Extreme Trade Updates (10/14/18)
October 14, 2018The following trades remain on hold:
MedMen Enterprises (MMNFF) — $4.25
We recommended MMNFF just last week at $4.25 as we near Canadian legalization. The stock is now up to $5.72 and running on news that it acquired PharmaCann in a $682 million transaction. According to MedMen CEO, Adam Bierman, as quoted by Business Insider, “This is a transformative acquisition that will create the largest US cannabis company in the world’s largest cannabis market. This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved.”
Aurora Cannabis (ACBFF) — $10.36
ACBFF is another hot marijuana stock likely to push higher as we near Canadian legalization. It last traded at $10.52. We have a target of $15, near-term.
iQIYI Inc. (IQ) stock – $30.85 entry
We closed the calls for a loss, but we still hold the IQ stock. It last traded at $26.
Adobe Systems (ADBE) — $248.96
The stock now sits at $249.19 and remains a hold. We have a near-term price target of $280.
Raytheon (RTN) — $187.12
RTN is back up to $191.69. Hold the stock with a near-term price target of $210.
Twitter (TWTR) — $32.68
Hold the stock. It’s aggressively oversold at a current price of $28.
Barrick Gold (NYSE:ABX) — $10.25
ABX January 18, 2019 10 calls — $1.01
As gold begins to rebound higher, related stocks are beginning to push higher. We have a near-term price target of $14 on ABX. It last traded at $12.48.
Micron Technology (NYSE:MU) — $49.85
MU October 19, 2018 52.50 calls — $2.46
The stock pulled back in recent days on a tech sell off to $42.55. Hold both positions at the moment. MU has become aggressively oversold.
Weight Watchers (NYSE:WTW) — $73.87
WTW October 19, 2018 80 calls — $2.85
Still oversold, we have a near-term price target of $92.50. That would refill its bearish gap from August 6, 2018. Hold.
Goldcorp Inc. (NYSE:GG) — $10.84
GG January 18, 2019 11 calls — 78 cents
The stock is down slightly at $10.80. We continue to hold on oversold conditions. We have a $15 price target.
OrganiGram Holdings (OTC:OGRMF) — $4.98
As the marijuana story heats up on corporate interest and Canadian legalization in October 2018, stocks such as OGRMF should continue to push higher. It last traded at $5.78.
Newell Brands (NYSE:NWL) — $21.55
NWL December 21, 2018 22 calls — $1.58
NWL is still technically oversold. With patience, we believe it could eventually refill its bearish gap around $26.40. Hold.
Kroger Company (KR) — $29.65
KR is still oversold, now trading at $26.92. It’s a hold. We’re looking for a bearish gap refill at $31.50.
ACADIA Pharmaceuticals (ACAD) — $20.02.
ACAD now sits at $21.72. While it’s a bit overbought here, we are holding long-term.
Zayo Group (ZAYO) — $34.85
ZAYO now sits at $30.95. As we near the 5G boom effect, we’d like to see ZAYO refill its bearish gap at $38 a share. Hold.