Russell 1,000 Weekly Recap 08-14-2020

Focus List
September 15, 2020
Recaps

Russell 1,000 Weekly Recap 8/10 - 8/14/2020

Brain Sentiment

The top 3 Russell 1,000 names with the largest 7-day over 30-day scored news activity are GLIBA, TDC and RETA. This is a measure designed to capture recent surges in sentiment scored stories.

  • GCI Liberty (GLIBA) announced a sale of its broadcast business and has nearly doubled, closing at 81.31, from its mid-March low of 41.82.
  • Teradata (TDC) released 2020 Q2 earnings 8/6, beating the Estimize consensus by $.01 (and beating Wall Street by $.03). The 5-day post-earnings drift is up over 15%.
  • Reata Pharmaceuticals (RETA) beat Wall Street estimates with its 8/10 earnings release, but reported an FDA approval for one of its drugs may be delayed indefinitely.

Additionally, FedEx Corp (FDX) closed the week with the 2nd largest 7 minus 30-day sentiment score (0.31) as the stock closed above 200 for the first time in 2020. Below is the price of FDX colored by 7-day sentiment followed by its 7 and 30-day sentiment trends.

Estimize Earnings

  • Cisco Systems (CSCO) beat the Estimize consensus by $0.03 (and beat Wall Street by $0.06) 8/12/2020. Cisco had beat Estimize in 4 of the last 10 releases and returned 150 basis points more than in the 3-day post-earnings drift period when CSCO missed the Estimize consensus (6 times). CSCO has beaten the Wall Street estimate in every quarter since 2012. This may reflect systemic biases of sell side analysts on Wall Street and is a good reminder that not all sources of earnings estimates are equal.
  • Applied Materials (AMAT) beat the Estimize consensus by $0.07 (and beat Wall Street by $0.11) 8/12/2020. Since 2018 Applied Materials 2-day return when beating Estimize (5 quarters) has been +2.03% vs. -3.33% when missing Estimize (5 quarters), a 536 basis point difference. AMAT traded over 3 times its 30-day average volume on Friday, 8/13/2020.

Performance

  • 9 Russell 1 stocks hit new highs on Friday (FDX, ICE, WHR, BBY, TGT, DG, TRMB, HUBS, KLAC). There were no new lows.
  • 8 stocks moved up through their 200-day moving average (ELAN, CZR, JEF, LSI, PRGO, EVR, JAZZ, PFG) and 8 moved down through their 200-day moving average (PSTG, IOVA, SRE, BG NRG, HPQ, WRB, PXD).
  • Russell 1 Flash Report
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