The Moskowitz Report (DKS, JPM, SNAP, JWN, TSLA, LUV, DDS, FB, AAL, BAC, RL, AAPL, XRT, GOOGL, DAL, BA, JBLU, AMZN, UAL, GS, IBM, HA, NFLX) - Stock Market Commentary For Wednesday, March 08, 2017
Today was retail day and it started with the miss and poor guidance from Dick’s Sporting (DKS) down 4.43 or 8.42%. The others followed with JWN -1.47, M + .12, DDS + .19, RL -.26 and the XRT - .26. These have all been lower for the past several days and have not shown any ability to rally.
The overall market did no better with all indexes lower. DJIA -30, NASDAQ -14, S&P 500 -6.92, RUSSELL -9.37 and the Transports the big loser -103 or 1.1%. The airlines were the main culprit with LUV - .63, AAL -.51, DAL -1.21, JBLU -.05, UAL -.49 and even HA – 1.30 although there is some takeover speculation there.
The big names were mixed with GOOGL +3.88, AAPL + .18, AMZN -1.10, TSLA -3.56, BA +1.37, IBM + .03, NFLX -.51, FB - .12 and the financials down across the board, JPM --.57, GS -1.11 and BAC - .03.
The internals were again MUCH weaker on both the NYSE and NASDAQ. NYSE was never better than 2:1 down and finished 3:1 down volume and 2.5:1 A/D. NASDAQ was slightly better with A/D closing solidly 2:1 down but volume only 1.5:1 lower.
The backlash for the non-voting share offering of SNAP continued again today in earnest. It closed down $2.60 at $21.17 after trading as low as $20.64. As of the open today anyone who bought the stock after it started trading was facing a loss.
Tomorrow is another day...CAM
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