The Moskowitz Report (AMZN, SCO, TSLA, PNRA, GOOGL, SDRL, AAPL, CRVS, FB, XRT, BA, TIF, NFLX, M, IBM, RL, GS, JCP, JPM, SHLD, BAC, XOM, OIH) - Stock Market Commentary For Wednesday, April 05, 2017
Today was a boring affair without much action unless you happen to be long AMZN or TSLA or PNRA or are short SDRL or CRVS, or have a position in any of the XRT stocks.
Fresh off a new upgrade with a price of $1,100, AMZN crossed $900 for the first time. Also making a new all-time high on “possible” Chinese interest and a beat on Q1 deliveries TSLA crossed $300 mark. PNRA was talked about yesterday as a takeover was up $20 to $282 Monday was down 8 at 274 when the announcement of a possible deal with JAB, is trading right now at $307+24. Great if you own it, but it’s already up over 20% in the last 6 days and 45% since February and I would doubt that there’s much room for a lot higher bid.
On the downside, CRVS, another biotech with a disappointing trial result opened at $20.75 this morning and closed $10.36 after trading as low as $8.27.
Internals were about even on the volume on both but while the A/D was even on NYSE, NASDAQ A/D was 4:3 down. From my point of view this rally gets narrower daily. The retail sector continues to falter and now that auto sales, reported yesterday, were disappointing it makes you wonder where the savings from cheap gas and zero rates are going. It looks like maybe more casual dining. Certainly not TIF, M, RL or even JCP or SHLD.
Big names were mixed to higher with GOOGL-4.74, AMZN+15.58, AAPL+1.17, FB-.51, BA+2.20, TSLA+3.48, NFLX -1.33, and IBM+.24. Financials were also mixed with GS +1.02, JPM+.41, but BAC -.11.
We also got filled on our order for the SCO 4/37 calls today on the rally in oil. I’ll be selling my second half of XOM calls and OIH calls on any further rally into the resistance above the $52-53 area.
Tomorrow is another day...CAM
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