A great start to the week yesterday, with many runners and some nice tradeable market action. The market faded yesterday morning, then rallied back at the end of the day. Although the markets closed red, its healthy for the move higher in the coming days.
The ‘official’ kick-off of earnings seasons starts with Alcoa after hours which means some fun times for options and my favorite time of year... well actually quarter! Monsanto reported this morning with a huge beat and is $100 PM (had 100 calls a few weeks back that i sold! ) . SHLD had news last night on Lampert taking over as CEO and some numbers that were above estimates. At first I thought I was going to get calls, but now I am not sure as i think the stock will fade to under 40, then maybe its time to grab calls.
Some nice reads. Especially the GS one:
Quite a few analyst changes and upgrades listed below to include another upgraded for FB:
Facebook price target raised to $34 from $32 at RW Baird
Baird raised its price target on Facebook and reiterated it positive stance citing the company's consumer leverage potential and targeted marketing opportunities. The firm raised its estimates based on the company's mobile revenues, improving ad quality, and the emerging ad/exchange network. Shares are Outperform rated.
Joy Global upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray upgraded Joy Global on expectations coal demand in China will see a revival. Piper said it has increased confidence that FY13 will mark a trough in orders after meeting with Joy and two other companies in China's coal industry. The firm raised its price target for shares to $84 from $63.
AutoZone downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley downgraded AutoZone due to lack of EPS growth catalysts, exposure to payroll tax expiration, and slowing sales. Price target is $340.
CF Industries downgraded to Market Perform from Outperform at BMO Capital
BMO Capitals downgraded CF Industries due to difficult 2013 comps. Price target lowered to $225 from $235
Deckers Outdoor downgraded to Neutral from Outperform at RW Baird
Baird downgraded Deckers to reflect poor UGG performance and concerns regarding its 2013 sales outlook. Price target is $45.
MGM Resorts upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded MGM Resorts based on its improved balance sheet, Macau free cash flow, and leverage to a Strip recovery. Price target raised to $17.
I still like MCP, SODA, CALL, NFLX, SAM, ZAGG (from UPB) ,BPT, and have MAKO calls. Will possibly try to add one more time on the JAN SODA calls, then may look for March in the coming days for the move past 50.
Will watch SHLD like a hawk at the open and may try for calls if I like the action. Going to stick with what I have for now and will also look to get SAM calls. Stay tuned to chat for more possible entries and we should have a text out sometime this week.
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Lets have a great day!