Diamonds and Dogs
Apple (AAPL) breaking out to new all-time highs. The new iphone 11 is selling better than expected lifting optimist for the holiday season. Apple has received a number of upgrades this week with price targets as high as $260 a share. Optimism for a trade deal or partial trade deal are also lifting Apple which has high-teens revenue exposure to China along with ample supply chain exposure.
IPOs continue to struggle. Cybersecurity company CrowdStrike Holdings (CRWD) is down 3% not far from a 52-week low on a downgrade from Goldman Sachs. The analyst at Goldman downgraded the stock to a sell lowering her price target to $66 a sahre saying the good news has been priced in. The downside for shareholders is the company came public at the same price back in June. Last years' IPO darlings, the cannabis stocks continue to struggle. Canopy Growth (CGC) is down 3% to a new 52 week low on a downgrade. The stock is down 60% form the highs set in May and January.
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