Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Oct 15, 2021 at 4:34 PM
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Published on Oct 15, 2021 at 2:35 PM
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Solar Stock Faces Off With Key Trendline

by Schaeffer's Digital Content Team
 
Published on Oct 15, 2021 at 2:03 PM
Updated on Oct 15, 2021 at 2:20 PM
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Stocks continued to behave in volatile fashion throughout the second week of October, keeping with fall seasonality trends. The Dow fell 250 points on Monday, despite adding nearly as many points at session highs, while surging oil prices stoked inflation fears. The blue-chip benchmark went on to register another triple-digit loss on Tuesday, after news that the International Monetary Fund (IMF) slashed its global growth forecast. A sharp drop in job openings for August, in addition to supply chain issues, led the Dow, the S&P 500, and the Nasdaq to log their third consecutive day in the red.

The S&P 500 and tech-heavy Nasdaq snapped their losing streaks on Wednesday, as investors digested news that the Federal Reserve could begin gradually tapering its monthly asset-purchase program as soon as mid-November. Meanwhile, a higher-than-expected jump in the consumer price index (CPI) still weighed on sentiment.

Stocks charged higher Thursday, however. The Dow scored its best single-session gain since July 20, while the S&P 500 and Nasdaq logged their best wins since March 5 and May 20, respectively. This surge came on the heels of well-received earnings reports from major bank names, as well as the lowest weekly jobless claims reading since the pandemic began. At last check, the three major benchmarks were pacing for weekly wins, thanks to another round of upbeat earnings results, encouraging retail sales data, and Bitcoin's (BTC) surge.

Blue-Chip Stocks Gear up for Earnings

A handful of blue-chip stocks were gearing up for earnings this week. Goldman Sachs (GS) was among them. The finance giant lowered its 2022 forecast for the U.S. economy to an expansion of 4%, down from 4.4%, before stepping into the confessional earlier today.  Another financial concern in the spotlight was JPMorgan Chase (JPM), which slipped despite posting blowout quarterly earnings.

Meanwhile, Walgreens Boots Alliance (WBA) prepared for its Thursday earnings report by announcing two major leadership appointments. Johnson & Johnson (JNJ) is looking ahead to next week's quarterly results, as a key decision regarding its Covid-19 vaccine booster shots hung in the balance. Outside of this slew of earnings reports, Caterpillar (CAT) popped after drawing some bullish analyst attention.

Household Names Making Headlines

There was no shortage of household names in the limelight. Starbucks (SBUX) kicked off the week with an upgrade, after one analyst turned bullish on the coffee chain's U.S. momentum. E-commerce giant Amazon.com (AMZN), on the other hand, pulled back to a historically bullish trendline that could push the equity higher. Speaking of pullbacks, NIKE (NKE) attracted fresh analyst coverage on its attractive entry point, as well as a "powerful brand legacy."

Elsewhere, Qualcomm (QCOM) bounced off annual lows after announcing a new $10 billion stock repurchase program. Bank of America (BAC) was also higher, following a third-quarter earnings and revenue beat. Finally, Netfix (NFLX) cooled down from a record high ahead of its quarterly earnings report, which is due out before the open on Tuesday, Oct.19. 

Earnings Season Kicks Into High Gear Next Week

The third-quarter earnings season will really heat up next week, with financial results from the likes of American Airlines (AAL), American Express (AXP), Fifth Third (FITB), IBM (IBM), Procter & Gamble (PG), Tesla (TSLA), and United Airlines (UAL), to name a few. Traders will also be eyeing industrial production data, building permits, and housing starts. Initial and continuing jobless claims are expected too, in addition to existing home sales data, and the Markit manufacturing purchasing managers' index (PMI). You can get ahead of next week's events by diving into why now is the time to hedge long positions, while also exploring which type of stocks yield better returns.
Published on Oct 15, 2021 at 11:55 AM
Updated on Oct 15, 2021 at 12:02 PM
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Published on Oct 15, 2021 at 10:30 AM
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Published on Oct 15, 2021 at 10:29 AM
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So far, 58,000 calls and 13,000 puts have crossed the tape, or three times the intraday average. The October 28 call is the most popular, followed by 29 call in the same series, with new positions being opened at both. This mean traders expect even more upside for the security by the time these contracts expire at the end of the session.
Published on Oct 15, 2021 at 10:25 AM
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The shares of Moderna Inc (NASDAQ:MRNA) are up 1.7% at $337.19 this morning, adding to yesterday's 3.2% pop. On Thursday, a U.S. Food and Drug Administration (FDA) panel recommended approval of the company's Covid-19 vaccine booster dose for those over 65 or at high risk. Additionally, Piper Sandler upgraded MRNA to "overweight" from "neutral," noting that the stock currently sports an attractive entry point. 

MRNA looks ready to string on its fifth-daily win, marking its longest win streak since early September. However, the 80-day moving average, which the stock gapped below in early October, still looms as potential resistance. The $300 level stepped in as a floor for this sharp pullback, though, and MRNA sports an impressive 223.5% lead for the year. 

The brokerage bunch has remained cautious on Moderna stock. Coming into today, only four of the 14 covering the stock consider it a "strong buy," compared to eight "hold" ratings, and two "sell" or worse ratings. The 12-month consensus price target of $340.17, meanwhile, is just a slim 1.2% premium to current levels. 

This bearishness is reflected in MRNA's options pits, where the stock sports a 10-day put/call volume ratio that stands in the 97th percentile of its annual range at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). In other words, puts are being picked up at a much quicker-than-usual clip. 

Speculating on MRNA's next move with options might be a prudent play, too, especially considering the equity's Schaeffer's Volatility Index (SVI) of 60% stands higher than only 9% of readings from the past 12 months. This means options traders have been pricing in relatively low volatility expectations for Moderna stock at the moment. Adding to this, MRNA's Schaffer's Volatility Scorecard (SVS) ranks at 98 out of a possible 100, implying that the equity tends to exceed said volatility expectations. 

Published on Oct 15, 2021 at 9:32 AM
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The shares of Barrick Gold Corp (NYSE:GOLD) are down 2.5% to trade at $19.11 this morning, as buillion prices drop on a rebound in U.S. bond yields, despite a cooling U.S. dollar. The miner also received a price-target cut from Bernstein earlier to $26.50 from $27.50. 

The brokerage bunch is mostly optimistic towards Barrick Gold stock. Of the the nine analysts in question, six call the equity a "buy" or better, while the remaining three say "hold." Additionally, the 12-month consensus target price of $28.05 is a massive 43.3% premium to last night's close, indicating the security could be overdue for more price-target cuts and/or downgrades.

The equity has had a rough year thus far, trending lower on the charts, despite a rally to the $25 level in mid-May. More recently, the security seems to have bounced off a floor at the $17.70 area, though recent pressure at the 80-day moving average is keeping a lid on these gains. Year-over-year, GOLD has shed roughly 30%.

For those wanting to speculate on Barrick Gold stock's next move, options may be the way to go. The equity's Schaeffer's Volatility Index (SVI) of 31% sits higher than just 5% of readings from the past year, suggesting options players are pricing in low volatility expectations right now.

 

 

Published on Oct 15, 2021 at 9:17 AM
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Published on Oct 15, 2021 at 8:00 AM
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Dump These 2 Tech Stocks Now

by Schaeffer's Digital Content Team
 
Published on Oct 15, 2021 at 7:18 AM
Updated on Oct 15, 2021 at 7:18 AM
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Today's Stock Market News & Events: 10/15/2021

by Schaeffer's Digital Content Team

Today will feature retail sales, core retail sales, the import price index, the Empire State manufacturing index, the consumer sentiment index, and business inventories. 

The following corporate earnings announcements are expected today, October 15:

Badger Meter Inc. (NYSE:BMI -- $102.89) manufactures and markets flow measurement, quality, control, and communication solutions in the United States, Asia, Canada, Europe, Mexico, the Middle East, and internationally. Badger Meter will report its Q3 earnings of 2021 before the bell today.

The Charles Schwab Corp. (NYSE:SCHW -- $78.11) provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. Charles Schwab will report its Q3 earnings of 2021 before the bell today.

The Goldman Sachs Group Inc. (NYSE:GS -- $391.20) provides range of financial services for corporations, financial institutions, governments, and individuals worldwide. Goldman Sachs will report its Q3 earnings of 2021 before the bell today.

J.B. Hunt Transport Services Inc. (NASDAQ:JBHT -- $175.24) provides surface transportation and delivery services in North America. J.B. Hunt will report its Q3 earnings of 2021 before the bell today.

The PNC Financial Services Group Inc. (NYSE:PNC -- $202.50) provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. PNC will report its Q3 earnings of 2021 before the bell today.

Prologis Inc. (NYSE:PLD -- $135.75) is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. Prologis will report its Q3 earnings of 2021 before the bell today.

Sensient Technologies Corp. (NYSE:SXT -- $91.79) develops, manufactures, and markets colors, flavors, and other specialty ingredients in North America, Europe, the Asia Pacific, and internationally. Sensient will report its Q3 earnings of 2021 before the bell today.

Truist Financial Corp. (NYSE:TFC -- $60.64) provides banking and trust services in the Southeastern and Mid-Atlantic United States. Truist will report its Q3 earnings of 2021 before the bell today.

Looking ahead to next week, third-quarter earnings season really kicks off. Investors will be eyeing plenty of economic data in mid October, as fall seasonality continues. With earnings season in full swing, some of the notable names on tap next week will be American Airlines (AAL), American Express (AXP), Fifth Third (FITB), IBM (IBM), Johnson & Johnson (JNJ), Netflix (NFLX), Procter & Gamble (PG), Tesla (TSLA),  United Airlines (UAL), and Verizon (VZ). 

All economic dates listed here are tentative and subject to change.

Published on Oct 14, 2021 at 4:26 PM
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Trader: Sell These 8 Stocks in 2021

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