Market Wrap 8/13/20

The market closed mixed on Thursday as traders digested the latest round of economic, earnings, and political headlines. Cisco Systems (CSCO) gapped down over 11% after reporting earnings and it was the latest big gap down from earnings season. In late July Intel (INTC) gapped down after reporting earnings and hasn’t recovered. On the economic front, the Labor Department said initial jobless claims fell to 963,000, beating estimates for 1.1M. In other news, hopes faded for an imminent stimulus deal. White House economic advisor Larry Kudlow said the talks were at a stalemate.

MARKET NOTES

KODAK (KODK) remember that one. Our motto stands…never be the last one in on crap like this.

Changing of the guard continues…money flows into energy, transports, commodities and even airlines, cruise lines, gaming, hotels get bid and may be turning up…and on crappy numbers.

Financials also may be turning up.

Royal Caribbean sales down 94% and huge loss but up almost 10%.

On the other end, continued distribution in most growth names in software, internet, tech and all that stuff.

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