July CPI Inflation Data + 5 Stocks to Watch Like $BBBY
Tuesday’s selloff was driven mostly by profit taking and fear leading up to today’s CPI inflation data. The good news is inflation hit 8.7% in July, down from 8.9% in June.
The futures are up big right now as I type this e-mail so I want to get this info out quick so I can get prepared for the market open.
I sold 50% off my AMC shares at 100% profit to buy into BBBY shares (more on that later).
Earnings Calendar for this week
Stocks to Watch for Tuesday 8/10/22
Bed, Bath, and Beyond (NYSE: BBBY)
Jumia (NYSE: JMIA)
AMC Theatres (NYSE: AMC)
Coinbase (NASDAQ: COIN)
Walt Disney (NYSE: DIS)
Bed, Bath, and Beyond (BBBY)
The more I research BBBY, the more I really like this play. BBBY is sitting under $1 billion market cap and let’s remember: Ryan Cohen took GME stock from $4 to $400+ in less than 6 months.
This guy is the next Carl Icahn in my opinion. Not to mention, he is the largest individual shareholder of Apple stock (AAPL).
I bought BBBY stock premarket and will continue holding my Jan 23 $80 calls.
Jumia (JMIA)
Jumia is up over 12% premarket thanks to a solid Q2 earnings report. The “Amazon of Africa” is doing a lot better and continues to grow. We nailed this pick so congrats to everyone who went long or bought calls.
AMC Theatres (AMC)
I sold half my AMC stock only to buy BBBY near $10. The APE dividend record date is coming up soon on August 15th. I’m not sure if AMC stock will pump super high but right now every meme stock is soaring. If AMC stock soars too high then I might have to close my position.
Coinbase (COIN)
Coinbase reported a pretty terrible quarter as total trading volume and assets on the platform fell sharply. I covered all the key Coinbase stats on my website if you want more information. The company lost over $1 billion in Q2 but I think the worst of the crypto crash is over.
COIN stock is a solid buy under $100 (remember some people bought at around $400) plus the company has many different products other than its trading exchange including a cloud product for developers as well as major deals with Facebook and Blackrock.
Walt Disney (DIS)
Disney reports earning after market close today and we’ll see how much the company’s streaming business has lost so far this year. Netflix (NFLX) and Roku (ROKU) bounced off earnings so I’m not going to gamble with options here. My guess would be to buy calls but I’m focusing more on AMC and BBBY right now.
What’s Next?
Let’s see how the market digests the inflation data. Lower inflation is really good for the stock market and could signal that we hit the bottom.
That’s all for now. Thanks for reading and check out my site, InvestorTrip.com, for more articles and insights.