The Moskowitz Report (AOBC, WBA, C, TSLA , PSX, CARA, JWN, QQQ, RIG, RAD, AAPL, CBI, DDS, XOM, FRED, JPM, OXY, AKBA, RL, FB, APCB, COHR, KSS, XLF, NVDA, BP, NKE, SHLD, BAC, AMZN, NTES) - Stock Market Commentary For Friday, June 30, 2017
Todays’ market was soft from the open but the acceleration down started when the “FANG” stocks broke through some expected areas of support a little after 11:00 AM. The early gains in several banking names held the market for a while but the volume and declines noted above caused a cascading decline to the lows of the day. Even the oil gains couldn’t produce enough to help.
Also influencing the day was the announcement that Walgreens was walking away from its merger with RAD. WBA was up over $5 premarket but gave up much of that to close at $78.37 +1.28 after selling down to 76.34. The other participants RAD closed $2.90 -1.03 or 26%, and FRED the buyer of RAD stores to avoid anti-competition closed $9.50 -$2.81 or 23%.
The financials were strong based on the Stress test results allowing bigger payouts and buybacks with GS+1.33 (traded +5 earlier), JPM+ 1.33, BAC+.44, C+1.97, and the XLF +.20. On the big name tech stocks we were GOOGL -23.31(LOW -32), AMZN -14.40 (after -24), AAPL-2.14, FB-2.09, NFLX-3.33, NVDA-4.70, TSLA-10.24 (after -17), BA -2, and IBM -1.20.
Oils were mixed to higher with CVX-.16, XOM-.83, APC +1.46, OXY +.51, COP+.10, BP-.41, PSX+.08, RIG + .11, MPC-.35, MRO +.24, HES +.91 and XLE +.19.
Some of big movers in the news today were CBI +1.36, COHR -9, NTES -15.33 and two announcing stock offering, GOV -4 in the last 3 days offering 29mm shares, and AKBA , issuing 4.5MM shares was -1.20 but closed on the high at -,40, CARA – 8.85 (30%) on trial results, NKE + 2 on solid numbers. AOBC (formerly known as Smith & Wesson) was $21.80-2.14.
Retail was mixed with M -.23, JWN -.12, KSS -.46, the major standout was DDS +2.88, RL +.46, SHLD +.49 (6.25%), ANF +.18 and the XRT -.10.
We bought a small position today in QQQ 7/7 138.50 calls @ $ .90, closed $ .89. It feels to me like we are due for a bounce and cycle work say tomorrow and Monday (a half day) are stronger going into a national holiday.
Tomorrow is another day...CAM
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