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Intraday/Swing Plays
- Thread starter Seanote
- Start date
Stocks Shun Lackluster Retail Sales
Despite a worse-than-expected retail sales report, stocks are looking to end the week on the right foot, climbing on news that the SEC said it had closed a preliminary investigation of IBM (IBM). Bonds are slightly lower in choppy trading in spite of the economic data and world markets are mixed.
Shares of IBM have recaptured some of yesterday's losses in the pre-market session after the SEC said that it had opened and closed a preliminary inquiry into Big Blue without taking any action. IBM has recently been haunted by the possibility of accounting improprieties surrounding a reported $280 million gain on the sale of an operating unit in December of 2001.
Mercury Interactive Corp. (MERQ) posted 1Q earnings excluding charges of $0.14 per share on revenues of $90.5 million, flying past the First Call Consensus estimate of $0.10 per share and $86.14 million, respectively. The test software manufacturer affirmed previous FY02 guidance of 5-15% growth in total revenue to $380-415 million, and earnings of $0.60-0.72 per share.
Juniper Networks, Inc. (JNPR) offered a lackluster 1Q earnings report, saying that revenues fell 63% to $122.2 million, below First Call's $123.5 million consensus estimate. The networking company posted earnings excluding charges of nil per share, in line with the Street's average forecast, and said that pro forma 2Q earnings would be sequentially unchanged.
Despite a worse-than-expected retail sales report, stocks are looking to end the week on the right foot, climbing on news that the SEC said it had closed a preliminary investigation of IBM (IBM). Bonds are slightly lower in choppy trading in spite of the economic data and world markets are mixed.
Shares of IBM have recaptured some of yesterday's losses in the pre-market session after the SEC said that it had opened and closed a preliminary inquiry into Big Blue without taking any action. IBM has recently been haunted by the possibility of accounting improprieties surrounding a reported $280 million gain on the sale of an operating unit in December of 2001.
Mercury Interactive Corp. (MERQ) posted 1Q earnings excluding charges of $0.14 per share on revenues of $90.5 million, flying past the First Call Consensus estimate of $0.10 per share and $86.14 million, respectively. The test software manufacturer affirmed previous FY02 guidance of 5-15% growth in total revenue to $380-415 million, and earnings of $0.60-0.72 per share.
Juniper Networks, Inc. (JNPR) offered a lackluster 1Q earnings report, saying that revenues fell 63% to $122.2 million, below First Call's $123.5 million consensus estimate. The networking company posted earnings excluding charges of nil per share, in line with the Street's average forecast, and said that pro forma 2Q earnings would be sequentially unchanged.
Technology continued to weaken. Naz 100 becomes the first market average to fall below its Feb low. Next logical question is how much weakness remains in this sector? MSFT is a strong componet. MSFT has been a leader on the downside since breaking its Feb low over a week ago. Since the breakdown the stock has trended sideways and didn't make a new low yesterday. Watch MSFT to get a clue on the Naz.
AAPL - Buy
Support: $24.50
Target: $27.50
With the March higher low in place, AAPL is displaying a bullish agressive triangle pattern. Expect a breakout aroung the $25 resistance area.
TLB - Short
Stop: $36.00
Target: $29.25
Stock has broken below support. Expect continued downward movement and note the very high volume.
AAPL - Buy
Support: $24.50
Target: $27.50
With the March higher low in place, AAPL is displaying a bullish agressive triangle pattern. Expect a breakout aroung the $25 resistance area.
TLB - Short
Stop: $36.00
Target: $29.25
Stock has broken below support. Expect continued downward movement and note the very high volume.