Major averages rose yesterday on mixed volume. The S&P 500 closed at new highs on lighter volume while the NASDAQ Composite moved up on higher volume and is just a breath shy of new highs.
Facebook (FB) reported after the close, trouncing estimates, which caused the stock to gap higher in after-hours trading. In today's premarket, it is up 7.6% as of this writing. Given that yesterday's action was positive, today's gap up of any magnitude is actionable. Earnings and sales continue to soar, pretax margin 47.7%, institutional sponsorship has grown in every quarter since the stock went public 10 quarters ago, group rank 55.
Telecom cable manufacturer Arris Group (ARRS) had an extended pocket pivot on Tuesday, but on Wednesday, fell on lower, constructive volume. Given its gap up during its prior earnings report and soaring earnings and sales, it is within buying range.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.