The Market continued right where it left on Friday closing nicely in the green with some nice movers to include PCLN and NFLX . Like I mentioned yesterday and in the Week Ahead Webinar Sunday night, I think the momo plays are back and “Best of Breed” growth stocks are back in vogue. LNKD, NFLX, PCLN, TSLA, GOOG and the 3-d stocks are the ones I will be looking at for intra-day plays in the coming days.
Earnings season officially kicked off last night with AA reporting earnings. The company reported decent earnings and dont think it will have any impact on the markets today. TSLA will be added to the Nasdaq 100 next week and will give some folk a reason to get in before the addition. With the stock having some major mojo behind it, and folks still adding to short positions, I would not be shocked to see $130+ this week.
The big events on tap this week will be the FOMC notes tomorrow and the bank earnings Friday morning.
China data overnight showed inflation a tad bit over expectations which had folks bidding up Gold. I dont think it changes anything on my long Bearish sentiment on it and think its another great opportunity to get cheaper puts/calls(dust).
Tons of analyst changes today as it seems they all took a 6 day vacation and came back hungover yesterday:
|ABX Barrick Gold downgraded to Hold from Buy at Stifel|
|Stifel downgraded Barrick Gold due to the fall in gold prices and high debt levels|
|SNDK SanDisk price target raised to $75 from $70 at Needham|
|Needham raised its estimates and price target for SanDisk citing favorable NAND pricing and better than expected adoption of SSDs. The firm says industry sources indicated that tight supply levels of NAND Flash are likely to drive up pricing in Q3 and it reiterates a Buy rating on the stock|
|GOOG Piper sees self-driving cars as $200B opportunity for Google|
|Piper Jaffray views self-driving cars as one of the next game changing mass technologies and estimates it's a $200B opportunity for Google. Piper believes Google could begin to see revenue from self-driving cars by the end of this decade and keeps an Overweight rating on the stock with a $935 price target|
|HPQ Hewlett-Packard upgraded to Buy from Hold at Brean Capital|
|Brean Capital upgraded Hewlett-Packard with a $32 price target citing the company's strengthened cash flow and cost saving benefits|
|SBUX Starbucks price target raised to $77 from $70 at Argus|
|Argus believes that Starbucks' guidance for mid-single-digit comp growth in FY13 is conservative,. The firm increased its FY13 EPS estimate for Starbucks above the company's guidance range, as it expects the company to benefit from new beverages and single serve products. The firm keeps a Buy rating on the shares|
|YUM Yum! Brands price target raised to $73 from $67 at Susquehanna|
|Susquehanna raised its price target on Yum! Brands to reflect easier upcoming comparisons and waning Avian flu concerns. The firm maintains its Neutral rating based on valuation|
|CREE Cree price target raised to $79 from $66 at DA Davidson|
|DA Davidson increased its price target on Cree as the firm believes that data points from Taiwanese companies suggest that LED adoption is growing. The firm keeps a Buy rating on Cree|
GOOG had another PT raise as well as another analyst saying self-driving cars is a $200 billion opportunity for GOOG. The stock hit 910 pre-market and could look to touch all-time highs sometime today or this week. PCLN could continue its monster run as the $900 wall is just in sight. It was last fall when folks were wondering who would break $1000 first - PCLN, AAPL, or GOOG... we may find out before the month is out.
NFLX had some more nice news yesterday as well as a great article in the WSJ: http://online.wsj.com/article/SB10001424127887324251504578581330740965110.html?KEYWORDS=nflx
With NFLX Earnings coming this month and the company in the news every week, would seem like folks may take her to $250+ in very short order as they look to get in ahead of an earnings report that may catapult the stock back over $300. Time will tell.
I entered quite a few positions yesterday so will be keeping small today. Here are some I am looking at for the open:
|Stock Ticker||Call/Put||Strike||Expiration||Closing Price||Entry Price|
Lets have a great day!