The Moskowitz Report (ARNA, INCY, ANF, COP, FB, JCP, VRTX, RCII, JWN, XOM, TSLA, HCA, COST, CONN, RIG, NVDA, AAPL, LABU, RL, BP, NFLX, THC, WFM, APC, DDS, OXY, BA, KSS, ANF, HGG, MRO, WMT, BMRN) - Stock Market Commentary for Tuesday, July 11, 2017
Todays’ market tried to get started to the upside but only in a nominal way trading from down a couple to up a couple without much action. The group that defied this inaction was our old friend retail. It started with ANF sliding from a close at $12.16 Friday to early trading just under $11, and then down to $9.47-2.65 or 21%, based on their announcement that they were giving up on efforts to sell themselves. As if that wasn’t enough, COST was downgraded by BMO based upon the AMZN / WFM merger. As anyone in the retail stocks knows by now, it doesn’t take much to bring in the sellers. And sell they did; M-1.53 (6.75%), JWN-1.32, KSS-1.54, WMT-2.08, DDS-1.86, RL-.28, ANF-2.56 (21%), JCP-.10 and XRT-.95. In addition, electronics also participated with BBY-3.75 (6.9%) and TGT -.89. Several of the rent to own companies might have done a little better in this retail climate, like HGG, but they went bankrupt last year. RCII was a $0 stock that closed $11 -.21, and CONN, an $80 number closed $18 -.10 but up from $7.50.
Oil was lower overnight but after holding just over $43.50 got a bid and rallied to $44.80 but could only manage a close of 44.40 +.17. It’s a little higher tonight but we’ll have to wait until tomorrow to see if it continues to hold. The stocks were mixed with CVX -.46, XOM-.07, APC+.23, OXY =.09, COP +.24, BP-.10, PSX-.14, RIG+.17, MPC +.18, MRO +.06, HES +.41 and XLE +.21.
The big names were universally higher with GOOGL +9.19, AMZN +19.23, AAPL +.77, FB +2.08, NFLX +2.31, NVDA +7.04, TSLA +3.28, BA +1.63 and IBM +.48.
The market internals were mixed with the NYSE volume 4:3 up and A/D 1:1, buy NASDAQ was 8:7 up volume but 1.5:1 down A/D. My special report, due out by the end of this week (maybe sooner) looks at this divergence, so be sure to follow thru on the signup in the next paragraph.
I am working on a short report that you can receive by just Emailing the word REPORT in the subject line at:
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After the close Arena Pharm (ARNA) reported positive results on a hypertension drug trial and was trading as high as $27.48 +8, or almost 40%. Unfortunately for the rest of the group it wasn’t a great day with LABU-2.70 or 4.3%, IBB -2.52, hca-.25, THC+.49,
BMRN-.71, VRTX-1.69, INCY-1.28 and CELG -.63.
Tomorrow is another day...CAM
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