Just when you think the market needs to consolidate or take a breather, it rallies another 1%. What a strong rally yesterday as the market closed once again at all-time highs. There were some decent movers yesterday, to include SODA which hit a multi-year high off 66.05!
WYNN and NFLX continued to move higher and like them both to extend their moves here. Also sent a text trade idea around SHLD, as the stock firmly broke above resistance and looks poised to test 58.50+ in the next session or two : https://www.optionmillionaires.com/2013/text-trade-idea-for-the-week-of-may-14th-2013/
Silver and Gold have been falling overnight and hopefully will continue to fade instead of finding support after the open like it has the past few days. UK lowered their inflation target for the year, and I still think deflationary worries will cause folks to sell off commods. We have the CPI number tomorrow which could continue to hint at deflation.
GOOG price target was hiked by MS to $996 and the stock looks poised to break above $900... finally.
Here are some of the analyst changes for today:
|BBRY BlackBerry downgraded at Bernstein|
|As previously reported, Bernstein downgraded BlackBerry to Market Perform from Outperform. The firm downgraded shares based on valuation, lack of near-term catalysts, and risk the company does not meet high expectations. Price target lowered to $15 from $22|
|RENN Renren downgraded to Perform from Outperform at Oppenheimer|
|Oppenheimer downgraded Renren after the company's Q2 outlook missed expectations citing a slow ramp-up in SNS advertising and the company's rising investments.|
|TSLA Tesla price target raised to $50 from $35 at Deutsche Bank|
|Deutsche Bank raised its price target for shares of Tesla to $50 while keeping a Hold rating on the stock. Deutsche says it is not taking a view on the current share price as it believes short-covering could support the stock price for some time.|
|DPZ Domino's Pizza downgraded to Hold from Buy at Miller Tabak|
|Miller Tabak downgraded Domino's Pizza due to valuation.|
|FL Foot Locker recommended ahead of Q1 report at Canaccord|
|Canaccord raised Foot Locker estimates and recommends buying ahead of the Q1 report on May 24. The firm raised its Q1 EPS estimate to 91c from 90c, vs. consensus of 87c based on robust underlying demand and stronger comps. Shares are Buy rated with a $41 price target.|
|KORS Michael Kors recommended ahead of Q4 results at Piper Jaffray|
|Piper Jaffray expects Michael Kors to post a solid Q4 earnings beat on May 29 and said it would continue adding to positions in the name. Piper thinks current quarter retail trends have been strong and reiterates an Overweight rating on the stock with a $77 price target|
|EXPE Expedia momentum strong in international markets, says Cantor|
|Cantor believes that Expedia's Chinese subsidiary is continuing to gain market share, while room night growth accelerated quarter-over-quarter in the company's other international markets. The firm reiterates a $75 price target and Buy rating on the shares.|
|GOOG Google price target raised to $996 from $932 at Morgan Stanley|
|Morgan Stanley believes Google has been focused on video advertising dollars and that YouTube can generate operating income of $5B by 2020. Shares are Overweight rated.|
|WMT Wal-Mart price target raised to $88 from $78 at RW Baird|
|Baird raised its price target on Wal-Mart ahead of Q1 results. The firm expects flat Q1 earnings but sees potential for improved trends across the rest of the year. Baird noted shares are trading at a discount to consumer staples peers and at a discount to the market yet has high earnings visibility. Shares are Outperform rated|
Will be keeping it small once again and stay tuned to chat and twitter for any updates. Here are the strikes I am looking at:
|Stock Ticker||Call/Put||Strike||Expiration||Closing Price||Entry Price|
Lets have a great trading day!