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AVGO showed the way, NFLX followed: Who's Next?

Daily Rap 07-17-2018

The market was modestly higher through midday after opening a little weaker, as the indices tried to shrug off Netflix's impersonation of the action in Broadcom, i.e., the way NFLX reacted to negative subscriber growth news with a sizable gap (about 15%) lower.

Back on June 12, after Broadcom was splattered after its latest takeover idea, I stated, "I think the bigger lesson is that AVGO gapped lower on what has been voted on as not being good news. That could be a roadmap for how other stocks with problems are treated as we make our way through earnings season. (Meaning that company-specific issues might finally matter, unlike all macro ones, which have been ignored.)"

A Hollywood Ending, Wall Street Style My point in...more

Last year's posts for Ask Fleck

Q: Bill, do you have any inclination to take a shot at any of the FANG names, via puts, going into earnings? Guest on CNBC for the most part don't seem to believe these stocks can ever go down, but the market caps are getting somewhat extreme.

Fleck: Not really, except maybe Apple. Not sure what I will do, but that is the only one I'd consider at this juncture.
(posted: 7/16/2018)

Q: Bill, as I know tech is a main focus of you and your readers, in today's NY manufacturing index for July, the 'technology spending' plans component fell 8 pts m/o/m to the lowest level since August 2017. Overall capital spending plans were down by 10 pts to also an 11 month low. I'm guessing that tariff worries are beginning to freeze corporate decision making.

Fleck: Could be. Hard to say. I'm sure people are confused, which tends to make them hesitant.
(posted: 7/16/2018)

Q: "Jamie Dimon, CEO of JPMorgan Chase & Co., declared in early June that we were entering a golden age of banking. "

I missed this statement by Dimon a month ago. But, from my reading of financial & economic history, these types of states are usually issued at the top of stock and/or economic cycles....

Even Jamie Dimon Can’t Bend the Yield Curve

Fleck: Oftentimes that is exactly what happens, though it isn't really possible to use those sorts of statements to take any kind of action.
(posted: 7/16/2018)

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