EarningsBeats Digest

Published: Mon, 08/10/20

EarningsBeats.com Digest for August 10, 2020

Trading Places Live!

Join Tom Bowley for a briefing on market activity on Mondays and Wednesdays from 9-9:30 am EST before the opening bell. Click here to listen live or visit our YouTube page later today to view the recorded session.

It's Webinar Day!

"Sneak Preview: Top 10 Stock Picks" - 4:30 pm eastern

Join Tom Bowley and John Hopkins as they discuss what will be covered during the Top 10 Stock Picks webinar on August 19th. This discussion will include a review of the results to date for the Model, Aggressive, Income and Strong Accumulation/Distribution portfolios. You will receive webinar instructions later today, prior to the event Hope to see you there!

This Heavily-Shorted Drug Retailer

Is Nearing Key Support

Rite Aid Corp (RAD) is an $822 million drug retailer that saw a surge back in late-June when it posted much-better-than-expected revenues and EPS. Volume soared to nearly 30 million shares that day and RAD opened at 14.49 before rising over the next several days to 18.64. It's pulled back since that rally and is now hovering just above its 50 day SMA:

It's worth noting that RAD also has a rising 20 week EMA at 14.33 that held as support on the most recent low (14.16) on July 27th. I'd view 14.16-14.49 as a very important support level. RAD is one of four Short Squeeze ChartList stocks that are also on our Strong Earnings ChartList. I'll discuss the other 3 on my Trading Places LIVE show at 9am ET this morning. Make sure you tune it to check them out!

Happy trading!

Tom Bowley

Chief Market Strategist

EarningsBeats.com
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