It's An Earnings Bonanza!

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Episode Summary:

• Earnings bonanza! F, TWLO, EBAY, SHOP
• Q3 GDP
• Berkshire

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Dennis Dick

Twitter:https://twitter.com/TripleDTrader

Spencer Israel

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Joel Elconin

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https://www.premarketprep.com/

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Unedited Transcript:

What's up everybody. Good morning. Happy Thursday. We got a lot going on today. It is earnings ball. Nan's uh, we got like 250 earnings reports. We're going to try to cover as many of them as we can. We're going to try to go quick and get through. We're going to rip 'em we're going to rip them. Right? We got some big ones here.

Let's get this show on the road and start today's show

coming to you. Live from downtown Detroit. This has been zingers pre-market prep with your host Joel Kahn. And this is a vowel tile puppy here. Isn't it. And Dennis Dick I've been the petty. I will buy the stock per pet with everything that you need to start your trading debt.

All right. Good morning. Good morning. I'm wondering we were at a fast market, ladies and gentlemen, Spencer Israel, Dennis take Joel is out today. He'll be back tomorrow. I promise. But you got two thirds of the crew and that's good enough. So, uh, we've got a lot going on here. Let me quickly run through the markets this morning.

Um, the S and P 500 were up about a quarter percent, nothing really, too crazy going on. Actually, the NASDAQ is, this is weird though, to me, cause they, if you look at the QS, we're up a half a percent this morning, but then a slide we're going to talk about this because it does seem like just anecdotally, every single tech stock reporting earnings is down this morning.

So we're talking about, uh, accused of talking about, or the Russell is trading higher as well. Uh, about a third of a percent. We got Bitcoin trading higher by 3%. Nice to see maybe Dennis, we should just, um, not wait. There we go. Maybe we should just not buy. What'd you just heard this show into a, into a crypto show?

I think because it's just way more fun right now, frankly. Um, and th the meme coins is just the stock market is so boring. Well, it depends what you're trading, I guess, you know, some of these spec stocks, like the DWC last week, we had some pretty good excitement. I don't know if I'd call the stock market boring, but I guess when you compare it to crypto, it is kind of, you compare it to what's going on with like, she live on like, yeah.

When you, when you compare it to shipping, you knew it's, it's like a, it's a snooze. I don't even know his ship. I see it all littered through the timeline on Twitter. They're all saying ship this and ship that. And I have no idea what should be. It's a derivative meme. It's a meme derivative. It's a derivative of another meme.

Okay. So what is it, what does it mean when somebody is telling me to ship? Tell me to buy, to buy. What has she been eating? I don't know. It's, it's a, it's a crypto. It's a meme coin. It's a meme of a meme. So those coin was Korea as a joke, right. A ship created as a joke too. It's it's a, it's a derivative of the, that's a pretty good, good, um, dog money following.

So is this, so it's something to do with doge. It's got nothing to do with it. It's just, it's it's based off the joke of, I cannot keep track of all these joke coins. I know, I know. I know. Look at the shame has passed OCE and market cap. Igor says yes. Yeah, that happened. Um, there was a, a few that's what happens when money is meaningless and the fed just prints money into an infinity here.

Bring it back to the fed. Yeah, it does. It really, it really lifts the feds responsible for doge coin and ship and everything because people have real money to put into this kind of. I've no idea. I don't think it ends well, but Chev, whatever it is. Yeah. She knew. Yeah. Um, based. So basically, and crazy thing is like, if the prices it's, it's out these decimal points anyway.

So somebody apparently bought like eight grand worth of Chibi new a year ago. Now they're now they're a billionaire. So congratulations to them. I suppose, got to find the next ship. I guess maybe I should be distressed Dennis. That's the game we are in. You know what? This is, this is like, these are the penny stocks of crypto and we're in like a penny stock crypto mania right now.

You know, that, that's what it is. So, um, in 1999, we're partying like it's 1999. And wait, is there a house? Is there a music. Mitch. Yeah. Somebody says this music playing

what's going on.

Going on. I took it off already. What are you doing to us? Match? It's the music you're playing on funny, but what is it? I apologize. Um, well you can't hear it cause it was on the computer desktop audio. So no more music like, oh my gosh. Okay. Anyway, we're going to cut Mitch today. Wasted three minutes on music and ship.

I'm moving on. We have 1000 earnings reports to talk about. We've got to get going. Boom, boom, boom. Let's go. Let's talk. Oh, wait, I start with w w w we're going to start with that, but real fast, uh, just as a PSA, we talked about Berkshire Hathaway. Another one, there was another one last night after hours, there was one share of Berkshire Hathaway class, a trade at 5,500, $4,000.

Somebody threw 70 grand away. Yes. All right. Again, you're not listening to the show one don't trade burka. It's too thin. Definitely don't trade burka after hours. It's way too thin. After hours is 10 times more thin. Third thing is don't just lift offers when you don't know where the stock closed. If you're going to let the offer look, we're closed first, don't buy a mutual fund, which is basically what Berkshire Hathaway is.

It's a fund don't buy a fund up 20%. Don't buy a fund $70,000. And that's a quick way to throw away $70,000. So we had this discussion yesterday. If you want to listen to the discussion on Burke dot EY, you can rewind the show to yesterday morning. Alright, let's, let's bring into earnings and we'll go to Ford here.

We should probably start with that. Uh, this was nothing short of just, uh, a blowout quarter for Forbes, other EPS beat their sales beat, but we, we care less about that than we do about a, the guidance res and, and then B the dividend reinstatement. That's huge. Remember Ford used to have a 15, um, uh, 15 cent per share dividend that they suspended and they are reinstating a 10 cent per share dividend huge 2.39% yield, all of a sudden getting paid.

Now, if we're following the inflation, the fed is giving us that would actually beat inflation, but we know that's not true. Um, I'm pretty excited. I'm still logging my Ford. I did sell my GM, you know, that I said that yesterday I was nervous under the report, but I held the Fort. So I picked the right one for once.

Usually I pick the wrong one, but I picked the right one, somebody in the chat. Oh, it was like on Monday or Tuesday. I think he was in the ethic clothes they had. They had, I think they had calls on Ford, I think. Um, nice. Whoever that was. I think I remembering that right? Whoever that was congratulations to you.

Cause this was a blow out quarter. They just crushed it again. Earnings, beat guidance, res dividend reinstatement, nothing bad about any. It's a big move for Ford. Let's see what it does at 1670. That is the high from six days ago. That's what you have to contend with. Can it get up and above there? And then what you do is you go in the quarter cent, are you going in the 50 cent increments for Ford?

Once you start making new highs on the move? Obviously, if I go and open my book right now, which I can do, you're probably going to have a boat load of stock at 17 because it hasn't been there for basically a decade. It's been a long time since four, it's been up at 17. So it's probably some GTC good till canceled center.

Aren't there. It's lettered 16, 50 has 117,000 shares. There are again, the bomb's already 4.2 mil and Trey last night, too. So it can blow through all that. I would say seventeens, your next major point of resistance. If you can get through the recent highest 1670, and if you're wondering, well, what about the chip shortage?

That don't worry that they talked about that. And the summary of that is, yeah, we are not as exposed as GM for whatever. So, and he always wanted to be the second one. So once he, no one says something with the chip shortage and you hear it the second time, it doesn't feel as bad. So if you're, if you're, if you're two companies that are very similar and you're gathering into a cycle that, you know, it's been struggling to a certain extent, right?

If I ship shortages, you always want to be the second report. So GM, obviously the GM report was fine, but they hit it down. Then they lower the expectations for Ford and Ford beats. Those expectations easily. Obviously the reinstatement that dividend helps as well. And we move up. So again, your level 1670 on Ford next stock.

Uh, yeah, again, I mean, I'm wearing a monthly chart here, so we're at, we're at a frickin seven. Yeah. But there is a major resistance up here, major resistance. So I don't like buying stocks at major resistance, 2015 on 2015. Let's move on here. Uh, well, let's go over to technology because there's a lot of tech reports and.

Th it seems like they're all down this morning. Maybe we should start with Shopify because they reported, they reported this morning. Let me go to not a monthly chart here. Uh, a intraday chart of Shopify. Um, and it's kind of the same thing that we've been seeing for like a couple quarters now. Right? Uh, the, the, everything was down year over year, right.

I forget what the estimates were. They were down year over year and that's what the market is going to. It's the same thing that happened in Robin hood yesterday. Right. It's down quarter over quarter and Shopify down year over year. So even though they, uh, it actually, I don't think it was really that bad.

Um, they, you know, they, you know, their sales are still growing. Everything is still growing. They're just growing at a lesser, lesser pace than they were last year for obvious reasons. And it's sort of a victim of their own success. And this is the problem. That's the hurdle to get over because expectations obviously so high when you know, you're trading at sky high multiples.

So, and that's really the theme here is I don't wouldn't call it, but you definitely are seeing clear rotation here today. Um, not so much to the growth, the tech stuff besides Tesla, which, you know, has its own animal, which we'll get to in a second. Piper, I think is the one that's moving at this morning.

Um, but you know, you look at arc arc is down here this morning, so that's a good indicator for growth tech. We know you're moving into a value market Berkshire. Hathaway's not a bad indicator there. Um, so going back to Shopify expectations, sustain our really high. Obviously it did sell off into the report.

So you do have major support down here at 1285. It is a still loved stock. So I think at a certain point in time, it finds buyers again, but nosebleed multiples, you better blow it away. And that was not a blow away. No, no. And again, it's not really their fault. You can't say here right from the pro and you can show it.

You can't say this. If you're a growth stop, Shopify sees 21 sales growth rapidly, but at a lower rate than 2020, that is not what you want to say. You don't say that when you're trading those bleed multiples, they want to see at least keeping up with the pace because people played nosebleeds multiples for super high growth.

The growth is going to start slow. Then that is going to turn off the grill. I understand why like investors hate that, but like I paid that, but you had to know that this way, like everyone knew this was coming, it's not Shopify is fault that they, they fell backwards into a pandemic and benefit of their business.

Like no one had ever seen before. I mean, we all knew that that wasn't sustainable. So, so I don't know. I guess it's kind of the Robin hood thing. Same thing. I hate this as much as it was the same thing with the Robin hood though yesterday, you know, that bounce up in the crypto acceleration because it wasn't sustainable as well.

So when we saw that, so I mean, investors now adjusting their expectations to a certain extent is Shopify still loved stock? Yeah. I don't think it's going. I don't, but again, you know, you got one level here at 1285. That's the level. If it takes that. I don't like to buy stocks, making new lows on mood because it takes a 1285.

Then you start thinking about 1200. So you need to hold a 1285. If you're going to start to try to buy the dip today, or if you stay in bullish, always, if you're buying the dip, you want a level, you want an out. And I would say, if you are buying the dip and I'm not buying the debt, but if you were, do you want that to hold at 1285?

Right? I'm moving over to eBay here, game hammered this morning. Uh, kind of the same story. They actually, the EPS was fine. It wasn't in wine and beat by a penny sales came in higher as well. Uh, guidance was in wine. It was okay. Sales guidance. Okay. Uh, they also boosted their buyback by a few billion dollars, which is something, I guess they boosted it from 2 billion to 7 billion.

Um, I'm sorry. They boosted it from five to seven. They boost it by $2 billion. Excuse me. From five to seven. Um, in any case, it doesn't matter. None of that matters because you know, pandemic tailwinds going over. I think I don't. I mean, that's what that's to say. It's the same thing somewhat. Um, one thing to consider is that eBay is a lot more of a value stock than a stock like Shopify.

I mean, where are we trading? You know, if you're, you know, 90 cents, they made the core of their estimate, next quarter of Bach could just say, they can make four bucks next year is that, you know, a possibility to say that they make four bucks. So if you're looking at it that way, the stock is actually trading with the P of like 19, which is under a, a multiple.

And you know what I also like about eBay too, is the fact that. You're you're buying a lot of different stuff from a lot of different people, supply chain issues, you know, I don't know how much that comes into play as much as if it's, you know, you're selling all new products. So I kind of don't mind the eBay here.

I think I would be a buyer. The tip on eBay. I don't know levels wise. It's a little bit slippery slope because you've taken out the 73 89 law and then there's nothing in there till 70. I, I love 70. I just don't think it gets all the way down to 70. I just crashed my, my whole browser. My browser. Can you hear me still?

Yes. Okay. The show stayed on, but all of my browsers just crashed. Maybe it's time for a new PC. Uh, yeah, you, you find open them up. I was actually opening it up just to get some fundamental analysis here on eBay for you guys and it crashed. Oh, okay. Well, Jumping in, but anyways with you here. Okay. I didn't get the P I think the P and I've lost the chat to, I got you.

I got the eBay PE it's funny. We were talking about how was his number even still relevant for PN eBay's 18. The stock is not expensive. The stock is not expensive. The growth is still kind of there. Trillin P 23. So for P 18, yeah. It's not expensive. I'd be a buyer of this dip. I don't know where, you know, what is expensive, uh, is Teladoc KDOC.

They also report earnings last night. And it's exact same story as Shopify. The earnings, you know, are what they are. The EPS came in above estimates and sales came in above estimates. Uh, their outlook though was again, Y th th the, the growth rates, the same thing, the growth rate is slowing. So even though they came in about the estimates for this quarter, people queue all they do.

They, they, they, they see year over year. And they see the growth rate declining. Yeah. And that's what they hang their hat on. And it is what it is. Unfortunately, it's just, yeah, but that's what they have to hang their hat on because that's what they're buying it on. You're right. So when you're paying those bleed multiples, you need to see nose bleed growth rates, and you can't see those growth rates start to slow.

So Teladoc is the same story. We know this benefited one is that Tesla chart we're looking at and we know this benefited actually. Sorry, sorry. My browser. I was an advertisement that was on the YouTube thing. So I'm looking at an advertisement. I'm like, where is the Teladoc shirt? I was like, I don't see Tesla.

Yeah, it was the ad. So no it's been multiple. We know Teladoc, same thing, zoom, Peloton, all benefit from accelerated sales during the pandemic. And that is not happening. As much of those growth rates are slowing as Teladoc by at a certain point in time. I think so where that point in time is, is the question.

I mean one 20, my buying the dip on it today. I dunno. I put zoom, Peloton, Teladoc, all in the same boat. Peloton started breaking down again yesterday. So here's a reversal for you, a PTO N 99, 36 touches two days ago, and then just loses 10 points and literally 10 hours of trading. So you can see. It's turned like the sentiment towards these stocks have turned because these are seen as those stay at home plays and people, you know, whether you want to, you know, whether you're with COVID or not COVID or whatever people are reopening and doing more things, there's just no doubt about it.

And these stocks, Peloton, zoom, and Teladoc are all seen as COVID plays, even though they're their own companies, even though they do have other revenue. And even though they're not totally dependent on COVID and they will find themselves right now, they're just grouped together. It's COVID plays and there's a lot of people stuck in these things and they're using every ride a Sal Peloton was sold to.

So it's tough to be a debt buyer in the stocks, which are in clear downtrends for the last eight months. I mean, Teladoc the $308 now 138 bucks. Is it overdone to the south side, maybe, but maybe it was way overdone to the buy side. I mean, when you started 2020, the stock was like 50, 60 bucks. I th I do think it's a buyer at a certain point in time, and this truck's important for everyone, you know, buying and making money off of, you know, names like de whack.

That's all great. And, and we, we can all joke about how easy it is and fundamentals don't matter because like on the T on the Teladoc, they didn't matter, right. Until they did matter again in the spring or in February and March, right in April. Um, and really every month since then. So this is the other side of that coin is once funded one to turns and the fundamentals do matter again, once we, once the story cools off.

So this is an important, an important chart. I think getting multiple people that actually liked the charts here, and you know why I think they like it. It's maybe it doesn't look as good, but it's one chart. Joel's got the four charts system going. I've never liked the four charts system, but the chat, when we voted on this, like three months ago said, no, we liked the fortunate.

So, I don't know what you people or whatever. I shouldn't say you people, that's a Don shirt. You don't say you people, you never say you people, but I meant like, people like everyone, not, you know, selective people. What do you mean? So you traders out there. Do you like the one chart system or do you like the four charts system when you're looking at our charts here?

So Joel uses trade station I'm using, but he can put one chart on the trade station. Yeah. Okay. So here we go. If you want one chart, put one. If you like four charts, put four and we're going to do a vote and here we go there they're beating us to no, no, no, no, no, no, no, no, no. We're not. We're not doing it this way.

I'm going to put a survey in. Oh my gosh. There's a lot of fours. I'm not counting. I'm not counting a lot of fours. I am putting a survey in the chat, right? Okay. That's that's what I'm going to do. I'm going to go on YouTube or one of the chats. It can, somebody wants a sex charge. I know. No, the fours are by far winning.

Joel's right. Joel's right. Again, man. The key here I think would be to use one chart, but change the charts. Show a daily, a weekly and maybe an inch a day. They're all going to be two options, one or four, and I'm putting it in there. It's at, there's a lot of fours in the chat I'm answering the four. I'm putting one, but I mean, that's a lot of fours in there.

So put, watch a, like the forest are winning so far. That's fine. That has already been set at 72 votes in literally seven seconds. And it's four 75%. So 116 votes. Now I'm going to stop the count and stop the count. I'll keep it going. We got to get a go with more than 10 seconds. I'm joking. I'm joking. We give them 10 seconds about these people vote, man.

We got people that vote. They come out to our polls here. We have to worry about our people. They vote. Jack keeps saying people they're telling me. I had even a text from my buddy. Mike said, don't say you people. Well, what do you mean? I lost? Do you know the story? We had Don cherry lost his job on hockey.

And I can't. Cause he said you people either. You can't say you people, you, people, you traders, we can say, okay, All right, so we'll keep an eye out. Would it be, you know, against the non traders? So you shouldn't say that either. Well, we'll keep an eye on the point and got ourselves in trouble here. I don't want to attack racks at Twilio.

Uh, again, actually, this will be interesting because it means you mean on this chart. So this is at a 15 minutes chart there, uh, EPS beat sales beat, but guidance was a light Q4 adjusted EPS guidance. They gave a range that they would have lose between 23 and 26 cents per share. First estimate is that that they would only lose 7 cents per share, uh, sales guidance w w actually came into higher.

So a bit of a mixed guidance there. Uh, they have a new COO or CEO resigned. Um, and this is a once in favor story that is. Nose bleed multiples have to have nose bleed growth rates at those growth rates slow. This is what ochres Twilio down. 15% here. Is it over done? Maybe you do have a level 2 75 60 May 14th, 2021 low.

That would be your 52 week low. If it gets all the way down there, I'm not sure it's going to get all the way down. But there's probably some support. If you got down to the 2 75 area, 2 91, maybe early, maybe the nose bleed multiples, come back in a favor, but we've got a theme going on here this morning and it's not buying those bleed multiple stocks.

So either that theme has to quickly change here or danger will Robinson. At some point here, I'll just do a, uh, account to see how many stocks topped out in February, because it just seemed like a lot of like the average stock a month ago when we were down like 4% of the S and P the average that the median stock was down 28%.

So not the average, the median stock was down 28% crazy. So like where they were saying we're ever going to get a correction we ever gonna get. What are you looking at? You looking at the wrong stocks because median stock means the majority, you know, not the mature, but the average stock down 28%, 28%, we were down four or five.

We know why spy has held up. It is because of mega cap tech, Microsoft, huge component, making new, all time highs, blasting off into orbit. Obviously Facebook is sold off, but apple is still up near the highs. We're going to get apple earnings tonight. Yes. I'm still nervous about them. Yes. I intend to hedge a little bit, please.

Don't be nervous. I'm nervous. You're telling me not to be nervous. I'm nervous. I've said it. I've said it multiple times. You know, I'm nervous on the apple report. I do intend to put on an options hedge just to get through the report. Okay. All right. That's I haven't figured out the way yet though. I might just sell a call spread or something because I don't like buying premium.

And I'm of the opinion that I don't think the apple story is over here. Otherwise I would flat out buy putts, but I think. The difficulty for me getting an iPhone. I think there's a lot of the people have difficulty getting, I think their numbers, their expectations might be low, but I don't think they're as low as the apple might show here tonight.

I'm nervous. All right. W w w we spent the whole morning talking about stocks that are down. Let's talk, except for Ford. Let's talk about stocks that are up, but let's go to lending club. This is your big winner of the day. So far, LLC. Remember that they, uh, actually let's stay on this chart because this is the daily, uh, that right there, that, that earnings report in, in the summer that was like their coming out party.

Like, Hey, we've changed our business. We've changed our business model. This it's happening again now, because look what happened, you know, bring it up a internet chart for this morning. Um, we're going to happen last night, their EPS 26 cents versus a 3 cent estimate sales of 2 46, first two $21 million.

But their guidance though, their guidance for, um, fiscal year sales was around 800 million versus 772 million estimate. And their loan originations guidance was well higher as well. Um, so this is a company that is. Whenever they, they, they changed. It's working for them when inflation increases to the levels that we're seeing, people got more and more money.

No, no, I think so. Yeah. I think your average person needs to borrow more money to be chasing. I know right now, you know, like if you're going through and you know, you're doing a build, for instance, he might be powered more money, might be costing you more money. You know, things are costing more money. So average housing price in Ontario year over year, up 27%.

That's one of the biggest things you're going to use, obviously when you're borrowing cash. So if you're going to continue to see rising prices, if you believe in inflation lenders, isn't a bad idea. It isn't a bad business to, uh, head yourself with. So, um, I'm not chasing, I'll see up 31% here this morning.

Uh, but you know, I, to fall back, I, I liked the banks better, but anyways, I'll see. Um, uh, I get it. I get it. This thing was, it's going to a monthly. Well at this monthly chart. Oh my gosh, it's gone. This thing was supposed to be going out of business back and I'll kill four bucks, $4 a year ago. It was $4 a year ago was $140 back in 2015.

So we still have a long ways to go back to those levels. But you know what? I'm pull backs. I like lending club too. I'm a fan. Wow. Wow. Pretty wild stuff. Okay. Um, we're going to be like lenders right now. We are going to all kinds of lenders, lending clubs, lending banks, lending sharks. We like our lenders right now.

I don't know the last one. Hey, real fast. It's 8 27. I don't want to lose track of the clock. Uh, at eight 30, we're gonna get Q3 GDP. This is our first estimate. Remember we get, um, one estimate that we get one estimate and then we get a revision revised estimate every month. So I got to go wide. Um, short is, you know, behind the, the, the, the jobs number GDP is probably.

The most important economic data point that we have are the expectations is, um, is that growth slowed economic growth slowed last quarter. Um, remember we're coming off a massive upswing in GDP coming from the COVID lows and, and, uh, GDP grew 6.7% in Q2 on an annualized basis. And the expectations are that GDP would, uh, uh, only grew 2.7% in Q3.

So we're looking at a sequential decline, um, whether you want to blame the Delta variant, whether you want to blame just a, a norm of is that, you know, we're in like this like zigzag, and it's got to normalize a little bit. What do you want to blame that? Um, but the, the estimate here is for a slow slowing growth in Q3 compared to Q2, um, We'll see what the numbers are.

We're going to get them in like a minute and a half here. So maybe go a little wide GDP, like pre COVID was not a data point that really would move the market all that much. But, uh, when we bring it up, like, I don't think it's, I'm not going wide. If I get picked off. Congratulations. High-frequency trader.

Okay. Okay. Well, let's see. Yeah, I'll I'll, I'll read you the number as it comes, actually. You know what? We never do this. Let's do this right now. I'm going to turn on the squawk right now and we're going to have Charles Charles live. Charles. We love Charles. My squad can't work. Now you got to refresh your

Uh, it likes to refresh every two days. If I can do it in time, then I went there. It is. Um, I just turned off Victor. We'll all be quiet. We're listening to Charles. Does he know we're listening? No, he does not. So even now sensing issuance of new device and methods patent in the U S that the Victor in the victory squawk, he will squawk GDP when it comes in like 30, 40, um, sparks all the news as it breaks.

So I always listen to Charles when I'm not listening to our show. I'm listening to Charles. Charles is the man. Yeah. Charles wakes up at like four o'clock in the morning. He does he wait. He's online at four 30 or five. And he's online until five, basically. He's 12 hours. Okay. It's not worth it to do another exercise because we're going to get GDP right now.

So we might as well just wait here. I'll, I'll pull up a chart and we might as well just wait. W w what does it? We're 30 cents wide on spy. We're waiting for Charles to talk. Oh, now we're only 5 cent wide that's by, so it must be a nothing burger. I'm calling nothing burger. How are you? Charles? Charles says nothing burger to cause he's saying nothing.

He's lurking is lurking in the background. Yes. Yes. Darren, you're listening to, Benzinga listening to, Benzing a correct. Listen to fencing. We haven't moved to nickel. This is a big nothing burger so far. Well, I don't even know what the numbers out there waiting on it. Q3. They're just talking at the start and to get it through GDP, Eric go 2.2%.

2% growth annualized in Q2 versus 2.7% estimate. So, okay. It came in a little bit below where we thought came in a little below where we thought here, I'm just going to mute Charles. Cause I beat him to the punch. Okay, sorry, Charles, sorry, Charleston. No, he would have squawked the GDP for us. Maybe he doesn't even care.

I think that's it. He sees spy move for cents. He's like, I'm not even bothering saying, hold up, hold that build up for nine. I'll see. I told you, I didn't know to go. Why it didn't move. We literally did not move. Okay. Let's move on. Sorry everyone. I thought it, I thought it could be something and it wasn't nothing.

When I go wide people saying what it mean when it go wide. Okay. So basically if you're a market maker and I'm not a market maker anymore, but I have some orders out there. So market makers will be tight quoting like this. And when there's news coming, they back their quotes off so that they don't get picked off by another informed trader.

So what they do is when I say go wide, as they move their bids and their offers out a little bit. So if you're bidding 25 to 25 0 5, maybe about 24, 75 to 25, 25. That's what I mean by go wide. So it's a little bit of a joke because I'm not a market maker, but I do have orders. So sometimes I will cancel all my orders, like floating orders when I'm trying to work out of, you know, some of my arbitrage trades or some of my different trades, maybe there's a news trade, you know, I, you know, I like do TLT versus the banks and I do all kinds of other, uh, funky trades, stat herb stuff.

So when they say go wide, it just means move my orders out a little bit. So I don't get picked off by that high frequency trade higher. All right, let's go to, let's go away from tech here and let's go to the caterpillar here. Cause cats trading. Yeah. Cats, cats looking good this morning. It's a value day.

It very well might be the EPS came in higher. Let me pull up a chart here. Uh that's by, but, uh, cat EPS $2 and 66 cents to $2 and 20 cent estimate golf, a woman, a sales 12.4 for 12.4, 8 billion. So a little bit light on in sales, but a nice, uh, earnings per share beat, uh, for the cat. And yeah, like you said today very well might be a, it might be a value day.

All right. So. Yeah, I've seen value days before. It feels like a value day. And speaking of value, what about Merck this morning? You saw it. You saw that one, right? Okay. That's good for me. Long-term portfolios happy about that one. It's been absolutely hammered and Lockheed Martin and Intel, but it likes Merck, Merck, EPS, beat sales beat, and then strong guidance.

And then they're going to like double down on their, uh, their COVID, uh, pale their antiviral pill going all in on COVID pills. Yeah. Yeah. So if you bought Merck, let me zoom in on this. If you bought Merck, uh, you know, like a month ago, you know, you just had the biggest as big and move as you would have had in the previous.

Um, I don't know that print is wrong, but in the previous several months, it was my point. This Merck has for Merck. The last month has been. For Merck, this is a slow stodgy stock. So $84. So I'm going to the book, but sometimes when you tell you see big, you know, move like this, it's always a good exercise to go and look in the book and 84 a box, I see 60,000 shares up there.

That's big number for it. So that's going to be your major resistance point. That's taken right from the NYC open book that has our orders that are put on there that aren't in the pre-market. So when you're going on the NYC exchange itself, it doesn't open till nine 30. So I'll give you a feel for, is there some sellers in this and I'm seeing a big salary at 84.

So I would think he gets up there and in the higher 80 threes and what's struggled there. So what's it done? Pre-market a tire. We're at 83. What's the high did the 84 hold. No, it's high as 83 65. Okay. So yeah, so the 84 hole held is what I mean. So it didn't trade above that 84. So again, looking, you know, it's stuff like that.

That's, you know, just trying to give me an edge to figure out where is liquidity, you know, where is their sellers, where's their buyers. So looking at it, you know, I often look at the buck when, on these earnings reports, if they're not, if they're trading like a hundred million shares, it doesn't matter any, nothing in the book matters, but turning 73,000 shares, 60,000 shares is 20% of the pre-market volume.

So it is something, you know, sometimes you'll see like a million shares there and it's like, okay, well that's a wall because it's only trade 2 73, it's got very little chance to get through there. At least in the pre-market regular session volume picks up. It can take anything out, but you know, it's an exercise that I look at for sure.

You can just subscribe to the NYC open book through your broker at 60 bucks a month. I know people don't like to pay for information. I'll tell you I make money because I pay for information. Okay. Update on our poll. It's 65% in favor of four charts. 35% in favor of Joel wins. Well, it's not even, I'm not ending the ball.

We're not stopping the count, your honor. Yeah, we got to get the chance for those ones to come back out yet. But, uh, Hey, let's, let's look at MasterCard here. MasterCard had a brutal day yesterday that hammered, uh, off, and I'm going to stop and just say one thing I, I CA I'm logging massacre in the longterm account of kind of want to go along in this account because.

This visa has set the bar so low for MasterCard and they really did. And then you had Kramer coming out and after hours and he sends his little a message out through his little investors club that he was buying MasterCard more onto it. So anyways, here at this point, give us the numbers here.

Expectations before, you know, Spencer gives the numbers were super duper low going into this quarter. Thanks to visa. MasterCard comes out and beat on the top line earnings beads on the bottom line. I'm sorry, top line revenue and beats on the bottom line earnings. And, uh, and then all the media is going to look out visa.

What are you doing wrong? You know what you did most wrong visa. You reported first report first. If you're going to report bad numbers report second, if you're going to report bad numbers. So what I would say, corporations, if you're planning on reporting. We have your earnings report after MasterCard. And maybe they'll forgive you a little bit more.

That's a joke a little bit, but it actually is funny. That's the way this market is. It's just little edges like that. And if the expectations are set really low, you know, now the bar for MasterCard is probably here because it just dropped it down into the floor. Can we get over the floor up our, yeah, we can walk over it and that's what MasterCard did.

Yup. I think that's exactly right. Um, okay, so we just covered it like 15 stocks. It feels like there are more earnings where you can do like Comcast. We can do service now, but I want to open the floor up to the chat cause I've, I haven't really been able to focus too much on that today. Uh, is there any earnings you would like us to cover that we have not yet covered?

Um, because there was like a hundred and we can't get to all of them. So if you've put a message in the chat. And, uh, I may have missed it. I apologize, because otherwise we're just going to do the ones we want to do. Exactly. That's how we roll. Well, maybe we should look ahead a little bit too to tonight.

And we already did a little bit with apple, but tonight. So check us out. Let me put on my church. It's tonight. You got, go check it out, check it out. You got apple. You got, you know, no, I'm going to go to calendar. You got apple. We'll say the 28th. Yeah, the apple. You got Amazon. Let's go to a importance here, but before there we go, lucky to filter by that important to get all the big guns.

Oh yeah. But you got it. Your Amazon I'm going by out. You got Gilliad, right? Yeah. I don't give that much importance. We need there. Lower them in the ranking of important. That's fine. You got a team. You got us steel. You got a Stryker is not that interesting. So here's an exercise and this is what I do every single Sunday.

Is I write down all of the earnings reports, that report that week, all the major ones. I read them all on my sheet. You know, there's a lot, there's a lot of earnings on there, but I write down all the major ones. So right at the top of my Thursday night list, I do morning and night. So I'd go morning, night, morning, night, morning, night, morning, night on the top of my Thursday night list is apple.

Number second is. And then it starts to go down from there. I've got Starbucks, I've got us steel. I do have Geli out in the top six, I guess on this day it was okay. Western digital team has made my list. Um, and then it starts to go down from there. So not as many, but apple and Amazon are your highlights here tonight.

Everybody's going to be looking at those reports. Obviously, sometimes what happens is they go in opposite directions. This is the way these things work. So whoever reports first, if they get hit, the other one has a lower bar. All of a sudden, even though apple and Amazon really have virtually nothing to do with each other, you see that happen as well, where it's just the fact that they don't want to slam to stocks that are that big in the S and P.

So when you have two major components reporting, if one disappoint all of a sudden, they can lower the bar for the other S and P and it's crazy, but it's true. It can lower the bar for the. So, you know, we saw this to a certain extent last night or two nights ago with Microsoft, obviously doing very well.

And then Google getting hit. I know Google came back and had an awesome day, amazing day for Google and the reversal. Um, but you know, and, and making new highs, I mean, that Google was just incredible. It was down 50 bucks after hours ended up going up 200 points, basically from where it was trading after hours.

So huge move for Google up 78% from the after hours lows. But, you know, keep that in mind, if that one comes out of Amazon comes out, then all of a sudden, you know, and they beat, then all of a sudden the bar was a little bit higher for apple that night, because that's your ETF players. That'll be looking to hit something.

Yeah. There's going to be trades to be made today, tonight in like, not just an app on Amazon, but also like in the Q's right. Because apple and Amazon and everyone in that spot. Right. Because apple and Amazon makes so much, what are they, what do they make combined? What is it like the 10% of the S. It's really high.

Yeah. It's probably maybe more than 10% Spencer. I think it might be 12. Okay. So I was close, but, uh, well, let's go look. So, you know, you can go into your pro you probably have this in your pro as well. If we want to just look it up, but we'll look up spy and then, you know, the cues obviously as well. It's huge and the cues too.

So that's when we often see, and I've talked about this. So apple actually very close to 10%, sorry. Apple is 6.03%. Amazon is 3.8%. So you're almost right on the money at 10%, Spencer Israel, gnosis ETFs. I do two companies making up 10%. The other 498 will make up the other 90. We know Microsoft the biggest one at six and a half.

So we know what the top 10 components are almost 30% of the index. So that's why spy holds up so much better. Despite your average doc being down 28%. All right. Uh, we also knew, uh, Starbucks. Yes. Someone asked about that. Starbucks is tonight. I did sell my Starbucks by the way, sort of last week. So, um, I'm out.

Yeah, I'm just, you know, what's scary to me was the, uh, what restaurant? Um, uh, uh, yeah, it was eat. Thank you. Eat it scared me. He scared me. So I scared a lot restaurants. Yep. They've forgotten it though. Like DRI started coming back. They forget about stuff. Mickey D's. Maybe the bar was low Mickey D's did.

Okay. But I guess eats the sit down casual. So you gotta look at the direct comp for eat is DRI. Alright. Uh, I asked the chapter tickers and then I, and then they came through. So let's go through and take a look at these K L a C is one bad earnings, uh, chip play, beta earnings last night, EPS, they beat sales.

They beat, they gave strong, uh, yeah, mostly strong EPS guidance because they gave a range, but they made a point on that range was higher than the estimate. They gave sales guidance as well. That looks like it was higher than the estimates as well. And, uh, KLA C. Uh, four, almost 5%. That's what's the multiple and KLA.

See, I feel like it's lower cheap go to overview. Third. What does that say? 13 or 18. 18? I think so here's the deal. What we're seeing here clearly in this earnings is they're selling tech growth and they're buying tech value. That is what we're clearly seeing here overnight. Now there's trends can change, but if you look at the tech stocks that are trading higher this morning, KLA see value tech.

And obviously we know the Shopify as we went through them already this morning. If you weren't here, you can rewind the tape Twilio. We didn't give service now and he loved, but you know, it's, doesn't want it to, there's a clear rotation. Although now has come a long ways back from the after hours lows, but there has been a clear rotation overnight from value, uh, from growth tech to value tech.

So value tech a little bit back in favor and value. Overall, I feel like values having a better day to hear that. Yeah, it's exactly right. Um, okay. The other big movers in the morning, these are not earnings related, but. Again, it's this days I have to go all over again. F U T U and T I G futu and tiger.

These are the Chinese brokerages. It's the same headline. It literally is verbatim the same headline as like two weeks ago, which is yes, the Chinese government, whether it's the central bank or regulators or whomever is saying you're, you're, you're operating illegally. You are, you're not operating within the balance that we want you to operate in.

We're calming for you. We already got this head on like four times. Another torpedo into some of their companies, into a sector here, food to February high, over $200, a share that is long gone. You now got down. Now you're down 75% from the all time high. I don't know where these things stop, you know, are some of them cheap.

Sure. But we saw how long Alibaba stayed out of favor before it finally started to bounce this. Cause it got their valuation. I was just getting to a point of absolute ridiculousness. Um, I'd say $50 if you just want to talk technically, because that's where you broke out from at the beginning of 2021, you had major resistance at 51 back in November of 2020, and then he had the breakout.

And then we had the ridiculous note run from January, February, where everything just blast off in the orbit. And most of those stocks never saw those February highs again, but 50 to 200. So you think logically that maybe you got a bounce level after. But trying to call the bottom and stocks that are going down, especially when they're going down, because China, you know, getting down and dirty in your sector is always a dangerous game.

We'll look at that then that's fruit too, and I'll contact together. That tiger. That's a great ticker symbol. I love to hear out of that ticker symbol, not to stop. Okay. We were asked to look at overstock. They also reported earnings. I'll give you those numbers. Now. They were out this morning. EPS read 63 cents for us.

47 10th c'mon chart, uh, sales of 6 89 for six $82 million. There it is. Um, a conference call is in progress. Not sure what's going on with that, but other stock is trading higher this morning. Wow. Of April. It's a nice move up for overstock. It's kind of just been sitting around, not doing much and expectations that got hit two days and there's report.

Some people were nervous about this report with that being said, you're snapping back right into a major area of resistance back in July 85, 64 of the high. Recently we got up to 86 46 and let's say 85, 86 major resistance. Overstock is a wild child though. And this dock, um, you know, is really one that it's hard when to trade off for.

And he's, I've tried to trade this off earnings before and it is wide and unpredictable. So I've seen overstock rally up and then give it all back. I've seen overstock rally and then continue to rally. So this is a really tough one to off earnings and wow. Look at that. Look at that move. I'll never forget that I move last year.

This was your biggest gainer of the year for awhile in terms of percent, it was overstock of all the stocks that got crushed and came back. None. Didn't none more so. Overstock last year. Um, pretty wild stuff. Did we cover four? Yes. Brian recover forward at the top of the show. So rewind for that. Can we talk I robot and bring up the after hours chart of it too, because it's a fun one to talk about here.

Okay. After hours earnings, zoom, this is, this was the wildest after hours for I robot. This thing yo-yo rode around in eight, 9% ranges. So give us the number. So you get the initial numbers that hit the board and they're good. And it's like, whoa, that's a blow away for I robot. So bring it up. Yeah, the, uh, where's the, uh, the chart there.

So the APS buck 67 versus 70 cents. That's a big beat, a buck 67 for a 70 cents sales, a four 40 verse four $17 million. Um, uh, let's go to a one minute chart. There you go. That looks a bit more fun. Look at that rip roaring up 10% on the report. Everything's going great. But then the next level. The next line comes out and they lowered guidance.

So then they turned around, they bought it up 10% on the head, initial headlines, all the news algos. And then the next line they look, oh, they lowered guidance and then they slammed it all the way down to 74. So they, so here's, here's the tale of tape from $77 up to $84 and change then down to $74 and change.

Cause they lowered guidance and I'm like, no, no, maybe it's not that bad though. Then they ride all the way back up to 82 and then back down to 75 again. And now we're just settling out here and it's like back at, even that is the craziest after hours action. I was watching, I robot just yo-yo all over the place after hours because great beat on the top and the bottom.

But the lowered guidance, they never like it. Lower and guidance and evil, dark evil DJ there on the chat is right. There's been a lot of companies that are allowing guidance, supply chain issues probably here as well. I wouldn't be surprised. I didn't read the report. I just saw the lower end guidance. I'm a headline reader to headline breaks, lower and guidance like, oh, that's not good.

And they slam it down. Then they bought it back and slam it down again. So they don't know what they want to do with it. Now it's just hanging out at flat, but it did anything but hanging out it's flat, flat last night, it was a wild stock to trade on earnings. You know what report is interesting this morning to me is Comcast because specifically they worn, they already warned about a month ago.

Remember they were speaking at the Goldman Sachs conference and they came out and, and, and they like talked down their streaming growth like a month ago. And it looks like that worked because their report is out today. And I, I, it's fine. I guess they beat and they beat, but the stock is trading hot. I didn't see what the streaming numbers were, but they already like lower the bar for themselves at that Goldman Sachs conference, like peacock growth.

Um, and it seems to have worked for them because there are 3% today and the cable companies, visa, Comcast and Verizon, I don't like any of them. Fair enough. Okay. Uh, what did we cover? We did not cover up work. That's trading down off their report. Same story as the pandemic, uh, tailwinds tech growth tech.

So you don't favor or real surprise? Not today. Yeah. I'll work as a loved stock though. It'll find buyers in here and it's obviously down in three days from 62. So I'd be more inclined to buy the dip, but I'd wait to just see. Cause you know, these things can get really ugly. You know, people were coming and trying to buy the Twilio dip last night.

It was down 25 and that's down. So I wait until the dust settles. I wouldn't mind buying the dip on a couple of airlines report, spirit and Allegiant. We can look at here, I'll pull up the save on the, on the screen here, uh, spirit, uh, so hard, cause they're all just losing money. So, uh, they lost less money than they did a year ago.

That's cool. Sales of a 9 22. It, everything was better than it was a year ago for spirit and for Legion. It's the same exact story. So airlines massively oversold. It's basically been cut in half since it's February highs when it was over $40. Um, is it all priced in? I, I kinda, I, like I said before, if I was playing the other reopening trade, I'd go to the cruise lines or the casinos before the airlines, but I'll give you the airlines are oversold or could they have a dead cat bounce?

Yeah, they could, but there's a lot of overhead supply, a lot of bag holders holding these things, always tougher for stocks to start moving higher when there's so many people call it. Yes. And unfortunately, because we looked at this a couple weeks ago and we looked at every airline stock together and they trade identically to one another.

There really is. Honestly, I almost think there's almost there's. There's basically no point in trying to pick one here. I'll do it. I'll do it again right now for you all on top of each other. It takes two seconds. I'll UV with a little lower beta though. Here. I'll do them. All right. UAL, uh, Al here. I think that's all of them.

Okay. Are there, Hey Al, you can say, oh wow, great performance in AOL, but just got a little bit more over done in February. So is it? Yeah. Yes, there's a job, but they're all, you can look at the charts on top of each other, so they're all ridiculous related. That's why, you know, I pissed in trade off. What's that mean I trade them all against each other.

So you got one, that's breaking out the other one, a cup, the laggard know sometimes even short the leaders. So, you know, they're going like this, but they all kind of track each other. So those little gyrations, the noise you can extract alpha from the noise of one, getting ahead of itself and one falling behind itself.

Cause they seem to play the catch up. Obviously in the long run, you know, there is issues like fundamentals in a better performing company is going to do you have to respect the value. V beta is a little bit lower than the AAL beta, but overall, these stocks all track each other very closely. Um, okay. I saw this ticker just mentioned it off, throw it out there.

So the big loser of the day has nothing to do with earnings. What is it? It is RFL. And this is a rule of thumb. If you are investing in a biotech company that has one drug, one drug in the pipeline, then you have to know that this can be. Because the news today is an RFL, uh, ha their, their latest trial, their phase two trial, uh, did not meet its primary end point.

And then they halted the phase three. I'm sorry. It was the phase three. And they, they actually halted the trial. Yeah. So they, they trial did not meet the primary endpoint and they halted. This is for a pet. This is for a pancreatic cancer treatment. Um, it is the only drug in their pipeline. They have nothing else.

So this can happen. Can a stock go from six to 10? Yeah. Can a stock go from six back to 30 and they use the drug stocks? Not likely. So I'm not saying I'd buy it at six, but a stock can also go from six to 10. So one thing that people don't consider as like it's only six bucks, it was $60. It's got to come back.

Well, if the stock goes down to 3 25 from six 50, you just lost half your money. So in $3, isn't that far away from here to lose half your money. So I never short stocks, you know, when they come down this far because they can be snapped back rallies, but overall it's hard for these stocks turned around.

Once they start falling this much stocks down 90% from the highs, when you're buying stocks down 90% from the highs, it's rare that they turn the stories around thinking about all the people. Now everyone's dead, everyone's just destroyed in it, you know? And they're like, oh, if it gets back, I don't even know.

Like when it scaffold down from 30 to six, it's a huge gap. So that's why it's going to be while it can go anywhere. Could it go to 7 58 bucks? It could, could also go back down to five. It's a coin flip at this point in time. Hard to just a lot of people. Naturally. I used to do this when I first started trading.

It's like, oh, stocks down from three to six. Why? You know, it's just too cheap now it's eventually gonna come. Not pharmaceutical companies. A lot of them don't come back and you write them off two years later when they're out like a dollar that can happen. Not saying it's going to happen here, but a lot of them continue to leak and then people are dropping tickers in the chat.

Yes. Like right. Chris has mentioned CRTs. Someone mentioned Sava, uh, come back. No, but the point is though, like, this is like, this also happened in those, right? This happened in Sabah. This happened in CRTs. Did not really bounce it all yesterday. So if you were coming in saying, oh, CRT X down from 60 to 18 where it opened yesterday, or like, while you know, 18, it's going to come back.

Well, now it's 13. So you bought that dip and you're down 30% after the fact. So buying these pharmaceutical companies on bad news can be very bad for your portfolio. A lot of time. We'll just say yes. Yes. Um, so the other one's bounces though, like I said, you know, it's going to move around, could go to seven, eight.

Yeah. But it could go down to five. So at this point in time, it's a coin flip here. Don't just bank that, oh, it's eventually going back to 30 because most of the time they don't K I S I've seen, uh, several mentions of D whack, I guess here's the good news on DUI. Right. As you're holding the low, the roll over the recent move, which was yes.

Two days ago, right? Two days ago, I think that low was, or was it yesterday? Yeah. Yeah. And that is, and that is important. So we don't have a lot of candles here since de whack when full Trump, we only have five candles. So you got to look at that and say, okay, 50 to 55, I'll call it a sloppy, double bottom.

And that's important. So it did reach the previous day's low, but then it closed above it. So you know, where the major support is major resistance is going to be the previous day's high at 91. So you still bounce around and here is the dewax story over. I don't think it is to be honest. I don't think that the wax story is completely over here yet.

I'm not coming in at 71 and buying it. But if it gives me a setup, it's too wide, it's too hard to control the rest because right now, if I was to come in and buy it at 70, you really got to give it to 52 and that's just too much. I can't give something like 20% or 25%, you know, it's too wide for me. So I need something tighter.

You know, yesterday he could have said, even I was going to give it to 55, the low off of breaches that I'll get out, but then he gets stopped out. So it's a tough stock to control the risks. Obviously, you know, some people make some money because they're just, you know, don't control risk and they just let things go anywhere.

And in that case, you know, some things can work out, but I like to control the risk because I don't want to be left with a big loser, frankly. The, uh, B BKK T is the same thing back. Same way, same exact situation for you, right? It's just, you got to give yourself a lot of room, therefore, therefore you have to have a high risk tolerance.

But it's not even that it's, it's the problem is in traders for if you want longevity in this industry, you've got to be able to control risk. So how, I don't understand how you can control the risk in something like box, when, you know, when it's BKK T when it's got a 50% range, 20 to 30, I mean, it's so difficult, you know, that's a one day that's a one day candle, and then things are moving around this much.

Uh, if you're, if you're controlling, what stops you getting stopped out on everything? So, yeah, I go, okay, I'm going to buy it at 30. I'm going to put my stop at 29, you know, and if it breaches the previous day's low, you know, then I'm going to be in. But a lot of times they just go down there and then they go back up.

So it just like, the gyrations will just stop you out of everything. It's all stops. When stocks are that while they had all stocks all stops. And if I can't control it with stops, then while I could just get away from you too, you can say, okay, well, I'm just going to buy it. And, you know, I know if I put a stop at 28, it's going to hit my stop.

And then it goes 28 and it goes 27, 26, 25. I'm like, well, why didn't I stop myself? So it's very hard to trade this stuff. It's the hardest stuff to trade it's wild. Um, you know, people think they want to get rich fast. They don't want to trade boiling for, they don't want to trade boring apple. They want to trade exciting.

And you know what? There's just a lot of risk in there. It's not my cup of tea. I'm into base hits, base hits. Bach is trying to swing for the fences. And I don't know if I'm going to strike out. Hey, uh, let's take a quick look at ratings. Weren't there a couple of they, you, you had. I think there was, uh, there was, um, one small company.

Um, I F R X, I believe the first time I've heard of this company. So, but it's interesting where the market is so hungry for the next, you know, slow price stock. When you get RJ coming out and upgrading the stock and RJ upgrade on a stock and it's a smaller cap stock, and they did put a $14 price target on it.

My typically moved the stock, 10, 15% normal markets. We are not in Kansas anymore. People want anything? Oh my goodness. There's another penny stock. I can get a hold of and it's going to run and I'm going to get rich on it. That's the mindset behind these stocks right now they've bid this stock of 60% because an analyst has an opinion that they think it might go to 14.

That is the market that we're in right now. Everybody values everybody else's opinion more than their. It's like, people don't want to make opinions for themselves. They want the opinions given to them on social media, given to them by an analyst. Then they want to jump on board and they want to get rich.

I will say I would never pay up 60% for a stock to go up more. It's the kind of market it could do anything. One thing, if you are trading these stocks, once they get over five, um, they, they usually have major resistance at the fives. So a lot of times they're not mergeable and most retail brokerage is below five.

So keep that in mind. I think I R X will have some trouble at five, but again, you know, I don't know social media has grabbed ahold of this or not, but that's crazy. Move for just an upgrade. You rarely see a stock move up 59% on an upgrade, but for a tab, one of the biggest upgrades, one of the biggest moves off and upgrade I've ever seen.

I'm not chasing it up 60% on an upgrade. This is a small cap, right? $180 million company. People are hungry for those shoes. They want those stocks let's look in the pro here. How many ratings do we even have? Oh, that's actually more than I would've guessed. Um, we, it looks like we have our last writing we have from wait, did I got the ticker, right?

IFR X. Okay. Um, August we have, actually, this is not, not nothing. I would have expected a lot last semester. Well, we got, how many ratings is the, what are they doing? August who did in August? It was, it was Raymond James, again, it was just maintaining their outpouring, but lowering their price target. So they went so stop.

Yeah. So Rand, James goes

back, back it up, back it up. Well, let's go back to, uh, 2018. They, they initiate coverage with a $44 price target in 20 18, 20 18. Let's go fast forward two years. And they were dead wrong. Well, let's fast forward two years. It looks like they stopped coverage and they started again. Or, or, yeah. So then they upgrade or they announced what no.

They upgraded the stock. So it looks like, yeah. Okay. The upgrade to outperform gave a $10. So they went from a $48 price target to $10 price here because something happened back at 2019 and the stock loss, like 90% went from $50 down to like two Reeboks. Yeah. So, I mean, so here you are this RJ, and then they go in August and they lowered their price target.

Now they upgraded from outperformed a strong buyer. I don't know what the hell the difference. I don't even know what that means. They both looked like by most brokers, they're outperform is a buy rating. So they go from buy to strong buy and they've been wrong about these price targets. So all this information given to you, this analyst has obviously had a dead wrong when they were at a $44 price target back at 2018.

I don't know if it's the same analyst or not. It was the same person, the name it's the same anyway, same company, or it had it wrong, wrong, wrong. And now they come out and they put a re you know, a $14 price target, go from buy to strong buy. And everybody's like, oh, well this is what the hell it's been wrong a lot of times.

So just keep that in mind when you're chasing the stock up 57%, I have no position on it. I would never chase a stock of 57% on an upgrade. Last one here. It's not even a real upgrade. It's from Beida strong, but I don't even know if I consider that an upgrade, even though it says upgrade last one. Can you look at snap real quick?

Because people have asked about snap or two yesterday, we should talk to Twitter, got smoked, smoked. And we were like, I don't think it's going to Dan. Nathan said, I don't think it's going to get away from you. It was like, I don't know what to say about this one, but I don't want to chase it. It was up at 63.

They pulled the rug out from under this and they hammered this. I did not see that one coming down at 55. Now everybody's caught everybody who bought that earnings report, chasing it up on earnings report, punished severely. So snap. We can look at that too. It really hasn't got off the mat. You think, okay, I'm going to buy the dip on snap at 55.

Now it's 52. When the stock goes from 55, from 60 to 55 to 52, they usually go to 50. So now you think, okay, is the snap going to bounce at 50? Well, there's some support and there may be. But again, it's troublesome when you've got stocks disappointed, they can stay out of favor for a lot longer than you think.

So. All social media, snap, Twitter, um, Pinterest, to a certain extent now, because unless the deal comes back from PayPal, Pinterest is in free fall here now, too. And we talked about that down at 45 ugly day for it yesterday, all these stocks, even Facebook itself, all these stocks are out of favor right now.

Yep. All right. Look at that. We made it through an hour. No Joel and no guests, both of our guests today canceled last minute, mark Chaikin and Peter talk me and shaken. Cancel. Yeah, he said he had to catch a flight or something like that. So, so no joy, no gas. And we made it through an hour, Dennis. Thank you so much.

Hey, who dropped us? That super chat red tap. Thank you so much for this super chat. We appreciate that. And Dennis have a good rest of your day and we will see you tomorrow, man. All right. Um, here's the deal. We got a few minutes and then day two of the. Fencing a small conference is going to start in about 10 minutes from now.

Uh, I'm just going to hang out with you on the meantime mission. Come on and we'll do a, uh, crypto update right now. Cause we didn't do any yesterday. So that was that, that, that was not good. Uh, so we gotta do a crypto up there right now,

show of hands. So we just convert this show into just a straight up meme coin show because that's what this market has become. Right? I mean, forgetting about Bitcoin Bitcoin, either boring, who cares? Right? Who cares? Serious question. Um, I, I'm going to end the, the survey in the chat and I want to do a new one and the new one is going to be do you own cheap?

And I'm, I'm completely serious. I'm ending this survey. I'm ending the poll. It's over four charts. When congratulations, new poll, do you own Sheba? And then yes, no, I am completely serious with this question because, and if you own it, where do you own it? There's another question, because this is the difficult part about like, if you're like Robin hood, for example, and because they're their listing, she even like one a week, I think it's so hard to keep up with memes.

You can't keep up with memes. They move so fast. It's so difficult to keep up with. Like by the time Robin hood gets around to listening, she be new. I worry. Like, it'll be, well, we aren't until the next one. Maybe we already are in the next one flow key. Right. Joe Kwame says Coinbase. Okay. Is how it is, how they own it.

Eats Hora. I'm seeing. Okay. Yeah, I see. I know. I see you. Floki. Yeah. All right. Can you all right, let me make sure that people can hear me because my mic has being a little bit weird, but I think you can hear me now. I wanted you to hear the song that was on earlier so that you can hear it, please. Oh, sorry.

There you go. Put it on.

How long was this playing earlier for like two or three minutes?

That's enough of that? Um, it's still on that's the funny part is I didn't get to hear it before. Okay. So he was just going to show me was I forgot that it picked up all my computer sounds. So it was playing in the background and I didn't even have it on the screen yet. It was still just go anyway, back to the heat map.

You see green across the board. Uh, good for everyone. Yay. Yay for us. Yay. For all of us, that own crypto. Um, and now I just wish I owned more, but that's the way it goes, right? That's the way it goes. Uh, as a reminder, you can get some free Bitcoin. All you have to do is download the Voyager app. Use the offer code a Z I N G zing fund your account with a hundred bucks, make your first trade, and they will give you $50 a Bitcoin for free.

Honestly, I don't know. I think we need to be on camera today. We could just put that GIF on all day and we'd probably have like 10,000 people watch. I actually have debated this, like, like what if I just do a stream? And I put like the chart up of some crypto, whether it's dos or sheep or whatever. And I just leave the chart up there all night and leave the stream going.

I'll probably get like 10,000, 20,000 views. Just put that music in the background. You got an expensive thing. I might do that. Let's try it tonight. I honestly might do that. Well, we'll try, we'll do a ship weekend. Uh, Alex is asking how, how to buy. Floki not in the U S oh man. Not in the U S I saw at least what I saw.

I tried to buy it today. I went to their website and they tell me, oh, for four to 5% slippage on pancake. I was like, cares about slippage when you're going up. 5% slippage, get ready guys. Oh gosh, this is he. It's fun. It's all fun and games until the party ends. And then it's not fun, but like, this is fun.

It feels like it could see. I, I I'm with you guys. It's crazy. It's dumb, but I'm here for it. These are still hot to Spencer. I mean, one thing that I've realized is that this year was not the year to trade stocks. It was the year to trade NFTs and crypto. Yeah. Last year was stocks. This year was an FTS and cryptos.

Yeah. I mean, that's, that's right. That's exactly right. Hey, shameless plug for our NFT and crypto show every day or every normal day, not today, but every normal day where we don't have a conference at 2:00 PM Eastern time, either mood or bust or the roadmap and hour a day devoted to this topic. The people who know way more about this stuff than, than, than, than Mitra myself.

So like I only own, I own Bitcoin. I don't want to figure my own Solano. That's what I've got. I'm not very exotic. Um, so if you want to know how to make a billion dollars on the next few weeks, I don't know, watch those shows. I don't know what else. Maybe you're just looking for an FTS. I mean, I'm even looking for NFTs myself, starting to get some hate at my toes in the grant grant asked assets in corner store thing.

Funny story about that grant. Yes. Zinc coin is still a thing. Uh, we had to change the workflow because somebody in India like attacked us. Uh, but maybe I should get John G on the show one of these days and talked about it. But, uh, yeah, I was in coin store thing, but, but, but we got like a, a brute forest is in corn attack or spam attack.

And so, uh, we had to change the workflow, but yes, in coin is still a thing. I'll get John G to come on the show and, and talk about it. She was replaced us dollar Raven. Uh, yeah, I wrote Ravens Ravens here for this, uh, Sarah Russell. Yes, Benzinga has a crypto show. It's called a moon. And the airs Mondays and Fridays at 2:00 PM Eastern time.

And then our other crypto based shows is really more of an NFC show is called the roadmap and the airs every Tuesday, Wednesday, Thursday at 2:00 PM. Eastern time right here, youtube.com/benzinga. Um, are there other things that I feel like there was more announcements that I had, and I don't remember what they were, what were my announcements?

Small co oh, yes. That's what it was. Um, okay, so smaller cap conference today. I've said that before. I'll say it again V and not to play favorites, but I have, I have a feeling that the presentation today that will get the most traction, the most traffic is at 2:20 PM Eastern time. Then you're bringing up a chart and I will show you the company that has presented.

At this wall have conference today at 2:20 PM. It is a high flyer from what maybe you own it. Sure. A few of you on this thing. Boom, Phunware, P H U N Y. We're talking to the C O O of Phunware later today. Uh, 2:20 PM. Rainbow Crowder will be on the stream and I'll put the link to the stream it's coming up.

Next is the stream will annual redirect straight to the conference, but I'll put the stream in the, I'll put the link in the chat right now. There's the link to the YouTube, to the next conference stream in the chat Phunware 2:20 PM. Eastern time. We hear directly from directly from the company and ask them what is going on because they've had an eventful few days, by the way, um, BZ small cap.com.

If you want to see the full agenda, the full agenda is also in the link or in the description of the link. I just pasted. It's just, you can just scroll down and see all the companies that are speaking today that are presenting today. So PJ that's, that's fine. Okay. Yeah. It's fun time. Exactly. Right. So I want to plug that and we're going to give away free when you're a subscription of Benzinga pro.

If you don't know what Benzinga pro is, it's this platform it's up on the screen. It's our, it's our pay Newswire service news research tools. We are giving away a one-year subscription for free, for free. All you have to do is basically just tune in to the conference and at certain points, we're going to bring up a QR code on the screen.

You got to scan that QR code. You got to answer some survey questions, and we're going to enter you into the contest to win. And then there'll be a random drawing at like 3:00 PM Eastern time today. And we will reveal the winner free one-year Saba Benzing pro, or if you want. Do all that and just go to pro.benzinga.com and get a free two week trial pro.benzinga.com free two week trial, no credit card.

No, no hassle, nothing like that. Just easy and or, yep. All right. I want to give you guys a, something that was mentioned in the chat here. Um, you know, we're not the experts in this area, but definitely, uh, giving him the chat about candy. Um, the partnership with fanatics that, that platform NFTs are coming out with some, the MLB ones today.

Take a look at that, uh, that could possibly be wait what's the what's the. Um, so this is NFT with fanatics, so, and it's an MLB, um, the big thing with this is that you guys know how tops has been losing and losing out to fanatics and also a different card makers, uh, tops has really kind of dropped the ball on the, on the MLB NFTs.

Um, and I think that these might actually stay in place again, you know, the tops one tops disappeared. Remember it used to be butts. Oh. And they canceled this back. They canceled it. Oh, that's right. I forgot everything's going negatively towards tops. Like if I was in tops right now, I'd be worried for my job.

Let alone the company. So definitely it's been a change in a company that has been massively in control. Um, so there's the MLB ones. There's one that I don't think is really going to get popular. Cut. I might buy it. Spencer. Um, miss universe, NFT. Oh no. Coming out on wax block blockchain today. Um, so there's that one.

And then there's so many NFTs coming out every single day, man. I, I can't keep up with them, but if you guys want to keep up with them, what I suggest is go to the roadmap. Like Spencer says, it's on Tuesday. It's going to be three days a week. Starting next week. It's going to be Tuesday, Wednesdays and Thursdays.

So you guys want to learn about NFTs. That's the place to go. And the person that asks is a course, Chris, catchy or mass. If you guys haven't seen the show, reach out to them, ask them what are the new projects what's coming up? What's next? They're going to know. All right. I brought up at movers tool as we wrap up the stream here.

Cause we're going to start the conference up on like a few minutes. So here I've got, my gainers is on the left. My losers on the right. We've covered most of these this morning. There's a couple that we haven't, we did not cover, uh, you know, trit. That's a crazy high, I think, got to 9 35. It's $2 off that.

Now we didn't cover like the, you know, the crazy low price ones. Um, but we've covered most of the larger names on these lists here. But again, this is the movers tool. This is what I look at every single day. When I get into the office, the very first thing, oh, we missed Anheuser-Busch had bad earnings and we missed that.

How were, how was pass me the beer here? Let's bring up a newsfeed. We'll go bud. But I don't know how my computer will not cooperate. There we go. Um, that the, uh, so the revenue beat and they raised their guidance. Hey, revenue, beat guidance. And how's your Bush. Okay. This is so the opposite of saying could Sam's turn around now.

Sam got smoked. Yeah, but maybe you can turn around now. I'm actually interested. I've been waiting for it to get underneath 500. It's underneath 500 right now. I had a line drawn for a long time. My 5 0 9. I might take a shot on it. Huh? Anyway, I might take a flyer on, on San today. Yeah. Turnaround. Okay. Good story.

Not, not because of the company because of another company. We'll see what happens. We'll see what happens. We'll see what happens. All right. Uh, Hey everyone. As a reminder, please remember that all the information from our show is meant to be used as informational purpose and not for investing or trading advice.

Um, thanks to all of you for hanging out with us today in chat, um, on YouTube, on Twitch, for whatever reason, our streaming to Twitter is not working. I don't really know what that's about. Um, but maybe this is why we should just all short Twitter to begin with, but yeah, streaming, no, go to Twitter, but, uh, shout out to everyone watching on Twitch and YouTube.

Um, and then, yeah, that's, that's all I really wanted to say. We will be back for out to close a TBD on whether Joel will be there, but I will be there and Mitch will be there and hopefully Joel will be there hopefully to it. We'll be there at three 30, but I can't make any promises. Um, the conference will, will end and go right into the, at the close show, but we've got a full day, another 15 or 16 presentations today starting the next couple of minutes.

Um, and I'll be hanging out in the chat. I will not be your MC. We've got the one and only Michael Murray emceeing today's conference, but I'll be hanging out in Schatz throughout the day, talking about these companies as they present. Um, and that's pretty much it. Uh, do we have a cannabis hour today? I don't actually know if we have a cannabis hour today.

I mean, anyone that don't, I feel like I should, I should know that. I feel like I should know, but I, but I, I don't know if we don't, if we don't, I'll tell you what if we don't have a canvas out today, then Mitch and I will hang out after the close past 4:00 PM and we'll just hang out. We'll watch apple watch Amazon as they come in and we'll just do an ad.

And after the close earnings hangout, watch party with us, we'll have our own cannabis hour. Yes, but no, I don't think that will fly. Um, oh man. I thought I was going to go get the Yeti's for us. Anybody. If anybody was watching the virtual cannabis conference scream two weeks ago, then you see. What w what, what, what went down, but we're not going to do that again.

I'm not going to be like, um, no one has said anything about that to me. So I don't think anyone, they kind of forgot about it. They'll blame me for it now. I hope they forgot, frankly. Um, anyway, all right guys, like always stick around. We got some stocks to learn from. We got fun. There's a big mover. We got other stocks that you guys can get a chance to ask questions too, too many times for these small cap stocks.

What is the number one thing that you don't get a chance to is to ask a question, right? So go ahead, join on over guys. If you guys want to learn more about these, or you're just kind of a cheaper penny stock type of trader come hang out. I'm sure you'll learn something like it or hate it. This is where the party is at right now is this end of the market.

We're here for you. We're ending the stream going alive. They're going live now. We're ending. Now you guys.

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