????Huawei's Premium Storefront Blitz
S&P 500 5,246.58 +25.16 (+0.48%)
Dow Jones 39,557.65 +126.14 (+0.32%)
NASDAQ 16,511.18 +122.94 (+0.75%)
Market close: May 14, 2024
Breaking News
Huawei's aggressive expansion of flagship stores in China,???? strategically placed near Apple shops, marks a bold move to reclaim the premium electronics market. Reuters reports.
(Image Source: Wikimedia Commons)
The Warm Up
?? PlayStumble: Sony’s annual 2023 operating profit for the full year came in at 1.2 trillion Yen, down 7% year-over-year. Sony narrowly missed its revised-down target for PlayStation 5 sales, with shipments totaling 20.8 million in the fiscal year 2023. CNBC reports.
?? Renovationomics: Home Depot posted fiscal first-quarter earnings that beat expectations and revenue that missed estimates. The home improvement retailer is seeing customers defer major home projects due to high interest rates. CNBC reports.
?? Turbulence: Brazilian airline Gol reported on Tuesday a first-quarter recurring net loss of 130.2 million reais ($25.39 million), swinging into the red after a 136.4 million-real net profit a year ago, mainly hit by financial expenses. Gol filed for?Chapter 11 bankruptcy protection?in the United States in January as it struggles with a heavy debt load after a fall in traffic due to the pandemic and delays in Boeing?deliveries. Reuters reports.
?? Pharmageddon: Bayer?beat first-quarter analyst forecasts as it reported a slight drop in adjusted earnings on Tuesday, providing a respite for the CEO's turnaround efforts. The group also lowered its full-year earnings outlook, citing negative currency effects, but retained its operating forecast. Reuters reports.
?? Power-Up: Plug Power secures a hefty loan guarantee from the Department of Energy, signaling a major boost for its green hydrogen production ambitions. The conditional commitment paves the way for the development of up to six facilities nationwide, aligning with the Biden Administration's push for sustainable energy solutions. Benzinga reports.
?? Aliblah: China's Alibaba Group Holding reported an 86% plunge in fourth-quarter profit on Tuesday primarily due to valuation changes from equity investments, pushing its U.S.-listed shares down 3% in premarket trading though revenue beat analysts' estimates. Yahoo Finance reports.
A Question About Risk
Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 11am ET, as our Risk Management educator.
Why should traders avoid adding to losing trades?
A lot of times people think trading is just a matter of learning a strategy and then going up and applying that strategy, it's a lot more complex than that. At one time in my trading experience, I had raised just short of nine figures, and I decided it was time for me to go to trade for myself, and I lost all of that money in nine months. The way that I did that was by continually adding to losing trades.
My stance was that the market was wrong, and the market was going to realize it and go my way. Whether the market price action is responding to fundamental news in the way that you should, you think it should or not, the market's never wrong.
Wherever the market settles on a given day, on a given week and a given month, that is where all the price action trading back and forth for that period of time decides the correct price. I use the word correct deliberately because that is the correct price. Whatever your price, what you think it should be or you think it's going to be, is not correct at that moment. As you lose money and you say - “Well, I know it's going here.†However, you don't know, you may have a high probability of it.
Even for somebody like me who's been doing this for 30 years, my win rate is about 62%. It's not 100%, it's not even 90%, it's about 62% and you can make money with a 62% win rate. You can make a lot of money with a 62% win rate if you have the courage to realize when the trade you have set up is somewhere in that 38% range where it's not going to work out. That's what you must understand and that's what I didn't understand and that's my blow up story.
My mistake was arrogance. I was thinking that somehow the market was wrong and I was right. The market is never wrong.
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Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on May 14.
(All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time)
1. $CTNT: Cheetah Net Supply Chain
领英推è
Total gain: 370.59%
The company announced the pricing of its follow-on offering of 13,210,000 shares of Class A common stock. Each share of Class A common stock is being sold at an offering price of $0.62, for gross proceeds of $8,190,200, before deducting placement agent fees and other offering fees and expenses. All shares of Class A common stock are being offered by the Company. Benzinga reports.
2. $HOLO: MicroCloud Holo
Total gain: 73.50%
The stock appeared to be moving on no notable news.
3. $GME: GameStop
Total gain: 59.08%
A cryptocurrency created earlier this year that uses the logo of video game retailer?%GameStop has risen more than 1,400% in the last 24 hours despite serving no purpose and having no affiliation with the company. Benzinga reports.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
ARCO Arcos Dorados Holdings
1Q 2024
Before Market Open Estimate: 0.170 Actual: N/A
RILY B. Riley Financial
1Q 2024
After Market Close Estimate: N/A Actual: N/A
NGS Natural Gas Services Gr
1Q 2024
After Market Close Estimate: 0.210 Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
8:30 am Consumer price index - April
8:30 am U.S. retail sales - April
8:30 am Empire State manufacturing survey - May
10:00 am Business inventories - March
Extra-Time
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Parting Thoughts
“An investor without investment objectives is like a traveler without a destination.†– Ralph Seger
Sourced in: Investment Traps Exposed Navigating Investor Mistakes and Behavioral Biases By H. Kent Baker, Vesa Puttonen · 2017?