The BEARS came out of their caves yesterday to shake the tree, as the ISLAND (Cyprus), continued to give folks a reason to take profits. The market did ramp at the end of the day, and the DOW was able to close green. Right now futures are up nearly .50%, and there are now rumors of the Russians working out a deal to help Cyprus. We do have the Fed announcement at 2pm, that may move markets. The FED already has their cards on the table, so would think the announcement maybe a somewhat non-event, but you never know.
FEDEX reported some cruddy numbers this morning, and is down a few bucks pre-market. ADBE beat estimates last night, and is rallying pre-market.
We have earnings from Oracle and JBL after hours. Will be watching both but will probably just play JBL calls.
Here are the analyst changes today:
AAPL Apple price target lowered to $600 from $650 at Canaccord
Canaccord lowered Apple's price target to $600 from $650 to reflect an iPhone 5S refresh this summer or during Q3 vs. previous expectations for a launch in June. The firm believes Apple could lose smartphone share in 1H 2013 due to recently launched high-end Android smartphones and has reduced its Q3 estimates. The firm believes earnings will accelerate in the September quarter and maintains its Buy rating
CRM Salesforce.com initiated with an Outperform at FBN Securities
Target $210.
VMW VMware initiated with an Outperform at FBN Securities
Target $86.
RAX Rackspace initiated with a Sector Perform at FBN Securities
Target $55.
BBRY BlackBerry upgraded to Overweight from Underweight at Morgan Stanley
Morgan Stanley upgraded BlackBerry two notches to Overweight from Underweight based on expanding gross margin and ASP expectations driven by the mix-shift to BB10 devices from BB6 and BB7 devices. The firm now believes there may be room for niche mid-range companies in the handset market and notes LG and Samsung may be seeking alternate OS strategies. Price target raised to $22 from $10
DE Deere downgraded to Underperform from Market Perform at Wells Fargo
Wells Fargo downgraded Deere to Underperform citing its bearish outlook for 2014 and 2015 U.S. large farm equipment demand and anticipated commodity price declines. The firm lowered its price target range for shares to $72-$75 from $90-$93
Still love $SAM and it broke out of it’s triple top yesterday. I think the stock goes $170+ in short order now. Tons of folks calling for a pullback on that one since $140, and they continue to pop in calling for a short, confirming my bullish stance. I currently have 170/180 April calls and may add some more 180s today. I still have FFIV, AAPL, CRM, ISRG, and NFLX calls.
Our FFIV 92.50 weekly calls trade was alerted via text yesterday. I will hold my calls until it breaks $92+, then lock some in for a double. Will be watching for $88 level to exit position.
Only looking to get some JBL calls and possibly some WYNN calls if it show signs of breaking $122 today:
Stock Ticker | Call/Put | Strike | Expiration | Closing Price | Entry Price |
JBL | CALL | $20.00 | April | 0.45 | 0.45 |
WYNN | CALL | $125.00 | Weekly | 0.10 | 0.10 |
Happy trading folks!
- JB