Wall St. ends lower despite a thaw in trade tension, as Apple weighs on

Aside from that, Apple Inc. had been the major drag on Wall St. … dispute with chipmaker Qualcomm Inc., a chief market economist at Spartan Capital …

On Friday, the 13th of September 2019, despite a cooldown in Sino-US trade spat, Wall St. ended the day in a downbeat note, while a flurry of icebreaking efforts from both US and China were appeared to be overshadowed by an unexpected drop in Apple Inc.

stocks. Although, Nasdaq and S&P had failed to post gains, major developments in Sino-US trade tension had helped trade-sensitive Dow Jones Industrial Average to wrap up the day in a positive territory, while all three major US stock indexes had reported third straight week of gains in a week that had witnessed potential ice-breaking attempts from both Washington and Beijing to calm down heats of a protracted and costlier trade spat.

Meanwhile, the benchmark Standard & Poor 500 edged down marginally on Friday (September 13th), but remained less than 1 per cent below from its record closing highs. Aside from that, Apple Inc. had been the major drag on Wall St.

on Friday (September 13th), which faltered 1.9 per cent after Goldman Sachs analysts had slashed price target for Cupertino-based iPhone maker’s shares, meanwhile referring to Apple Inc.’s unprecedented downturn despite a resolution of dispute with chipmaker Qualcomm Inc., a chief market economist at Spartan Capital Securities in New York, Peter Cardillo said, “Apple is holding back the averages.

Another factor is we have a huge rally in (Treasury) yields, the 10-year is up substantially. Those two factors are holding back the market and dampening the enthusiasm that some kind of cosmetic trade deal is on its way. ” Quoting statistics, on Friday’s (September 13th) market round-off, Dow gained 0.14 per cent to 27,219.52, S&P ended the day a penny down to 3,007.39, while tech-heavy Nasdaq shrugged off 0.22 per cent to 8,176.71 on Friday’s (Sept. 13th) market closure.

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3 Big Stock Charts for Friday: Electronic Arts, Centurylink and Wynn Resorts

… which was underscored by the announcement that Co-CEO Mark Hurd will be taking medical leave to attend to an unnamed health-related matter.

The market didn’t end yesterday’s session at its high, but the 0.29% gain the S&P 500 was able to hang onto still translates into the third-straight winner. The Dow Jones Industrial Average logged its seventh consecutive win, with both indices still buoyed by renewed hopes that trade ties with China are on the verge of improving.

3 Big Stock Charts for Friday: Electronic Arts, Centurylink and Wynn Resorts3 Big Stock Charts for Friday: Electronic Arts, Centurylink and Wynn Resorts

Source: Shutterstock

Overstock.com (NASDAQ:OSTK) led the charge with its 17% advance. Shares of the e-commerce platform continued the rally spurred by an upgrade from D.A. Davidson tendered earlier this week. Advanced Micro Devices (NASDAQ:AMD) offered up a meaningful helping hand too, gaining 1.5% because it’s one of the more pronounced beneficiaries of a more accommodating trade environment.

Holding the market back more than any other was Oracle (NYSE:ORCL), down 4.3% in response to last quarter’s lackluster revenue growth, which was underscored by the announcement that Co-CEO Mark Hurd will be taking medical leave to attend to an unnamed health-related matter.

None of those names are particularly well-suited trading prospects headed into today’s action, however. Instead, take a look at the stock charts of Electronic Arts (NASDAQ:EA), Centurylink (NYSE:CTL) and Wynn Resorts (NASDAQ:WYNN). Here’s why.

Centurylink (CTL)

A little over a month ago, Centurylink was featured as a noteworthy name thanks to a repeated effort to break past a major technical ceiling. Although not yet over that hump, a string of higher lows and improving technical support suggested such a move was only a matter of time.

That happened, in spades. In fact, the sheer speed of the breakout was enough to push CTL stock beyond another major technical barrier. Although now overextended and ripe for some profit-taking, the entire sequence of events says the path of least resistance is now upward.

  • Click to Enlarge
    The ceiling at $12.43, plotted in blue on the daily chart, was the technical ceiling in question. Centurylink peaked there twice in July, but didn’t flinch at that level earlier this week.
  • The strength of the move carried CTL stock past the 200-day moving average line as well, marked in white on both stock charts. The whole move also unfurled on above average volume.
  • Although ripe for a pushback, the fact that the 20-day moving average line is now above the purple 50-day line, and the fact that the 50-day line is above the 100-day moving average line is telling. Any stumble should be short-lived.

Wynn Resorts (WYNN)

After a rough 2018, a choppy 2019 is a relative win for Wynn Resorts. Technical support around $103, marked as a red dashed line on both stock charts, gets much of the credit for escaping would could have turned out to be a move to lower lows.

There may still be trouble ahead, however, despite the bullishness we’ve seen so far this month. WYNN stock is already slowing as it nears what’s known to be major resistance, and another clue says the damage has already been done.

  • Click to Enlarge
    The resistance line in question is the convergence of the purple 50-day moving average line and the white 200-day moving average. Wynn Resorts shares only had to get near them on Thursday to start peeling back.
  • Simultaneously, the 50-day moving average line has now crossed back under the 200-day moving average. This so-called “death cross” is a hint that the bigger-picture undertow is bearish despite the recent gains.
  • Even if the rally isn’t quelled here, there’s another impending ceiling. The yellow dashed line that connects the key peaks going back to the early 2018 high could still stop the advance.

Electronic Arts (EA)

Finally, the implosion Electronic Arts shares suffered last year hasn’t persisted into this year. In fact, EA stock looks like it’s been trying to stage a full recovery of that meltdown.

It hasn’t done that yet, and may never actually do so. There are several major clues that suggest that rebound is more likely than not though. And, the chart has drawn some clear lines in the sand that will make clear if and when the stock moves into full-breakout mode.

  • Click to Enlarge
    The most important line in the sand is the line that connects the lower highs seen since February’s peak, plotted in yellow on both stock charts. This week’s lull makes clear traders are hesitant to push past it.
  • Nevertheless, the convergence of all the key moving averages since June is bullish in and of itself. Better still, we’re close to seeing a renewed bullish cross where the purple 50-day line moves above the 200-day moving average.
  • It’s also not likely to be a mere coincidence that the area standing in the way of more upside lies right around a Fibonacci retracement line near $103. Moving above it should also be catalytic.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley.

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Stock Futures Up on China Trade Exemptions

Japan’s Nikkei was up almost 1.1%, hitting a four-month high on big gains for Yahoo Japan and SoftBank Group, while Hong Kong’s Hang Seng …

Dow Jones Industrial Average (DJI) futures are signaling a higher start, building on the momentum that sent the blue-chip index to its longest winning streak in 16 months yesterday. Upbeat trade headlines continue to drive the positive price action, with China’s Commerce Ministry saying earlier it will add pork and soybeans to a list of U.S. products exempt from additional tariffs. Wall Street is also digesting this morning’s retail sales data, which rose a more-than-expected 0.4% in August on robust auto sales. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are up, too, with stocks poised to close in on new record highs.

Continue reading for more on today’s market, including:

  • Caterpillar stock flashes warning signs.
  • RH call traders won big on a pre-earnings rally.
  • Plus, a bouncing drug stock; Etsy gets a big upgrade; and Baker Hughes is indicted.

us premarket trading on sept 13

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.10 million call contracts traded on Thursday, compared to 610,116 put contracts. The single-session equity put/call ratio rose to 0.55, while the 21-day moving average remained at 0.67.
  2. Catalyst Pharmaceuticals Inc (NASDAQ:CPRX) withdrew its plan for an eight-million share offering, representing around 8% of the drugmaker’s float, saying the “current market price of the common stock is not in the best interest of the company and its stockholders.” Initial news of the offering had CPRX stock settling at $6.13 on Thursday — down 20% from Wednesday’s record high of $7.67 — but the shares are up 10.6% ahead of the bell today.
  3. Wedbush upgraded Etsy Inc (NASDAQ:ETSY) to “outperform” from “neutral,” with the brokerage firm waxing optimistic over the online marketplace’s pre-holiday season launches of Etsy Ads and free shipping. ETSY stock is 3.8% higher in electronic trading, set to open around the $57 per-share mark — just below its Aug. 2 bear gap.
  4. Baker Hughes A GE Co (NYSE:BHGE) was indicted by a grand jury in Alaska on allegations the energy firm exposed workers to toxic chemicals, though the company denied the charges. BHGE stock closed last night at $22.64, off 8.5% since a recent rejection at its 200-day moving average.
  5. Import and export prices, consumer sentiment, and business inventories are due. This busy batch of economic data comes ahead of next week’s Fed meeting.

buzz stocks sept 13

U.K. Stocks Struggle as Pound Strengthens

The stimulus deal in Europe and easing tensions between the U.S. and China sent stocks in Asia higher today. Japan’s Nikkei was up almost 1.1%, hitting a four-month high on big gains for Yahoo Japan and SoftBank Group, while Hong Kong’s Hang Seng nearly eked out a 1% win on a boost from life insurance issue AIA. China’s Shanghai Composite and South Korea’s Kospi were both closed for holiday.

Stocks in Europe are mostly higher at midday, as bank stocks advance following yesterday’s European Central Bank (ECB) stimulus announcement. The French CAC 40 is up 0.3%, while the German DAX has added 0.6%. London’s FTSE 100 is hovering right below breakeven, however, off 0.03% as blue-chip stocks falter in the face of a strengthening pound.

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Laredo Petroleum, Inc. (LPI) Earnings Preview: What To Focus On

44 days have passed by since the last earnings report for Laredo Petroleum, Inc. (NYSE:LPI) and the new quarterly results look set to arrive in 59 days …

44 days have passed by since the last earnings report for Laredo Petroleum, Inc. (NYSE:LPI) and the new quarterly results look set to arrive in 59 days. The shares of LPI at the moment are trading at a volume of 5.68 million, which compares with its normal daily standard volume of 6025137 shares. This has led to the shares of the company declining by -2.92%, currently exchanging hands at $2.66 a share. LPI stock has been up by $6.37 (-70.54%) ever since it reached its 52-week high of $9.03 back in September 24, 2018. It has progressed below its 50-day moving average of $2.73 and is up 2.7% over the past week. The stock has retreated -25% since the last one arrived so the question here is that will the downbeat trend in that time frame continue leading up to its next earnings release, or is the LPI share price due for a breakout?

Laredo Petroleum, Inc. (LPI) Forecasts And Latest Quarter Earnings

Ahead of their fiscal third-quarter to be released on Monday, Nov 11, 2019, 12 analysts who are covering the company are estimating that it will record a profit of $0.18 per share, with analysts having different outlooks from $0.08 to $0.29. The current agreed outlook, when compared to the profit recorded last year, is at $0.27 a share, thus a decrease of -33.33% is expected. The profit view for a complete financial year for Laredo Petroleum, Inc. is expected to be around $0.74 in current year, a growth of nearly -20.43% from last year which was $0.93.

Analyzing The Earnings History Of Laredo Petroleum, Inc. (NYSE:LPI)

In the past few years, the LPI stock has been known to miss the Wall Street’s earnings projection. The company missed 66% of the time, according to the data pulled on their earnings, was able to meet predictions on 1 occasions and topped expectations 3 times. Looking at the past trend, the price of Laredo Petroleum, Inc. shares had sank following the release of their earnings in 16 of the last 30 quarters.

Looking back, here is how Laredo Petroleum, Inc. (LPI) stock reacted to earnings misses and beats. It gave investors reason to be bullish with the price going down after 1 of the last four earnings reports. The shares of Laredo Petroleum, Inc. recorded -4.82%, 12.46%, 1.58% and 4.21%, respectively, on the first day of past earnings releases. After a week of earnings reports, the changes were -19.88%, 16.5%, 0.79% and -2.93%. Their post-earnings price movements have resulted in an average increase of 3.36% and an average decrease of -1.38% in Laredo Petroleum, Inc. on next day and 7th day, sequentially. LPI’s one month stock performance led to its shares declining by -6.67% with a return of -65.59% witnessed over the last 52 weeks.

Laredo Petroleum, Inc. (LPI) Post Earnings Announcement Drift (PEAD)

Back on July 31, 2019, Laredo Petroleum, Inc. (NYSE:LPI) released its Q2 results, in which it recorded EPS of $0.24 that exceeded consensus estimates of $0.21. After the earnings were reported, the price of LPI stock kicked off the session at $3.07 and remained in a range of $3.35 to $3.41 on the first day. The shares were priced at $3.16 at the close with a total volume of shares being 15432881.

On May 01, 2019, the Q1 earnings report was disclosed with EPS of $0.12. This was above the estimation of $0.09 per share. The stock price range of LPI was between $2.9 and $3.4 on the first-day post announcement, after opening the day at $2.87. The session came to close at $3.34 and there was a total volume of 11934836 shares.

February 13, 2019 was the day when its Q4 results were unveiled. The earnings came in at $0.16, missing the projected $0.24 per share. The very next day, LPI stock opened at $3.53 while staying in a range of $3.53 to $3.9. At the end, it moved to $3.85 a total volume of shares been 12124857.

In the year-ago Q3 earnings on November 05, 2018, the company saw profit per share of $0.27. That was worse than the $0.29 analysts had expected. Laredo Petroleum, Inc. share price started at $5.23 on the first full trading day post-earning and then exchanged hands between $5.3 and $5.98 throughout the session. The closing price of $5.69 came on the back of 10299454 shares in volume.

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US close: Stocks close slightly higher following Trump’s ‘good will’ gesture

Wall Street stocks closed slightly higher on Thursday, with investors’ attention centred on global trade developments after Donald Trump agreed to …

At the close, the Dow Jones Industrial Average was up 0.17% at 27,182.45, while the S&P 500 was 0.29% higher at 3,009.57 and the Nasdaq Composite closed out the session 0.30% firmer at 8,194.47.

The Dow closed just 45.42 points stronger on Thursday after breaking above 27,000 for the first time since July during the previous session when focus shifted between Apple’s product launch a day earlier and trade relations between China and the US.

Trump’s decision to delay further tariffs on Chinese imports buoyed hopes that trade tensions between the two global superpowers were beginning to thaw ahead of an expected meeting between top trade officials from Beijing and Washington next month.

On a related note, US Treasury Secretary, Steve Mnuchin, and Chinese vice premier, Liu He, both confirmed on Thursday that working-level officials from the two sides were to meet during the following week.

Elsewhere, investors were focussed on news that the European Central Bank had unleashed a barrage of new stimulus measures, as had been widely anticipated, opening the door to further easing if needed in order to bring inflation back to target.

During his post-meeting press conference, ECB chief, Mario Draghi, said the decision was based on the fact that inflation expectations had been falling towards between 0-0.15%, adding that the governing council was in agreement that it was “high time” that fiscal policy took over as the main policy tool.

The interest rate on lenders’ deposits was cut by 10 basis points to -0.50% by the monetary authority, while that on the marginal lending facility was kept at 0.25% and the main refinancing rate at 0.0%.

The Federal Reserve will meet next week, with the Bank of Japan and Bank of England also set to conclude policy meetings on 19 September.

On the data front, US jobless claims fell sharply at the start of September, but likely only due to distortions in the data due to the Labor Day holiday.

According to the Department of Labor, initial jobless claims referencing the week ending on 7 September dropped by 15,000 to reach 204,000, undershooting forecasts by a large margin.

Meanwhile, the cost of living in the US rose more quickly than expected again last month.

According to the Bureau of Labor Statistics, the US consumer price index edged up at a 0.1% month-on-month pace in August with the year-on-year rate of change steady at 1.7%.

A 1.9% drop in energy prices helped to dampen price increases, while food prices were unchanged in comparison to July.

The US federal budget for August will be published at 1900 BST.

In corporate news, Oracle shares slid after chief executive Mark Hurd announced he was taking a leave of absence, while AT&T shares dipped after it warned the low upgrade rates could hurt third-quarter revenues.

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