EarningsBeats Digest

Published: Fri, 08/20/21

EarningsBeats.com Digest for August 20, 2021

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Tom Bowley's "Top 10 Stock Picks"... Revealed!

During yesterday's webinar, EarningsBeats' Chief Market Strategist Tom Bowley unveiled his "Top 10 Stock Picks" in each of our four portfolios: Model, Aggressive, Income, and Accumulation/Distribution. That's 40 stocks in all. These stocks are meant to be held for the subsequent 90 days when a fresh batch of stocks will be unveiled.

Since its inception, the Model portfolio has returned 216% compared to the S&P 500 gain of 63% during the same period of time.

If you are NOT currently an EarningsBeats member, you can sign up for a NO COST 30 day trial that will get you instant access to all 40 stocks. Just click below to get started.

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Wall Street LOVED This Earnings Report

As our company name would suggest, we get excited by excellent earnings reports where management is executing its business plan. That success was quite evident yesterday when Macy's (M) reported its latest quarterly results. Revenues came in at $5.65 billion, well ahead of the $4.98 billion estimate, and earnings simply blew away estimates - $1.29 vs. $0.14. That type of report usually gets noticed (and rewarded) by Wall Street and I believe the chart illustrates that perfectly:

Not everything is bullish on this chart as M's industry peers in broadline retail ($DJUSRB) are struggling. The red circles above highlight the absolute and relative breakdowns of the DJUSRB. But M seemed to take things to a different level as volume was absolutely massive and that large hollow candle and breakout to a new closing high added to the bullishness. There's one other positive that's not reflected on the price chart. M's short percentage of float is 18.04%. It's not high enough to land M on our Short Squeeze ChartList (SSCL) as that ChartList requires 20% or higher, but 18% is a hefty level of shorts that must now make a big decision - buy to cover or risk getting trounced by higher prices.

Happy Trading!

Tom Bowley
Chief Market Strategist

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