Overbought Conditions Ease Ahead of Amazon, Coca-Cola Earnings: 7 Stocks You Need to Know for Tuesday
Stocks in general edged higher, though profit-taking in oil and gas stocks may be a development for traders to keep an eye on. Among the stocks in that sector that were down sharply ahead of trading on Tuesday are ^NE^, ^SLB^, and Marathon Oil (more on MRO below).
Here are 7 Stocks You Need to Know for Tuesday
Reporting quarterly earnings after the close on Monday was ^NFLX^. The stock had reversed lower intraday on Monday, following three days in a row of higher highs and higher closes that took the stock into overbought territory last Thursday.
Netflix beat analyst earnings expectations, but disappointing revenue forecasts led to selling in the stock in the afterhours.
Despite strength in silver as a commodity, silver miners like ^PAAS^ (below) remain under strong selling pressure.
PAAS closed down by more than 4% on Monday. The stock has closed lower for four out of the past five trading days.
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Up more than 3% in Monday’s trading and closing higher for a fourth day in a row were shares of ^EBAY^ (below).
The rally in EBAY put the stock has its highest level since early March.
Scheduled to report quarterly earnings on Tuesday is ^AMZN^. The stock was little changed in Monday’s trading, after rallying for three days in a row.
Profit-taking in oil and gas stocks has shares of stocks like ^MRO^ (below) down more than 2% heading into trading on Tuesday.
Shares of Marathon Oil rallied to their highest levels of the year on Thursday, closing in overbought territory.
At its highest closing levels since mid-February, shares of ^INTC^ were up more than 2%.
Closing lower for four out of the past six trading days ahead of its scheduled earnings annoucement on Tuesday was ^KO^.
7 Stocks You Need to Know Trading Tip of the Day
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David Penn is Editor in Chief of TradingMarkets.com