It was a slower-paced PreMarket Prep Show Friday, as the market was void of major macro news and only one notable earnings report: Micron Technology MU.
After the bell Thursday, the company beat on EPS and sales and issued mostly inline guidance. Yet the Street is choosing to emphasize the decline in fourth-quarter sales, attributed to the impact of sales to Huawei as a result of the ongoing trade war.
From the premarket action, it appeared the issue was attempting to rebound from an after-hours and premarket decline, but that didn't turn out to be the case.
Sellers engulfed the issue off the opening bell after its extended run in 2019.
The stock ended Friday's session down 11.09% at $43.21
CEO Change At Nation's No. 4-Largest Bank
Wells Fargo & Co WFC pulled a fast one on the PreMarket Prep co-hosts.
Before the open, company named Charles Scharf as its new president and CEO. The issue was trading firmly in the green in the premarket and a fade was anticipated.
Buyers came in off the opening print and the issue surged to $51.41 before fading back under $51. That high matched its March 19 close, but was just off the high on that day of $51.57.
The stock finished the session up 3.77% at $50.71.
Ranking Analysts, Beyond Meat, SAFE Act
The PreMarket Prep chat, which always comes up with good questions for the hosts, did not disappoint Friday.
One question centered on how one can measure the impact or long-term performance of a particular Wall Street analyst.
Besides co-host Dennis Dick's own internal formula, the answer provided was to visit the website tipranks.com, which tracks and grades the performance of several analysts.
The price action of Beyond Meat Inc BYND after its major announcement Thursday, as well as the marijuana sector after the House's passage of the SAFE Banking Act, were both reviewed.
Unfortunately for shareholders, Beyond Meat surrendered much of its early gains, and the stocks in the marijuana sector went from green to red for the most part.
Midway through the show, Phil Davis of Phil's Stock World joined the broadcast and reviewed prior trades.
He laid out a possible short play in Texas Instruments Incorporated TXN and was anticipating a bounce in gold futures off the $1,500 level.
To end the show for the week, Spencer Israel pitted this author against Dennis Dick in this week's version of "Hot Potato," with the category being New Jersey.
This Week's Guests
Monday's show will have a bit of a different flavor with Spencer and this author being off for the Jewish holiday.
Brent Slava of Benzinga's newsdesk will co-host the show with Dennis Dick, and Jerremy Newsome will join the show and share what is on his "buy" and "sell" radar for Monday's anticipated lower-volume session.
- Tuesday: Angie Setzer, vice president of grain for Citizens Elevator, will provide a sector update.
- Wednesday: David Keller, chief market strategist for Stockcharts.com, will share his favorite methods of technical analysis.
- Thursday: Marc Chaikin of Chaikin Analytics will disclose any changes in his Money Flow Indicator.
- Friday: Greg Harmon, founder of Dragonfly Capital Management, will discuss his option trades and strategies.
PreMarket Prep is a daily trading show hosted by prop trader Dennis Dick and former floor trader Joel Elconin. You can watch PreMarket Prep live every day from 8-9 a.m. ET here. The replay can be found on Benzinga's YouTube channel, and the podcast is on iTunes, Google Play, Soundcloud, Stitcher and Tunein.
Related Links:
PreMarket Prep Recap: Beyond Skeptical Of Beyond Meat Rally
PreMarket Prep Recap: Finding Resistance In Nike, Cintas After Q1 Beats
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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