Aurora Cannabis Inc. (ACB): Brace For Post-Earnings Impacts

57 days have passed by since the last earnings report for Aurora Cannabis Inc. (NYSE:ACB) and the new quarterly results look set to arrive in 76 days.

57 days have passed by since the last earnings report for Aurora Cannabis Inc. (NYSE:ACB) and the new quarterly results look set to arrive in 76 days. The shares of ACB at the moment are trading at a volume of 7.65 million, which compares with its normal daily standard volume of 13535627 shares. This has led to the shares of the company declining by -1.34%, currently exchanging hands at $7.34 a share. ACB stock has been up by $5.18 (-41.4%) ever since it reached its 52-week high of $12.52 back in October 16, 2018. It has progressed below its 50-day moving average of $7.75 and is down -6.26% over the past week. The stock has retreated 0% 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 ACB share price due for a breakout?

Analyzing The Earnings History Of Aurora Cannabis Inc. (NYSE:ACB)

In the past few years, the ACB stock has been known to miss the Wall Street’s earnings projection. The company missed 8% of the time, according to the data pulled on their earnings, was able to meet predictions on 0 occasions and topped expectations 0 times. Looking at the past trend, the price of Aurora Cannabis Inc. shares had sank following the release of their earnings in 3 of the last 6 quarters.

Looking back, here is how Aurora Cannabis Inc. (ACB) 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 Aurora Cannabis Inc. recorded 4.49%, 0% and -4.53%, respectively, on the first day of past earnings releases. After a week of earnings reports, the changes were 5.86%, -3.35% and -12.21%. Their post-earnings price movements have resulted in an average decrease of -0.01% and an average decrease of -3.23% in Aurora Cannabis Inc. on next day and 7th day, sequentially. ACB’s one month stock performance led to its shares declining by -3.93% with a return of 7.6% witnessed over the last 52 weeks.

The higher number of analysts at Reuters has assigned a buy or better ratings (9) on the Aurora Cannabis Inc. stock, while 3 of them have a rating of a Hold with the 11-year target price suggested by the analysts standing at $0. This price target implies potential upside of -100 percent over the next 12 months based on the current share price.

Aurora Cannabis Inc. (ACB) Post Earnings Announcement Drift (PEAD)

Back on May 14, 2019, Aurora Cannabis Inc. (NYSE:ACB) released its Q3 results. After the earnings were reported, the price of ACB stock kicked off the session at $8.1 and remained in a range of $8.16 to $8.49 on the first day. The shares were priced at $8.38 at the close with a total volume of shares being 19182698.

On February 11, 2019, the Q2 earnings report was disclosed. The stock price range of ACB was between $6.78 and $7.47 on the first-day post announcement, after opening the day at $6.66. The session came to close at $7.17 and there was a total volume of 38643392 shares.

November 12, 2018 was the day when its Q1 results were unveiled. The very next day, ACB stock opened at $6.62 while staying in a range of $7.49 to $7.69. At the end, it moved to $6.96 a total volume of shares been 24962392.

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Crawford Investment Counsel Lifted Chevron New (CVX) Holding by $916473 as Valuation Rose …

Pioneer Trust Bank N A bought 4,135 shares as the company’s stock … it with 35,700 shares, and cut its stake in Duke Energy Corp New (NYSE:DUK).

Chevron Corporation (NYSE:CVX) Logo

Pioneer Trust Bank N A increased its stake in Becton Dickinson & Co Com (BDX) by 43.74% based on its latest 2019Q1 regulatory filing with the SEC. Pioneer Trust Bank N A bought 4,135 shares as the company’s stock declined 8.01% while stock markets rallied. The institutional investor held 13,588 shares of the health care company at the end of 2019Q1, valued at $3.39M, up from 9,453 at the end of the previous reported quarter. Pioneer Trust Bank N A who had been investing in Becton Dickinson & Co Com for a number of months, seems to be bullish on the $68.57 billion market cap company. The stock decreased 0.41% or $1.04 during the last trading session, reaching $254.2. About 449,910 shares traded. Becton, Dickinson and Company (NYSE:BDX) has declined 0.78% since July 7, 2018 and is downtrending. It has underperformed by 5.21% the S&P500.

Crawford Investment Counsel Inc increased its stake in Chevron Corp New (CVX) by 1.23% based on its latest 2019Q1 regulatory filing with the SEC. Crawford Investment Counsel Inc bought 7,451 shares as the company’s stock rose 2.15% with the market. The institutional investor held 614,803 shares of the integrated oil company at the end of 2019Q1, valued at $75.73M, up from 607,352 at the end of the previous reported quarter. Crawford Investment Counsel Inc who had been investing in Chevron Corp New for a number of months, seems to be bullish on the $235.33 billion market cap company. The stock increased 0.15% or $0.19 during the last trading session, reaching $123.54. About 3.27M shares traded. Chevron Corporation (NYSE:CVX) has declined 6.33% since July 7, 2018 and is downtrending. It has underperformed by 10.76% the S&P500. Some Historical CVX News: 27/04/2018 – Chevron 1Q Downstream Earnings $728M; 06/03/2018 – CHEVRON SEES LNG MARKET OVERSUPPLY IN MID-TERM; 07/03/2018 – Cal EMA Spills: SPILL Report – Chevron – 03/07/2018 05:49 PM; 30/03/2018 – Cal EMA Spills: SPILL Report – Chevron – 03/30/2018 04:52 PM; 27/04/2018 – Chevron 1Q EPS $1.90; 13/03/2018 – Cal EMA Spills: SPILL Report – Chevron – 03/13/2018 05:38 PM; 07/03/2018 – Chevron Would Have Significant Permian Investments With $30 Oil; 07/05/2018 – KAZAKHSTAN’S KARACHAGANAK OILFIELD PLANS 25-DAY MAINTENANCE IN SEPT-OCT 18 -ENERGY MINISTRY; 12/04/2018 – Ernie Scheyder: Exclusive: Chevron, Exxon seek ‘small refinery’ waivers from U.S. biofuels law; 06/03/2018 – Chevron Says Dividend Growth Is Its Top Priority — Barron’s Blog

Investors sentiment increased to 1.13 in Q1 2019. Its up 0.22, from 0.91 in 2018Q4. It improved, as 44 investors sold BDX shares while 354 reduced holdings. 101 funds opened positions while 349 raised stakes. 227.64 million shares or 0.62% more from 226.22 million shares in 2018Q4 were reported. Credit Suisse Ag invested 0.11% of its portfolio in Becton, Dickinson and Company (NYSE:BDX). Mufg Americas has invested 0.1% in Becton, Dickinson and Company (NYSE:BDX). Stifel Fin reported 722,812 shares. Cannell Peter B & holds 0.08% or 8,175 shares. First Manhattan holds 0.04% or 26,278 shares. The California-based Hahn Capital Lc has invested 0% in Becton, Dickinson and Company (NYSE:BDX). Plante Moran Financial Advsr Llc stated it has 72 shares or 0.01% of all its holdings. Ubs Oconnor Limited Liability Company reported 0% stake. Jane Street Ltd Llc has 0.01% invested in Becton, Dickinson and Company (NYSE:BDX). Pathstone Family Office Ltd Liability accumulated 0.51% or 16,141 shares. King Luther Cap holds 0.3% or 159,166 shares in its portfolio. Richard Bernstein Advsr Ltd Limited Liability Company holds 0.27% or 32,830 shares. D L Carlson Gp reported 20,930 shares. Signaturefd Lc holds 1,701 shares. Gabelli Funds Ltd reported 0.15% stake.

More notable recent Becton, Dickinson and Company (NYSE:BDX) news were published by: Seekingalpha.com which released: “Consider Becton, Dickinson As Bard Deal Drives Value – Seeking Alpha” on January 14, 2019, also Finance.Yahoo.com with their article: “Would Becton, Dickinson and Company (NYSE:BDX) Be Valuable To Income Investors? – Yahoo Finance” published on May 22, 2019, Finance.Yahoo.com published: “Is There Now An Opportunity In Becton, Dickinson and Company (NYSE:BDX)? – Yahoo Finance” on June 12, 2019. More interesting news about Becton, Dickinson and Company (NYSE:BDX) were released by: Finance.Yahoo.com and their article: “Hedge Funds Have Never Been This Bullish On BlackRock, Inc. (BLK) – Yahoo Finance” published on June 10, 2019 as well as Benzinga.com‘s news article titled: “Barclays Upgrades Becton Dickinson, Says Market Overreacted To FDA’s Drug-Coated Balloon Update – Benzinga” with publication date: May 13, 2019.

Crawford Investment Counsel Inc, which manages about $4.53B and $3.36 billion US Long portfolio, decreased its stake in Pfizer Inc (NYSE:PFE) by 52,610 shares to 134,502 shares, valued at $5.71M in 2019Q1, according to the filing. It also reduced its holding in Fidelity Natl Information Sv (NYSE:FIS) by 100,510 shares in the quarter, leaving it with 35,700 shares, and cut its stake in Duke Energy Corp New (NYSE:DUK).

Since January 15, 2019, it had 0 insider purchases, and 2 sales for $1.37 million activity. Shares for $532,950 were sold by JOHNSON JAMES WILLIAM.

More notable recent Chevron Corporation (NYSE:CVX) news were published by: Nasdaq.com which released: “These 2 Energy Giants Are Teaming Up to Make a $15 Billion Bet on Plastics – Nasdaq” on June 22, 2019, also Etftrends.com with their article: “Big Blue Could Join NOBL Dividend ETF Next Year – ETF Trends” published on July 05, 2019, Seekingalpha.com published: “Chevron Corporation: A Moderate Buy – Chevron Corporation (NYSE:CVX) – Seeking Alpha” on June 14, 2019. More interesting news about Chevron Corporation (NYSE:CVX) were released by: 247Wallst.com and their article: “7 Stocks Not Enjoying the Bull Market and Holding Down the Dow in 2019 – 24/7 Wall St.” published on June 14, 2019 as well as Nasdaq.com‘s news article titled: “Why Phillips 66’s Stock Popped 15% in June – Nasdaq” with publication date: July 02, 2019.

Becton, Dickinson and Company (NYSE:BDX) Institutional Positions Chart

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The Dow Falls 44 Points Because Jobs Weren’t Bad Enough to Be Good News

… at 100%, but the chance for a 50 basis-point rate cut dropped from nearly 29.2% on Wednesday to 5.4% on Friday, according to the CME Group.

Good Is the New Bad?

All three major U.S. stock indexes closed in the red on Friday. The Dow Jones Industrial Average has declined 43.88 points, or 0.16%, to close at 26,922.12. The S&P 500 slipped 5.41 points, or 0.18%, to end at 2990.41, and the Nasdaq Composite fell 8.44 points, or 0.10%, to close at 8161.79.

The U.S. economy added 224,000 jobs in June, topping expectations for 164,000, while the unemployment rate ticked up to 3.7%, higher than expectations for 3.6%. Wages grew by 3.1 year-over-year, below forecasts for 3.2%, as labor-force participation increased.

Despite being generally positive, the jobs report sent stocks lower as the good numbers make it less likely that the Federal Reserve will cut target interest rates by much at the July Federal Open Market Committee meeting. On the fed-fund-futures market, the probability of a 25 basis-point rate cut remains at 100%, but the chance for a 50 basis-point rate cut dropped from nearly 29.2% on Wednesday to 5.4% on Friday, according to the CME Group.

“Employment growth remains a bright spot amid a fairly mixed bag of U.S. data and yet markets have come to expect a cut now so will fall out of bed if they don’t get one,” wrote Aberdeen Standard Investments strategist Luke Bartholomew on Friday, “It does give the Fed some breathing space in the sense that there’s no immediate need now to signal a significant cutting cycle.”

While stocks fall, the higher interest-rate expectations are driving up the Treasury yields. The benchmark two-year yield jumped 10.5 basis points to 1.870% on Friday, while the 10-year yield rose 9.3 basis points to 2.044%.

The jobs report is also pushing commodity futures prices lower, as the market was more focused on what it means for the Federal Reserve’s next move, rather than an expanding economy that’s typically considered supportive of demand-sensitive resources such as industrial metal and oil. Silver futures for July delivery fell 2.2% on Friday, and copper futures slipped 0.8%, while August iron-ore futures and October platinum futures plunged 6% and 3.5%, respectively.

Gold futures for July delivery also fell 1.5% to $1396.70, as a better-than-expected economy softened investors’ demand for the safe-haven asset, which climbed over 6% in June as U.S.-China trade tensions escalated.

Editor’s Choice

Despite the market’s one-day drop, continued strong jobs data make a recession seems far away. Combined with the Fed easing and truce in the trade war, the debt and equity markets should see some rally into the summer, according to Bartholomew.

One thing to be mindful of, though, is that there has been a disconnect between the corporate performance and market returns in 2019. The major U.S. equity benchmarks are hitting or nearing all-time highs, even though corporate profits economywide has been falling for nearly a year, noted Ned Davis of Ned Davis Research. The reason? Corporate buybacks have been the top driver of stock market rally in the first half of the year, according to Bank of America Merrill Lynch.

The Hot Stock

Jefferies Financial Group stock (JEF) rose 3.4% to end at $21.42, rallying for a second session after reporting upbeat fiscal-second-quarter earnings Wednesday morning.

The Biggest Loser

Electronic Arts stock (EA) fell 4.6% to $93.60, for a two-day drop on fears that its Apex Legends could underperform.

—Sophia Cai

Write to Evie Liu at evie.liu@barrons.com

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Distress in junk bond prices hit 6-month high in June: JP Morgan

… rate cut by the Fed later this month, the odds of at least a 25 basis point cut were still at 100%, according to the CME Group’s FedWatch tool.

The U.S. junk-bond market may be flashing a new warning that the credit cycle is nearing its end.

About $52.5 billion of corporate bonds issued by U.S. companies with “junk” credit ratings were trading in June at prices below 70 cents on the dollar, the highest amount in six months, according to a J.P. Morgan note earlier this week.

Bonds that trade below par, or face value, can signal concerns about the ability of a borrower, or area of industry, to service its debts. Riskier companies that don’t qualify for top investment-grade ratings are already categorized as high-yield, or junk credits.

J.P. Morgan analysts put together a chart to show the universe of high-yield corporate bonds trading below 70 cents, or at distressed prices, over roughly the past decade.

While distressed bonds in June were just 4.3% of the over $1.2 trillion U.S. junk-bond market, the last time the volume was higher was December.

Back then, U.S. debt and equity markets were reeling from a sharp selloff, which was sparked by fears that the Federal Reserve would keep raising rates, even through the U.S. economy was showing signs of slowing.

While U.S. stocks fell on Friday after a strong job’s report put some doubt into the potential for a half-point rate cut by the Fed later this month, the odds of at least a 25 basis point cut were still at 100%, according to the CME Group’s FedWatch tool. The S&P 500 SPX, -0.18% was on track to end the week with a 1.6% gain, while the Dow Jones Industrial Average DJIA, -0.16% as on track for a 1.2% weekly rise.

The main U.S. stock indexes each set fresh all-time highs on Wednesday ahead of the Fourth of July holiday. The new records followed optimism over a recent U.S. and China cease-fire on additional tariffs to restart trade talks.

But parts of the high-yield market, often considered a canary in the coal mine, might be telegraphing something less optimistic on trade and the U.S. economy than stocks.

Almost half of the sub-$70 high-yield bonds in June were from the energy sector, while telecommunications added another 21% and health care contributed about 12%, according to J.P. Morgan data.

There have been growing concerns about slowing manufacturing in the U.S. and around the potential for sweeping health care reforms if a Democratic candidate ends up seizing the White House from Donald Trump.

Oil prices also have been experiencing hefty declines, and some see the world’s major oil producers poised to draw a line in the sand at $50 per barrel to staunch a drift lower.

Check out: OPEC, allies waging a battle to keep oil prices supported amid trade tensions

“Amid this backdrop, and the degree of uncertainty surrounding the trade war, the markets are reflecting increasing concerns about the cycle,” Mike Terwilliger, a portfolio manager at Resource Alts, told MarketWatch.

But he also sees potential opportunity in the sector, particularly if the cycle is turning and investors reach for U.S. credit assets as a haven.

“Are people going to seek safety in negative-yielding German bunds? No, they are going to flow into U.S. credit markets, which will, in my view, make the next downturn in U.S. credit both shallow and brief,” Terwilliger said.

Bitcoin (BTC) Price Correction Presents Another Buying Opportunity

Bitcoin price started a fresh decline below the $11,800 support against the US Dollar. BTC is currently holding a few key supports and it could rise …

  • After a strong rejection near $12,000, bitcoin price started a fresh decline against the US Dollar.
  • A swing high was formed near $12,053 and recently declined below $11,800 and $11,400.
  • There was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair tested the $10,800 support level and it remains well supported for more gains.

Bitcoin price started a fresh decline below the $11,800 support against the US Dollar. BTC is currently holding a few key supports and it could rise again above $11,800.

Bitcoin Price Analysis

Recently, there was a decent upward move in bitcoin price above $11,200 and $11,800 against the US Dollar. The BTC/USD pair even climbed above the $12,000 resistance and the 100 hourly simple moving average. However, the price struggled to remain above the $12,000 level and formed a swing high at $12,053. As a result, there was a downside correction below the $11,800 and $11,600 support levels.

There was a break below the 23.6% Fib retracement level of the last upward move from the $9,677 low to $12,053 high. Additionally, there was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC/USD pair. Moreover, the pair spiked below the $11,000 support and the 100 hourly simple moving average. However, the $10,800 level acted as a strong support base.

Besides, the 50% Fib retracement level of the last upward move from the $9,677 low to $12,053 high prevented more losses. The price is currently trading above the $11,000 level and the 100 hourly simple moving average. It seems like the current price action, there are chances of a fresh increase above the $11,400 and $11,500 resistance levels.

On the upside, the main resistances are near the $11,800 and $12,000 levels. A break above the $12,053 swing high, the price could continue to rise towards the $12,250 and $12,400 levels. On the downside, a close below the $10,800 support level might negate the current bullish view. The next main support is near $10,580 level or the 61.8% Fib retracement level of the last upward move from the $9,677 low to $12,053 high.

Bitcoin Price Analysis BTC ChartBitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is holding a few important supports near the $10,800 and $11,000 levels. In the short term, there could be a few range moves before the price either climbs above $11,500 or revisits $10,800 and $10,580.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its recent bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 40 level, with a few positive signs.

Major Support Levels – $11,000 followed by $10,800.

Major Resistance Levels – $11,500, $11,800 and $12,000.

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