We’re so fortunate to have our own natural resources in the shales so that oil prices could be artificially flung higher, taxing Americans of their coin, for the benefit of a very select group of people. If $100 WTI saves a few million Venezuelans from starvation, I’m all for it. But the oil spike was never about that — it’s a tax and a rover baron scheme.
Did you know there are many states, like Connecticut, who tax by gross amount of gasoline sold? It is literally in their best interest to see higher oil prices. With that being said, I don’t think the oil sector is reflecting this new normal, as WTI moves towards 4 year highs.
A spate of good earnings and feelings has futures sharply higher this morning. I’ll be getting clubbed down in my SOXS and LABD today. Hopefully, some of my other longs can offset the carnage. I have lots of cash and I have an idea where I want to put it — so hopefully I won’t fuck it up.
Year to date, Exodus has performed sublimely — responding to each oversold signal with absolute success.
If you’re unaware, we have a new tool in Exodus, Sharpe ratios, which can be used on an individual stocks basis, portfolio, or in this case sector. It’s incredibly useful for any asset planner, especially when trying to put together a portfolio. Here are the top industries, ranked by our Sharpe ratio, as of yesterday.
That’s the 252 Sharpe, but we also run a shorter term one too, for swing trade ideas. I’ll be putting in Sortino in May.
Here are some other headlines.
Gapping up/down: CMG +13%, ORLY +12%, AMD +10%, FB +7% after earnings, TWTR +2% and BA +1% after upgrades; EBAY -5.5%, T -4%, AAL -4% and DB -2% after earnings
Gapping up
In reaction to strong earnings/guidance:
- CMG +13.4%, ORLY +12%, PENN +11.4%, BEAT +11.1%, UCTT +11%, PCMI +10.9%, AMD +9.5%, JAKK +9.5%, GNC +8.8%, DPZ +7.5%, FB +6.7%, CYS +6.6%, ALXN +6.5%, XLNX +6.1%, CETV +6.1%, ECHO +5.9%, SJW +5.8%, HZO +4.8%, RDN +4.8%, INTU +4.7%, (reports 6% increase in turbotax online units: raises full-year consumer group guidance range), TAL +4.5%, MMSI +4.3%, RRC +4.1%, PYPL +4.1%, LODE +4.1%, WPG +3.7%, CTXS +3.4%, MTH +3.3%, ALGT +3.2%, NS +3%, RS +2.8%, V +2.7%, AXTI +2.5%, BAX +2.2%, KNX +2.1%, RTN +2%, NOW +1.9%, WB +1.8%, EQT +1.7%, LVS+1.6%, F +1.6%, MCK +1.5%, (McKesson launches multi-year strategic growth initiative; reaffirms fiscal 2018 outlook and provides preliminary fiscal 2019 outlook; to acquire Medical Specialties Distributors), TRN +1.5%, COP +1.4%, VLO +1.2%, UPS +1.2%, SAVE +1%
M&A news:
- MATR +25.3% (NICE to acquire MATR for $2.70/share)
Select chip related names showing strength:
- MU +2.7%, INTC +2%, CY +2%, SMH +1.6%, SOXX +1.6%, ADI +0.6%,
Other news:
- AZO +4% (following ORLY results)
- AAP +3.6% (following ORLY results)
- FMI +2.9% (FDA granted a Breakthrough Device designation for its new liquid biopsy assay)
- NVDA +2.5% (following AMD results)
- MSFT +1.5% (following AMD results)
- RESN +1.4% (continued strength)
- MA +1.3% (following Visa results)
- SNAP +1.2% (FB sympathy)
- KL +1.1% (reports drill intersections that provide ‘significant’ results at all three of its key exploration targets at Taylor mine), .
Analyst comments:
- TWTR +1.9% (upgraded to Outperform from Neutral at Macquarie)
- ANTM +0.9% (upgraded to Overweight from Neutral at JP Morgan)
- BA +0.8% (upgraded to Buy from Hold at Societe Generale)
Gapping down
In reaction to disappointing earnings/guidance:
- FARO -11.6%, BGG -11%, LMAT -10.7%, NGD -7.6%, NTGR -7.5%, CRI -6.8%, SPB -6.6%, UHS -5.8%, NOK -5.7%, EBAY -5.5%, LUV -5.3%, Aan -4.7%, LKQ -4.5%, T -4.3%, ESV -4%, NVCR -3.9%, AAL-3.9%, CRR -3.5%, MGLN -2.9%, RDS.A -2.5%, DB -2.2%, CINF -1.8%, QEP -1.6%, IRDM -1.6%, BMRN -1.4%, CME -1.3%, ARCH -1.2%, SCI -1.1%, AFL -1.1%, VALE -1%, ZBH -1%
M&A news:
- QCP -7.8% (to be acquired by Welltower for $20.75 per share)
Other news:
- SGMO -2.6% (prices offering of 12,310,000 shares of common stock at $16.25 per share)
- CASA -2.6% (prices offering by selling shareholders of 7,350,000 shares of common stock at a public offering price of $25.00 per share)
- CVNA -1.5% (prices and announces upsize follow-on offering of 11,000,000 shares of Class A common Stock at $27.50/share)
- CRTO -1.3% (announces that founder and chairman JB Rudelle will return to the role of Chief Executive Officer )
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