Wall Street is bracing for a slew of tech earnings that kick off this week with Intel on Tuesday. Oppneheimer’s Chief Market Technician Carter Worth gave his breakdown of what to expect from the big tech names setting up to report this week.
Intel : The “feeble rally” back to $21 from its lows at $17 doesn’t give Worth much hope. He thinks the stock is running out of steam and the next important move will be to the downside. (reports Tuesday)
IBM : Big Blue killed its earnings last quarter and Worth thinks it could pull off another beat this time. The stock consistently touches its top at $117 and is toying with a breakout. Momentum off a better-than-expected earnings report could make it happen. (reports Wednesday)
Google : After surging from $400 to $750 late last year, Google has managed to give almost all of those gains back. Worth said that kind of aggressive re-pricing signals to him that the stock is “dead money” for months to come. (reports Thursday)
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