This morning, Russia's Uralkali Group, the world's largest fertilizer producer, announced that it will end its joint venture with Belarusian Potash Co and added that prices of potash should fall significantly. The news stunned the agriculture investors and sent the stocks tumbling. POT and MOS fell the most, 16.54% and 17.28%, respectively. CF, which popped more than $20 yesterday after hedge fund Third Point took a stake in the company, slid 2.5%. AGU fell 5.39%.
DDD missed its profit expectations and fell 4.67%. COH reported a disappointing quarter, sending its shares down 7.87%. CVLT vaulted nearly 10% reporting an rise of 33% in net income. CMI shares initially popped after beating it estimates, but, ended the day up just +1.54% at $118.23; CMI shares traded as high as $123.9 early in the morning. OXY reported a flat quarter with revenue up, but, its shares slipped 2.39%.
After the market, AMGN shares traded initially higher after reporting results that beat the estimates. However, AMGN shares ended the evening trading down almost 2%. QCOR easily beat its earnings estimates and saw its shares pop +14.62%. RVBD reported a quarterly loss, sending its shares down 15.46%. SYMC delivered a solid quarter and its shares went up +3.7% in after-hours trading.
The broader market is still consolidating. It is certainly a "stock-picking" environment right now. Earnings and news are mostly driving the big movements. AAPL seems to be getting some buyers. AAPL has basically missed all of this year's market rally. In fact, it is still down for the year. It has enjoyed a little 2-day rally, up about $15. We cashed out our AAPL calls with an overnight gain of +82%:
09:05 | Ecstatic Plays AAPL ($457.00) Sold to Close 0809C450 Aug 450 calls, at $10.10 +82%
We could see AAPL continue to run higher from here to test the next resistance at about $460 to $470.
We are trading lightly right now, taking just a few positions and staying mostly in cash. You'll likely "feel" the move when this market is ready to make its next move. It has been consolidating between 1680 and 1690 for a while now. Let's stay a little more patient.
Good night and HappyTrading! ™