Good Saturday morning to all of you here on r/StockMarket. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading month ahead.
Here is everything you need to know to get you ready for the trading week beginning June 1st, 2020.
Expect more shocking economic data in the week ahead with the unemployment rate set to near 20% - (Source)
The big rotation into unloved stocks, like banks, small caps and airlines, took a break Friday, but it could be a theme that dominates trading again in the week ahead.
Investors will be assessing the progress of economic reopenings against some new headwinds for the market.
The stock market has been mostly discounting unprecedented weakness in economic data, but the May employment report will still be of major interest Friday. Economists expect it to show another shocking loss of jobs, this time roughly 8.5 million after the 20.5 million lost in April. The unemployment rate is expected to jump to a staggering 19.8% from 14.7% in April, according to Refinitiv.
Increasingly frayed relations between the U.S. and China reared up at the end of the week as a negative force for markets, and analysts expect that stress to continue to be a concern. The U.S. joined with other nations to condemn China's new security rules for Hong Kong, which Beijing sees as an attempt to quell protesters.
President Donald Trump on Friday said the U.S. would end its preferential relationship with Hong Kong and also exit agreements with the World Health Organization, which he said failed with China to protect the world from the spread of coronavirus. The stock market moved higher after Trump's afternoon announcement on relief there were no new trade actions against China.
"Hovering over this is geopolitical tensions. Over the weekend, what do we see out of Hong Kong? What do we see next week? This will be a major test for the west and specifically Washington," said Quincy Krosby, chief market strategist at Prudential Financial.
Krosby said the market will continue the tug of war as investors dip into value names versus some of the growth names in tech, and the stocks that had benefited from the stay-at-home trade.
"We saw this early as the market came off the March lows. You had a very clear barbell," she said. "The market tried to say what do we need now, what do we need when this is over and health care and pharma started to get a very strong bid. What you have now is ... perhaps intermittent, the value names, the ones that were really beaten up, broadening out the market, including financials."
Julian Emanuel, head of equity and derivatives strategy at BTIG, said the social media and tech firms face dual headwinds, and that could hold back the overall market as well since they had been leaders in the move off of the March low. Trump on Thursday issued an executive order aimed at limiting legal protections of social media companies, after he got into a disagreement with Twitter.
"There's a ratcheting up of pressure on technology firms and social media firms, a lot of overlap in big tech in terms of China exposure," he said. "There's a lot of headwinds facing Nasdaq names - shelter in place names and China-exposed technology names."
Big tech stocks have lagged lately, but they are still a top leader quarter to date, with a 20% gain. In the past week, they were up about a half percent, compared to a 6% gain in financials and 5% rise in industrials. As tech lagged, so did the Nasdaq, gaining only a third as much as the Dow in the past week.
"This cyclical rally has longer to run, but what we've seen this week tells you the index cannot continue to rise solely with the cyclical outperformance. Tuesday and Wednesday the financials outperformed Nasdaq by 9.3%," he said. Emanuel said the market usually does better when financials do better but this type of outperformance is rare and it doesn't always signal positives.
"On average, the market is weaker in the medium term when you had that kind of massive outperformance. The message is both financials and technology tend to be weaker in the medium term. Longer term, you go back to the idea the rotation into financials is a positive," he said.
Emanuel said the S&P 500 may be hitting the top of a near-term range, after it broke through the 3,000 level, a key psychological point. It also broke through its its 200-day moving average, a widely watched technical level. Some investors see a buy signal when the S&P is above that momentum indicator, which is literally based on the average closing level of the index over the last 200 days.
But Emanuel does not see that to be the case this time. "When we look at the frantic activity in the rotation, it leads us to believe the market is likely to fall back into the range in the coming weeks," he said.
The stocks that have outperformed recently are the most sensitive to the economic reopenings leading to a pickup in normal activity. There is a question of how much air traffic or hotel stays can pick up until there is real medical progress against the virus.
"These stocks will be a matter of intense debate for months. I don't think we'll know the answer until we see if the fall brings a ratcheting higher of the virus, based on reopenings and a change in the weather, or if there's a change in progress on a vaccine," he said.
President Trump's executive order seeking to limit the federal law that provides broad legal protection for social media and other online platforms is one headwind for that sector. Trump issued the order Thursday after Twitter put a fact-check label one of his tweets criticizing mail-in election ballots. The president accused Twitter of political activism.
Twitter, Facebook and Alphabet all protested the move, which hit Twitter's stock hardest.
Emanuel said technology' is at risk in China since companies like Apple have large revenue exposure in addition to supply chain issues.
In addition to the jobs report, there is important ISM manufacturing data Monday and auto sales for the month of May.
This past week saw the following moves in the S&P:
Major Indices for this past week:
Major Futures Markets as of Friday's close:
Economic Calendar for the Week Ahead:
Percentage Changes for the Major Indices, WTD, MTD, QTD, YTD as of Friday's close:
S&P Sectors for the Past Week:
Major Indices Pullback/Correction Levels as of Friday's close:
Major Indices Rally Levels as of Friday's close:
Most Anticipated Earnings Releases for this week:
Here are the upcoming IPO's for this week:
Friday's Stock Analyst Upgrades & Downgrades:
Weekly Market Performance – May 29, 2020: Equities Continue Run During A Shortened Week.
Equities
US equities delivered positive returns during this abbreviated trading week. All three indexes were higher, with the best performer being the Dow, while the Nasdaq lagged. The S&P 500 finished the week above the 3,000 level for the first time since early March. The small cap Russell 2000 along with the mid-cap S&P 400 Index enjoyed positive weeks, with both indexes returning over 2%.
"The S&P 500 has incredibly bounced more than 35% from the March lows," explained LPL Financial Senior Market Strategist Ryan Detrick. "Which would be the best bear market rally ever, suggesting this very well isn't a bear market bounce, but the start of a new uptrend."
The story of the week was a sharp rotation in the beaten up value sectors early on, as financials gained more than 6%, closely followed by real estate and industrials. Energy was the worst performing sector as oil price gains stalled, while communication services was the only other sector to lose ground on the week.
Looking at style, large cap value stocks beat out large cap growth by over 2% for the week.
Amid ongoing COVID-19 disruptions, labor and foreign policy challenges, along with risks associated with reopening the economy, US equities maintained their strength. Several timely indicators have pointed to a pickup in economic activity, such as an increase in new home sales along with an unexpected increase in consumer confidence. Our research suggests that second quarter gross domestic product (GDP) could contract as much as 30% annualized, but global progress in reopening economies combined with massive stimulus measures point to a potentially strong rebound in the third and fourth quarters.
International Stocks
The MSCI EAFE and the MSCI Emerging Markets Indexes continued its upward quest from the previous week, with the developed markets outperforming emerging markets by over 3%. Given the news out of Hong Kong last week as well as the Hang Seng's struggles last Friday, its market rebounded modestly to finish up only a fraction this week. With the new changes in Hong Kong's security laws, many are pondering the future of the nation/state as a global financial hub.
The action by China in Hong Kong concerning its sovereignty caused Washington to move toward placing actions against Beijing. Moreover, White House Economic Advisor Larry Kudlow added that the US may pay for companies to bring its supply chains from China and Hong Kong to the U.S.
European markets were higher this week, with the STOXX Europe 600 Index up over 3%. As in the United States, investors are concerned with COVID-19 and the subsequent reopening of the European economy, but European stocks have held steady, as the pandemic has been slowing and countries are opening back up. Fiscal stimulus is in the air overseas, as the European Commission is reportedly set to propose a 750 billion euro recovery package, while Japan is finishing a $1.1 trillion stimulus package.
Fixed Income and Commodities
Fixed income prices were little changed on the week, with the 10-year Treasury yield remaining under 0.70%. Credit spreads tightened modestly as investors appear optimistic about the prospects of reopening the US economy as well as a potential pickup in economic activity.
Investment grade corporate debt issuance set a new record this week, with total new issues surpassing $1 trillion in just 149 days. This is a milestone typically reached in the second half of the year, as the Federal Reserve programs have suppressed yields, allowing corporations easier access to funding.
Last month showed a record drop in consumer spending of over 13%, however personal savings enjoyed its largest surge ever at 33%. Once the economy reopens, we should expect these trends to reverse, which would thus help the economic landscape.
Oil prices contracted modestly with July contracts for WTI crude posting a decline of about 2% for the week. Gold finished up a fraction, consolidating following an impressive rally of nearly 15% year to date.
Looking Ahead
Economic data for next week begins with the Markit Purchasing Managers' Index data along with the ISM Manufacturing survey and construction spending on Monday. Contractions are expected in both given the present climate. Wednesday is all about the autos, as we get total number of cars and trucks sold in May. The consensus, according to Factset, is that 11 million total vehicles were sold last month.
On Thursday, we receive new unemployment claims with optimism that the recent lower trend of claims continues. Also, we will get data on labor productivity along with the trade balance. To end the shortened week, Friday's reports will include non-farm payrolls along with the unemployment rate.
Strong Breadth Surge
On Wednesday, the S&P 500 Index closed above its 200-day moving average for the first time since March 4. While that move marks an important milestone for an index that has rebounded more than 35% from its March 23 low, we believe market internals may paint an even more promising picture for future stock returns.
Technology and growth stocks were undoubtedly the leaders during the market drop, and many of these stocks have recovered to the point of having positive year-to-date returns. Year-to-date numbers for financials and industrials have been less impressive, but that doesn't mean they've been left behind in the recovery. All 11 sectors have gained more than 20% from the March lows, and every sector, except for the defensive consumer staples sector, is up at least 30%, with energy's 59% advance leading the way. This has led to strong breadth, or market participation readings. Through Thursday's close, 96% of the components in the S&P 500 were trading above their respective 50-day moving averages, the most since 1991.
Perhaps more importantly, as shown in the LPL Chart of the Day, these momentum surges historically have been followed by above-average forward returns. February 2019 was the last time more than 90% of the stocks in the S&P 500 traded above their 50-day moving averages, and the S&P 500 went on to post a 29% gain for the year.
"Breadth surges like we've seen recently can signal short-term overbought conditions," said LPL Financial Senior Market Strategist Ryan Detrick. "But for longer-term investors, they have historically marked uptrends with lasting durability."
DJIA Up Seven Straight on June's First Trading Day
According to the Stock Trader's Almanac 2020 (page 88), the first trading day of June is the third worst first trading day of all twelve months with DJIA gaining just cumulative 304.59 points since 1998 (July is best with 1175.74 DJIA points gained). Over the past 25 years, DJIA's first trading day of June has produced gains 72.0% of the time with an average gain of 0.04%. Sizable losses in 2002, 2011 and 2012 limit overall performance. S&P 500 has advanced 64.0% of the time. NASDAQ has been slightly weaker at 56.0%. Russell 2000 has advanced 64.0% with the strongest average performance of 0.17%. Following three straight losses from 2010 to 2012, DJIA has advanced seven straight years on the first trading day of June.
Typical June Trading: Early Gains Tend to Fade After Mid-Month
Over the last twenty-one years, the month of June has been a rather lackluster month for the market. DJIA, S&P 500 and Russell 1000 have all recorded average losses in the month. NASDAQ and Russell 2000 have faired better with modest average gains. Historically the month has opened respectably, advancing on the first and second trading days. From there the market then drifted sideways and lower into or near negative territory depending upon index just ahead of mid-month. Here the market rallied to create a nice mid-month bulge that quickly evaporated and turned into losses. The brisk, post, mid-month drop is typically followed by a month end rally lead by technology and small-cap.
May's Top Performing Stocks
After an absolutely amazing April, traders were in no mood to sell this May. Within the Russell 1000, which tracks the 1,000 largest US stocks by market cap, the index's components rallied an average of 5.3% with just over 70% of the index's components trading up during the month. In the table below, we highlight some of the biggest winners. Some of these names may sound familiar, but there are bound to be a few that you've never heard of.
This month, three stocks in the Russell 1000 gained more than 50%. The best of those three was Twilio (TWLO). After closing out April at a price of $112.3, the stock rallied 73% to just shy of $200 per share. So far in 2020, TWLO has almost doubled. Not familiar with TWLO? The company creates a number of APIs that enable voice, video, and messaging capabilities to their platforms. So when you get a text from UBER telling you that your car is on its way, that message is likely powered by TWLO's software.
Looking through the list of this month's winners, like TWLO, a large share of the stocks listed come from the Technology sector. Of the 34 names on the list, 14 are form the Tech sector, and the next closest sector - Consumer Discretionary - has just seven stocks on the list. The top-performing stock from the Consumer Discretionary sector has been Wayfair (W), which has gained nearly 38%. Apparently, after being stuck at home for the last several weeks, many Americans have decided they need some new furniture.
In total, eight of the eleven GICS sectors are represented on the list. The only sectors not making the cut? Financials, Real Estate, and Utilities. Maybe next month.
Most Stocks Above Their 50-DMAs Since 1991
As we noted in yesterday's Sector Snapshot, if you were to pick out any one stock in the S&P 500, odds are it would be above its 50-DMA. Currently, 96.24% of S&P 500 stocks are above their 50-DMAs. On a sector basis, Consumer Discretionary, Energy, Industrials, and Materials all have 100% of their stocks above their 50-DMAs. That is a huge share of the index sitting above their 50-DMAs at once. As shown in the chart below, times in which there have been this many stocks above their 50-DMAs have been few and far between. Of all days since the start of 1990, there have only been four other days with a reading as high or higher than the current 96.24%. The most recent of these was March 5th, 1991 when 96.59% of the index was above its 50-DMA. Other than that, only February 11th through 13th of that same year saw these types of readings (97.4%, 96.6%, and 97.8%, respectively).
Fund Flows Still Show Little Equities Enthusiasm
The table below gives a summary of mutual and exchange-traded fund flows as compiled by the Investment Company Institute for the week ending May 20th.
Equity fund flows remain negative. While there's been lots of anecdotal evidence of retail enthusiasm in the equity market, fund flows are a very different story. This week was relatively modest, with equity fund outflows in the bottom 6% of all readings across mutual funds and ETFs. That totals $13.7bn of AUM out the door, with the worst hits coming for global funds which saw flows in the bottom 3% of all readings. The last 3 months and year have been the worst on record for aggregate equity fund flows across mutual funds and ETFs, and the worst three months on record for world equity funds. ETFs tracking equities have not seen large inflows but they are also not suffering the same kind of outflows as mutual funds.
Commodity funds and bond funds are a totally different story. The last three months have been the best on record for commodity fund inflows, while bond funds have seen readings in the top 3% of all periods for the last week and month; recent commodity fund flows are slightly cooler than their record pace of the last three months but are very, very strong nonetheless.
STOCK MARKET VIDEO: Stock Market Analysis Video for Week Ending May 29th, 2020
STOCK MARKET VIDEO: ShadowTrader Video Weekly 5.31.20
Here are the most notable companies (tickers) reporting earnings in this upcoming trading week ahead-
- $ZM
- $CRWD
- $DKS
- $DOCU
- $WORK
- $CPB
- $CBRL
- $AVGO
- $CLDR
- $SJM
- $ATHM
- $CIEN
- $AEO
- $TTC
- $BZUN
- $APPS
- $GOOS
- $HQY
- $HHR
- $DCI
- $EXPR
- $SMAR
- $VRA
- $CMD
- $AMBA
- $ESTC
- $TIF
- $CNK
- $ZUO
- $MDB
- $BBW
- $NGL
- $MIK
- $GHG
- $ENS
- $SCWX
- $PD
- $EVRI
- $PLX
- $YEXT
- $GPS
- $SAIC
Below are some of the notable companies coming out with earnings releases this upcoming trading week ahead which includes the date/time of release & consensus estimates courtesy of Earnings Whispers:
Monday 6.1.20 Before Market Open:
Monday 6.1.20 After Market Close:
Tuesday 6.2.20 Before Market Open:
Tuesday 6.2.20 After Market Close:
Wednesday 6.3.20 Before Market Open:
Wednesday 6.3.20 After Market Close:
Thursday 6.4.20 Before Market Open:
Thursday 6.4.20 After Market Close:
Friday 6.5.20 Before Market Open:
NONE.
Friday 6.5.20 After Market Close:
([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())
NONE.
Zoom Video Communications, Inc. $179.48
Zoom Video Communications, Inc. (ZM) is confirmed to report earnings at approximately 4:20 PM ET on Tuesday, June 2, 2020. The consensus earnings estimate is $0.09 per share on revenue of $203.02 million and the Earnings Whisper ® number is $0.10 per share. Investor sentiment going into the company's earnings release has 69% expecting an earnings beat The company's guidance was for earnings of approximately $0.10 per share on revenue of $199.00 million to $201.00 million. Consensus estiamtes are for year-over-year revenue growth of 66.43%. The stock has drifted higher by 62.8% from its open following the earnings release to be 83.7% above its 200 day moving average of $97.72. Overall earnings estimates have been revised higher since the company's last earnings release. The stock has averaged a 10.8% move on earnings in recent quarters.
CrowdStrike, Inc. $87.81
CrowdStrike, Inc. (CRWD) is confirmed to report earnings at approximately 4:05 PM ET on Tuesday, June 2, 2020. The consensus estimate is for a loss of $0.06 per share on revenue of $165.77 million and the Earnings Whisper ® number is ($0.02) per share. Investor sentiment going into the company's earnings release has 71% expecting an earnings beat The company's guidance was for a loss of $0.07 to $0.06 per share on revenue of $164.00 million to $168.00 million. Consensus estimates are for year-over-year earnings growth of 89.09% with revenue increasing by 72.54%. Short interest has increased by 12.3% since the company's last earnings release while the stock has drifted higher by 75.8% from its open following the earnings release to be 43.3% above its 200 day moving average of $61.29. Overall earnings estimates have been revised higher since the company's last earnings release. The stock has averaged a 12.2% move on earnings in recent quarters.
DICK'S Sporting Goods, Inc. $36.06
DICK'S Sporting Goods, Inc. (DKS) is confirmed to report earnings at approximately 7:30 AM ET on Tuesday, June 2, 2020. The consensus estimate is for a loss of $0.41 per share on revenue of $1.55 billion and the Earnings Whisper ® number is ($0.46) per share. Investor sentiment going into the company's earnings release has 18% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 166.13% with revenue decreasing by 19.30%. Short interest has increased by 14.6% since the company's last earnings release while the stock has drifted lower by 5.5% from its open following the earnings release to be 2.4% below its 200 day moving average of $36.95. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, May 22, 2020 there was some notable buying of 4,191 contracts of the $21.00 put expiring on Friday, June 19, 2020. Option traders are pricing in a 11.2% move on earnings and the stock has averaged a 7.6% move in recent quarters.
DocuSign $139.74
DocuSign (DOCU) is confirmed to report earnings at approximately 4:05 PM ET on Thursday, June 4, 2020. The consensus earnings estimate is $0.10 per share on revenue of $284.00 million and the Earnings Whisper ® number is $0.17 per share. Investor sentiment going into the company's earnings release has 82% expecting an earnings beat The company's guidance was for revenue of $280.00 million to $284.00 million. Consensus estimates are for earnings to decline year-over-year by 0.00% with revenue increasing by 32.73%. Short interest has increased by 18.8% since the company's last earnings release while the stock has drifted higher by 86.3% from its open following the earnings release to be 79.4% above its 200 day moving average of $77.91. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, May 19, 2020 there was some notable buying of 2,550 contracts of the $120.00 put expiring on Friday, January 21, 2022. Option traders are pricing in a 12.2% move on earnings and the stock has averaged a 10.7% move in recent quarters.
Slack Technologies, Inc. $35.05
Slack Technologies, Inc. (WORK) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, June 4, 2020. The consensus estimate is for a loss of $0.06 per share on revenue of $186.54 million and the Earnings Whisper ® number is ($0.04) per share. Investor sentiment going into the company's earnings release has 81% expecting an earnings beat The company's guidance was for a loss of $0.07 to $0.06 per share on revenue of $185.00 million to $188.00 million. Short interest has decreased by 23.6% since the company's last earnings release while the stock has drifted higher by 66.7% from its open following the earnings release to be 40.4% above its 200 day moving average of $24.97. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 5.6% move on earnings in recent quarters.
Campbell Soup Co. $50.98
Campbell Soup Co. (CPB) is confirmed to report earnings at approximately 7:30 AM ET on Wednesday, June 3, 2020. The consensus earnings estimate is $0.76 per share on revenue of $2.24 billion and the Earnings Whisper ® number is $0.78 per share. Investor sentiment going into the company's earnings release has 72% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 35.71% with revenue increasing by 2.85%. Short interest has decreased by 12.5% since the company's last earnings release while the stock has drifted higher by 2.2% from its open following the earnings release to be 6.4% above its 200 day moving average of $47.91. 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 1,519 contracts of the $55.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 7.6% move on earnings and the stock has averaged a 6.9% move in recent quarters.
Cracker Barrel Old Country Store, Inc. $107.13
Cracker Barrel Old Country Store, Inc. (CBRL) is confirmed to report earnings at approximately 8:00 AM ET on Tuesday, June 2, 2020. The consensus earnings estimate is $2.15 per share on revenue of $607.31 million and the Earnings Whisper ® number is ($0.83) per share. Investor sentiment going into the company's earnings release has 10% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 2.87% with revenue decreasing by 17.89%. Short interest has decreased by 35.8% since the company's last earnings release while the stock has drifted lower by 37.0% from its open following the earnings release to be 22.5% below its 200 day moving average of $138.18. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, May 26, 2020 there was some notable buying of 1,518 contracts of the $185.00 call expiring on Friday, September 18, 2020. Option traders are pricing in a 7.5% move on earnings and the stock has averaged a 3.5% move in recent quarters.
Broadcom Limited $291.27
Broadcom Limited (AVGO) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, June 4, 2020. The consensus earnings estimate is $5.14 per share on revenue of $5.70 billion and the Earnings Whisper ® number is $5.21 per share. Investor sentiment going into the company's earnings release has 64% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 9.82% with revenue increasing by 3.32%. Short interest has increased by 27.4% since the company's last earnings release while the stock has drifted higher by 29.2% from its open following the earnings release to be 2.6% above its 200 day moving average of $284.01. Overall earnings estimates have been revised lower since the company's last earnings release. On Wednesday, May 13, 2020 there was some notable buying of 1,209 contracts of the $170.00 put expiring on Friday, January 15, 2021. Option traders are pricing in a 7.0% move on earnings and the stock has averaged a 4.8% move in recent quarters.
Cloudera, Inc. $10.25
Cloudera, Inc. (CLDR) is confirmed to report earnings at approximately 4:10 PM ET on Wednesday, June 3, 2020. The consenus estimate is for breakeven results on revenue of $204.11 million and the Earnings Whisper ® number is $0.03 per share. Investor sentiment going into the company's earnings release has 69% expecting an earnings beat The company's guidance was for results to range from a loss of $0.01 per share to earnings of $0.01 per share on revenue of $202.00 million to $207.00 million. Consensus estimates are for year-over-year earnings growth of 100.00% with revenue increasing by 8.88%. Short interest has increased by 6.6% since the company's last earnings release while the stock has drifted higher by 23.8% from its open following the earnings release to be 13.0% above its 200 day moving average of $9.07. Overall earnings estimates have been revised higher since the company's last earnings release. On Thursday, May 21, 2020 there was some notable buying of 4,137 contracts of the $10.00 call expiring on Friday, July 17, 2020. Option traders are pricing in a 21.0% move on earnings and the stock has averaged a 16.2% move in recent quarters.
J.M. Smucker Co. $113.93
J.M. Smucker Co. (SJM) is confirmed to report earnings at approximately 7:00 AM ET on Thursday, June 4, 2020. The consensus earnings estimate is $2.23 per share on revenue of $2.03 billion and the Earnings Whisper ® number is $2.31 per share. Investor sentiment going into the company's earnings release has 54% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 7.21% with revenue increasing by 6.72%. Short interest has decreased by 29.5% since the company's last earnings release while the stock has drifted higher by 5.5% from its open following the earnings release to be 5.5% above its 200 day moving average of $108.03. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, May 27, 2020 there was some notable buying of 565 contracts of the $120.00 call expiring on Friday, July 17, 2020. Option traders are pricing in a 6.4% move on earnings and the stock has averaged a 4.7% move in recent quarters.
DISCUSS!
What are you all watching for in this upcoming trading week?
I hope you all have a wonderful weekend and a great trading week ahead r/StockMarket.
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