What's up dingleberry danglers! It's ya boy, Agent00Funk, here to welcome you back to another edition of the TendieDome! That's right, its time for another wall of text for your literary entertainment, definitely not for your financial advice. By popular request, I even figured out how to add pictures. Keanu help us. submitted by Agent00funk to wallstreetbetsOGs [link] [comments] If you're as illiterate as a Mississippi high school drop-out, go ahead and skip to the bottom for the TL;DR and my positions. I don't wanna hear no bitching about your lack of attention span, alright, because I will call you a slack-jawed cousin-fucker. Bet. So staple your eye shades open, Clockwork Orange style, and get ready to be blown away by how one of America's worst companies is gonna make you tendies. Those of you that have been following my DDs know that I'm not about rocket ships, I'm not gonna send you to the moon or Mars (but Uranus is in the cards). No, no, no, my sweet little summer autists, my plays are are all about steady accumulation of tendies. The goal? Acquire enough tendies so you can buy a first class ticket on whatever rocket a superior autist says is launching. Most of my plays are LONG term HOLDs, today's is a slight exception as we're looking for a Q3 or Q4 pay out. Maybe one day I'll grace you with my casino plays, but before I do that, we gotta make sure you're bringing enough dough to the paste-eating competition. And I sure as shit don't want y'all dick whistlers to blame me when the casino play doesn't pan out, so we're sticking with safe territory for now. Alright, now that I've masturbated enough and have that post-nut clarity to tell you why you should be putting money in CMCSA. That's right you little chode yodlers, muthafucking Comcast. Lots of you are probably already their customer, and have evolved to instantly wanna shit on Comcast. I don't blame you, they seriously suck, bunch of fucking assholes. But you know what sucky fucky assholes do? Make stacks on stacks on stacks. They're fucking you, AND taking your money. These guys have prostitution really figured out....you don't even know that you their ho. So, let's channel our inner Charlie, and do some Pepe Silivia deep dive due diligence. That's right, it's not just a DD like your wife's bra, we're going for the DDDD! This is us rn. Would you take financial advice from this guy? So, CMCSA....where do even start? The highway-robbery pricing (tendies)? The understaffed and overworked employees (tendies)? The geographical monopolies they hold? (tendies). The reliance on dumbfuck Boomers as a customer base (I wanna hear the choir sing it with me now:...tendies)? No, no, no....you may be retarded, but you know when you're getting fucked, and you know you pay for getting fucked anyway, just like everyone else (tendies). fr fr CMCSA basically makes money in two ways: 1.) fucking you. 2.) fucking others. But wait! There's more! They have even more ways of taking money from you and everybody else, and if your goldfish attention span can handle it, you'll see what I'm talking about. Oh and charts. I do have charts. Fuck, me and Billie Eyelash have been spending so much time in the Crayon Room together, those charts have so many colors, most of them green. Before I bust out these fucking rainbow crayons, let's cover some ground facts. For the Europoors among us, you may be shocked to find out that most Americans have NO CHOICE in who their ISP is. I know, cue the Sarah McLachlan and charity pitch, it's fucking pathetic. Free markets, my ass. But you know what that means? Tendies. That's right, Comcast has the most little fiefdoms of all the ISPs in the land. Only $T can compete, but here's the kicker: people have been ditching $T for CMCSA. Why? Because $T offers DSL in a gigabit world, that's locked inside because of a pandemic, re-discovering what made cyber sex so awkward over AIM, but now with cameras! (All the real Gs were around for that A/S/L/ convo, shit was Catfish City). So, while all you fuckwads are going to work in your Superman pajamas on Zoom, more people signed up for that sweet, sweet broadband., so they too could go to work in their Cookie Monster pajamas. (Mine are camouflaged, my co-workers don't even know I'm there, they just see square burger patties getting flipped on the griddle and are like "woooooooooooooaaah") I know you bell-end ringers don't read, but you can read a little more about subscriber increases here: (https://www.cnbc.com/2021/01/28/comcast-cmcsa-q4-2020-earnings.html) Did you notice that link? CNBC? Reputable shit, right? I know some of you motherfuckers pay CMCSA like $200/month just to watch that shit, along with 400 other channels of garbage. That's right Europoors, CMCSA isn't just an ISP with a monopoly, it's a cable TV provider with a monopoly (tendies). And you know what else? They own CNBC. Fuck, they own ALL of NBC. Now, I know, some of you more erudite ballsack gargglers already know this, but let's let the retards catch up. Because, guess what you molasses racers, CMCSA also owns Universal Studios. For the nerds in the front row, shut the fuck up, we already know you're smart. Are you seeing this shit? Like, seriously, are you piecing this shit together? CMCSA owns the pipes, CMCSA owns the shit in them, large swatches of America have no choice except CMCSA, and more people need those shitty ass pipes, because it's way fucking better than the old ass copper $T is selling. "Alright," you say, "CMCSA would've been a good pandemic play, what's the bull case looking forward?" Well tug my dick and call me Rick, that's why we're here. I can already tell this is going become a damn book of retardation, so I'm going to add some chapters. TV Subscriptions. We've got the finest stock art, just for you This is the weakest part of CMCSA, everyone is cutting the cord, they're sticking to streaming, but if you check that link above, you'll see that they actually managed to add over 400k new subscribers. Sure, some of that can be attributed to people being bored as fuck at home during the pandemic and figuring they'll get 400 channels of dog vomit to help ease their soul-crushing ennui. There aren't a lot of reasons to expect these growth figures to continue, except one, which I will get to in a bit, but I do think they'll be a bit sticky. Why? Fucking Boomers man. Boomers have this very strange addiction to channel surfing. I don't get it. They just sit there and flip through 400 channels at 10 channels/second for hours on hours on hours. They aren't even watching anything, just surfing. Don't believe me? Go ask a Boomer near you how much time they spend channel surfing and why they won't give it up. They love complaining about it too: "all these fucking channels, and nothing to watch." If you point out that they could just STREAM something they want to watch, they just go right back to surfing, because they don't actually know what they want to watch. TV may be going the way of the dinosaur, but there are still lots of dinosaurs surfing channels for now, hell, they even picked up more. How? Is it all just bored people signing up for TV during the pandemic? Maybe, but I've got another theory about geography! Internet Subscriptions Yup. So, even though people may be cutting the cord, they can't do that without internet, and...well....yeah, CMCSA may see declines from TV subscriptions, but definitely not internet subscriptions, not this year anyway. Again, I refer to the earnings report to show you jello heads the subscription numbers. I'm not going to belabor this point much, surely you know people need broadband, and CMCSA is the only game in town in many places. Geographic Monopolies in Growth Markets Awwww yiiissss gimme Park Place If you've been reading along thus far, congratulations, you'll remember that we talked about the little fiefdom monopolies these guys have across the country. So, where are those fiefdoms located? Right here: https://en.wikipedia.org/wiki/List_of_communities_served_by_Comcast Now, I won't bust out the charts for population growth in all of these, because there is a fuck ton, but even just looking at Alabama (Roll Tide), you see that 80% of their markets in that state are growth markets, and only 1 is showing population decline.... and they're only in 6 markets there! Now, they don't hold 80% of growth markets in every state, but they hold a lot. This means that as these cities attract more people and grow, those poor saps will have no choice but to sign up for CMCSA if they want TV and/or internet. Yes, goons and goblins, CMCSA doesn't just have a captive audience, it has a captive audience in places where the audience is growing. Do I really need to spell out how these equates to tendies? Want to know something even better? Biden's infrastructure plan includes heaps of money for increasing broadband access to underserved and rural communities, communities that will then become part of CMCSA's growing fiefdoms. Streaming Trying to catch my shows fresh from the stream with my bare hands CMCSA has also launched its own streaming service, Peacock, and if you look at the CNBC link, you can see subscriber numbers for that as well. Seeing the writing on the wall, CMCSA has gotten in on making money from cord-cutters. Again, CMCSA owns the entire NBC and Universal Studios catalog, but it really doesn't matter because just like a bunch of people signed up for Disney+ just to watch The Mandalorian, a bunch of people have and will sign up for Peacock just to watch The Office. And yeah, it fucking sucks that before you could have Hulu and Netflix and not need any more streaming services, that they are Balkanizing the streaming space just like they did with cable, and now you need like 20 different apps, but go look at the Universal/NBC catalog and tell me that you wouldn't pay $5/month for access to it if you couldn't get it anywhere else. I mean shit. WWE is exclusive to Peacock...do I need to say more? Do you smell-l-l-l-l-l what The Funk is cooking? Theme Parks and the Recovery Who else re-installing RCT2? Here's a kick in the pants that you didn't expect. Universal studios. That's right, these motherfuckers got their own janky-ass wannabe Disney World. Hell, if anyone ever does open a Jurassic Park, it'll be CMCSA because they've got the rights to it and know how to run a theme park. How much do they add? About $6 billion/year (pre 2020). How much did they make in 2020? $1.8 billion. There's $4 billion set to come back into the pot. But wait, there's more! They're going to open their largest park ever this year, been building it since 2016, and the opening has been confirmed despite the Rona. Where? In Beijing, so you know the place is gonna be huge and full. https://en.wikipedia.org/wiki/Universal_Studios_Beijing So as the vaccine gets out there, the world returns to "normal" and people go spend absurd amounts of money to slide across bits of metal, not only will missing revenue return, but CMCSA is ready to make the pot bigger. When is it opening? May. This is important because we're not looking for a pay-out until after the park has opened. If you feel more retarded after having read this far, imagine how retarded I am for having written all that linguistic linguini. So, now that we know what the bull case for CMCSA is, let's bust out those crayons and look at some charts to get the full confirmation-bias effect and look at possible entry and exit points. CRAYON ROOM TIME! I don't know if this will be mo bigga when you fumble fucks look at it, I'm too retarded to figure out formatting. I really don't know fuck about shit when it comes to numbers, but I do know the lines look pretty. So, let's run this down real fast. This is a weekly chart going back to 2018. I wanted to go that far back to show you two things. 1.) CMCSA recovered from a dip in 2018 much like it has from the COVID dip, and is on pace to match or exceed it's growth average since 2018. 2.) Annual dividend increases of around 10%. Looking at the chart, there is no reason not to expect the same announcement towards the end of the year, and in fact the next quarterly dividend has already received the increase. I've got a few other lines in there, but what I want to point out is how much the price rises above the moving price average, weather measured as a simple moving price average or within Bollinger Bands. Dips below the average tend to recover and be above the average again within 2-3 weeks. Crayons are awesome. I should invest in Crayola. Now let's look a little at demand. Again, this is a weekly chart, but this time we're mostly going to be focusing on the right side of the chart. The top chart is a Stochastic Full measurement, the two horizontal blue lines represent oversold (top) and overbought (bottom). Generally speaking, if a stock is oversold, the price goes down, people buy, and the price goes up, leading to a position of it being overbought where people sell for profit, price goes down, and rinse and repeat. The squiggly lines are the two measurements of where the stock is in relation to being oversold or overbought. So what is it showing us? That the stock was recently oversold, and is heading towards being overbought. Best time to get in would've been 2 weeks ago, but try posting a DD on WSB back then that wasn't about the holy trinity cult. So what does this mean? Well, buying now could lead to a little rise followed by a little dip as it fluctuates between oversold and overbought. The second graphs is the MACD (Moving Average Convergence Divergence) this chart essentially measures sentiment, if it's up, it's bullish, if it's down, its bearish. I know some of you eggheads will correct me with finer points, but I don't have time to write a textbook that I'm incapable of understanding. As you can see, it has leveled off, which makes me believe it will dip, this also corresponds to it's movements in the Stochastic measurements. So don't buy at open, watch it for a bit, it might dip. The third graph...I have no fucking clue y'all. It had the word "projection" in it, and the line is pointing up, and that was good enough for me. Timing and Prices If you can get in for under $50, do it. I'm not sure if it will dip that low again soon, but it's within possibility. Calls aren't terribly priced, they're not the value they were 2 weeks ago when I first wanted to write this, but they're still a good value, especially for July and beyond, which is the timeframe we're looking at for an exit. Or not. I mean, you could sit on this shit forever and not really have to worry, which is another thing I like about it. But I have calls for July and October and may even pick up the 2022 LEAPs. We're looking for two events to provide a nice pop for our exits; the new park opening and Q3 earnings report that should include initial earnings from the parks, both new and re-opened. We want to see if the customers are going back to the parks, and returning that missing money into the pot, and we want to see how growth of broadband customers has increased. But again, don't sweat too much about timing and prices, this thing just keeps marching upwards. Positions CMCSA Shares CMCSA 16 July $50c CMCSA 15 Oct $52.5c Tl;dr CMCSA. No rockets, but good value. 7/10 Would buy again. DISCLAIMER: I don't know what I'm doing, you listen to me at your own peril, please leave me alone SEC. |
Federal Reserve Chairman Jerome Powell is expected to reassure markets next week the central bank will do whatever it takes to help the economy heal. That should be enough to keep investors moving into stocks that benefit from an economic rebound and push the S&P 500 into the green for 2020.
Stocks could be caught in a tug-of-war in the week ahead, as investors weigh the potential positives of a reopening economy against worry that the coronavirus continues to spread.
In the past week, the S&P 500′s sharp gains briefly drove the index into positive territory for the year, before a bruising sell-off at the end of the week. Stocks were more than 47% above the March 23 low before investors got spooked by signs the coronavirus is picking up in some areas.
The Fed also dampened sentiment when it released economic forecasts Wednesday that showed a slow recovery and interest rates at zero through the end of 2022. Investors will hear more of the same when Fed Chairman Jerome Powell speaks before Congress this Tuesday and Wednesday in his semi-annual economic testimony. He may provide more clarity on the Fed’s bond buying and other policy moves.
Retail sales for May are released Tuesday, and that will be an important look at consumer spending activity. It is the most important data in the coming week, other than the weekly jobless claims report on Thursday.
Stocks rose on Friday with the S&P 500 up more than 1% after Thursday’s sharp sell-off that sent the index down nearly 6%. Treasury yields, which move opposite price, also moved sharply lower as investors moved to the safety of bonds. The 10-year yield was back to 0.70%, well off the high of 0.95% in the week earlier.
“We’ve been overbought for awhile and digesting gains would be natural,” said Sam Stovall, chief investment strategist at CFRA.
Stovall said the fact that 97% of the S&P 500 companies’ stocks were above their 50-day moving average this past week was a warning. The 50-day moving average is a momentum indicator, and if a stock or index rises above it, it is usually a positive, but if they all do, it’s a contrarian warning.
“Historically that’s just too high ... and also the P/E on the S&P was 25.1 of forward 12-months earnings, which is a 52% premium to the P/E average since 2000,” he said. The P/E, or the price-to-earnings ratio, is an important tool to value stocks, and it averages around 16.5 times.
In the sell-off, stocks that would benefit from the economy’s reopening were the hardest hit. Investors had been jumping into those names, driving them higher at a dizzying pace. They were also the sectors that were last to join the rally, like banks, casinos, airlines and hotels.
“Once the pullback runs its course I think investors will move back again into the sectors and subsectors that were most beaten up in the bear market,” said Stovall.
Scott Redler, partner with T3Live.com, said he lightened up his holdings earlier in the week. “There were some clues early in the week that the market was vulnerable, like when the S&P closed below 3,191 on Tuesday. You had some feverish trading in some of the very speculative names,” he said.
Stovall said other headwinds hang over the market, and one big one is the upcoming presidential election, which could become a bigger influence on the market. RealClearPolitics has President Donald Trump trailing former Vice President Joseph Biden by 8.1 points in the latest average of polls.
“Trump’s numbers are just looking so bad, and if the Fed needs to keep interest rates at zero and we have the potential for a resurgence in Covid cases, then Trump is not going to benefit from an economic recovery, and as a result, that gives Biden a better chance of being elected,” said Stovall. “It’s not necessarily that the market dislikes Biden, but they dislike uncertainty. And a decline in equity prices would be representative of that uncertainty.”
Consumer barometer
Retail sales are typically a barometer for consumer spending, and when Americans were shut in their homes they did much less shopping than usual. April data showed a 16.7% drop in sales, but consumers did spend online.
Economists are watching Tuesday’s report on May sales closely, particularly after the May jobs report had a large upside surprise. There were 2.5 million jobs added in May, instead of an expected loss of 8.3 million.
Mark Zandi, chief economist at Moody’s Analytics, said business-to-business spending data for May implies that retail sales were flat compared with April’s depressed level and could be down 22% from a year ago.
Zandi used data from Cortera, which collects information on about $1.5 trillion in business-to-business spending. In an analysis of spending by retailers in May, it found there were gains from April in some categories, including furniture, gasoline stations and restaurants.
“Clothing and sporting goods store sales have been crushed, and that continued in May. Restaurants, gasoline stations and furniture stores have been hit hard, but showed strong improvement in May. Food and health and personal care stores have done well through the crisis, but gave some of that back in May,” notes Zandi. “Online retailers, general merchandise stores (which includes WalMart and Target), and building material and garden supply stores (Home Depot and Lowes) have navigated the crisis well, and May was another solid month.”
Zandi said weakness in apparel and sporting goods washed out the gains in other areas.
Fed ahead
Strategists said Powell did not surprise the market with his comments this past week, but his sober approach reminded investors that the Fed policy will have to be in place for a very long time to pull the economy out of its deep rut. That will keep markets on high alert during his two days of testimony.
“I think the cat’s out of the bag. I don’t think he can sugarcoat it. The thing he’s got to worry about is he needs help. He needs Congress and the administration to come up with another fiscal rescue package. He can’t do it on his own,” said Zandi. “He has to keep the pressure on them and get a piece of legislation before they go on August recess. ... He’s speaking as much to the American people as he is to the policy makers.”
Zandi said the Fed has acted aggressively and swiftly to unfreeze credit markets when they locked up in March, but the economy needs more stimulus ahead of a wave of potential business defaults and with a high level of unemployment. The Fed’s balance sheet has ballooned to $7.2 trillion, and on Wednesday the central bank committed to monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities.
“I think he continues to lay the foundation for policy changes to come,” said Zandi. “He’s strongly suggesting there’s going to be more monetary support, and that would come in the form of a few things - it would be performance dependent forward guidance. ... He’s going to make it clear until the economy is at full employment and inflation is at least at target, if not above.”
Zandi said Powell may discuss yield curve controls, which would mean the Fed would set targets for interest rate levels in the Treasury market, and make purchases to influence rates. Some economists believe the Fed will adopt that tool before the end of the year.
“I think he’s going to more clearly define the amount of QE they’re doing going forward. He’ll try to preserve some optionality, but he’ll try to make it known, they’re buying a lot of bonds for a long time to come,” Zandi said.
But the hearings could be more politicized, and Powell may be criticized by Congress for helping financial markets more than Main Street, said John Briggs, head of strategy at NatWest Markets. “I’d be surprised if there’s a lot new, given it comes on the heels of the FOMC meeting,” Briggs said.
“Stocks take an escalator up, but an elevator down.” — Old investment axiom
The saying above sure happened yesterday. In the end, the S&P 500 Index fell 5.9% for the worst day since March 16 and the first three-day losing streak in more than three months. What does it mean? We’ve been on record that we expect some type of well-deserved pullback or at least consolidation after the 45% bounce off of the March 23 lows and the best 50-day rally ever. Then add in the fact that June has been the worst month of the year for stocks since 2000 and some type of weakness is perfectly logical here and now.
“In many ways, this is one of the most overbought stock markets we’ve ever seen. Now the catch to this is previous times we’ve seen major levels similar to now have been closer to the beginning of bull markets than the end of bull markets,” explained LPL Financial Senior Market Strategist Ryan Detrick.
This is now one of the greatest surges off a major low ever. It is perfectly normal to see a drawdown of double digits after the initial surge weakens. This could be happening now.
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We’ve shown that huge up months like April tend to eventually resolve higher, but some near-term weakness is possible.
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Also, when more than 90% of the stocks in the S&P 500 are above their 50-day moving average, this shows solid longer-term results. Again, suggesting that very overbought isn’t always a bad thing.
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There was a huge spike in stocks marking new monthly highs, again historically an overbought signal. This opens the door for some near-term weakness, but is a very positive sign longer-term.
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Last, in the LPL Chart of the Day, the S&P 500 was recently more than 13% above the 50-day moving average, one of the highest levels ever. The good news is one-year later stocks were higher every single time. Yet another clue that historically overbought isn’t always a bad thing for the bulls.
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A record run, over-the-top excitement from small traders, the Nasdaq at 10,000, historically high multiples, and seasonality all could be a factor in why a pullback here could be perfectly normal. In fact, if you are bullish, after a 45% rally, one of the best things would be for prices to reset some here over the coming months. We would be a buyer of weakness and use it as an opportunity for longer-term price appreciation.
We have all been gobsmacked by velocity and strength of this V-shaped rally off the March 23 bear market low. For the record this rally became an official Ned Davis Research defined bull market on May 26 when DJIA was up 30% from the low when it made a new recovery high after 50 calendar days (see NDR definitions below). And this was on the back of the shortest bear market on record, which lasted only 40 days. Today’s market comeuppance is an important reminder that we need to be patient with this market and heed our cautious analysis and stance.
This is still the “Worst Six Months” and as we warned in the May Outlook when the market is down during the “Best Six Months” (November-April) as they were in 2020, the “Worst Six Months” (May-October) were down or flat 86% of the time with a median S&P decline of -6.7% since 1950.
Other seasonal indicators are also flashing the caution sign. This year’s negative January Barometer and breached December DJIA low, point to possible retests of the lows and choppy, volatile trading over the next several months. See the updated composite graph of the seasonal pattern for these 22 years since 1950 in the June Outlook.
It appears that quite a fair amount of hope was built into the rally. Lots of hope that everything is just going back to the way it was real soon. But COVID cases are on the climb again and folks are concerned that a pause and/or reverse of reopening could delay the economic recovery and derail the bull. Up until the past few days it felt like mid-February again with the market ignoring economic and corporate data as momentum pushed everything higher.
The jobs report was a bit unbelievable and then Fed Chairman Powell’s candor and reserved outlook at yesterday’s press conference put the fear right back into the market today. Meanwhile the Atlanta Fed’s GDPNow model currently estimates that 2020 Q2 GDP growth will be down -48.5%.
Sentiment had also become rather exuberant as the Weekly CBOE Equity Only Put/Call ratio we track in the “Pulse of the Market” hit 0.43 last week – its lowest level since the week ending 4/10/2010 about three weeks before the infamous flash crash. Investor’s Intelligence Advisors Sentiment survey Bullish advisors are now up to 56.9%. Correction advisors are down to 22.5% while Bearish advisors have slipped further to 20.6%, putting us at caution levels.
Technically, things deteriorated rapidly today. After blasting through several levels of resistance we have been tracking as shown in the chart here S&P 500 stalled at 3210 and plunged 5.9% today through 3115 support/resistance and closed just below 3010 support/resistance which sits at the 2019 summer highs. The next major support level below here is 2725 right near where the 50-day moving average turned up in mid-May, which would be a 15.7% correction from the recent recovery high reached this past Monday, June 8.
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Ned Davis Research bull and bear market definitions:
A cyclical bull market requires a 30% rise in the DJIA after 50 calendar days or a 13% rise after 155 calendar days. Reversals of 30% in the Value Line Geometric Index since 1965 also qualify. A cyclical bear market requires a 30% drop in the DJIA after 50 calendar days or a 13% decline after 145 calendar days. Reversals in the Value Line Geometric Index also qualify. Bull and bear markets are measured at peak and trough dates, so both the time and price criteria must be met as of the peak and trough dates.
The second Triple Witching Week (Quadruple Witching if you prefer) of the year brings on some volatile trading with losses frequently exceeding gains. NASDAQ has the weakest record on the first trading day of the week. Triple-Witching Friday is usually better, DJIA has been up ten of the last seventeen years.
Full-week performance is choppy as well, littered with greater than 1% moves in both directions. The week after Triple-Witching Day is horrendous. This week has experienced DJIA losses in 26 of the last 30 years with an average decline of 1.07%. S&P 500 and NASDAQ have fared slightly better during the week after over the same 30-year span, declining 0.72% and 0.23% respectively on average.
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- $KR
- $MFA
- $GRPN
- $JKS
- $ORCL
- $LEN
- $KMX
- $TSQ
- $HRB
- $MPAA
- $SWBI
- $CMC
- $RGS
- $TTM
- $HOME
- $JBL
- $DBI
- $AMSWA
- $ABM
- $BNGO
- $CNTG
- $LMB
- $LIVX
- $ALYA
- $GAN
- $INWK
- $VOLT
- $UROV
- $VNCE
Monday 6.15.20 Before Market Open:
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Tuesday 6.16.20 Before Market Open:
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Tuesday 6.16.20 After Market Close:
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Wednesday 6.17.20 Before Market Open:
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Wednesday 6.17.20 After Market Close:
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Thursday 6.18.20 Before Market Open:
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Thursday 6.18.20 After Market Close:
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Friday 6.19.20 Before Market Open:
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Friday 6.19.20 After Market Close:
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**Kroger Co. (KR) is confirmed to report earnings at approximately 8:30 AM ET on Thursday, June 18, 2020. The consensus earnings estimate is $0.88 per share on revenue of $40.12 billion and the Earnings Whisper ® number is $0.98 per share. Investor sentiment going into the company's earnings release has 85% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 22.22% with revenue increasing by 7.70%. Short interest has increased by 55.5% since the company's last earnings release while the stock has drifted higher by 5.3% from its open following the earnings release to be 12.5% above its 200 day moving average of $28.68. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, May 13, 2020 there was some notable buying of 10,009 contracts of the $36.00 put expiring on Friday, July 17, 2020. Option traders are pricing in a 8.6% move on earnings and the stock has averaged a 4.4% move in recent quarters.
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**MFA Financial Inc (MFA) is confirmed to report earnings at approximately 8:30 AM ET on Tuesday, June 16, 2020. Investor sentiment going into the company's earnings release has 30% expecting an earnings beat. Short interest has increased by 122.9% since the company's last earnings release while the stock has drifted lower by 67.1% from its open following the earnings release to be 55.0% below its 200 day moving average of $5.80. Overall earnings estimates have been unchanged since the company's last earnings release. On Tuesday, June 9, 2020 there was some notable buying of 9,992 contracts of the $4.00 call expiring on Friday, June 19, 2020. The stock has averaged a 1.2% move on earnings in recent quarters.
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**Groupon, Inc. (GRPN) is confirmed to report earnings at approximately 4:10 PM ET on Tuesday, June 16, 2020. The consensus estimate is for a loss of $1.92 per share on revenue of $400.24 million and the Earnings Whisper ® number is ($1.85) per share. Investor sentiment going into the company's earnings release has 35% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 3,940.00% with revenue decreasing by 30.80%. Short interest has decreased by 20.4% since the company's last earnings release while the stock has drifted higher by 1,026.9% from its open following the earnings release to be 47.9% below its 200 day moving average of $41.78. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, June 5, 2020 there was some notable buying of 6,979 contracts of the $1.50 call expiring on Friday, June 19, 2020. Option traders are pricing in a 2.7% move on earnings.
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**JinkoSolar Holding Co., Ltd. (JKS) is confirmed to report earnings at approximately 6:45 AM ET on Monday, June 15, 2020. The consensus earnings estimate is $0.75 per share on revenue of $1.00 billion. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 400.00% with revenue increasing by 15.27%. Short interest has decreased by 4.0% since the company's last earnings release while the stock has drifted lower by 4.0% from its open following the earnings release to be 6.6% below its 200 day moving average of $19.11. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 8, 2020 there was some notable buying of 3,793 contracts of the $25.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 15.7% move on earnings and the stock has averaged a 8.7% move in recent quarters.
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**Oracle Corp. (ORCL) is confirmed to report earnings at approximately 4:00 PM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $1.17 per share on revenue of $10.85 billion and the Earnings Whisper ® number is $1.22 per share. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat The company's guidance was for earnings of $1.20 to $1.28 per share. Consensus estimates are for year-over-year earnings growth of 0.86% with revenue decreasing by 2.57%. Short interest has decreased by 12.2% since the company's last earnings release while the stock has drifted higher by 16.7% from its open following the earnings release to be 2.2% below its 200 day moving average of $53.02. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 8, 2020 there was some notable buying of 25,106 contracts of the $60.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 6.7% move on earnings and the stock has averaged a 6.1% move in recent quarters.
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**Lennar Corp. (LEN) is confirmed to report earnings at approximately 6:00 AM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $1.29 per share on revenue of $5.73 billion. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 0.77% with revenue increasing by 3.00%. Short interest has decreased by 0.4% since the company's last earnings release while the stock has drifted higher by 97.6% from its open following the earnings release to be 5.8% above its 200 day moving average of $56.00. Overall earnings estimates have been revised lower since the company's last earnings release. On Wednesday, June 10, 2020 there was some notable buying of 7,571 contracts of the $65.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 10.4% move on earnings and the stock has averaged a 4.1% move in recent quarters.
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**CarMax, Inc. (KMX) is confirmed to report earnings at approximately 6:50 AM ET on Friday, June 19, 2020. The consensus estimate is for a loss of $0.08 per share on revenue of $2.39 billion and the Earnings Whisper ® number is $0.01 per share. Investor sentiment going into the company's earnings release has 27% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 105.03% with revenue decreasing by 55.46%. Short interest has increased by 0.1% since the company's last earnings release while the stock has drifted higher by 83.6% from its open following the earnings release to be 5.8% above its 200 day moving average of $85.05. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, June 2, 2020 there was some notable buying of 1,017 contracts of the $92.50 put expiring on Friday, June 19, 2020. Option traders are pricing in a 12.1% move on earnings and the stock has averaged a 4.5% move in recent quarters.
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**Townsquare Media, Inc. (TSQ) is confirmed to report earnings at approximately 7:00 AM ET on Monday, June 15, 2020. The consensus earnings estimate is $0.10 per share on revenue of $95.77 million and the Earnings Whisper ® number is $0.08 per share. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat Consensus estimates are for year-over-year earnings growth of 11.11% with revenue increasing by 2.23%. On Monday, June 8, 2020 there was some notable buying of 624 contracts of the $7.50 call expiring on Friday, June 19, 2020.
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**H&R Block Inc. (HRB) is confirmed to report earnings at approximately 4:20 PM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $3.01 per share on revenue of $1.73 billion and the Earnings Whisper ® number is $2.23 per share. Investor sentiment going into the company's earnings release has 37% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 30.32% with revenue decreasing by 25.83%. Short interest has decreased by 31.1% since the company's last earnings release while the stock has drifted lower by 6.5% from its open following the earnings release to be 15.3% below its 200 day moving average of $21.09. Overall earnings estimates have been revised higher since the company's last earnings release. On Friday, May 29, 2020 there was some notable buying of 11,609 contracts of the $17.00 put expiring on Friday, June 19, 2020. Option traders are pricing in a 12.9% move on earnings and the stock has averaged a 3.5% move in recent quarters.
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**Motorcar Parts of America, Inc. (MPAA) is confirmed to report earnings at approximately 8:00 AM ET on Monday, June 15, 2020. Investor sentiment going into the company's earnings release has 45% expecting an earnings beat. Short interest has decreased by 22.3% since the company's last earnings release while the stock has drifted lower by 18.9% from its open following the earnings release to be 7.1% below its 200 day moving average of $17.10. Option traders are pricing in a 16.4% move on earnings and the stock has averaged a 7.1% move in recent quarters.
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Federal Reserve Chairman Jerome Powell is expected to reassure markets next week the central bank will do whatever it takes to help the economy heal. That should be enough to keep investors moving into stocks that benefit from an economic rebound and push the S&P 500 into the green for 2020.
Stocks could be caught in a tug-of-war in the week ahead, as investors weigh the potential positives of a reopening economy against worry that the coronavirus continues to spread.
In the past week, the S&P 500′s sharp gains briefly drove the index into positive territory for the year, before a bruising sell-off at the end of the week. Stocks were more than 47% above the March 23 low before investors got spooked by signs the coronavirus is picking up in some areas.
The Fed also dampened sentiment when it released economic forecasts Wednesday that showed a slow recovery and interest rates at zero through the end of 2022. Investors will hear more of the same when Fed Chairman Jerome Powell speaks before Congress this Tuesday and Wednesday in his semi-annual economic testimony. He may provide more clarity on the Fed’s bond buying and other policy moves.
Retail sales for May are released Tuesday, and that will be an important look at consumer spending activity. It is the most important data in the coming week, other than the weekly jobless claims report on Thursday.
Stocks rose on Friday with the S&P 500 up more than 1% after Thursday’s sharp sell-off that sent the index down nearly 6%. Treasury yields, which move opposite price, also moved sharply lower as investors moved to the safety of bonds. The 10-year yield was back to 0.70%, well off the high of 0.95% in the week earlier.
“We’ve been overbought for awhile and digesting gains would be natural,” said Sam Stovall, chief investment strategist at CFRA.
Stovall said the fact that 97% of the S&P 500 companies’ stocks were above their 50-day moving average this past week was a warning. The 50-day moving average is a momentum indicator, and if a stock or index rises above it, it is usually a positive, but if they all do, it’s a contrarian warning.
“Historically that’s just too high ... and also the P/E on the S&P was 25.1 of forward 12-months earnings, which is a 52% premium to the P/E average since 2000,” he said. The P/E, or the price-to-earnings ratio, is an important tool to value stocks, and it averages around 16.5 times.
In the sell-off, stocks that would benefit from the economy’s reopening were the hardest hit. Investors had been jumping into those names, driving them higher at a dizzying pace. They were also the sectors that were last to join the rally, like banks, casinos, airlines and hotels.
“Once the pullback runs its course I think investors will move back again into the sectors and subsectors that were most beaten up in the bear market,” said Stovall.
Scott Redler, partner with T3Live.com, said he lightened up his holdings earlier in the week. “There were some clues early in the week that the market was vulnerable, like when the S&P closed below 3,191 on Tuesday. You had some feverish trading in some of the very speculative names,” he said.
Stovall said other headwinds hang over the market, and one big one is the upcoming presidential election, which could become a bigger influence on the market. RealClearPolitics has President Donald Trump trailing former Vice President Joseph Biden by 8.1 points in the latest average of polls.
“Trump’s numbers are just looking so bad, and if the Fed needs to keep interest rates at zero and we have the potential for a resurgence in Covid cases, then Trump is not going to benefit from an economic recovery, and as a result, that gives Biden a better chance of being elected,” said Stovall. “It’s not necessarily that the market dislikes Biden, but they dislike uncertainty. And a decline in equity prices would be representative of that uncertainty.”
Consumer barometer
Retail sales are typically a barometer for consumer spending, and when Americans were shut in their homes they did much less shopping than usual. April data showed a 16.7% drop in sales, but consumers did spend online.
Economists are watching Tuesday’s report on May sales closely, particularly after the May jobs report had a large upside surprise. There were 2.5 million jobs added in May, instead of an expected loss of 8.3 million.
Mark Zandi, chief economist at Moody’s Analytics, said business-to-business spending data for May implies that retail sales were flat compared with April’s depressed level and could be down 22% from a year ago.
Zandi used data from Cortera, which collects information on about $1.5 trillion in business-to-business spending. In an analysis of spending by retailers in May, it found there were gains from April in some categories, including furniture, gasoline stations and restaurants.
“Clothing and sporting goods store sales have been crushed, and that continued in May. Restaurants, gasoline stations and furniture stores have been hit hard, but showed strong improvement in May. Food and health and personal care stores have done well through the crisis, but gave some of that back in May,” notes Zandi. “Online retailers, general merchandise stores (which includes WalMart and Target), and building material and garden supply stores (Home Depot and Lowes) have navigated the crisis well, and May was another solid month.”
Zandi said weakness in apparel and sporting goods washed out the gains in other areas.
Fed ahead
Strategists said Powell did not surprise the market with his comments this past week, but his sober approach reminded investors that the Fed policy will have to be in place for a very long time to pull the economy out of its deep rut. That will keep markets on high alert during his two days of testimony.
“I think the cat’s out of the bag. I don’t think he can sugarcoat it. The thing he’s got to worry about is he needs help. He needs Congress and the administration to come up with another fiscal rescue package. He can’t do it on his own,” said Zandi. “He has to keep the pressure on them and get a piece of legislation before they go on August recess. ... He’s speaking as much to the American people as he is to the policy makers.”
Zandi said the Fed has acted aggressively and swiftly to unfreeze credit markets when they locked up in March, but the economy needs more stimulus ahead of a wave of potential business defaults and with a high level of unemployment. The Fed’s balance sheet has ballooned to $7.2 trillion, and on Wednesday the central bank committed to monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities.
“I think he continues to lay the foundation for policy changes to come,” said Zandi. “He’s strongly suggesting there’s going to be more monetary support, and that would come in the form of a few things - it would be performance dependent forward guidance. ... He’s going to make it clear until the economy is at full employment and inflation is at least at target, if not above.”
Zandi said Powell may discuss yield curve controls, which would mean the Fed would set targets for interest rate levels in the Treasury market, and make purchases to influence rates. Some economists believe the Fed will adopt that tool before the end of the year.
“I think he’s going to more clearly define the amount of QE they’re doing going forward. He’ll try to preserve some optionality, but he’ll try to make it known, they’re buying a lot of bonds for a long time to come,” Zandi said.
But the hearings could be more politicized, and Powell may be criticized by Congress for helping financial markets more than Main Street, said John Briggs, head of strategy at NatWest Markets. “I’d be surprised if there’s a lot new, given it comes on the heels of the FOMC meeting,” Briggs said.
“Stocks take an escalator up, but an elevator down.” — Old investment axiom
The saying above sure happened yesterday. In the end, the S&P 500 Index fell 5.9% for the worst day since March 16 and the first three-day losing streak in more than three months. What does it mean? We’ve been on record that we expect some type of well-deserved pullback or at least consolidation after the 45% bounce off of the March 23 lows and the best 50-day rally ever. Then add in the fact that June has been the worst month of the year for stocks since 2000 and some type of weakness is perfectly logical here and now.
“In many ways, this is one of the most overbought stock markets we’ve ever seen. Now the catch to this is previous times we’ve seen major levels similar to now have been closer to the beginning of bull markets than the end of bull markets,” explained LPL Financial Senior Market Strategist Ryan Detrick.
This is now one of the greatest surges off a major low ever. It is perfectly normal to see a drawdown of double digits after the initial surge weakens. This could be happening now.
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We’ve shown that huge up months like April tend to eventually resolve higher, but some near-term weakness is possible.
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Also, when more than 90% of the stocks in the S&P 500 are above their 50-day moving average, this shows solid longer-term results. Again, suggesting that very overbought isn’t always a bad thing.
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There was a huge spike in stocks marking new monthly highs, again historically an overbought signal. This opens the door for some near-term weakness, but is a very positive sign longer-term.
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Last, in the LPL Chart of the Day, the S&P 500 was recently more than 13% above the 50-day moving average, one of the highest levels ever. The good news is one-year later stocks were higher every single time. Yet another clue that historically overbought isn’t always a bad thing for the bulls.
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A record run, over-the-top excitement from small traders, the Nasdaq at 10,000, historically high multiples, and seasonality all could be a factor in why a pullback here could be perfectly normal. In fact, if you are bullish, after a 45% rally, one of the best things would be for prices to reset some here over the coming months. We would be a buyer of weakness and use it as an opportunity for longer-term price appreciation.
We have all been gobsmacked by velocity and strength of this V-shaped rally off the March 23 bear market low. For the record this rally became an official Ned Davis Research defined bull market on May 26 when DJIA was up 30% from the low when it made a new recovery high after 50 calendar days (see NDR definitions below). And this was on the back of the shortest bear market on record, which lasted only 40 days. Today’s market comeuppance is an important reminder that we need to be patient with this market and heed our cautious analysis and stance.
This is still the “Worst Six Months” and as we warned in the May Outlook when the market is down during the “Best Six Months” (November-April) as they were in 2020, the “Worst Six Months” (May-October) were down or flat 86% of the time with a median S&P decline of -6.7% since 1950.
Other seasonal indicators are also flashing the caution sign. This year’s negative January Barometer and breached December DJIA low, point to possible retests of the lows and choppy, volatile trading over the next several months. See the updated composite graph of the seasonal pattern for these 22 years since 1950 in the June Outlook.
It appears that quite a fair amount of hope was built into the rally. Lots of hope that everything is just going back to the way it was real soon. But COVID cases are on the climb again and folks are concerned that a pause and/or reverse of reopening could delay the economic recovery and derail the bull. Up until the past few days it felt like mid-February again with the market ignoring economic and corporate data as momentum pushed everything higher.
The jobs report was a bit unbelievable and then Fed Chairman Powell’s candor and reserved outlook at yesterday’s press conference put the fear right back into the market today. Meanwhile the Atlanta Fed’s GDPNow model currently estimates that 2020 Q2 GDP growth will be down -48.5%.
Sentiment had also become rather exuberant as the Weekly CBOE Equity Only Put/Call ratio we track in the “Pulse of the Market” hit 0.43 last week – its lowest level since the week ending 4/10/2010 about three weeks before the infamous flash crash. Investor’s Intelligence Advisors Sentiment survey Bullish advisors are now up to 56.9%. Correction advisors are down to 22.5% while Bearish advisors have slipped further to 20.6%, putting us at caution levels.
Technically, things deteriorated rapidly today. After blasting through several levels of resistance we have been tracking as shown in the chart here S&P 500 stalled at 3210 and plunged 5.9% today through 3115 support/resistance and closed just below 3010 support/resistance which sits at the 2019 summer highs. The next major support level below here is 2725 right near where the 50-day moving average turned up in mid-May, which would be a 15.7% correction from the recent recovery high reached this past Monday, June 8.
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Ned Davis Research bull and bear market definitions:
A cyclical bull market requires a 30% rise in the DJIA after 50 calendar days or a 13% rise after 155 calendar days. Reversals of 30% in the Value Line Geometric Index since 1965 also qualify. A cyclical bear market requires a 30% drop in the DJIA after 50 calendar days or a 13% decline after 145 calendar days. Reversals in the Value Line Geometric Index also qualify. Bull and bear markets are measured at peak and trough dates, so both the time and price criteria must be met as of the peak and trough dates.
The second Triple Witching Week (Quadruple Witching if you prefer) of the year brings on some volatile trading with losses frequently exceeding gains. NASDAQ has the weakest record on the first trading day of the week. Triple-Witching Friday is usually better, DJIA has been up ten of the last seventeen years.
Full-week performance is choppy as well, littered with greater than 1% moves in both directions. The week after Triple-Witching Day is horrendous. This week has experienced DJIA losses in 26 of the last 30 years with an average decline of 1.07%. S&P 500 and NASDAQ have fared slightly better during the week after over the same 30-year span, declining 0.72% and 0.23% respectively on average.
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Monday 6.15.20 Before Market Open:
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Monday 6.15.20 After Market Close:
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NONE.
Tuesday 6.16.20 Before Market Open:
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Tuesday 6.16.20 After Market Close:
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Wednesday 6.17.20 Before Market Open:
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NONE.
Wednesday 6.17.20 After Market Close:
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Thursday 6.18.20 Before Market Open:
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Thursday 6.18.20 After Market Close:
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Friday 6.19.20 Before Market Open:
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NONE.
Friday 6.19.20 After Market Close:
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NONE.
**Kroger Co. (KR) is confirmed to report earnings at approximately 8:30 AM ET on Thursday, June 18, 2020. The consensus earnings estimate is $0.88 per share on revenue of $40.12 billion and the Earnings Whisper ® number is $0.98 per share. Investor sentiment going into the company's earnings release has 85% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 22.22% with revenue increasing by 7.70%. Short interest has increased by 55.5% since the company's last earnings release while the stock has drifted higher by 5.3% from its open following the earnings release to be 12.5% above its 200 day moving average of $28.68. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, May 13, 2020 there was some notable buying of 10,009 contracts of the $36.00 put expiring on Friday, July 17, 2020. Option traders are pricing in a 8.6% move on earnings and the stock has averaged a 4.4% move in recent quarters.
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**MFA Financial Inc (MFA) is confirmed to report earnings at approximately 8:30 AM ET on Tuesday, June 16, 2020. Investor sentiment going into the company's earnings release has 30% expecting an earnings beat. Short interest has increased by 122.9% since the company's last earnings release while the stock has drifted lower by 67.1% from its open following the earnings release to be 55.0% below its 200 day moving average of $5.80. Overall earnings estimates have been unchanged since the company's last earnings release. On Tuesday, June 9, 2020 there was some notable buying of 9,992 contracts of the $4.00 call expiring on Friday, June 19, 2020. The stock has averaged a 1.2% move on earnings in recent quarters.
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**Groupon, Inc. (GRPN) is confirmed to report earnings at approximately 4:10 PM ET on Tuesday, June 16, 2020. The consensus estimate is for a loss of $1.92 per share on revenue of $400.24 million and the Earnings Whisper ® number is ($1.85) per share. Investor sentiment going into the company's earnings release has 35% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 3,940.00% with revenue decreasing by 30.80%. Short interest has decreased by 20.4% since the company's last earnings release while the stock has drifted higher by 1,026.9% from its open following the earnings release to be 47.9% below its 200 day moving average of $41.78. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, June 5, 2020 there was some notable buying of 6,979 contracts of the $1.50 call expiring on Friday, June 19, 2020. Option traders are pricing in a 2.7% move on earnings.
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**JinkoSolar Holding Co., Ltd. (JKS) is confirmed to report earnings at approximately 6:45 AM ET on Monday, June 15, 2020. The consensus earnings estimate is $0.75 per share on revenue of $1.00 billion. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 400.00% with revenue increasing by 15.27%. Short interest has decreased by 4.0% since the company's last earnings release while the stock has drifted lower by 4.0% from its open following the earnings release to be 6.6% below its 200 day moving average of $19.11. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 8, 2020 there was some notable buying of 3,793 contracts of the $25.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 15.7% move on earnings and the stock has averaged a 8.7% move in recent quarters.
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**Oracle Corp. (ORCL) is confirmed to report earnings at approximately 4:00 PM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $1.17 per share on revenue of $10.85 billion and the Earnings Whisper ® number is $1.22 per share. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat The company's guidance was for earnings of $1.20 to $1.28 per share. Consensus estimates are for year-over-year earnings growth of 0.86% with revenue decreasing by 2.57%. Short interest has decreased by 12.2% since the company's last earnings release while the stock has drifted higher by 16.7% from its open following the earnings release to be 2.2% below its 200 day moving average of $53.02. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 8, 2020 there was some notable buying of 25,106 contracts of the $60.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 6.7% move on earnings and the stock has averaged a 6.1% move in recent quarters.
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**Lennar Corp. (LEN) is confirmed to report earnings at approximately 6:00 AM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $1.29 per share on revenue of $5.73 billion. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 0.77% with revenue increasing by 3.00%. Short interest has decreased by 0.4% since the company's last earnings release while the stock has drifted higher by 97.6% from its open following the earnings release to be 5.8% above its 200 day moving average of $56.00. Overall earnings estimates have been revised lower since the company's last earnings release. On Wednesday, June 10, 2020 there was some notable buying of 7,571 contracts of the $65.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 10.4% move on earnings and the stock has averaged a 4.1% move in recent quarters.
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**CarMax, Inc. (KMX) is confirmed to report earnings at approximately 6:50 AM ET on Friday, June 19, 2020. The consensus estimate is for a loss of $0.08 per share on revenue of $2.39 billion and the Earnings Whisper ® number is $0.01 per share. Investor sentiment going into the company's earnings release has 27% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 105.03% with revenue decreasing by 55.46%. Short interest has increased by 0.1% since the company's last earnings release while the stock has drifted higher by 83.6% from its open following the earnings release to be 5.8% above its 200 day moving average of $85.05. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, June 2, 2020 there was some notable buying of 1,017 contracts of the $92.50 put expiring on Friday, June 19, 2020. Option traders are pricing in a 12.1% move on earnings and the stock has averaged a 4.5% move in recent quarters.
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**Townsquare Media, Inc. (TSQ) is confirmed to report earnings at approximately 7:00 AM ET on Monday, June 15, 2020. The consensus earnings estimate is $0.10 per share on revenue of $95.77 million and the Earnings Whisper ® number is $0.08 per share. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat Consensus estimates are for year-over-year earnings growth of 11.11% with revenue increasing by 2.23%. On Monday, June 8, 2020 there was some notable buying of 624 contracts of the $7.50 call expiring on Friday, June 19, 2020.
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**H&R Block Inc. (HRB) is confirmed to report earnings at approximately 4:20 PM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $3.01 per share on revenue of $1.73 billion and the Earnings Whisper ® number is $2.23 per share. Investor sentiment going into the company's earnings release has 37% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 30.32% with revenue decreasing by 25.83%. Short interest has decreased by 31.1% since the company's last earnings release while the stock has drifted lower by 6.5% from its open following the earnings release to be 15.3% below its 200 day moving average of $21.09. Overall earnings estimates have been revised higher since the company's last earnings release. On Friday, May 29, 2020 there was some notable buying of 11,609 contracts of the $17.00 put expiring on Friday, June 19, 2020. Option traders are pricing in a 12.9% move on earnings and the stock has averaged a 3.5% move in recent quarters.
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**Motorcar Parts of America, Inc. (MPAA) is confirmed to report earnings at approximately 8:00 AM ET on Monday, June 15, 2020. Investor sentiment going into the company's earnings release has 45% expecting an earnings beat. Short interest has decreased by 22.3% since the company's last earnings release while the stock has drifted lower by 18.9% from its open following the earnings release to be 7.1% below its 200 day moving average of $17.10. Option traders are pricing in a 16.4% move on earnings and the stock has averaged a 7.1% move in recent quarters.
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Federal Reserve Chairman Jerome Powell is expected to reassure markets next week the central bank will do whatever it takes to help the economy heal. That should be enough to keep investors moving into stocks that benefit from an economic rebound and push the S&P 500 into the green for 2020.
Stocks could be caught in a tug-of-war in the week ahead, as investors weigh the potential positives of a reopening economy against worry that the coronavirus continues to spread.
In the past week, the S&P 500′s sharp gains briefly drove the index into positive territory for the year, before a bruising sell-off at the end of the week. Stocks were more than 47% above the March 23 low before investors got spooked by signs the coronavirus is picking up in some areas.
The Fed also dampened sentiment when it released economic forecasts Wednesday that showed a slow recovery and interest rates at zero through the end of 2022. Investors will hear more of the same when Fed Chairman Jerome Powell speaks before Congress this Tuesday and Wednesday in his semi-annual economic testimony. He may provide more clarity on the Fed’s bond buying and other policy moves.
Retail sales for May are released Tuesday, and that will be an important look at consumer spending activity. It is the most important data in the coming week, other than the weekly jobless claims report on Thursday.
Stocks rose on Friday with the S&P 500 up more than 1% after Thursday’s sharp sell-off that sent the index down nearly 6%. Treasury yields, which move opposite price, also moved sharply lower as investors moved to the safety of bonds. The 10-year yield was back to 0.70%, well off the high of 0.95% in the week earlier.
“We’ve been overbought for awhile and digesting gains would be natural,” said Sam Stovall, chief investment strategist at CFRA.
Stovall said the fact that 97% of the S&P 500 companies’ stocks were above their 50-day moving average this past week was a warning. The 50-day moving average is a momentum indicator, and if a stock or index rises above it, it is usually a positive, but if they all do, it’s a contrarian warning.
“Historically that’s just too high ... and also the P/E on the S&P was 25.1 of forward 12-months earnings, which is a 52% premium to the P/E average since 2000,” he said. The P/E, or the price-to-earnings ratio, is an important tool to value stocks, and it averages around 16.5 times.
In the sell-off, stocks that would benefit from the economy’s reopening were the hardest hit. Investors had been jumping into those names, driving them higher at a dizzying pace. They were also the sectors that were last to join the rally, like banks, casinos, airlines and hotels.
“Once the pullback runs its course I think investors will move back again into the sectors and subsectors that were most beaten up in the bear market,” said Stovall.
Scott Redler, partner with T3Live.com, said he lightened up his holdings earlier in the week. “There were some clues early in the week that the market was vulnerable, like when the S&P closed below 3,191 on Tuesday. You had some feverish trading in some of the very speculative names,” he said.
Stovall said other headwinds hang over the market, and one big one is the upcoming presidential election, which could become a bigger influence on the market. RealClearPolitics has President Donald Trump trailing former Vice President Joseph Biden by 8.1 points in the latest average of polls.
“Trump’s numbers are just looking so bad, and if the Fed needs to keep interest rates at zero and we have the potential for a resurgence in Covid cases, then Trump is not going to benefit from an economic recovery, and as a result, that gives Biden a better chance of being elected,” said Stovall. “It’s not necessarily that the market dislikes Biden, but they dislike uncertainty. And a decline in equity prices would be representative of that uncertainty.”
Consumer barometer
Retail sales are typically a barometer for consumer spending, and when Americans were shut in their homes they did much less shopping than usual. April data showed a 16.7% drop in sales, but consumers did spend online.
Economists are watching Tuesday’s report on May sales closely, particularly after the May jobs report had a large upside surprise. There were 2.5 million jobs added in May, instead of an expected loss of 8.3 million.
Mark Zandi, chief economist at Moody’s Analytics, said business-to-business spending data for May implies that retail sales were flat compared with April’s depressed level and could be down 22% from a year ago.
Zandi used data from Cortera, which collects information on about $1.5 trillion in business-to-business spending. In an analysis of spending by retailers in May, it found there were gains from April in some categories, including furniture, gasoline stations and restaurants.
“Clothing and sporting goods store sales have been crushed, and that continued in May. Restaurants, gasoline stations and furniture stores have been hit hard, but showed strong improvement in May. Food and health and personal care stores have done well through the crisis, but gave some of that back in May,” notes Zandi. “Online retailers, general merchandise stores (which includes WalMart and Target), and building material and garden supply stores (Home Depot and Lowes) have navigated the crisis well, and May was another solid month.”
Zandi said weakness in apparel and sporting goods washed out the gains in other areas.
Fed ahead
Strategists said Powell did not surprise the market with his comments this past week, but his sober approach reminded investors that the Fed policy will have to be in place for a very long time to pull the economy out of its deep rut. That will keep markets on high alert during his two days of testimony.
“I think the cat’s out of the bag. I don’t think he can sugarcoat it. The thing he’s got to worry about is he needs help. He needs Congress and the administration to come up with another fiscal rescue package. He can’t do it on his own,” said Zandi. “He has to keep the pressure on them and get a piece of legislation before they go on August recess. ... He’s speaking as much to the American people as he is to the policy makers.”
Zandi said the Fed has acted aggressively and swiftly to unfreeze credit markets when they locked up in March, but the economy needs more stimulus ahead of a wave of potential business defaults and with a high level of unemployment. The Fed’s balance sheet has ballooned to $7.2 trillion, and on Wednesday the central bank committed to monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities.
“I think he continues to lay the foundation for policy changes to come,” said Zandi. “He’s strongly suggesting there’s going to be more monetary support, and that would come in the form of a few things - it would be performance dependent forward guidance. ... He’s going to make it clear until the economy is at full employment and inflation is at least at target, if not above.”
Zandi said Powell may discuss yield curve controls, which would mean the Fed would set targets for interest rate levels in the Treasury market, and make purchases to influence rates. Some economists believe the Fed will adopt that tool before the end of the year.
“I think he’s going to more clearly define the amount of QE they’re doing going forward. He’ll try to preserve some optionality, but he’ll try to make it known, they’re buying a lot of bonds for a long time to come,” Zandi said.
But the hearings could be more politicized, and Powell may be criticized by Congress for helping financial markets more than Main Street, said John Briggs, head of strategy at NatWest Markets. “I’d be surprised if there’s a lot new, given it comes on the heels of the FOMC meeting,” Briggs said.
“Stocks take an escalator up, but an elevator down.” — Old investment axiom
The saying above sure happened yesterday. In the end, the S&P 500 Index fell 5.9% for the worst day since March 16 and the first three-day losing streak in more than three months. What does it mean? We’ve been on record that we expect some type of well-deserved pullback or at least consolidation after the 45% bounce off of the March 23 lows and the best 50-day rally ever. Then add in the fact that June has been the worst month of the year for stocks since 2000 and some type of weakness is perfectly logical here and now.
“In many ways, this is one of the most overbought stock markets we’ve ever seen. Now the catch to this is previous times we’ve seen major levels similar to now have been closer to the beginning of bull markets than the end of bull markets,” explained LPL Financial Senior Market Strategist Ryan Detrick.
This is now one of the greatest surges off a major low ever. It is perfectly normal to see a drawdown of double digits after the initial surge weakens. This could be happening now.
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We’ve shown that huge up months like April tend to eventually resolve higher, but some near-term weakness is possible.
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Also, when more than 90% of the stocks in the S&P 500 are above their 50-day moving average, this shows solid longer-term results. Again, suggesting that very overbought isn’t always a bad thing.
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There was a huge spike in stocks marking new monthly highs, again historically an overbought signal. This opens the door for some near-term weakness, but is a very positive sign longer-term.
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Last, in the LPL Chart of the Day, the S&P 500 was recently more than 13% above the 50-day moving average, one of the highest levels ever. The good news is one-year later stocks were higher every single time. Yet another clue that historically overbought isn’t always a bad thing for the bulls.
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A record run, over-the-top excitement from small traders, the Nasdaq at 10,000, historically high multiples, and seasonality all could be a factor in why a pullback here could be perfectly normal. In fact, if you are bullish, after a 45% rally, one of the best things would be for prices to reset some here over the coming months. We would be a buyer of weakness and use it as an opportunity for longer-term price appreciation.
We have all been gobsmacked by velocity and strength of this V-shaped rally off the March 23 bear market low. For the record this rally became an official Ned Davis Research defined bull market on May 26 when DJIA was up 30% from the low when it made a new recovery high after 50 calendar days (see NDR definitions below). And this was on the back of the shortest bear market on record, which lasted only 40 days. Today’s market comeuppance is an important reminder that we need to be patient with this market and heed our cautious analysis and stance.
This is still the “Worst Six Months” and as we warned in the May Outlook when the market is down during the “Best Six Months” (November-April) as they were in 2020, the “Worst Six Months” (May-October) were down or flat 86% of the time with a median S&P decline of -6.7% since 1950.
Other seasonal indicators are also flashing the caution sign. This year’s negative January Barometer and breached December DJIA low, point to possible retests of the lows and choppy, volatile trading over the next several months. See the updated composite graph of the seasonal pattern for these 22 years since 1950 in the June Outlook.
It appears that quite a fair amount of hope was built into the rally. Lots of hope that everything is just going back to the way it was real soon. But COVID cases are on the climb again and folks are concerned that a pause and/or reverse of reopening could delay the economic recovery and derail the bull. Up until the past few days it felt like mid-February again with the market ignoring economic and corporate data as momentum pushed everything higher.
The jobs report was a bit unbelievable and then Fed Chairman Powell’s candor and reserved outlook at yesterday’s press conference put the fear right back into the market today. Meanwhile the Atlanta Fed’s GDPNow model currently estimates that 2020 Q2 GDP growth will be down -48.5%.
Sentiment had also become rather exuberant as the Weekly CBOE Equity Only Put/Call ratio we track in the “Pulse of the Market” hit 0.43 last week – its lowest level since the week ending 4/10/2010 about three weeks before the infamous flash crash. Investor’s Intelligence Advisors Sentiment survey Bullish advisors are now up to 56.9%. Correction advisors are down to 22.5% while Bearish advisors have slipped further to 20.6%, putting us at caution levels.
Technically, things deteriorated rapidly today. After blasting through several levels of resistance we have been tracking as shown in the chart here S&P 500 stalled at 3210 and plunged 5.9% today through 3115 support/resistance and closed just below 3010 support/resistance which sits at the 2019 summer highs. The next major support level below here is 2725 right near where the 50-day moving average turned up in mid-May, which would be a 15.7% correction from the recent recovery high reached this past Monday, June 8.
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Ned Davis Research bull and bear market definitions:
A cyclical bull market requires a 30% rise in the DJIA after 50 calendar days or a 13% rise after 155 calendar days. Reversals of 30% in the Value Line Geometric Index since 1965 also qualify. A cyclical bear market requires a 30% drop in the DJIA after 50 calendar days or a 13% decline after 145 calendar days. Reversals in the Value Line Geometric Index also qualify. Bull and bear markets are measured at peak and trough dates, so both the time and price criteria must be met as of the peak and trough dates.
The second Triple Witching Week (Quadruple Witching if you prefer) of the year brings on some volatile trading with losses frequently exceeding gains. NASDAQ has the weakest record on the first trading day of the week. Triple-Witching Friday is usually better, DJIA has been up ten of the last seventeen years.
Full-week performance is choppy as well, littered with greater than 1% moves in both directions. The week after Triple-Witching Day is horrendous. This week has experienced DJIA losses in 26 of the last 30 years with an average decline of 1.07%. S&P 500 and NASDAQ have fared slightly better during the week after over the same 30-year span, declining 0.72% and 0.23% respectively on average.
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- $KR
- $MFA
- $GRPN
- $JKS
- $ORCL
- $LEN
- $KMX
- $TSQ
- $HRB
- $MPAA
- $SWBI
- $CMC
- $RGS
- $TTM
- $HOME
- $JBL
- $DBI
- $AMSWA
- $ABM
- $BNGO
- $CNTG
- $LMB
- $LIVX
- $ALYA
- $GAN
- $INWK
- $VOLT
- $UROV
- $VNCE
Monday 6.15.20 Before Market Open:
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Tuesday 6.16.20 After Market Close:
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Wednesday 6.17.20 After Market Close:
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Thursday 6.18.20 Before Market Open:
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**Kroger Co. (KR) is confirmed to report earnings at approximately 8:30 AM ET on Thursday, June 18, 2020. The consensus earnings estimate is $0.88 per share on revenue of $40.12 billion and the Earnings Whisper ® number is $0.98 per share. Investor sentiment going into the company's earnings release has 85% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 22.22% with revenue increasing by 7.70%. Short interest has increased by 55.5% since the company's last earnings release while the stock has drifted higher by 5.3% from its open following the earnings release to be 12.5% above its 200 day moving average of $28.68. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, May 13, 2020 there was some notable buying of 10,009 contracts of the $36.00 put expiring on Friday, July 17, 2020. Option traders are pricing in a 8.6% move on earnings and the stock has averaged a 4.4% move in recent quarters.
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**MFA Financial Inc (MFA) is confirmed to report earnings at approximately 8:30 AM ET on Tuesday, June 16, 2020. Investor sentiment going into the company's earnings release has 30% expecting an earnings beat. Short interest has increased by 122.9% since the company's last earnings release while the stock has drifted lower by 67.1% from its open following the earnings release to be 55.0% below its 200 day moving average of $5.80. Overall earnings estimates have been unchanged since the company's last earnings release. On Tuesday, June 9, 2020 there was some notable buying of 9,992 contracts of the $4.00 call expiring on Friday, June 19, 2020. The stock has averaged a 1.2% move on earnings in recent quarters.
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**Groupon, Inc. (GRPN) is confirmed to report earnings at approximately 4:10 PM ET on Tuesday, June 16, 2020. The consensus estimate is for a loss of $1.92 per share on revenue of $400.24 million and the Earnings Whisper ® number is ($1.85) per share. Investor sentiment going into the company's earnings release has 35% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 3,940.00% with revenue decreasing by 30.80%. Short interest has decreased by 20.4% since the company's last earnings release while the stock has drifted higher by 1,026.9% from its open following the earnings release to be 47.9% below its 200 day moving average of $41.78. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, June 5, 2020 there was some notable buying of 6,979 contracts of the $1.50 call expiring on Friday, June 19, 2020. Option traders are pricing in a 2.7% move on earnings.
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**JinkoSolar Holding Co., Ltd. (JKS) is confirmed to report earnings at approximately 6:45 AM ET on Monday, June 15, 2020. The consensus earnings estimate is $0.75 per share on revenue of $1.00 billion. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 400.00% with revenue increasing by 15.27%. Short interest has decreased by 4.0% since the company's last earnings release while the stock has drifted lower by 4.0% from its open following the earnings release to be 6.6% below its 200 day moving average of $19.11. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 8, 2020 there was some notable buying of 3,793 contracts of the $25.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 15.7% move on earnings and the stock has averaged a 8.7% move in recent quarters.
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**Oracle Corp. (ORCL) is confirmed to report earnings at approximately 4:00 PM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $1.17 per share on revenue of $10.85 billion and the Earnings Whisper ® number is $1.22 per share. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat The company's guidance was for earnings of $1.20 to $1.28 per share. Consensus estimates are for year-over-year earnings growth of 0.86% with revenue decreasing by 2.57%. Short interest has decreased by 12.2% since the company's last earnings release while the stock has drifted higher by 16.7% from its open following the earnings release to be 2.2% below its 200 day moving average of $53.02. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 8, 2020 there was some notable buying of 25,106 contracts of the $60.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 6.7% move on earnings and the stock has averaged a 6.1% move in recent quarters.
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**Lennar Corp. (LEN) is confirmed to report earnings at approximately 6:00 AM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $1.29 per share on revenue of $5.73 billion. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 0.77% with revenue increasing by 3.00%. Short interest has decreased by 0.4% since the company's last earnings release while the stock has drifted higher by 97.6% from its open following the earnings release to be 5.8% above its 200 day moving average of $56.00. Overall earnings estimates have been revised lower since the company's last earnings release. On Wednesday, June 10, 2020 there was some notable buying of 7,571 contracts of the $65.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 10.4% move on earnings and the stock has averaged a 4.1% move in recent quarters.
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**CarMax, Inc. (KMX) is confirmed to report earnings at approximately 6:50 AM ET on Friday, June 19, 2020. The consensus estimate is for a loss of $0.08 per share on revenue of $2.39 billion and the Earnings Whisper ® number is $0.01 per share. Investor sentiment going into the company's earnings release has 27% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 105.03% with revenue decreasing by 55.46%. Short interest has increased by 0.1% since the company's last earnings release while the stock has drifted higher by 83.6% from its open following the earnings release to be 5.8% above its 200 day moving average of $85.05. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, June 2, 2020 there was some notable buying of 1,017 contracts of the $92.50 put expiring on Friday, June 19, 2020. Option traders are pricing in a 12.1% move on earnings and the stock has averaged a 4.5% move in recent quarters.
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**Townsquare Media, Inc. (TSQ) is confirmed to report earnings at approximately 7:00 AM ET on Monday, June 15, 2020. The consensus earnings estimate is $0.10 per share on revenue of $95.77 million and the Earnings Whisper ® number is $0.08 per share. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat Consensus estimates are for year-over-year earnings growth of 11.11% with revenue increasing by 2.23%. On Monday, June 8, 2020 there was some notable buying of 624 contracts of the $7.50 call expiring on Friday, June 19, 2020.
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**H&R Block Inc. (HRB) is confirmed to report earnings at approximately 4:20 PM ET on Tuesday, June 16, 2020. The consensus earnings estimate is $3.01 per share on revenue of $1.73 billion and the Earnings Whisper ® number is $2.23 per share. Investor sentiment going into the company's earnings release has 37% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 30.32% with revenue decreasing by 25.83%. Short interest has decreased by 31.1% since the company's last earnings release while the stock has drifted lower by 6.5% from its open following the earnings release to be 15.3% below its 200 day moving average of $21.09. Overall earnings estimates have been revised higher since the company's last earnings release. On Friday, May 29, 2020 there was some notable buying of 11,609 contracts of the $17.00 put expiring on Friday, June 19, 2020. Option traders are pricing in a 12.9% move on earnings and the stock has averaged a 3.5% move in recent quarters.
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**Motorcar Parts of America, Inc. (MPAA) is confirmed to report earnings at approximately 8:00 AM ET on Monday, June 15, 2020. Investor sentiment going into the company's earnings release has 45% expecting an earnings beat. Short interest has decreased by 22.3% since the company's last earnings release while the stock has drifted lower by 18.9% from its open following the earnings release to be 7.1% below its 200 day moving average of $17.10. Option traders are pricing in a 16.4% move on earnings and the stock has averaged a 7.1% move in recent quarters.
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We look at the latest Global Gambling Statistics: Comparing revenue, popular games & personal data to discover the world's best Gambling nations in 2021. Foxwoods Casino Schedule of Selected Video Facsimile/Slot Machine Data (From inception) ; Mohegan Sun Casino Schedule of Selected Video Facsimile/Slot Machine Data (From inception); Please note: The graph below shows the collected totals for a full year.The current year's data will appear to drop from previous years until the final month's data has been collected and uploaded. Interactive poker remained mostly flat with a slight drop from 2,688.1m to 2,679.3m and bingo rose slightly, as it has since 2003 with a 15-year increase of more than thirteen-fold from $148m to $1.96b.. Thanks to Macau and other jurisdictions where casino gambling remains more popular than slots, tables still rule supreme as revenue generators picking up a little more than $8b more year on The reason why we chose the bar graph was it easily displayed which slot machine game generated the most revenue. There were two games that stood out on the graph and they were Cleopatra and Double Diamond. Cleopatra generated a revenue of $10,100,121 and Double Diamond generated $10,551,550 while the rest of the other machines generated below six million. In conclusion, Double Diamond Casino Revenue Data Sunday, 30 March 2014. Microstrategy Dashboard (POST 2) BY: JENNIFER CRAWFORD, MUHAMMED MOOSA & MUHAMMAD KHAWAJA #1. Slot location & Slot jackpot amount . We used a Bar Graph to show head-to-head which Slot Location gives the most jackpot amount, the tallest bar will be the location that gives the most jackpot amount. We also used a Pie Chart to show the percentage of Revenue of casino gaming in Germany from 2010 to 2017 Participation in casino table games in Scotland 2016, by socio-economic and gender Expectations regarding sports betting websites among Wynn Resorts annual/quarterly revenue history and growth rate from 2006 to 2020. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. Casino revenue of Hard Rock Hotel & Casino Las Vegas 2010-2015 U.S. casino markets sorted by gaming revenue in 2007 Gross physical casino revenue in Denmark 2012-2019 The above graph shows the revenue that top casino players earned in 2013. Las Vegas Sands (LVS) is at the top of the list. It’s followed by SJM Holdings and MGM Resorts (MGM) . Maryland casinos reported declines in revenue for the year, while the new casino at National Harbor near Washington, D.C., attracted notable consumer spend from out-of-state patrons. Similarly, the opening of New York’s first Las Vegas-style resort casinos saw the Empire State comfortably achieve its best-ever gaming revenue total in 2017. Yet, a majority of New York’s individual
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