The Moskowitz Report (VRX, FEYE, RIG, GPS, SKYW, AZN, JCP, COP, CHTR, CLVS, VIA.B, ACP, WMT, CSTM, SRPT, RACE, MRO, SHLD, ALNY, REGN, GPRO, BP, DDS, LABU, ISRG, DIS, MPC, TJX, ABBV, ICPT, CAB, XOM, KSS) - Stock Market Commentary for Friday, September 08, 2017
Well, today’s market was slightly higher on the open and spent the next hour making the lows and rest of the day trading within another short range of under 100 points on the DJIA, S&P500 8 points, NASDAQ 33, Russell 12, and the Transports 50 points. Actually, the Transports was a gain of $41 and was the biggest winner followed by NASDAQ +4.56 while the others were slightly lower. Internals were so close to 1:1 that you don’t even need the numbers. The A.A.I.I. sentiment number were bullish +4.3 to 29.3, neutral 35 unch, and bearish 35.7 -4.2. This is still well under the bullish L-T average of 38 and with bearish still over average of 30. As a contrary indicators these still show only 29.3% of the survey are bullish, a solid vote for more upside.
Morgan Stanley had a busy day with a downgrade of RACE (-8.29 or 7%), an upgrade of FEYE (+.99 or 7%) and SXW the ETF.
On the earnings front CAB +7.62 (14%) continued its aftermarket rise and RH +22.34 (45%) after being +18 last night. A massive short interest help that one. GPRO +1.10 (12%) didn’t actually report but did provide new guidance for the next Quarter.
Bio Pharma was mostly higher with their ETF, IBB +.90 and within a stone’s throw from its pre-break high of 344 from early 2016. The twin disaster du jour’s were REGN -28.30 (5.7%) on news that their drug Dupixet, is losing some ground with strong competition from AMGN +2.33, AZN +1.57 and ABBV +4.82. The other big loser was ALNY -13.50 (15%) on news of a “fatal event” in their trials for a new hemophilla drug.
The rest of the group was; VRTX +2.33, VRX +.19, ISRG +14.10, ICPT -.11, INCY -1.52, CLVS -2.72, and SRPT -1.40.
Another group with a problem was DIS -4.50 on statements by Bob Iger that earnings for the year would meet estimates made for 2016. That would be a pretty major miss. DIS is down from the highs of $115 in May to today’s close of 97 (15%). This also hurt the “delivery systems” with CMCSA -3.57 (6.4%), CHTR -6.86, and VIA.B -1.02 but down 40% since April.
Oil had an “inside day” (lower high/higher low) and held onto the gains from the week and the stocks were higher with CVX +.01, ACP +.60, COP +.12, BP +.18, PSX +.68, MPC +.26, MRO +.05, RIG -.07, OAS -.10, OXY +.24, XOM +.25 and XLE +.17. Retail was also mixed to higher but like the oil had a quiet day after a strong 4 day gain with M -.42, JWN -.51, KSS +.20, DDS -2.34 (4%), SHLD +.16, JCP +.02, WMT +.04, GPS +.09, TJX -.11, TGT +.40, and XRT +.19.
We are long the XRT, LABU +.21(3X bio), IWM -.37, and SKYW, CSTM, and ALB. For more information on our service you can call or email us @ the numbers below.
Tomorrow is another day...CAM
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