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June 7 – Stock Mentions SPY, SWKS, NFLX, BYND, AVGO
Michael Kramer and the clients of Mott Capital own SWKS and NFLX
US Markets
- S&P 500 Futures +3.25 Points
- US 10-Year 2.06%
- Oil $53.15
- VIX 15.59
- Dollar Index 96.66
International Markets
- China Shanghai -1.17%
- Hong Kong HSI +0.26%
- Japan Nikkei +0.53%
- South Korea KOSPI +0.16%
- Germany DAX +0.68%
- UK FTSE +0.82%
JOBS
The May jobs number came in below expectations at 75,000 with the unemployment rate at 3.6%. So obviously a disappointment. I’m not sure one weak month creates a trend, but prior months were revised lower. So clearly, some slowing.
10-year yields are falling to 2.06%, and the dollar index is dropping as well following the news. We will have to see how the day goes because these things often change throughout the day.
China Update
Now there is news that the US is considering giving China more time before instituting new tariffs. Gee, seems pretty well planned. Wait for the jobs number to come out, if strong press on China, if weak ease up? Come on. It wasn’t even 30 minutes.
Any, I can’t keep changing the numbers up top, it is like the 5th time today. So whatever…
S&P 500 (SPY)
S&P 500 futures are pointing to a higher opening again and could finish off what has been a reasonably strong week. For the S&P 500 today, we need to consider that support comes at 2,836 while resistance comes at 2,853.
Skyworks (SWKS)
It is a pretty quiet morning out there. Shares of Skyworks are down slightly today after Argus downgraded it. However, at this point, the stock appears to found a bottom and is more likely to rise now that it is out there regarding the potential impact of Huawei.
Netflix (NFLX)
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I’d don’t know why every time there is talk about anti-trust Netflix is put on the TV screen? All we have heard over the past two years is how the competition is heating up and how Netflix can’t withstand it. Ironic? Seems like it. Anyway, The chances for that lift to $380 are looking better.
Broadcom (AVGO)
Broadcom is breaking out today, rising above resistance at $273. It could be on its way to $290. Here is a free article I wrote yesterday on the topic: Broadcom May Rally Following Its Quarterly Results
Beyond Meat (BYND)
Beyond Meat’s price isn’t the only thing that is rising. The cost to borrow shares is rising too, and that probably means the shorts are piling into the name.
(Trade Alert)
That’s it for today.
Mike
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.