Sell the rumor, buy the news? That’s the story in MS today. CVX, IBM approach major support, and FB gets some love from Nomura. Full premarket analysis:
Dennis Dick, CFA, is a proprietary trader, and market structure consultant with Bright Trading LLC. He has twelve years of proprietary trading experience specializing in pair trading, crutch trading, momentum, contrarian, technical, and algorithmic trading. His insights into equity market structure have been cited in a number of financial publications including the Wall Street Journal, Reuters, Dow Jones, and Forbes.
| Stock | Movement | Reason | Our Comments |
| ORCL | Up 1 point. | Earnings last night. | Stock traded up significantly last night after releasing earnings 3 days early. 28 could be a key swing number. |
| WAG | Up 70 cents. | Earnings, raise dividend, acquires 45% stake in Alliance Boots. | A plethora of news. Stock rallying nicely. Traded as high as 33.25 in premarket. 34 may provide major resistance. |
| JCP | Down $1.50 | President leaving. | Another JCP exec. jumps ship. Stock making new 52 week lows this morning. Keep an eye on old 52 week low of 23.14. |
| FDX | Down 1 point. | Earnings, lowers guidance. | Stock beats on earnings, but estimates for next quarter a little bit light. Traded as low as 84.01 in premarket. Bouncing back now. |
| MSFT | Up 30 cents. | Announces new tablet. | Unveils new tablet, Surface. 30 number continues to act like a magnet, needs to hold that critical number. |
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