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Report
Tech Stocks Get Hit On NFLX and TSLA Earnings
Benzinga
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7/20/2023
Both companies reported earnings after the close on Wednesday.
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🗞
News
Transcript
Display full video transcript
00:00
what happened yesterday, and of course,
00:02
what happened in the overnight action,
00:05
as it seems like we're in another rotation station.
00:08
- I mean, let's just talk about
00:10
what's happened last night here.
00:12
And you have, we'll just summarize it all,
00:15
and then we'll get into the details on all these reports.
00:18
But you have Netflix, which actually had an okay report,
00:21
but the stock gets hammered.
00:23
You have Tesla, which was holding up,
00:25
and then the conference call happens,
00:26
and the stock gets hammered.
00:27
You have the Qs getting bashed,
00:29
every tech stock getting hit hard last night.
00:33
And what, and then you start seeing it go across the board,
00:35
and they start hitting all stocks.
00:37
But what has happened here this morning?
00:39
They're like, "Oh, wait a second, wait a second.
00:41
"We don't just sell stocks, though.
00:42
"If we're gonna sell tech stocks,
00:44
"we've gotta buy something else."
00:46
So you've got the banks showing continued strength,
00:49
which they've been building on.
00:50
The IWM is up substantially here.
00:53
And there's another, like obviously, rotation.
00:57
The value trade.
00:57
So they're like, "Well, we're not gonna buy tech.
00:59
"We're gonna buy value."
01:00
And that's the way it's gonna be.
01:02
And this market just has unbelievable rotation
01:06
that holds it up.
01:07
If you're a bear, and you see Netflix last night
01:11
down 40 points, and Tesla down 15,
01:13
and those have already bounced from the lows.
01:15
But if you saw that last night,
01:17
and you said that S&Ps are gonna be down four points,
01:20
you'd be like, "Well, that doesn't even make any sense.
01:21
"Of course it's gonna be down more than that."
01:23
Nope.
01:24
So rotation, absolutely incredible.
01:26
Bulls continue to remain in charge.
01:29
And if you are a bear,
01:31
you have got to be massively disappointed
01:34
to come in and see the S&P down four points here.
01:37
This is problems for the bears.
01:38
- Well, I can tell you at least,
01:40
I'm in that bear camp a little bit, Dennis.
01:42
I didn't go and short Tesla or Netflix,
01:45
but I played a little SQQQ overnight.
01:48
And that's just 'cause I was thinking that,
01:50
yeah, maybe we get a little bit of a hit, little leak.
01:52
It was just an overnight swing.
01:54
It's not that I think that,
01:55
we're gonna destroy the Q's today,
01:57
but I thought we could get at least some pullback
02:00
because I looked at that Q's daily chart,
02:03
and I could see it pretty extended away from the 90 a May.
02:06
And a lot of times we're getting these little moves up,
02:08
couple of days green, and then a couple of days pullback.
02:11
And it doesn't mean that we're gonna crack here.
02:15
Sorry for my camera.
02:17
But yeah, just gonna be watching the Q's,
02:18
especially today to see if we do see a continued leak.
02:21
But I see it the same way you see it, Dennis.
02:24
The rotation is wicked.
02:27
The financials getting strong again.
02:30
Industrials are strong.
02:32
If energy can come and lift again,
02:34
it just seems like even though
02:36
when we get a hit on technology,
02:38
the other sectors just continue to rise.
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