Stocks closed higher on Thursday, with the S&P adding .40%, as earnings season continued to impress and keep stocks well bid. Asia markets tumbled overnight while Europe stocks are in the red this morning. U.S. future are pointing to a lower open, the Dollar is higher while Yields, Oil, and Gold are all lower.
And this is my rant form yesterday if you missed it: https://www.optionmillionaires.com/jb-afternoon-rant-july-29th-2021/
Earnings season was looking great heading into yesterdays close... then AMZN laid an egg of sorts with its earnings. They missed on revenues and offered a conservative guidance... the stock sold off on the news - and this is despite AWS numbers coming in better than expected. AMZN has had some dips on earnings before and usually had some solid bounces during the trading session. Certainly will be watching for some bounce opportunities but it may be a tough one today, especially if it remains below $3350. Will be watching and may nibble if it tests and holds $3300:
China ADR's are back under pressure after staging a few day reversal of sorts. NTES and BIDU may be some nice lotto's today on the put side. NTES for a move under $95 and BIDU for a move back under $160:
TLRY tried to rally yesterday, but couldn't hold the 200dma and closed down nearly 4%. It is gapping lower again in the pre-market. Still think TLRY and CGC can get some legs so will be watching for any strength today. May add some TLRY calls into next week if the stock can reverse the gap lower and turn green:
DXCM reported a monster beat and raise after the close yesterday. TNDM may get a bid in sympathy. They also report earnings next week. May look at some weekly lotto calls at the open and some strikes into next week to play for a move into the $115-$120 level:
TRIP, WOW, and LOCO all had lackluster sessions, closing slightly in the green. Earnings next week for all three. Hoping to get a chance to close some calls out to cover costs before Wednesday.
Here are the analyst changes of note for today:
AMZN price changes:
$AMZN Price Target Changes:$JPM $4600->$4100
Cowen $4600->$4400$UBS $4350->$4020
Raymond James $4125->$3900
Truist $4000->$3800$MS $4500->$4300
Piper Sandler $4000->$3904
BMO Capital $4300->$4100
— Option Millionaires (@OMillionaires) July 30, 2021
|eckers Brands price target raised to $475 from $444 at Jefferies|
|Jefferies analyst Janine Stichter raised the firm's price target on Deckers Brands to $475 from $444 and keeps a Buy rating on the shares after what she called "another stellar quarter," stating that growth across both the UGG and HOKA brands against tough comparisons should help to quell concerns around lapping pandemic benefits. She sees see upcoming catalysts that include benefits from marketing investments, international expansion, and new product categories, Stichter tells investors|
|Pinterest price target lowered to $74 from $90 at MKM Partners|
|MKM Partners analyst Rohit Kulkarni lowered the firm's price target on Pinterest to $74 from $90 but keeps a Buy rating on the shares. The company beat on Q2 revenue and EBITDA but the stock fell given Pinterest's largest single-quarter decline in users in both U.S. and rest of the world, the analyst tells investors in a research note. The stock should remain in the penalty box until it can demonstrate that the company can grow U.S. users, though the ongoing investments in programmatic ad tools and new ad surfaces may serve as "material near-term upside catalysts", Kulkarni adds.|
|Fortinet price target raised to $335 from $305 at Cowen|
|Cowen analyst Shaul Eyal raised the firm's price target on Fortinet to $335 from $305 and keeps an Outperform rating on the shares. The analyst said it was a very strong quarter and noted the company is combining the Segment and Twilio teams 6 months earlier than expected which should help kick more cross-sell of its high margin Customer Data platform|
|Amazon.com price target lowered to $4400 from $4600 at Cowen|
|Cowen analyst John Blackledge lowered the firm's price target on Amazon.com to $4400 from $4600 and keeps an Outperform rating on the shares. The analyst noted results were softer than expected as higher consumer mobility impacted eCommerce demand muting further acceleration at AWS and advertising|
|eHealth price target lowered to $75 from $85 at Craig-Hallum|
|Craig-Hallum analyst George Sutton lowered the firm's price target on eHealth to $75 from $85 and keeps a Buy rating on the shares. Sutton believes that unchanged top-line guidance is a function of last year's events, where it was raised twice ahead of the Annual Enrollment Period prior to the significant miss, the analyst tells investors in a research note. He continues to be a believer in the heavy focus on online enrollment, which typically has higher LTV's, lower churn and growing appeal as more tech-first seniors age into Medicare|
|pwork price target raised to $65 from $58 at MKM Partners|
|MKM Partners analyst Rohit Kulkarni raised the firm's price target on Upwork (UPWK) to $65 from $58 and keeps a Buy rating on the shares. The analyst cites the company's beat and raise earnings for the fourth consecutive quarter driven by accelerating growth in Gross Services Volume and Revenue. Kulkarni adds that he is encouraged by Upwork's commentary related to new products, its growing footprint with large clients, and its partnerships with firms like Zoom (ZM) and Citrix (CTXS)|
|Spotify price target lowered to $270 from $290 at Truist|
|Truist analyst Matthew Thornton lowered the firm's price target on Spotify to $270 from $290 but keeps a Buy rating on the shares. The company's Q2 revenue was slightly better and gross margins also outperformed , though monthly active user metric missed expectations, the analyst tells investors in a research note. Uncertainty remains as to when and if the MAUs will stabilize or improve, though his big picture view on the stock remains unchanged, Thornton adds|
And here is what I am watching today: BIDU, NTES, DXCM, TNDM, TEAM, INMD, EXPI, HSKA and IRBT.
Let's have a great day!