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Chip Stocks Continue To Sink, Tesla Registers 5,000 Model 3’s
Michael Kramer and the Clients of Mott Capital own shares of VZ, TSLA, NFLX, and GOOGL
The S&P 500 managed to finish the day flat, and for the most part, this 2,670 level on the S&P 500 continues to hold.
The semi companies continue to struggle, with the SOXX down by over 1.3 percent, but some stocks were down by far more. The chart on the Soxx ETF surely doesn’t look great, and the big test for the ETF comes around $167.
The relative strength index is still trending lower, and unless Intel, Qualcomm, and Texas Instruments can say something more positive, it might hard to turn the direction of this group.
Verizon reports results tomorrow, and what will be the most thing that comes from the report? Well, any commentary the companies give around the upgrade cycle of smartphones will be interesting. Remember it was Verizon that told us last quarter, that they saw an elongation of the upgrade cycle. That will give us a good sense of where we stand with the chip stocks until we find out details on next iPhone launch from Apple.
Tesla registered over 5,100 new VIN with NHTSA, which is the highest total I can remember. This comes after the company shut production for a week. Again, we will need to see what that number the next time they register VIN’s, and just how much time has passed. That could help us get a handle on the weekly production rate.
Did Netflix the gap today? Maybe, it sure was impressive where the stock stopped falling and where it stabilized.
IBM shares have struggled since its quarterly results, for apparent reason, but the stock is pretty close to having an even bigger fallout.
Finally, Alphabet reported strong results beating on both the top and bottom line. But for now, investors are not happy enough to send shares higher in the after-hours. The stock is mostly flat at that moment. I haven’t had the chance to dig through the numbers yet, but when I do will be sure to share any feedback, if I should anything worth noting.
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Tags: #stockmarket #tesla #chips #stocks #model3 #netflix #verizon #ibm