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AMZN

Amazon.com, Inc (NASDAQ:AMZN) gapped lower at the start of Thursday's trading session but later rose above Wednesday's high-of-day after the CEO of Worldwide Amazon Stores, Doug Herrington, sold 4,000 shares of the company. This move helped to slightly lift the S&P 500 from its low-of-day. From a technical analysis perspective, Amazon bounced up from the lower ascending trend line of a symmetrical triangle pattern, indicating the formation is being recognized by algorithms. The stock has resistance above at $136.83 and at $142.18 and support below at $131 and at $125.93.

Portfolio Pulse from Melanie Schaffer

September 07, 2023 | 7:24 pm

AAPL

ASML

ASML Holding N.V. (ASML) shares are trading lower amid a tech sector selloff due to rate hike fears and China's planned iPhone crackdown. China's ban on the use of Apple (AAPL) devices for official use and Huawei's announcement of a new smartphone have also contributed to the pressure on the tech sector.

Portfolio Pulse from Ryan Gustafson

September 07, 2023 | 7:22 pm

ISRG

A significant investor has taken a bearish stance on Intuitive Surgical (NASDAQ:ISRG), with 60% of recent trades being bearish. The total amount for puts was $183,032 and for calls was $304,329. Whales have been targeting a price range from $250.0 to $350.0 for Intuitive Surgical over the last 3 months. The price of ISRG is currently down -2.83% at $299.12. RBC Capital downgraded its action to Outperform with a price target of $360.

Portfolio Pulse from Benzinga Insights

September 07, 2023 | 7:19 pm

VZ

Verizon Communications (NYSE:VZ) has seen unusual options activity, with a significant bearish stance taken by a whale investor. Of the detected trades, 40% were bullish and 60% were bearish. The total amount for puts was $163,470 and for calls was $5,063,565. Whales have been targeting a price range from $27.0 to $47.0 for Verizon over the last 3 months. Citigroup upgraded Verizon to Buy with a price target of $40, while Oppenheimer downgraded it to Outperform with a price target of $43.

Portfolio Pulse from Benzinga Insights

September 07, 2023 | 7:19 pm

AAPL

AMZN

GOOG

MSFT

Needham & Company has warned that tech giants like Apple Inc could be overshadowed by the rise of Generative AI, as new entrants use large language models (LLMs) to redefine industries. The analyst reiterated a Buy rating on Apple with a $195 price target. The analyst also noted that Amazon.com, Alphabet Inc, and Microsoft Corp are the clear standouts so far in the AI field. However, the cost of procuring data for the LLMs is increasing, which could lead to future LLMs having higher price tags.

Portfolio Pulse from AJ Fabino

September 07, 2023 | 7:16 pm

AAPL

LRCX

Lam Research Corporation (LRCX) shares fell amid a tech selloff due to rate hike fears following US jobs data. The sector is also under pressure due to China's planned iPhone crackdown and Huawei's new smartphone announcement. China enacted a ban on Apple (AAPL) devices for official purposes, causing fears of a growing trade war and further-reaching bans.

Portfolio Pulse from Ryan Gustafson

September 07, 2023 | 7:16 pm

AAPL

QCOM

Qualcomm Incorporated (NASDAQ:QCOM) shares fell over 7% amid competitive concerns from Huawei's announcement of its Mate 60 Pro with a new 7nm chip. This could position Huawei to retake its market leadership position, making Qualcomm vulnerable. Additionally, China's ban on the use of Apple (NASDAQ:AAPL) devices for official use may put pressure on other stocks in the chip sector.

Portfolio Pulse from Ryan Gustafson

September 07, 2023 | 7:12 pm

MPWR

Monolithic Power Systems Inc's (MPWR) shares have dropped by 2.9% due to tech sector weakness, fueled by rate hike concerns and China's iPhone crackdown. The ban on iPhones in Chinese government sectors signals worsening trade relations between China and the US, which could negatively impact MPS's sales and growth prospects in China.

Portfolio Pulse from Henry Khederian

September 07, 2023 | 7:06 pm

EXPR

Express Inc (EXPR) reported a 6% Y/Y decline in Q2 FY23 sales to $435.34 million, missing the consensus estimate of $440.72 million. However, the adjusted loss per share of $(9.05) beat the consensus estimate of $(11.06). The company is re-assorting its women's business and seeing positive comparable sales across all categories. However, it anticipates continued pressure in its men's business through Q3. The company is also taking aggressive actions to reduce costs, anticipating $80 million of savings in FY23. EXPR shares are trading lower by 3.83% at $8.53.

Portfolio Pulse from Shivani Kumaresan

September 07, 2023 | 7:06 pm

ANF

Telsey Advisory Group analyst Dana Telsey has reiterated an Outperform rating on Abercrombie & Fitch Company (ANF), raising the price target to $62 from $56. The analyst believes ANF's improved inventory management could fuel Q3 earnings. ANF expects to reach its prior 2025 target of an 8%-plus operating margin in FY23. The company's momentum from Q2 has carried into Q3, leading to expectations of a normal holiday period. Telsey predicts 2023 same-store-sales growth of 9.7% and full-year EPS of $4.29.

Portfolio Pulse from Nabaparna Bhattacharya

September 07, 2023 | 7:04 pm