3 FAANG Stocks in the News Today

AMZN announced a new partnership with MAR

Jun 19, 2018 at 10:00 AM
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Amazon.com, Inc. (NASDAQ:AMZN) said it's teamed up with Marriott International (MAR), and will outfit several of the latter's hotels with Alexa-controlled Echo devices. While Alexa for Hospitality will boost a hotel guest's access to amenities, such as ordering room service or contacting housekeeping, it will also increase exposure to AMZN's Echo.

At last check, though, AMZN stock is down 0.7% to trade at $1,711.80. The shares are still boasting a 46% year-to-date lead, and topped out at a record high of $1,726.74 yesterday. As such, Amazon's 14-day Relative Strength Index (RSI) closed last night at 75 -- well into overbought territory, suggesting a near-term pullback may have been in the cards.

NYT Says Apple iPhones Could Be Exempt from China Tariffs

President Donald Trump told Apple Inc. (NASDAQ:AAPL) CEO Tim Cook that iPhones assembled in China will be exempt from tariffs the administration plans to impose on Chinese goods, according to a report in the New York Times. Nevertheless, AAPL stock is trading 1.5% lower at $185.99, as freshly stoked trade fears rip through Wall Street.

Apple stock has been on quite a run lately, with the shares up around 16% since bouncing from their 50-week moving average in late April. More recently, the shares have pulled back since topping out at an all-time peak of $194.20 on June 7, and are now testing their late-May lows near $186.

Those wanting to roll the dice on AAPL stock's short-term trajectory may want to consider doing so with options. The equity's Schaeffer's Volatility Index (SVI) of 17% ranks in the 14th annual percentile, meaning near-term options are pricing in low volatility expectations at the moment -- a boon to potential premium buyers.

NFLX Price Target Raised at Monness Crespi Hardt

Monness Crespi Hardt raised its price target on Netflix, Inc. (NASDAQ:NFLX) to $460 from $375, a nearly 18% premium to last night's close at $390.40. In reaction, NFLX shares are up 1.3% at $395.65. The streaming name has been a powerhouse on the charts so far in 2018 -- more than doubling in value, and just off a June 15 record high of $398.86 -- yet Citron Research is bracing for a quick retreat for the FAANG stock.

Overall, though, sentiment toward Netflix stock is mostly bullish. While roughly 62% of covering analysts maintain a "buy" or better rating, a low 4.6% of the equity's float is sold short. It wouldn't even take three days for shorts to cover their bearish bets, at NFLX's average daily pace of trading.

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