Yesterdays green open was short lived, as the market sold off and actually broke the 153.80 area i was concerned about. The market did rally a bit from the lows but still finished in the red with some of the high fliers like LNKD, PCLN, and NFLX taking it on the chin while AAPL continued its downturn with the stock price nearly cut in half since Sept.
After hours we had earnings from CMG, GOOG, ISRG, IBM, and some others this morning like UA, and MCD. The only trade i had was on ISRG. The company handily beat expectation but their outlook for procedure growth was at the low end of expectations, allowing the bears to bring the stock down. May look to try for some lottos at the open. CMG beat estimates as well and the stock is up nearly 5% pre-market. GOOG beat on eps but was a little light on revenue and most analysts kept buy/outperform ratings on it.
With the market nearing support areas, I am becoming a bit more concerned of further downside, but I am still a short term bull here. Will just mean instead of looking for a bounce everyday, I will be more open to puts and downside plays. WIll talk more about it on the week ahead Sunday Night.
Here are some of the analyst changes today:
Apple price target raised to $890 from $830 at Canaccord
Shares are Buy rated.
Chipotle price target raised to $460 from $435 at RW Baird
Baird raised its price target on Chipotle following better than expected Q1 results. The firm believes the company is well positioned to deliver solid earnings growth, robust returns on capital, in addition to a healthy balance sheet and cash flow. Shares are Outperform rated.
COF Capital One reported good Q1 results, says Oppenheimer
After Capital One reported higher than expected Q1 EPS partly due to reserve releases, Oppenheimer believes that the company's EPS was in-line, even excluding the reserve release and a $97M addition to the reps and warranties reserve. The firm keeps a $69 price target and Outperform rating on the shares.
AAPL Apple initiated with a Buy at Standpoint Research
GOOG Google Q1 core results solid, says RW Baird at RW Baird
Baird called Google's Q1 core results solid but noted its earnings beat was largely due to a lower tax rate. The firm also noted Motorola was a drag on margins and despite macro and European concerns the report was better than expected. Shares are Outperform rated with an $830 price target.
VRTX Vertex price target raised to $95 from $65 at Needham
Needham raised its price target for Vertex citing the positive Phase 2 results for the company's second corrector compound, VX-661. The firm reiterates a Buy rating on the stock.
GOOG Google price target raised to $900 from $850 at Needham
Needham raised its price target for Google shares to $900 following the company's Q1 results and reiterates a Buy rating on the stock.
GOOG Google price target raised to $915 from $830 at Citigroup
Citigroup raised its price target for Google shares and says the stock's valuation is reasonable following the company's Q1 results. Citi reiterates a Buy rating on the stock.
With option expiration day today, we can see some Pins, meaning AAPL and GOOG will most likely close at even strikes for Max Pain. AAPL 380 and GOOG 770 or 760 is where I would guess right now.
Will play a few lottos today as well as grabbing my position for NFLX earnings next week. Here is what i am watching:
|Stock Ticker||Call/Put||Strike||Expiration||Closing Price||Entry Price|
Also, will be sending out a ‘Test” text alert today to ensure everyone is getting them. Will follow up with a blog post later today to follow up. Lets have a great end to the week!