MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF TSLA, GOOGL, AAPL
Good Morning Today is Monday, January 7
- S&P 500 futures are pointing to a lower opening of 2 points as of 7:50 AM
- The US 10-year rate is at 2.64%
- Dollar Index is at 95.94
- WTI Crude Oil is $49.14
- VIX: 22.92
- Critical events for today: Eli Lilly to buy Loxo Oncology for $8 billion, China and US resume trade talks, ISM Services Index estimates of 58.4
Recap of International Trading:
- Hong Kong Hang Seng Index up 0.82%
- Japan up 2.44%
- China Shanghai Comp. up 0.72%
- UK FTSE down 0.48%
- Dax down 0.47%
S&P 500 (SPY)
Stocks are flat on the day but there is plenty of bullish news around today especially out of biotech was the JP Morgan Health Care conference kick’s – off.
Biotech stocks are getting a lift on some positive headlines. The XBI ETF is likely to rise to around $79.
Eli Lilly/ Loxo
Eli Lilly is buying Loxo Oncology for $8 billion or $235 per share. Loxo had been trading at $139.87 on Friday. The shares are trading higher to $221
Pivotal Research upgraded Alphabet to buy from hold and placed a $1240 price target on the stock. A rise above $1,100 would trigger a breakout and a potential move to $1,175
Pivotal also initiated coverage of Amazon with a $1920 price target. For now, resistance remains around $1620.
Pivotal also upgrade Salesforce to buy with a $164 price target. Resistance comes around $149.
Tesla broke ground in China to build its Giga factory and expects to start Model 3 production later this year. The stocks next level of resistance will come around $340.
Apple will now offer iTunes Movies and shows on Samsung tvs. Apple has room to fill the gap at around $157.
Exact Sciences is surging premarket after pre-announcing its fourth quarter guidance, raising revenue guidance to $143 million at the mid-point from $127.4 million. Should the stock increases above $68.25 it has room to go higher to around $70.
Sage Therapeutics (SAGE)
Sage is jumping by 33% today after the company reported positive data on its drug SAGE-217 in female patients with severe postpartum depression. $140 is resistance for the stock.
Micron Upgraded to Outperform from Market Perform at BMO. $34 is the next immediate level of resistance.