After Closing: Snapchat Falls 18%!

Stocks on Wall Street ended mixed yesterday as investors digested both Trump’s sudden sacking of FBI head, James Comey, as well as the earnings reports from Disney (DIS) and Nvidia (NVDA). The Dow Jones ended lightly down, while the NASDAQ soared to a new historic high.

Trump said the firing of the head of the FBI came on the heels of his failed handling of the inquiry into Democratic presidential candidate, Hillary’s Clinton’s email server. That notwithstanding, Comey was also at the helm of the investigation into whether Trump’s 2016 election campaign had colluded with Russia.

Wall Street has seen the latest Washington upheaval as a distraction of sorts, one of many, that could sidetrack Trump from following through on his promise to cut taxes and accelerate infrastructure spending. The stock market had soared to new highs under the Trump administration, the hope being that he’d jumpstart the economy and propel firm earnings higher.

In Summary for the Day: The Dow Jones ended off 0.16%, the S&P 500 rising 0.11%. The NASDAQ gained 0.14%, rising to a new high of 6,129.14.

After Closing: The stock of Snapchat plunged 23% after the social media app company reported for the first time after its new issue earlier in the year. Investors expressed their dissatisfaction about the company’s quarterly numbers, voting with their feet.

One of the stocks standing out in yesterday’s trading was Nvidia (NVDA), which soared 17.83% after the chipmaker reported a sharper than expected rise in Q1 revenues. The wave of optimism washed over its competitor, AMD, as well, the latter rising 6%.

On the flipside, Disney (DIS) fell 2.15%, making it the biggest weight on the Dow after the company reported lower than expected quarterly revenues and a decline in the number of subscribers to its sport channel, ESPN.

On the S&P 500, 29 stocks rose to new 52-week highs, 2 dipping to new yearly lows; on the NASDAQ, 131 stocks recorded new 52-week highs, 68 falling to new yearly lows.

About 6.7 billion shares changed hands on U.S. exchanges, in keeping with the average over the last 20 trading days.

Thursday: Investors in the latest hot tech IPO, SNAP, may feel that they got burnt, but the stock market on large is expected to look today beyond their disappointing earnings numbers.

The large retailers, Macy’s (M) and Kohl’s (KSS) are expected to report before the opening bell. The two department stores are likely, in their conference calls, to address both weak sales and store closings. Nordstrom (JWN) will report after closing.

More than anything else, Snapchat (SNAP) will be the topic of conversation on Wall Street today, the IPO from March of this year having been the hottest on Wall Street since Alibaba (BABA). SNAP tumbled over 23% in late trading on Wednesday, after having missing analysts’ topline revenue forecasts and reporting lower than expected growth in its user base. The stock closed late trading at the price of $17.68, slightly above its issue price of $17 a few months ago.

Snapchat reported a huge loss of $2.2 billion, making its $105 million loss last year look like peanuts. The company also reported revenues of $150 million, short of the $158 million analysts were expecting.

It seems like Snapchat’s fall from grace isn’t exceptional in the least, when taking into account that Facebook (FB) and Twitter (TWTR) tumbled 14% on average after releasing their first earnings reports. All-in-all, it seems that Wall Street is punishing Snapchat for acting more like the cool kid of the class rather than a public company. A dog-eat-dog world!

Investors certainly recall that it took Facebook (FB) time to find its way – and now they’re trying to gauge whether Snapchat will be a blockbuster success story, the likes of Facebook, or will fail to get off the ground, a la Twitter.

Additional earnings reports today include Teva (TEVA) before opening and Cyberark (CYBR) after closing.

Today’s Economic Diary today will also include initial unemployment claims at 8:30 N.Y. time, along with the Producer Price Index (PPI).

The Bank of England will be holding its interest rate meeting today, the ministers of the G7 countries likewise convening today in Italy. OPEC will also be releasing its monthly crude report.

IndexLastDaily changeR2R1PPS1S2
DJX20,943(-0.16%)Down     
SPX2,4000.11%Up236.91236.18235.30234.57233.69
Nasdaq6,1290.14%Up132.73132.39132.04131.70131.35

Thursday: SNAP, TEVA, KSS, M, FOXA, SYMC

IPOs: None

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday10:00JOLTS – Job OpeningsMedium
Tuesday10:00Wholesale InventoriesMedium
Wednesday8:30Import PricesMedium
Wednesday8:30Export PricesMedium
Wednesday10:30Crude Oil InventoriesLow
Wednesday14:00Treasury BudgetLow
Thursday8:30PPIHigh
Thursday8:30Initial ClaimsHigh
Friday8:30CPIHigh
Friday8:30Retail SalesHigh
Friday10:00Mich Sentiment – PrelimHigh
Friday10:00Business InventoriesMedium

 

Earning Calendar

 

SymbolCompanyAM/PMDay
JDJD.COM, INC.PMMonday
TSNTyson Foods, Inc.AMMonday
MARMarriott International, Inc.PMMonday
HTZHertz Global Holdings, Inc.PMMonday
DISCADiscovery Communications, Inc.AMTuesday
DFDean Foods CompanyAMTuesday
WWAYFAIR INC.AMTuesday
TSROTesaro, Inc.PMTuesday
TRIPTripAdvisor, Inc.PMTuesday
DISThe Walt Disney CompanyPMTuesday
EAElectronic Arts Inc.PMTuesday
BIDSotheby’sAMWednesday
MYLMylan N.V.AMWednesday
NCLHNorwegian Cruise Line Holdings Ltd.AMWednesday
SODASodaStream International Ltd.AMWednesday
VMCVulcan Materials CompanyAMWednesday
SNAPSnap Inc.PMWednesday
FOXATwenty-First Century Fox, Inc.PMWednesday
KSSKohl’s CorporationAMThursday
TEVATeva Pharmaceutical Industries LimitedAMThursday
MMacy’s, Inc.AMThursday
JWNNordstrom, Inc.PMThursday
CYBRCyberArk Software Ltd.PMThursday
JCPJ. C. Penney Company, Inc.AMFriday

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
CIT47.40 NVDASODA
MIME25.37 CNCTGI
CNC75.75 LLFOSL
TSLA327.66 EA 
LL24.90 NUAN 
RHT89.22 DDD 
JWN50.22 TTWO 
FOXA 27.75NUS 

 

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

13.4.2017ARNCLongClose31.3.2017-2.52%
23.4.2017GMEShortClose10.4.2017+1.95%
35.4.2017IPXLLongClose11.4.2017+7.03%
413.4.2017NKTRLongClose21.4.2017+0.61%
525.4.2017LULUShortClose2.5.2017-0.17%
626.4.2017GNCLongClose28.4.2017-4.39%
728.4.2017CARALongClose1.5.2017-3.23%
81.5.2017AAOILongClose2.5.2017+0.54%
93.5.2017SCSSLongClose9.5.2017-1.71%
104.5.2017CRZOShortClose5.5.2017+0.30%
118.5.2017WTWLongOpen +4.39%
12      
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18      

 

Today’s Picks – Swing “New-York Strategy

No.1 –    UA

Company NameUnder Armour,
Entry Point20
Stop Area19.45
1st Target20.45
Swing Target107.37
Avg. Volume2.14M
Sector
Consumer Goods | Textile – Apparel Clothing
Earning Date
Risk RateNormal
Risk\Reward Ratio4.55:1