Hey everybody, Dave Bartosiak here filling in for the myth, the man, the legend that is Jimmy “The Count” Giaquinto. Jim is off for a couple days, no doubt celebrating what I believe could be his 97th birthday with a new set of all-season tires for his Jeep. I’m kidding, he’s much younger than that, but carries the wisdom of a man twice his age. He’ll be back to business as usual on Monday.
What started as a bid on Wall Street ended in another disappointing session as stocks struggled across the board. Id did not matter where you tried to hide, the bears came out and found you. The only bright spot I could find was in casinos with the NFL season set to kickoff tonight. A handful of individual stocks were in the green but overall, it was a rough day out there for investors.
The Dow Jones Industrial Average finished the day lower by 405.9 points or 1.45% at 27,534.6. The S&P 500 lost 59.8 points or 1.76% at 3,339.2. The NASDAQ Composite had it the worst, giving up 221.97 points or 1.99% at 10,919.59.
Chart of the Day
How many days in a row is Lululemon going to go down? For now, that number sits at five. After scraping its yoga-pants loving head on $400, LULU shares were under pressure heading into earnings this week. The company delivered a solid beat on EPS and sales. EPS came in at 74 cents versus expectations calling for 56 cents. Revenues were $903 million versus $856 million.
That should have been enough to send the stock higher on the day at least, but that was not the case. The company failed to provide FY20 guidance, something several companies this earnings season have decided to do. The stock was punished yesterday, giving up over 7%. Today, shares got up to $335 before the bottom fell out as LULU closed the session at $320 even. It’s now dipped below its 50-day moving average, something the broad market has been hanging onto. Could tomorrow break the unlucky streak of down days for the stock?
Today’s Portfolio Highlights:
Insider Trader: As the lone editor to make a move today, Tracey opted for one of the largest midstream energy companies in North America, Enterprise Products (EPD). The stock is a MLP, which pays out income to shareholders, currently at a clip of about a 10.2% yield. Check out the rest of her write-up for the details.
She also managed to ring the register on a 10%+ winner. She made the addition of Camping World (CWH) just about a month ago on August 12, yet still managed to get a solid gain. That’s a quick turnaround for a tidy profit.
That is the only trade of the day here from Zacks. Keep an eye out for all the action tomorrow.
Have a great night,
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