It was an epic rally yesterday, with the SPY gaining over 2% and putting the index positive for the week. The SPY also hurdled the 50dma and looks poised to end the week looking much better then when it started. Quite a feat considering where we were on Tuesday and Wednesday.
Looks like the government shutdown and Debt Ceiling fiascos should be all fixed by the Monday and we can focus on earnings, which really pick up next week.
Both JPM and WFC reported earnings this morning. JPM is up slightly despite posting its first loss since 2004 while WFC posted some nice earnings but is down slightly. SCTY released some guidance and raised the amount of shares in it’s offering, of which Elon Musk will be buying. The stock is up nearly 10% on the news and looks poised to continue the breakout at the open. CMG had another upgrade this morning and the stock looks set to open above $440, will be hard to play but may look at some $445 lottos.
Still think GOLD continues its fall, my thoughts here : https://www.optionmillionaires.com/2013/next-leg-gold-coming-soon/
I grabbed some GLD 123.50 and $123 puts and added more DUST calls for next week.
Here are some of the analyst changes of note for today:
KO Coca-Cola price target lowered to $41-$43 from $45-$47 at Wells Fargo |
Wells Fargo reduced its price target on Coca-Cola as the firm thinks the beverage industry is facing weak volumes and a challenged diet segment. The firm expects industry multiple to "rationalize," but it keeps an Outperform rating on Coca-Cola |
MSG Madison Square Garden FY14 expectatins above Street at Morgan Stanley |
Morgan Stanley is above consensus for Madison Square Garden FY14 and FY15 estimates as it expects transformation benefits, Entertainment segment, and LA Forum to drive upside. The firm reiterates its Overweight rating and $65 price target |
SNDK SanDisk to benefit from strong SSD demand, says Stifel |
Stifel raised its estimates on SanDisk to reflect what the firm sees as the increasing demand for both client and enterprise SSDs. The firm raised its price target on the stock to $75 from $70 and keeps a Buy rating on the shares |
CMG Chipotle upgraded to Buy from Neutral at Janney Capital |
Janney upgraded Chipotle based on checks that indicate Q3 same-store-sales of +5.8% vs consensus of +4.6%, long-term opportunities to expand into breakfast offerings, lower 2014 and beyond commodity costs, and customer food satisfaction. Price target is $525 |
CTXS Citrix upgraded to Neutral from Underweight at JPMorgan |
JPMorgan upgraded Citrix to Neutral with a $56 price target citing valuation |
BNNY Annie's downgraded to Neutral from Buy at SunTrust |
SunTrust downgraded Annie's due to valuation. Price target remains $55 |
PCYC Pharmacyclics upgraded to Buy from Neutral at Goldman |
Goldman upgraded Pharmacyclics ahead of the launch of lead drug ibrutinib. The firm raised its peak sales estimate to $7.5B from $5.7B in 2024 given the large pool of CLL patients in need of treatment, launch timelines that are earlier than expected, and increased competitive visibility. The firm raised its price target to $170 from $111 and views Pharmacyclics as an attractive takeover target |
Will watch CMG for a move over $440 and may try for some $445 weeklies if she looks strong. NKE has been moving up since it’s investor day and looks primed to break back over $74 and head for new highs. May try for some:
Stock Ticker | Call/Put | Strike | Expiration | Closing Price | Entry Price |
CMG | CALL | $445.00 | Weekly | 0.35 | 0.35 |
NKE | CALL | $74.00 | Weekly | 0.17 | 0.17 |
Lets have a great day and I will see you Sunday night!!!
- JB