Closing Bell Trading Targets: Apple, Cisco, Sirius XM
Net income for the computer networks company rose to $2.17 billion (40 cents per share) vs. $1.81 billion (33 cents per share) in the same quarter a year earlier. This marks a rise of 19.8% from the year-earlier quarter. But that was clearly not good enough.
The stock is in a textbook sell off pattern. If CSCO can’t hold support at $16.80 and get traders to cover some shorts, it could be a bloodbath into the bell.
Sirius XM (NASDAQ:SIRI) is catching some serious institutional demand from Liberty Media. Liberty Media upped its stake in SIRI to 45.2% from 40%.
Today’s trading was a round-trip to nowhere. The stock is having a tough time staying above neutral, and only a breakout above the day’s highs at $2.21 would create a lot of drama.
Apple (NASDAQ:AAPL) will work more closely with Foxconn to share costs to improve labor conditions at production facilities. The headline is bringing the stock renters back to AAPL.
Don’t Miss: Here’s How Apple Stays On Top >>
Today’s chart is not a day trader’s best friend. It’s been tough to trade and really gone nowhere. Look out for some bigger bets in the final 30 minutes. Longer term, Apple’s stock has support at the $560-$565 range.