Stocks got clobbered yesterday as the buyers who brought the indexes up to new all time highs recently have all but vanished. I don't think we are there yet, as far as the bubble bursting and the recent declines are nothing but a break before we see new all time highs later this year. Bonds continue to look very vulnerable with $TLT falling along with stocks yesterday. On the flip side was gold, silver, and the gold miners. The rocketed higher yesterday with silver having its best week in over 25 years.
The question is where do we head today? More losses or do we see a relief rally? I think, at least short term we are in for a recovery of some of yesterdays losses. Some individual stocks namely $GOOG, have really taken it on the chin this week and could be the first to recover. Bonds still look like a great trade heading into months end and into the "Fall". There will be bounces along the way but I think those will be short lived.
$NFLX Netflix to be hurt by new competition, says Bernstein
After media outlets reported that Sony (SNE) reached a preliminary deal to offer Viacom (VIA) content on an Internet TV service, Bernstein thinks the move by Sony could increase Netflix's competition. The firm thinks that Sony's content may eventually become as good or better than Netflix's offerings. . Bernstein keeps an Underperform rating on Netflix
$AA Alcoa downgraded at BofA/Merrill
As previously reported, BofA/Merrill downgraded Alcoa to Underperform from Neutral. The firm downgraded shares due to lower aluminum price forecasts and cut its 2014 EPS estimate to 20c, below consensus of 51c. Price target is $8
$TRIP TripAdvisor pullback a long-term buying opportunity, says Wunderlich
Wunderlich views the pullback in shares of TripAdvisor following the company's CEO comments regarding a weaker Q3 as a buying opportunity for long-term investors. The firm believes the comments reflect the continued challenges of the metasearch transition, but feels the transition is right strategy. Wunderlich keeps a Buy rating on the stock with an $80 price target
$BBRY BlackBerry unlikely to be sold for more than $10 per share, says Pacific Crest
Pacific Crest believes that many investors may not have realized that BlackBerry has $5.3B in off-balance sheet purchase obligations, as the company disclosed in a June regulatory filing. The firm thinks the company's balance sheet likely overstates the value of its tangible assets, while its IP value has been diminished. The firm keeps an Underperform rating on the stock.
$WMT Wal-Mart price target lowered to $83 from $88 at RW Baird
Baird lowered its price target on Wal-Mart following Q2 results and lowered outlook. The firm cited management guidance, but believes easier comps and sharper price investments increase the odds of sequential comp improvements across the second half of 2013. Shares remain Outperform rated
$BA Boeing weakness may create buying opportunity, says Oppenheimer
Oppenheimer believes that the chances that Boeing will have to take charges on its 747, F-15 and C-17 planes in 2013 are increasing. The firm's bias is to use any related weakness in the stock as a buying opportunity, as it still expects Boeing to generate about $10B of free cash flow in coming years. Oppenheimer keeps an Outperform rating on the stock
$RIG Transocean downgraded to Underweight from Overweight at Johnson Rice
$P Pandora upgraded to Buy from Neutral at Goldman
Goldman upgraded Pandora with a $27 price target citing accelerating mobile ads and subscription revenue growth
Options I am looking to buy today:
$AMZN $290 calls $.38
$GOOG $865 calls $1.00
$BA $103 calls $.35