This week NVDA became the most valuable company passing MSFT. For those who are trading this NVDA on the long side, congratulations!
The following are the notable earnings for this week:
ASTL – earnings will be released on June 20, after close. Algoma Steel closed at 7.30 last Tuesday, June 18, at 7.30. I am bullish on the steel industry with all the conflict going on around the globe. Though the price of this commodity is sliding. I’d like to take a small position if the earnings report will give a strong guidance over the next quarter. Last year, I made a detailed post about the steel play and aside from United States Steel Corp. (X) Algoma is one of my plays. You can read it here.
KMX – earnings will be released on June 21, before open. CarMax Inc. plays a vital role in selling used vehicles and in times of rising prices this is a better alternative than buying a new one. I’d like to see this stock beat the estimate and reclaim the 75.00 level. I am going to check August expiration calls with the strike at 78.00.
Other related play:
I’m getting bearish at QQQ, which closed at 485.21 last June 18 . They are in an overbought area. I’d like to see if selling 495 calls with 06/21 expiry at this level works out.
Nothing is guaranteed here. Stocks mentioned above could trade opposite or sideways depending on the earnings outcome.