The Moskowitz Report (PRKT, CXO, HD, JCP, ISRG, BP, NKE, FB, RARE, APA, AEO, DDS, VRX, XOM, COH, TSLA, ITCI, RDS.A, LZB, SHLD, INCY, COP, DKS, AAPL, SRPT, HES, LOW, WMT, TSRO, RIG, FL, BA, VRTX, OAS, CREE) - Stock Market Commentary for Thursday, August 24, 2017
Well, today’s market was lower from the open on the LOW -2.81 but $2 lower at the open on earnings miss and in sympathy, HD -.81 but also $2 lower at the open, but both closed near the highs of the day. We had a real mix of retail earnings with a beat for AEO+.87 (7.7%), EXPR+1.06 (19%), a miss by LZB-6.25 (20%), CREE-.82 (after being -2.50). After the close we had a beat by WSM+2.85 (4.8%), PVH +3.56, and GES +1.38 (11%). This helped the group with M+.17, JWN+.34, KSS+.12, DDS+.22, SHLD-.46 (5%), JCP+.07, WMT+.17, KORS-.14,COH-.03, FOSL+.35, NKE-.48, DKS+.57, FL+2.10 (6.3%), and XRT +.12.
We had to sell half of the NVDA calls @1.34 on our 100% Up Rule and I also sold another quarter @ $1.80 and we still own some. We also still own M calls @ $.40 that closed the day @ $ .95, and today we bought CSTM calls @ .80, closed $ .95.
The markets were all lower with the DJIA -87.80 (.40%), NASDAQ -19(.30%), S&P500 -8.47 (.35%), RUSSELL -1.80 (.13%) and the Transports -114 (1.25%) based mostly on the rails and airlines. Market internals on NTSE were slightly positive with volume 4:3 and A/D 15:13 while NASDAQ was 1:1 and A/D negative 13:15.
The oil market had another relatively short range day but closed right near the highs and that drove all the oil stock (except XOM) to gains with CVX+.14, XOM-.17, APC +.71, COP +.50, BP+.09, PSX+ .13, RIG +.11, MPC +.50, MRO +.13, HES +.20, PXD +1.65, APA +.35, OAS +.21, CXO +.62, RDS.A +.48 and the XLE +.28.
As noted above, we had a great day with NVDA, but the big names were mixed with GOOGL +2.18, AMZN -6.90, AAPL +.02, FB -.63, NFLX -.77, NVDA +3.05, TSLA +11.34, BA -2.15, and IBM + .99.
In the Bio / Pharma group we has action in both directions with PRKT +5.20 (27%), ITCI + 3.12 (28%) on a positive result and several upgrades, and RARE -7.83 (13%) on a failed study and price objective downgrades. The rest of the group was lower with CELG-1.44, ALXN-2.53, REGN -1.50, SRPT -.90, VRTX-2.23, BIIB -4.08, AMGN -1.07, INCY - .21, ISRG -9.93, TSRO -.62, ATHN -1.65, CLVS -.49, ICPT + .56, VRX +.09 and the IBB -89.
Tomorrow is another day...CAM
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