3 Stocks I Saw onTV: WYNN, AIG, P (February 11, 2016)
WYNN AIG P
If you’re a hardcore trader, especially these day, you’re watching TV, you’re watching CNBC in the morning, night, Opening Bell, Power Lunch, Closing Bell, Fast Money, Mad Money, you’re watching it all. You’re seeing a bazillion tickers. What I’m doing here, in this series or videos, 3 Stocks I Saw on TV, I’m doing just that; I’m talking about 3 stocks I saw on TV and I’m going to give you the story on the things that you DID NOT see on TV.
First, today we’re just going to look at earnings.
Wynn ( NASDAQ:WYNN ); they reported earnings after the bell. The revenue was a little bit light, but I’m not really caring about that. I’m looking at this stock and I see what looks to me to be a double bottom. It’s interesting that after the bloodbath we saw today this thing was up, before earnings were released, almost 3 percent. This is what a base looks like. It’s still kind of early in the process, look at this, it looks like a slide. But if you’re interested in Wynn ( NASDAQ:WYNN ) I think this is almost like best of breed in casinos. You can be buying this stock, at least lightly, as long as you adhere to a stop just a little bit below 50.00. And the reason I say lightly, that is a 17 percent risk that you’re making, if you’re buying the stock here at 60.00, basically at $60.00, you’ve got to have a stop clear down here in order to just keep from getting shaken out. So you buy this thing lightly, you’ll notice this stock is up a little bit after hours, not a lot, but I think in this volatility you’ll be able to get the stock at an even lower price. So if you want to start a position, great! Take a LITTLE position, hopefully it trades down a little bit closer to 50.00 and you’re in.
AIG ( NYSE:AIG ); they lost $1.10 per share, they were only supposed to lose 93 cents. So the stock is up a little bit after hours. Here’s what I want to look at though: I want to look at the weekly chart, remember that mess? Franklin Raines, you’re an awesome guy, the dirt bag that got these guys into trouble in the first place, with Fannie and Freddie. Anyway, AIG ( NYSE:AIG ), a double top here, breakdown here. This is a stock, I don’t care if they made 93 cents, this is a stock that you want to stay away from. It’s just really kind of toppy. With everything that’s going on in the world today, this almost is like guilty by association with itself from years gone by. The stock has gone down a lot, it’s bouncing up a little bit. It’s still a stock that I would want to stay away from.
Now, Pandora ( NYSE:P ). Interesting. They reported after the bell too. They missed their earnings estimates. They beat their revenues, which is a good thing. But here’s the deal: The stock traded up a lot intraday and the reason was that there was a rumor, which came out right about there, don’t you think? A rumor that they may be on the chopping block. Basically that they’re being acquired by somebody. Who knows if it’s true or not? Lets just say there wasn’t enough to it to cause people to continue to buy. So the guy who started that rumor made a quick 15 percent, now he’s out and hoping that the SEC doesn’t look at his account. But for the rest of the lemmings, they’re in buying, the stock is still trying to find a bottom. Here’s the thing though: I look at this as kind of a power move, even though it turns out that this stock didn’t follow through on the rumor that they may be acquired. This is a stock that’s fallen quite a bit and it did not blow up to the upside and then trade down on the day. Instead it’s just hung right in there and after earnings it’s also hung in. So frankly, I look at this level here, any where in here, as kind of the sweet spot for this stock. It’s still trending lower, no question about it, but if you’re looking to buy Pandora ( NYSE:P ) low, this I would say is the definition of the term low.
3 Stocks I Saw on TV Free Chart