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T3's Take 3: Amazon Wins, Equities Dip, Biotech Slumps


Today's financial recap and tomorrow's financial outlook.

Today at T3 Live

Jeff Cooper, author of the Daily Market Report  made several calls today. Hi initiated a long swing on Agnico Eagles Mines (AEM), believing that that a major low for gold would be in no later than the end of July. He also initiated a short on Skyworks Solutions (SWKS) on a backtest of a previous signal reversal bar.

Click here to learn more about the Daily Market Report

Amazon Beats the Street

Amazon (AMZN) shares rallied 10.0% after posted an impressive earnings report after the close yesterday. Shares rose as much as 20%, hitting a new all-time high of $580.57, increasing CEO Jeff Bezos' net worth by about $8 billion. The boost also drove the company's market cap above Wal-Mart's (WMT).

The main reason for the jump was the company's second-quarter profit of $0.19 per share, beating out analysts' expectations for a loss.

Overall sales rose nearly 20% year-over-year, while its cloud computing business rose 81%.

Equities Dip, Gold Comes Back

Major indices fell today, closing down around 1.0%. Following an initial bounce led by the aforementioned Amazon, stocks gradually lost ground into the close, led by high-beta sectors.

The VIX rose 11.7% to 14.12. It was under 12 yesterday morning.

Gold rebounded slightly after a 10-day long slump.

Oil prices fell despite the Baker Hughes rig count showing an increase in rigs.

Biotech Slumps

Biotechnology stocks fell on a disappointing earning's report from Biogen (BIIB), which sent that stock down 22.1%. The NASDAQ Biotechnology ETF (IBB) and the S&P 500 ETF (XBI) tumbled 4.0% and 3.6%, respectively.

Regeneron Pharmaceutical (REGN) shares were halted during trading. The company announced that it got a received approval for a new cholesterol treatment drug. The announcement wasn't enough to save the company from the sell-off as shares closed down 2.7%.

Monday's Financial Outlook

US economic data for Monday will include the Durable Goods and Dallas Fed Manufacturing reports.

Overseas economic data will include Swiss Sight Deposits, German IFO Business Climate, and the Chinese Leading Index.

Magellan Health (MGLN), Philips (PHG), Restaurant Brands International (QSR),  RPM (RPM), and (SOHU) will report earnings before the open on Monday morning. (BIDU), Eastman (EMN), Owens & Minor (OMI), and Swift Transportation (SWFT) will release their reports after the close.
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