After a few days of pullback, the market managed a bounce today. SPX added +25.61 points, while Nasdaq gained +49.43 points.
This morning, UPS reported strong quarterly results and saw its shares trade up more than +5%! PCP shares popped +7.49%, even though it missed its estimates. We traded a small trade on PCP in my Happy Trades Portfolio and took away a +43% intraday gain:
We did exit a bit early. This could have been an intraday double!
AMGN continued to plow higher, adding another +4.35% today. We got into the August 165 calls yesterday in the Happy Trades Portfolio. We took our profits on this today, and reaped profits as high as +71%:
CMI reported a strong quarter, pretty much inline with the expectations. Its shares popped +3.4% today.
After the market, techs mainly disappointed in earnings. TWTR, YELP, and AKAM all traded lower. TWTR traded down 11%. Although its revenue grew, its user growth was muted. YELP lower its 3rd quarter forecast, sending its shares falling more than 16%. AKAM dropped almost 10% after it gave disappointing third quarter forecast. GILD was an exception; it reported a strong quarter and raised its outlook. GILD shares traded +3.17% higher after rising +2.29% during the regular session.
The big winners were in the restaurant group. PNRA shares jump nearly +8%, even though it slightly missed its quarterly targets. BWLD also missed its earnings expectations, but, its shares popped almost +10%!
In a volatile market environment such as the one we are in, the earnings reactions are often all over the place. The way that PCP was driven higher was purely technical, even though the its earnings were not really all that great. I doubt that the rise in PNRA would hold tomorrow, as it is already looking toppy. We may see YELP and TWTR slip further tomorrow, as these two companies seem to have a lot of things to figure out to get their business going again.
Although stocks bounced today, I still remain very cautious.
Good night and HappyTrading! ™