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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OCTOBER 15 – STOCK MENTIONS: NFLX, ROKU, SQ, JPM, JNJ
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN NETFLIX
- S&P 500 Futures +9.5
- US 10-Year 1.68%
- Dollar Index 98.48
- VIX 14.25
- Oil $52.61
- Shanghai -0.56%
- Hong Kong -0.07%
- Japan +1.87%
- South Korea +0.04%
- Germany +0.60%
- UK -0.19%
S&P 500 (SPY)
S&P 500 futures are pointing to a higher opening today with the futures pushing up against resistance at 2980. It would seem for now the market is choosing to forgo the gap at 2940 we have been watching in the cash market. If we can continue to hold or get above 2980 on the futures, then perhaps we can make that push higher towards the all-time once again.
Netflix will report results tomorrow after the close. NFLX is sitting below a downtrend, which is acting as resistance. Should the stock rise above that price, the stock would have room to rise to $300. A push back to $300 ahead of results would be an incredible feat for the stock ahead of results, given where shares were in late September.
Roku fell yesterday, filling a small gap, and it should be interesting to see if this stock can get above $122. If it can rise above that level it may push towards $135 seems possible.
Square is rising today after UBS initiated the stock with a Buy and $81 price target. The stock has been able to break out of a downtrend, and right now is hovering around resistance at $62. It could be a making a push towards $65.
JPMorgan should have a solid day after reporting stunning results. Earnings came in at $2.68 per share versus expectations of $2.46. Meanwhile, revenue beat too, at $30.1 billion versus estimates of $28.36. Huge beat on the top and the bottom. Resistance for the stock comes around $119.70.
Johnson and Johnson (JNJ)
Johnson and Johnson also reported better than expected results and upped its full-year guidance to $8.62 to $8.67, which is up from $8.53 to $8.63. The stock’s next level of resistance will come at $136.73.
Have a great day!
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.