Amazon, Nike Rises In Premarket; Shopify and Stitch Fix Fall
Nike stock soared 12% after the sports footwear retailer reported very strong numbers in the first quarter after the close Tuesday. Flat sales after a drop of 38% were particularly impressive, with the brand’s digital sales surging 82%, although margins were flattered by a lack of spending on marketing around major sports events. Deutsche Bank has upgraded its investment stance to buy as a result. Tesla stock fell 5.5% as announcements at the electric car maker’s “Battery Day” of new, more powerful batteries, and the potential of a $25,000, fully-autonomous car “in about three years time” failed to impress investors.
Shopify stock fell 1.1% after the e-commerce giant announced that two “rogue members” of its support team engaged in a scheme to illegitimately obtain customer transactional records. Stitch Fix stock slumped 15% after the online personal styling service reported steep losses for the fiscal fourth quarter despite adding clients and growing sales. Lululemon Athletica stock rose 2.5% after the athletic apparel retailer is set to resume its stock buyback program that had been halted because of Covid-19.
KB Home stock fell 3.2% despite the homebuildier reporting strong quarterly orders. General Mills stock rose 1.9% after beating quarterly sales estimates and raising its dividend. Peloton stock rose 0.2% after Amazon, down 0.7%, denied it had any formal connection to rival exercise company Echelon Fitness so-called Prime Bike. Investors had anticipated Amazon’s entry into the growing home exercise market.
On the technical front, Amazon RSI is at 46.89% and suggests that the market can move in a downward direction. The current price is trading above 5 days MA & below 20 &50 day moving averages. The stochastic is forming an upside crossover. Overall Bias is Positive and Short-term buy trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion– BUY Amazon At 3131.42 Take Profit At 3174.71 Stop Loss At 3088.13
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