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Strategies & Market Trends : Trader J's Inner Circle
NVDA 197.30+4.8%10:39 AM EST
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From: Trader J5/15/2024 10:00:37 AM
1 Recommendation

Recommended By
Sonali

   of 56532
 
SNOW: Saw a note this AM on SNOW from BoA which suggests caution ahead of the earnings report next week. They also lowered the target to $200. Anyone who holds SNOW knows to fear earnings ... but primarily do to Frank Slootman, who stepped down last quarter. This is the first report for new CEO Ramaswamy. I have to believe they will do everything to have his first Q be a good one, at least in commentary if nothing else. That said, I too would exercise caution ahead of the print. It's a VERY difficult stock to gauge following earnings.

Last earnings it was trading near $230 and now it's back to $160, left for dead and trailing other AI names. That said, a lot of the expectations are out of the stock for the time being which could lead to a nice setup. Last Q I held my shares but bought protective puts that paid nicely. I also purchased 2026 calls not long ago at the $150 level as I do have a strong belief about the future of this company.

As for earnings, who knows? Will be interesting.

TJ
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