Good morning and wheeeeeeeee!
What a way to start the day.
So of course we're going to bounce at 26,800 as it's a nice, fat, pivot-point (see yesterday's webinar) and was clearly support yesterday so we calculate the bounce as 40-points (weak) back to 26,840 and 80-points (strong) back to 26,880 but if 26,840 breaks, why risk the gains? Honestly should have taken the money and ran at 26,800 as it was certain to bounce and then just pick it up on the break below the line - you don't need to ride out bounces on futures - there's no friction cost to the trade!
Big Chart - NYSE is the key to everything at our 12,540 line (now 12,586).
T/Batman - Good call. If not for Warner hurting them, this would have been gangbusters.
AT&T said adjusted earnings for the three months ending in June was pegged at 83 cents per share, down 6.75% from the same period last year and 4 cents ahead of the Street consensus forecast. Group revenues, AT&T said, fell 8.9% from last year to $41.billion, just shy of analysts' estimates of $41.1 billion.
AT&T said it had around 36.3 million customers logged for its newly-launched HBO Max service (including legacy HBO subscribers) after adding around 3 million over the second quarter. That figure, however, is down from 34.6 million at the end of last year. Postpaid mobile phone subscribers, however, fell by 151,000 against market forecasts of additions totaling around 7,000.
“Our solid execution and focus in a challenging environment delivered significant progress in the quarter, most notably the successful launch of HBO Max, resilient free cash flow and a strengthened balance sheet,” said new CEO John Stankey. “Our resilient cash from operations continues to support investments in growth areas, dividend payments and debt retirement."
