The Stock Market Will Try to Rise on July 24 Despite Tech Headwinds
The stock market is pointing to a lower opening on July 24 as the DOJ launches a probe into big tech companies.

The Stock Market Will Try to Rise on July 24 Despite Tech Headwinds

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July 24 – Stock mentions: SPY, AMZN, V, NFLX, INTC, T

Michael Kramer and the clients of Mott Capital own V and NFLX

  • S&P 500 Futures -9 points
  • US 10-year 2.05%
  • VIX 12.92
  • Dollar Index 97.60
  • Oil $56.82

International Markets

  • Shanghai +0.8%
  • HSI +0.2%
  • KOSPI -0.91%
  • Nikkei +0.41%
  • DAX +0.37%
  • FTSE -0.77

S&P 500 (SPY)

The S&P 500 futures are giving back some of the gains from yesterday. But the good news is the index is holding the break out at the downtrend. So as long as that continues to hold, the break out remains intact.

SPX futures

Technology stocks are likely to be weighed down today after the DOJ opened a probe into companies such as Amazon, Alphabet, Facebook, and Apple. I’m not sure how Apple fits into this. The others do appear more apparent.

Amazon (AMZN)

Amazon’s chart is beginning to look more like a descending triangle. The support level comes at $1965. A break below that price sends AMZN lower towards $1903.

Amazon, amzn

AT&T (T)

AT&T reported what appears to be some pretty bad trends in the media business. There “premium TV” video connections, aka DirecTV, lost a stunning 778,000 subscribers in the quarter. While the over-the-top AKA DirecTV Now lost 168,000. WOW.  Meanwhile, HBO’s revenue climbed this quarter, whether it lasts or not is the question, as I’m sure some if will work its way out with the completion of the Game of Thrones. But overall, Warner Media fell revenue to $8.35 billion from $8.379 billion last quarter and is down from $9.2 billion since the fourth quarter.

For now, the stock is holding the uptrend. We’ll see if that last all day.

AT&T, T

Visa (V)

Visa reported another solid quarter and got a bunch of price target increases. It is a business that ideally situated at this point, and likely doesn’t change any time in soon. The stock has been consolidating around $182, and a break out sends the stock up to $190.

Visa, v

Netflix (NFLX)

Netflix launched a mobile subscription service in India. It is likely a good move. The stock has been falling every day since results. The long-term uptrend comes into play $300.

netflix, nflx

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Intel (INTC)

Texas Instrument is rising to a new all-time high today following better quarterly results. It could be a positive read-through to Intel. I noted yesterday Intel could be on its way to $57. Intel’s Outlook May Help Boost Shares

intel, intc, amazon, amzn, stock

Have a great day.

-Mike

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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.