Wells Fargo’s ‘Rare’ Downgrade Brings Fresh Pressure to Netflix Shares
Here are the technical levels we’re tracking as we break down the firm’s move.
Tech Leads a Subdued Open on a ‘Triple Witching’ Friday
U.S equities are mixed Friday morning with Tech names providing some boost while other names lagged as bond yields rebounded.
Upside, Downside Movers in the Morning
Upside
– $MEDS +30% (litigation settlement is expected to extinguish about $19 million of liabilities and retire 364,099 shares)
– $USDE +17%, $PURR +7.0%, $MSTR +2.8%, $HOOD +2.2% (crypto and tokenization-linked stocks rise as Bitcoin rallies and regulators grant temporary relief for tokenized U.S. stock trading)
– $STUB +6.0% (Citi upgrades to Buy from Neutral)
– $GOOGL +2.0%, $GOOG +1.9% (no clear fresh company-specific catalyst identified; unusually strong megacap premarket outperformance)
– $ETSY +1.1% (BTIG upgrades to Buy, citing improved valuation, positive demand tracking and a better cost structure)
Downside
– $XENE -22% (pauses new enrollment in Phase 3 depression trials after a liver-related safety event, overshadowing the focal-seizure NDA submission)
– $AEMD -9.9% (reverses part of the prior-day merger-driven surge; existing holders are expected to own about 4.75% of the combined company)
– $ARRY -4.2% (UBS downgrades to Neutral and flags growing cash preferred-dividend obligations that could pressure free cash flow)
– $NFLX -3.2% (Wells Fargo downgrades to Underweight, citing weakening engagement and a softer original-content slate)
– $NUE -2.3%, STLD -2.1% (steelmakers fall after STLD’s Q3 earnings outlook missed expectations)
– $DLR -2.0% (rate-sensitive stocks fall as Treasury yields edge higher)
How Well Is the Market Holding Up? Could Be Better.
The equal-weight S&P is off 5% and new lows are climbing. Is that healthy? Let’s look closer.
We’re Tracking 28 Signals Across 8 of the Portfolio’s Investment Themes
Let’s scan through the headlines for the stories of the week that speak to our Pro Portfolio holdings.
Monday’s Statistics Looked Terrible, Although There Weren’t Many Sellers
It’s one of those days where things looked bad, but the up and down volume statistics were equal.
August Monthly Roundup: Maintaining Our Lead Through the Ups and Downs
We initiated three positions, added to several others, and locked in massive gains along the way.
We’re Tracking 23 New Signals Across Our Investing Themes
Let’s scan through the headlines for the stories of the week that speak to our Pro Portfolio holdings.
A Potential Tell as Chip Stocks Come Under Pressure
We continue to see a favorable fundamental outlook, but we’re waiting for a better technical one.
Oil Back on the Rise, Along With Treasury Yields: 8 Key Items Shaping the Stock Market Tuesday
Nvidia backs OpenAI in Ohio, Costco pilots Medicare plans and other headlines moving the market this morning.