This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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For the Week of July 29 – Stock mentions AAPL, AMD, QCOM, SHOP, SQ
Michael Kramer and the clients of Mott Capital own AAPL, MSFT
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Between earnings and economic data, it will be a busy week for investors. So far earnings this season have been coming in better than expected. According to the latest data from S&P Dow Jones, 43% of S&P 500 companies have reported results. Of those, 76.5% have topped estimates, with 15.2% missing estimates and 8.3% meeting estimates. That is better than last quarters results and is running ahead of the historical averages.
(Data from S&P Dow Jones)
Earnings Drift Lower
Despite the better than expected results, S&P 500 earnings estimates for 2019 continue to drift lower, now standing $162.65 per share, down from $163.13 last week.
(Data from S&P Dow Jones)
For The Week of July 29
It makes the earnings for the week of July 29 pretty important, and we need to continue to see companies deliver strong earnings results. I think for the most part we should expect that trend to continue.
Apple is the most crucial company this week and is scheduled to report results on Tuesday afternoon. AAPL has been rising in a channel the past few weeks. Now it is consolidating nicely around technical resistance at $209.50. I think AAPL has the potential to break out and rise towards $217.50.
AMD will report results on Tuesday afternoon, and AMD has been consolidating nicely around resistance at $34.50 for the last two weeks. The chart is a nice ascending triangle, and it appears that AMD is getting ready to lift higher towards $36.20.
Qualcomm is also due to report results this week. It would appear that a flag or pennant pattern has formed on the chart, and I think that means QCOM rises to around $82.
Shopify reports on Thursday morning, and it appears that SHOP has a nice ascending triangle that has formed. I think that means SHOP could rise to around $390.
Finally Square will report on Thursday afternoon. There is a nice ascending triangle forming here too, and I think that pushes the SQ towards $92.
Have an awesome Saturday!
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