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HT Weekend Watchlist- Volatile Moves with Big Tech Earnings

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
August 04, 2024

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Data points provided by Stox scanner

INTC $21.48

  • The stock plummeted -25% after its Q2 ER. Currently its trading at multi year new lows.

  • We think the bearish sentiment is likely to continue.

  • Daily KL is $25. If the stock can provide some technical bounce to retest that daily level, it could give a decent short entry with good risk reward using the said KL.

  • The thesis is looking for the stock to form a downtrend. This is a potential swing idea as well using the same KL as risk.

  • Position Disclosure: No Position

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Data points provided by Stox scanner

AMZN $167.90

  • The stock tumbled almost -9% after its ER last week.

  • Remaining neutral on this name for now. The stock is sitting right below the 200SMA.

  • Key level is around $169-$170 area. If the stock is able to reclaim the KL, we could see a technical bounce for multiple days to the upside.

  • However, if stock remains weak next week and breaks down Friday’s lows. It’s no longer a valid long idea.

  • This is a potential swing idea as well using the same KL as risk.

  • Position Disclosure: No Position

Notable: High short %

BBLG $2.72

  • Stock rallied last week with no news. However, the company announced an exercise of warrants for $2.1 million on Friday.

  • Staying neutral on this name for now. It seems like the weakness was easily absorbed on Friday despite the capital raise. The high short interest % is notable as well.

  • Key level on this name is $3. If the stock is able to reclaim KL next week and consolidate, we could see it retest $3.50 highs and potentially higher.

  • However, if KL fails and the stock plummets below $2.50s, it’s probably heading towards $2 and lower.

  • Position Disclosure: No position

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🗞️ Market movers you might’ve missed:

- McDonald’s Corp. ($MCD) McDonald’s Corp reported positive earnings.
- How we traded: Backside Long

- Meta Platforms Inc. ($META) Meta reported strong earnings beat and increased AI spending.
- How we traded: Gap Up Reversal Long

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📣 Meta's Q2 Triumph: Beating Expectations Amid AI Ambitions and Regulatory Challenges

Meta reported impressive financial results for Q2 2024, with $39.1 billion in revenue and $13.5 billion in net income, surpassing Wall Street's expectations. Despite the success, the company acknowledged ongoing losses from its "Reality Labs" division and announced plans for increased spending in 2025 to boost its artificial intelligence initiatives. CEO Mark Zuckerberg highlighted strong progress, including the launch of an open-source AI model and growth in their AI-powered Ray-Ban glasses.

However, Meta also cautioned about potential challenges from regulatory pressures in the EU and the U.S., which could impact future financial results.

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