adminWalmart Levels to Watch After Post-Earnings Pop to Record
34 minutes ago
Walmart (WMT) shares were slightly higher Wednesday morning after hitting a new record high yesterday following a strong earnings report from the retail giant.
Walmart shares inched up to around $87 in recent trading, after hitting an all-time high of $88.29 on Tuesday. The stock has gained 65% since the start of the year, handily outpacing the S&P 500’s 23% return over the same period.
The stock formed a shooting star on Tuesday, a reversal candlestick pattern that appears after an extended uptrend. The pattern formed on the highest daily volume since late September, possibly indicating buying exhaustion.
Investors should watch major support levels on Walmart's chart around $81, $71, and $61.
A bars pattern projects a price target in the stock of around $89 and indicates the shares may be about to enter a consolidation phase.
Read the full technical analysis piece here.
–Timothy Smith
MicroStrategy Continues Soaring As Bitcoin Hits Records
1 hr 43 min ago
Software analytics company MicroSrategy (MSTR) continues to be one of the biggest beneficiaries of bitcoin’s recent rally to record highs.
MicroStrategy, one of the world's biggest holders of the cryptocurrency, was up 15% in recent trading to a new all-time high of its own, just below $500. The stock has more than doubled since the start of this month and is up nearly 700% in 2024.
Target Stock Plunges After Weak Earnings Report
2 hr 27 min ago
Target (TGT) shares tumbled Wednesday morning after the retailer reported weaker-than-expected quarterly results and lowered its outlook.
The retailer reported $25.67 billion in revenue, up from $25.40 billion a year ago but below the $25.89 billion analysts expected, according to estimates compiled by Visible Alpha. Net income fell to $854 million, or $1.85 per share, down from $971 million and $2.10 per share a year ago. Analysts had expected $1.05 billion and $2.28 per share.
Target Chief Executive Officer (CEO) Brian Cornell said the company saw a “volatile operating environment” in the quarter along with “some unique challenges and cost pressures that impacted our bottom-line performance.”
The retailer also lowered its expected full-year EPS outlook to a range of $8.30 to $8.90, down from $9.00 to $9.70 last quarter. Its fourth-quarter EPS estimate of $1.85 to $2.45 is below the $2.66 consensus estimate.
Target shares were down 20% about half an hour after the opening bell, trading at a 52-week low.
–Aaron McDade
Bitcoin Hits Another Record High
3 hr 38 min ago
Bitcoin (BTCUSD) rose to a record high of $94,500 Wednesday morning, extending a post-election rally amid optimism that the Trump administration will implement policies that benefit the cryptocurrency market.
Bitcoin has recently registered its highest trading volumes since mid-March, signaling buying activity from larger market participants, such as institutional investors.
A measured move, which calculates the percentage change of Bitcoin’s trend higher from October 2023 to March this year and adds it to the lower trendline value of the cryptocurrency’s recent eight-month trading range, forecasts a price target of $154,000.
Investors should watch key support levels on Bitcoin's chart around $70,000 and $55,000.
Read the full technical analysis piece here.
–Timothy Smith
Major Stock Index Futures Slightly Higher
4 hr 39 min ago
Futures tied to the Dow Jones Industrial Average were up 0.2%.
S&P 500 futures were also up 0.2%.
Nasdaq 100 futures were up 0.2%.
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