With no earning reports and only one significant ratings change, some time was dedicated to trader education on the Christmas Eve edition of PreMarket Prep.
At the top of the show, co-host Dennis Dick and producer Spencer Israel showed how to make use of press releases on the Benzinga Pro platform.
The reason being there was a press release after the close that delved into the details in the ongoing battle for Anxiter International (NYSE: AXE) between Wesco International (NYSE: WCC) and private equity firm Clayton, Dublier & Rice. As it turns out, some of the content in the release turned out to be a positive for Wesco, which is trading higher by nearly $4 in today's session.
Where Does Boeing Go?
At the end of Monday's show, Boeing (NYSE: BA) said it will replace its CEO Dennis Muilenburg with David Calhoun. Based on that assumption, Dennis Dick speculated it would be a positive for the issue, as investors would applaud a change at the top to resolve the lingering crisis.
That turned out to be the case for the issue in Monday's session. After a much higher open, it retreated to $334.20 and resumed its move higher, reaching $340.59 before ending the session at $337.55.
On today's show, the author of this article noted the rally on Monday, but cautioned that the move did not bring the company any closer to a resolution of the problem. Also, it was important for the issue to clear and settle above Monday's high ($340.59) and continue to distance itself from the critical $320 support level.
After a higher open in Tuesday's session, the rally stalled ahead of Monday's high, only reaching $339.75.
FedEx Rebound Derailed By Downgrade
Before the open, Argus Research downgraded FedEx (NYSE: FDX) from Buy to Hold, which exerted selling pressure on the issue. It was noted that since its earnings miss on Dec. 17, the issue has formed a double top at the $152.75 area and will be a significant resistance level moving forward,
After a lower open, it attempted to reach that important area, but sellers stepped in ahead of those highs, only reaching $152.34 and drifted into the mid-$150 handle.
Different Takes On Tesla
Midway through the show, Gordon Johnson, founder of GLJ Research discussed his continued bearish thesis for Tesla Inc. (NASDAQ: TSLA) and Auora Cannabis (NYSE: ACB). Also, he discussed his current outlook for US Steel (NYSE: X) and First Solar (NASDAQ: FSLR).
About 60 minutes into the show, Gene Munster, founder of Loup Ventures shared his bullish outlook for Tesla, Apple Inc. (NASDAQ: AAPL) and Livent Corp (NYSE: LTHM). He also discussed his cautious outlook for Facebook (NASDAQ: FB) and Amazon (NASDAQ: AMZN).
The show will resume on Thursday at 8 a.m. EST after the Christmas holiday. At 8:15 a.m. EST Marc Chaikin of Chaikin Analytics will recap 2019 and preview 2020.
At 8:35 a.m. EST, Tracey Ryniec, stock strategist at Zacks Investment Research will discuss the rotation of money out of the market in December, despite the rally. Also, whether or not the solid economy for 2020 has already been priced in for selective retail issues.