December 14, 2018 Weekly Wrap up LIVE from the floor of the NYSE

On Monday the JOLTS job openings report for October increased by 1.7% to 7.079 million and market volatility was high with the Dow Industrials down by as much as 507 points, but ending the day up 34 points.  Markets in particular didn’t like the news that UK Prime Minister Theresa May announced a delay of a key Brexit vote. 

On Tuesday the producer price index for November rose .1% compared to the prior month’s .6% jump.  Once again trading was very volatile with the spread between the high and low of the Dow Industrials exceeding 550 points, even though it ended the day little changed.  Markets took note when President Trump tweeted that the U.S. was having productive talks with China and also when President Trump threated to shut down the government if funding wasn’t approved for the U.S.-Mexico wall. 

On Wednesday the consumer price index for November remained unchanged, compared to the prior month’s .3% gain and the EIA petroleum status report for the week ending December 7th saw crude oil inventory decline 1.2 million barrels.  President Trump said he could intervene in the arrest of a high-level Huawei official as part of a trade deal with China and China also made a large soybean purchase from the U.S.  China also suggested that it could ease access to its local markets for foreign companies.  The Dow Industrials closed up 157 points. 

On Thursday jobless claims for the week ending December 8th fell 27,000 to 206,000 and import prices for November fell 1.6% while export prices fell .9%.  Markets continued choppy trading amid uncertainty, but the Dow Industrials finished the day up 70 points. 

On Friday retail sales for November increased by .2%.  Markets opened sharply lower after China reported slower than expected economic growth, stoking fears of a global slowdown.  Now let’s take a look at some stocks.

Apple, Inc. (NASDAQ: AAPL) shares fell on Monday after Qualcomm announced that Apple infringed upon two of its patents.  A Chinese court ordered Apple to cease sales in China of older iPhone models, up to and including last year’s edition of the iPhone X. Apple shares slipped by 2% on Monday.

Stitch Fix, Inc. (NASDAQ: SFIX) reported its fiscal first quarter results after market close on Monday.  Earnings came in at 10 cents per share, beating estimates of 3 cents and revenue was $366 million, beating estimates of $358 million.  The Company reported that active users increased by 22% to 2.9 million, weaker than expected, and shares plummeted by 28% on Tuesday.

Tencent Music Entertainment Group (NYSE: TME) launched its initial public offering on the New York Stock Exchange on Wednesday, listing its price at $13 per share.  Shares rose 12% by Thursday and the company raised approximately $1.1 billion during its offering, with a valuation of $21.3 billion.

Ciena Corporation (NYSE: CIEN) reported its fiscal fourth quarter results before market open on Thursday.  For the quarter, Ciena had revenue of $899 million with earnings of 53 cents per share. The Company topped estimates in earnings and revenue, sending shares 11% higher shortly after the opening bell on Thursday.

Adobe Inc. (NASDAQ: ADBE) reported its fiscal fourth quarter results after market close on Thursday, with revenue of $2.4 billion and earnings per share of $1.87.  Adobe surpassed revenue estimates, but fell short of earnings estimates. During the aftermarket session, Adobe shares went up as high as 4% and fell as low as 2.4%.

14 Comments
  1. Rodney Cullen 7 months ago
    Reply

    $AAPL way oversold, best short of the week was $ADBE imo

    • Lance McDonnel 7 months ago
      Reply

      I will buy AAPL at $150 mark my words that is the bottom!

    • Jerry Ting 7 months ago
      Reply

      I am long still since $110. I will not be shaken out of the best company in the world.

    • Ian Bezek 7 months ago
      Reply

      $AAPL Chart Update. Broke below that 170 support last week . Now showing relative strength today & forming a potential higher low @ 165.28. Lets see if it reclaims 170 level & pushes higher. Stop moved to 165

      • Jason LEach 7 months ago
        Reply

        If i know $AAPL algos litte bit, they are preparing for a big move. Looks like they took the day trader’s stop and heading higher.

    • Sing Koo 7 months ago
      Reply

      bought 3 $AAPL $162.50 Jan 11 Calls for 7.00

  2. Fernando Salazar 7 months ago
    Reply

    $TME undervalued here. Can’t wait to see what it does in the next 6 months.

  3. Leon Fitzgerald 7 months ago
    Reply

    $ADBE sub 200 coming. We are not done as the market is ready to hammer down harder on tech

    • Timothy Reazor 7 months ago
      Reply

      $ADBE lower boiler band @ $218

      • Brianna L. 7 months ago
        Reply

        may bottom out tomorrow or weds. I expect a push higher on weds after the fed as trump is pressuring the fed

  4. Ralph Nelson 7 months ago
    Reply

    $SPY could be just a hedge but someone bought 15K Dec 19 270 calls not too long ago today

    • Vincent Stillson 7 months ago
      Reply

      Major fed decision coming out soon and the market won’t get out of the OR. Be careful. Don’t be a hero. Let the algos fight it out. Maybe Powell will cave and we will have a Christmas surprise. Christmas rally? Or do we take out the lows #ES_F $SPX $SPY

      • Tylor R. 7 months ago
        Reply

        Big boys can hammer themselves all the way on $spy to 182, as they keep on liquidating themselves.

  5. Shawn Provencher 7 months ago
    Reply

    Fed announcement today, I anticipate a run as long as they hold rates. Depends though, market bounced a bit already but I expect it to keep going

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