Opening Bell Trading Targets: Nvidia, J.P. Morgan, and GameStop
Nvidia (NASDAQ:NVDA) earnings are today’s big release. The graphics chip maker didn’t disappoint. The stock was up 9% pre-market and is sure to be a top day trading target today.
The stock has already busted through the 10 day moving average ($12.75) which had been resistance since the beginning of April. In the short term, look for some volleying between the 10 and 50 DMA.
J.P. Morgan Chase (NYSE:JPM) is embroiled in a hilarious scandal making the self-righteous CEO Jamie Dimon look like a total hypocrite for talking smack about other banks’ poor risk management tools. The potential $2 billion trading loss will bring a ton of sellers, shorts, and government investigations into the party.
JPM was one of the strongest big banks, so simply shorting won’t be easy. There will be lots of value buyers nibbling on the way down.
GameStop (NYSE:GME) preannounced same-store sales of down 12.5% compared to estimates of down 9% and prior guidance of down 9% — 7.5%. However, the company reported EPS of $0.54 compared to a guided range of $0.52 — 0.55.
This stock has been in a down trend for a year. The company is facing HUGE competitive trends that may ultimately make it the next Blockbuster video. We are now in a zone to work off buyer volume from last August. If we get below that, look out below!
Investing Insights: Your MUST-READ Morning Stock Futures Cheat Sheet: London Whale disappoints.