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PreMarket Prep Recap: Disney, Stamps, And Booking's Wild Ride

Joel Elconin

Coverage of earnings reports dominated today's PreMarket Prep Show.

Finding Resistance In Disney After Q4 Beat

After the close on Thursday, Disney Co. (NYSE: DIS) announced an EPS beat along with a slight sales miss. The issue, which has been in a trading range ($127.54 to $134.14) since Sept. 20, roared through the top of that range.

When covered during the broadcast, it was trading in the $141 handle. The author of this article identified the pair of highs at the $142.00 area from early August as a major resistance point.

During pre-market trading, it was turned back at $141.85 and began to head south. Off the open, sellers came down and the issue opened at its high for the session ($140.25).

Wild Ride In Booking Holdings

In Thursday's session, Booking Holdings Inc (NASDAQ: BKNG) was punished for Expedia Group's (NASDAQ: EXPE) earnings miss, falling from $2,012.09 to $1,849.93. After the close, the company announced an EPS beat along with a slight sales miss.

The report enabled the stock to recoup much of its previous days losses. When being discussed during the show, it was up substantially from Thursday's close ($1,846.32) at the $1,930 area.

Co-host Dennis Dick speculated investors that got shellacked on Thursday may be looking to take advantage of the rip and sell into it. Thursday's high of $1,945.22 was identified as an important level for the issue to breach and hold in order for the rebound to continue.

Off the open, it exceeded that level, reaching $1,954 before sharply reversing course. Remarkably, the ensuing decline took the issue beyond Thursday's low ($1,844.45) to $1,841.00 and is attempting to rebound.

Stamps.com Continues Rebound

Stamps.com (NASDAQ: STMP) fell from its all-time high in June 2018 ($285.75) all the way to $32.54 in May and is attempting to reach triple digits again.

The slow steady rally off the recent low gained momentum in October when the company announced a new collaboration with United Parcel Service (NYSE: UPS) to offer its customers specially discounted UPS shipping rates.

Although the issue rallied to $98.47, the high on the day ($94.74) of the UPS announcement was identified as an important level for the issue to clear in order to take a run $100.

Off the open, it exceeded that level reaching $97.50, just shy of the pre-market high and reversed course.

Bill Baruch Joins The Show

Midway through the show, Bill Baruch of Blue Line Futures joined the broadcast. Bill commented on the banking sector, energy stocks and the potential breakout for Google (NASDAQ: GOOGL).

On Monday's show Ivan Feinseth, CIO of Tigress Financial Partners will be our guest to discuss the overall market and his current ratings.

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