nokia is already using the crappy MSFT OS on their phones, so what does MSFT gain from this purchase? Expenses and a dying brand. I guess time will tell but there are plenty of other great acquisition targets out there for 7.1 billion.
Tons of gappers this morning led by Tesla crossing all-time highs over $174. Should be a very interesting day.
Here are some of the analyst changes of note:
|MON Monsanto to benefit from COGS tailwind, says Morgan Stanley|
|Morgan Stanley said poor yields and increased corn prices have resulted in increased corn COGS by approximately 70c of EPS since 2008. The firm expects this trend to reverse in 2014, offsetting concerns of lower acreage and pricing power. Shares are Outperform rated with a $125 price target|
|FINL Finish Line upgraded at Janney Capital|
|As previously reported, Janney Capital upgraded Finish Line to Buy from Neutral. The firm's upgrade is based on an improving product line and potential 2H 2013 comp acceleration, positive early reads on the Macy's partnership, a slow down in digital, omni-channel investments which supports potential cash use for increasing buybacks or dividends, and valuation. Price target raised to $26 from $24|
|AAPL Apple downgraded to Sell from Hold at ABG Sundal|
|Price target remains $400|
|ZUMZ Zumiez could provide cautious Q3 guidance, says RW Baird|
|Baird expects Zumiez to provide cautious initial Q3 guidance when its reports quarterly results on Thursday. The firm believes there is little upside surprise for Q2 as they suspect sales trends in August showed a continuation of July's trends and the broader uncertainty in the retail environment. Shares are Outperform rated with a $37 price target|
|WDC Western Digital, Seagate weakness a buying opportunity, says Brean Capital|
|Brean Capital believes the recent weakness in both Western Digital (WDC) and Seagate Technology (STX) is a buying opportunity. The firm cited stable free cash flow and gross margins and current valuation. Brean Capital favors Western Digital over Seagate due to its discounted valuation. Both Seagate and Western Digital are Buy rated|
|ISRG William Blair says a buyer of Intuitive Surgical shares|
|William Blair said it is a buyer of Intuitive Surgical shares after meeting with the company's CEO Gary Guthart and conducting an analysis of system placement and utilization trends. The firm sees upside to expectations and keeps an Outperform rating on the stock|
I am officially starting the Ditto Trade program today. Here is the webinar from last night: https://www.optionmillionaires.com/forum/showthread.php/542-Ditto-Trade-Q-and-A-9-2
Also, here is the Week Ahead Webinar from last night for those that missed it: https://www.optionmillionaires.com/forum/showthread.php/541-The-Week-Ahead-With-UPB-and-JB-9-2
Will be watching two strikes for today as well as having eyes on SAM, Z, BIDU, SHLD, SODA, SSYS, and a few others:
|Stock Ticker||Call/Put||Strike||Expiration||Closing Price||Entry Price|
Again folks, I if make a purchase I will post in the chatroom first then private twitter.
Lets have a great start to the holiday shortened week!