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Afternoon Note

Out of The Gate

By Charles Payne, CEO & Principal Analyst
10/16/2019 1:41 PM

The market continues to grapple for traction, but mixed earnings and economic data make it tough to really get out of the gate.

Considering headline retail sales report, the action in consumer discretionary names is very intriguing.  There is serious bottom fishing with big winners including:

S&P 500 Index

 

-0.06%

Communication Services (XLC)

+0.18%

 

Consumer Discretionary (XLY)

+0.32%

 

Consumer Staples (XLP)

 

-0.05%

Energy (XLE)

 

-0.34%

Financials (XLF)

 

-0.11%

Health Care (XLV)

+0.26%

 

Industrials (XLI)

+0.38%

 

Materials (XLB)

+0.76%

 

Real Estate (XLRE)

 

-0.53%

Technology (XLK)

 

-0.76%

Utilities (XLU)

 

-0.07%

 

On the flip side, technology looks ugly today with Workday (WDAY) taking it on the chin after their Investor’s Day yesterday.  I’ve gone through most reports and I can’t see why selling is this intense.  Meanwhile, all eyes are on Netflix (NFLX) which got hammered four of the last five earnings releases. 

Other key financial releases after the bell and market reaction

Last Quarter Earnings Reaction

One week

One day

NFLX

-12.3%

-10.3%

IBM

+4.9%

+4.6%

CSX

-12.0%

-10.1%

URI

-3.7%

-7.9%


 

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