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Back in mid-December, as I was thumbing through the Sunday Wall Street Journal at a fencing tournament, I read a lengthy, in-depth analysis of General Electric. It was quite a damning piece, and it was long enough to be a novella. I tweeted out this image from the paper, since I found it funny that GE had paid for an advertisement that the WSJ decided to put right next to this corporate tear-down:
Here are two stocks moving higher on news and two others showing weakening technicals.
American Superconductor Corporation (AMSC) jumped 66 cents to $14.54 Thursday on 604,100 shares, or double its average volume. The wind turbine component maker beat Wall Street expectations in its earnings release on Tuesday. The stock has been in a steeply rising channel since its late-October low under $6, and the channel top points to $19.
Evolus, Inc. (EOLS) popped $4.85 to $28.91 on 4.8 million shares Thursday. Shares in the provider of medical aesthetic products have rallied since the company received FDA approval a week ago for its treatment of frown lines. The stock is right at resistance from its late August high, and a move through this level could get it to $34 next.
On the short side, Carvana Co. (CVNA), which dropped 39 cents to $33.02 on Thursday, has broken down from an ascending wedge within a declining channel off its September top. There’s support at around $29 for the stock in the company, which operates an e-commerce platform for buying used cars. If that level doesn’t hold, then the stock could fall to next support at around $24-$25.
Medifast, Inc. (MED), which gave back 19 cents to $127.07 on Thursday, has been declining since September in a series of ascending wedges that have failed. Stock in the healthy-living specialty retailer is currently in another ascending wedge near the top of its declining channel, which if it fails could pullback to test the $108 area. The stop would be near last week’s high just under $132.
The big post-earnings mover this morning is Snap (“a camera company”) which is getting some much-needed love. As I’ve tinted below, it seems this company can’t have an earnings report without some explosive move either up or down. After all the recent troubles with redesigns and “spectacles”, it’s nice to see the company finally get their day in the sun.
As the earnings season starts to wind down, it seems the big message from the FAANG stocks is that, earnings projections be damned, this market wants to go up. Just look at what we’ve seen from the components:
Two cannabis stocks are among our four charts to watch today.
Aphria Inc. (APHA) popped $1.08, or 14%, to $8.74 on 13.7 million shares Thursday, nearly twice its average volume. The move came on a Bloomberg report that Green Growth Brands (GGBXF) is open to negotiations regarding its attempt to buy the Canadian marijuana company. Watch for a move next to $9.50, as momentum is strong, followed by $10.50, which is next lateral resistance.
Cronos Group Inc. (CRON) rallied $1.25 to $19.68 on 29.5 million shares Thursday, more than 2 1/2 times its average volume on no news. Shares in the cannabis investment firm doubled in January, and look poised to continue higher towards the top of the steeply ascending channel near $24.
Evolus, Inc. (EOLS) popped 73 cents to $16.35 on 575,024 shares. The move came on no news from the provider of medical aesthetic products. The stock has been rallying off the bottom of its declining channel since December, though it hasn’t yet broken out above the declining tops line. It’s been up for five sessions in a row on strong volume, and closing in on that declining tops line as well as lateral resistance. A break through here could lead to a run to $21.
Qutoutiao Inc. (QTT) jumped $1.22 to $10.92 on 2 million shares Thursday on no news. Shares in the Chinese viral-content site, which have nearly tripled since early December, broke out of a mini wedge and above lateral resistance. Next target is $13.50.
After the breakout from its descending channel of 2018 (see green tint below), emerging markets have picked up speed:
Two cannabis stocks are among our four charts to watch today.
Aphria Inc. (APHA) jumped 40 cents, or 6%, to $7.08 on 9.1 million shares Tuesday on news that Green Growth Brands Inc. (GGBXF) made a formal offer to acquire the Canadian cannabis producer. The stock, which has been in a steadily rising channel off its December low, pulled back for much of last week on low volume ahead of Tuesday’s breakout. There’s a gap to fill at around $8 from the early December gap-down, a move through which could get the stock to near-term targets at $8.50 and then $9.25.
Canopy Growth Corporation (CGC) gained 12 cents to $43.66 on 8.8 million shares Tuesday on no news from the Canadian marijuana producer. The stock has had a steep run-up this month before consolidating in recent sessions. A move through the November highs near $46.50 could accelerate the stock further into the low-to-mid $50’s. Keep in mind that $40.50 is a triple intraday support platform from last week.
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