May 2018 Newsletter
Not Panicking+ Patience + Transformational Change + Hedging= 21X Market Outperformance So Far in 2018!
BIG NEWS!: We have some REALLY big changes coming soon to your Transformity Investor advisory service that I think you are going to love! I'll touch on at the end of this next week, but first, let's get down to business.
THIS week like most recently we have a NEW set of worries that led the scared little bunnies in the markets (and big hedge funds long Italisan bonds) to yet an OTHER "Sky is Falling" overreaction from the "lamestream" investors and hedge funds who act like they are in Jurassic Park without a rocket launcher weapon. This week is a perfect example of this itchy trigger finger syndrome:
A) Italy ROCKS and scare the markets ("shockingly" Italian politics are a shit show. Gee--have you ever BEEN to Italy?)
B) The NEXT DAY fear is contained (Gee--the European Union would not survive an Italy exit--so they wont let it happen ok? Spain aint going anywhere either).
C) Today the big bad Murica First Bully from Queens announced 25% tariffs on steel and aluminum as "national security issues" surrounding our 3 closest allies and largest trading partners ex-China (Canada, EU and Mexico). Of course since the WTO stuck the EXACT SAME TARIFFS down in 2003 under Bush Administration, this is just another "spoof" meaningless move by our Dear Father aka The Art of the Deal master that is too Zen/3D chess for mere mortals like me to figure out. But as we all should understand now, the current POTUS is violently allergic to bad press yet a black hole of need for supplication from his core voting base of Intolerables. The Upshot: WHEN the WTO blows this up like 2003 and WHEN the EU/Mexico and Canada raise 25% tariffs on the main products from TrumpLand USA (hogs, wheat, corn, prepared meats, apples, grapes, cranberries and heaven forbid CHEESE) amazingly Mr. Trump will follow the pattern he has followed on every OTHER time he goes "heavy and hard against the illegal traders"--he will capitulate ala ZTE or the last round of Steel and Aluminum tariffs.
D) So Dear Nervous Nellies: PLEASE..KEEP GIVING US better entry points to put money to work! (AND YET IF this insane trade skirmish turns into a truly insane real trade war, at this part of the business cycle I would expect a recession in the US and we will be LONG GONE from stocks. Oh yea and the REAL CULPRIT of state supported steel and aluminum China? One can only assume they are NOT a national security threat to the US but Canada and Mexico are? INSANE economics but oh the cheers from the hoi polloi!)
Anyhoo...the slow withdrawal of US Central Bank liquidity (i.e, normalization of monetary stimulus after 10 years of zero cost money) and EU Central Bank slowing the rate of monetary stimulus inch by inch, the equities market should have and WILL have higher swings of volatility. The reason is the Dramamine and Lexapro effect of $14 trillion of global monetary stimulus now slowing being drained from the monetary system has worn off for some investors so their "shoot/fire/aim" dashing in and out of the equities markets keeps jittery people jittery.
KEY POINT: With our flawless 30 years proven Transformity MacroMarket recession/bear market index YOU AND I don't have to BE scared little bunnies everytime another KNOWN fear attack hits the markets.
While "investors" crapped the bed Tuesday morning...I slept in after a VERY long road bicycle ride the day before. Why? THIS IS WHY! I ran our market time model with the latest updated data points (45 in all) and voila!
The Transformity MacroMarket Timing Index May 31 2018:
17.8-100% BULLISH <2% Chance of US-based recession in the next 4-6 months. Action to Take: BUY the FEAR Schock Sell-offs
The Atlanta and NYC Fed Q2 GDP Nowcasting Forecasts
4.0 percent — May 30, 2018
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.0 percent on May 25, down from 4.1 percent on May 16. After increasing from 3.3 percent to 5.4 percent following Wednesday's reports on new-home sales and costs from the U.S. Census Bureau, the nowcast of second-quarter real residential investment growth fell back down to 1.1 percent following Thursday's existing-home sales release from the National Association of Realtors.
May 25, 2018: New York Fed Staff Nowcast: 3% GDP for Q2
- The New York Fed Staff Nowcast stands at 3.0% for 2018:Q2.
- This week's data releases decreased the nowcast for 2018:Q2 by 0.2 percentage point. Negative surprises from the advance durable goods report accounted for the decrease.
BLENDED Atlanta and NYC Fed Q2 GDP Nowcasting Forecasts
3.5 percent Q2 GDP— May 30, 2018
MARKET CONDITIONS: Correction Bottom IN--Consolidation Continues
As you know we look at the overall market simply as a metric--we NEVER invest in "the market"--we invest in the most powerfully transformational SUPER SECTORS and the companies that OWN the enabling technology powering those high magnitude SECULAR not cyclical transformations.
2018 Portfolio Results: UP +23% vs. S&P 500 Up 1.7% and Avg. Hedge Fund Performance is 0.4% (other than the Top 10 no one can get into hedge funds are still the biggest rip-off in the financial world. AT least Bernie Madoff delivered an actual fake performance of 13% for 20 years!)
Transformity Research vs. Market 2018? 13.5X Outperformance!
With our 2X overweight in Micron up 58% this year and 3X in AMD up 35% (including the $6 net premium earned on Micron CALL options we sold into earnings and $5 net call option premium on Nvidia) and 35% return (including dividends paid) from our High Income Portfolio (NEWT, MORL, BDCL and NMA) our overall Transformity Investor Portfolio is up a whopping 23% this year vs. the S&P 500 up 1.8% and the "I Don't Know HOW they stay in business ripping off rich people average hedge funds up a whopping .4%.
The S&P 500 Chart: Strong Bounce off 50-day with low RSI + Europe Risk = Lots of room to run higher before it exhausts the assault on 3100 our target for 2018
S&P 500 Growth vs. "Value": Gee guess what? SP 500 REAL growth stocks + SP 500 Buyback indexes are mopping the floor with "Value" and "Dividend" stocks. Message? REAL secular growth (can you say Micron?) + stock buybacks (ok say it again Micron) + $1.6 TRILLION in corp tax reduction benefits + $2 trillion in offshore cash repatriation = BUY THE DIP because THAT IS WHAT what the S&P 500 growth companies are doing: Buying their stock BACK on "scary" 1%+ down days.
Key Point: S&P 500 and Nasdaq 100 companies are once again the stock market's "marginal buyer" i.e., the buyer in the market willing to pay the "ask" price with a market order bid. These two charts really tell us everything we need to know about stocks right now: Growth has rocked for 8 years and Value has SUCKED for 8 years.
SP 500 "Value" Stock Index
SP 500 "Growth" Stock Index
It's the same story for the Russell 2000 Index of Small Cap stocks--except they are hitting all-time highs as they are NOT Europe exposed, they GOT 40% lower marginal corp income tax rates and US has a 3%+ GDP growth rate for Q2 down cold.
Action to Take: We got a good entry point on the Ultra Russell Index URTY off our recommendation under $85. Its now at top of range--RAISE buy under to $95 and buy it one of the "OMG" geopolitical or Trump Tweet down days.
The NASDAQ 100 Chart: Room to Make Another Run to Record High
We have made consistent 15-20% profits buying the 2x Leveraged QQQ index aka TQQQ for the last 24 months. 200-day is the line in the sand and 50-day is the trading range.
Action to Take: Let's reload for a run to the record highs as Q2 earnings + stock buybacks are locked and loaded.Use a big down day to BUY UNDER $58 with $75 short term target.
Note: IF you have not gone through the process of RE-WIRING your brain to FIGHT your brain's default operating system that wants to SELL into panic selling vs. BUY into panic selling (that is when our TRI MacroMarket market timing index tells us there is NO RISK of recession i.e., not bear market ahead 4-6 months of course!!) try this exercise. When I ran my hedge fund in 2003 (after we had called a bottom in stocks with our TRI MacroIndex Index turning positive) I would FORCE MYSELF to buy out of the money call options on the QQQs on shitty fearful days. It HURT to do it...but dang if almost ALL those trades made money. Finally, I re-wired my brain to get excited to BUY on the fearful days during a bull market and not jittery to sell. It works. It works the same way in a bear market buy the way--short covering rallies die at resistance when the short covering ends and their are no natural buyers.
The other trick--when the market is panicking and fearful of impending Armageddon and down 400 points like Tuesday, May 28...TURN OFF THE TV and use your discipline to BUY SOMETHING vs. fall for the trap of selling into a shitty day.
When do you TRIM positions? WHEN THEY get over 70+ relative strength on larger than average volme and been on a week-two week-four week melt-up!! The BEST way to "trim" a position you have extreme confidence in the underlying fundamentals (Like Nvidia or Micron or LRCX etc) is to SELL an out of the money CALL option (to take in premium) and assume the melt-up will consolidate at a lower price when the short term algo/black box day traders take profits. Let's use our lead dog heavy lifter Micron (MU) as a perfect example.
Look at the Micron chart SINCE they announced to $10 billion stock buyback (>5% of their entire market cap!). At a 6 p/e this is a close to a no-brainer stock as a person gets--and everyone knows it.
Micron shares are the best-performing chip name in the S&P 500 with a 52 percent gain year to date through Wednesday versus the market's 2 percent gain. ONE Morgan Stanley analyst is less confident on the strength of the memory market after talking to his corporate sources.
"While data points haven't meaningfully changed, there is less conviction about a seasonal rebound from our industry contacts than we heard just a few weeks ago," he said. "Our conversations with cloud buyers indicate more of a mixed picture than we have heard in recent quarters, with everyone getting what they need and some mild pushouts in timing."
GREAT--thanks for the opportunity to shake out the literal no-brains momentum buyers and give us a chance to add our 3rd position under the 50-day as undoubtedly the Micron Bullish analysts will come to the rescue on Friday and Monday next week.
Action to Take: Buy under $54 with $75 target 2018. Let's look to SELL the June $60 call options and SELL $54 PUT options IF the Micron Bulls fail to show up tomorrow--because they WILL on Monday and Tuesday.
The Philadelphia Semiconductor Chart
All is good again in semiconductor land...this 3X SOXL is my new favorite we are using in our leveraged ETF service.
Dow Jones Internet & Software: STILL the strongest chart on the planet. WAITING patiently for overbought conditions to pull back. WE DO NOT chase stocks repeat after me!
The Dow Jones Software Index is less "Cloudy" than the Internet Index...its' calmed down and consolidating
New Buy Unders and Targets
Axcellis ACLS-HOLD for Now
Comment: One of the few losing positions in 2018 for us and we are break even from the initiation at $21--NOT HAPPY. They are the only competitor to electronic UV lithography to AMAT and they should have been bought out by now at $40. HOLD and let me go back to the memory and semiconductor experts in our Transformity Research Alliance (which I have been working on for 6 months---ONE of the new features of TRI) and we will make a fish or cut bait decsion. The chart is, of course, death warmed over.
Applied Materials AMAT: BUY Under $50 w $75 target
We are a long way from our $14 entry back in 2015 at $50 which is an18% consolidation off its $60 high. The only issue with AMAT is how much OLED screen equipment is needed for the push for Apple to go ALL OLED in its upcoming fall iPhone line-up (I am SO replacing my dying Apple 6--and we DO now see a HUGE replacement cycle for all the folks all over the world that said "PASS" on $1200 for an X phone but NEED the new battery and bigger screen of the 8X that is coming. ALSO a low price 6 with LED screen is going to big in China and India where the carriers do NOT subsidize phone prices.) Everything else hitting on all cylindars lead by the new 10 and 7mm metrology for 3D memory (that will be a constant theme here).
ASML Holdings ASML: BUY Under $200 w $250 target
We are a long way from our $92 entry back in late 2015 after a 10% consolidation off its $220 high. ASML has amazing visibility--they will deliver 25 $300 MILLION EUV machines to semiconductor foundries in 2019--so do that math! High margin means there ARE NO 10 and 7mm wafers without this groundbreaking lithography technology (the only other choice is ACLS) but ASML has been working on this disruptive tech 10 years+ and $billion of R&D. We will continue to ride this wave and look to get a $200 January 2019 long-term call option the next regularly scheduled geopolitical meltdown!
Advanced Micro Devices: BUY Under $12.50 w $15 target
Our 3 AMD positions are up a total of $10,200 in 2018 or 37% and this guy is WAY overbought. They represent 18% of our unrealized gains so far (Micron 24%+another $6 a share in option premium)
Action to Take: For the Portfolio I am going to SELL June 29 $13 CALLS for $1 or better against our 3000 shares and BUY the June 29 $12.50 puts for 20 cents or better to protect our monster gains (monster is a 1.5% overall market!) They have LOTS of new products hitting the market in every category in Q3 and Q$ and the world now understands this is NOT a cryptocurrency mining play. The partnership with Intel is getting deeper and better and their AI/DATA CENTER/GPU plays are giving Nvidia a run for its money at MUCH lower valuation. Target is $15 by year-end.
ETRACS BDC 2X Leverage (21% Yield ) BUY Under $14.75 w $16 target
Our second purchase of BDCL into the February meltdown is looking great at $13.30 entry and the big run in April and May to YTD high. Overall we are up 28% (including monthly dividends) on #2 buy and 9% YTD on our or about 15% overall. I ASSUME you are re-investing your dividends here--if you are not and need the income now that is fine too BUT the magic of these 2X ETN's is to reinvest dividends for years to build STUPID amounts of monthly and quarterly cash flow IMHO. At this rate reinvesting dividends UNTIL WE CALL a recession, this position will double in shares every 4-5 years. $100k of shares spins off $20,000 of income. Buying $20k of NEW shares doubles your amount of shares roughly ever 4-5 years. MY Goal to have $500k of BDCL and $500k of MORL along with my NEWT Shares and adjust my cost of living down to $25,000 a month! Honestly, I will hedge the BDCL as we are going into recession as is WILL fall in value--but THAT IS WHEN I really want to reinvest dividends!
Financial 2X Leverage FINU BUY Under $90 with $125 target
The banks are having a tough time getting going. The latest scare was this week with the European banks. As long as 10-year rates gat back over 3% as things calm down they get the trading boosts, the tax boosts, and the yield spread boost. So be patient and nibble under $90. Because this is 2X leveraged note it IS jumpy ok?
Lam Research LRCX BUY Under $195 with $260 target
MAN it has been a long lovely ride from our first LRCX recommendation under $75 in November 2015--the king of memory fab equipment has been so good for us! I am posting the 3-year chart for context--ANY time a stock has this long a run it needs time to consolidate and let the shorter term shareholders or those who are now too overweight to take profits and replace them with new shareholders around the 50/100 or 200-day moving averages. $192 has been the ROCK where value buyers shake their heads and say "How can this 25% secular grower be bought at a 12 P/E--LRCX is like Spanish Marcona almonds under $200--just cant resist.
The secular 3D memory equipment upgrade and upgrade to 10 and 7mm wafers are really pushing the equipment and the foundries technology chops...which is MUSIC to Lam Research's ears.
We WILL get $250 long-term calls on LRCX if we get another tech panic selling bout. IF it goes another tear abover $230 we will sell a WHOLE lot of call premium and hedge ok?
ETRACS 2X Leverage Monthly Income MORL (21% Yield ) BUY Under $14.75 w $16 target
Our second purchase of MORL into the February meltdown is also looking great at $13.20 entry (at 25.7% YIELD) and MORL had its own big run in April and May to YTD high. Overall we are up 31% (including monthly dividends) on #2 buy and 8% YTD on our or about 18% overall. Again I ASSUME you are re-investing your dividends here--if you are not and need the income now that is fine too BUT the magic of these 2X ETN's is to reinvest dividends for years to build STUPID amounts of monthly and quarterly cash flow IMHO. Remeber WHEN we hit the "RECESSION COMING button" we will LOAD UP on MORL because the underlying mortgages will go UP in value when interest rates fall because of mortgage refinancing (technically it is because the "duration" of the mortgages will reduce and that makes them safer and the fixed rates more valuable).
Newtek Capital NEWT (11% Yield ) BUY Under $14.75 w $16 target
Why do I SO RECOMMEND reinvesting cash dividends and holding share dividends? Newtek Capital. For those of you long timers, REMBER when we put this on at $4 before the 3-to-1 reverse split in October 2015? Read this note from Fred A. who is a METICULOUS ex-CPA on his NEWT position--he has a serious man-crush!
"Toby--just wanted you to know how happy I have been taking your advice on Newtek Capital and REINVESTING the dividends! Starting with a $25,000 position at $12.50 or 2,000 shares and AFTER the one-time stock dividend you PROMISED they would deliver (I am not psychic...it was buried in the prospectus and I was a consultant to NEWT on their BDC conversion) and after 16 regular dividends AND the $4.72 stock dividend my cost basis I now have 3250 shares at a value of $65,000 today AND about $7,500 in dividend income which I JUST stopped reinvesting after this big climb. Just the income is over 30% on my original $25k...but if I was to figure out the REAL cost basis of my shares minus the $4.72 "free shares" my cash-on-cash annual return on cash dividends alone now is closer to 50%. I will of course NEVER sell these shares!"
OK FRED...calm down there big boy. WHEN we get to recession we WILL hedge those shares but keep buying on the way down.
Rest of buy unders and targets ommorrow...and new data center, AI and cloud software plays!
Take a rest!
The Semiconducter Space
I thought the good news from the memory chip giant Samsung (memory demand strong), AMD and Nvidia (GPU chips and Intel deals strong), Texas Instruments (Not iPhone impacted) and Intel (data center/data center/data center strong) got the semiconductor world off the snide from the Taiwan Semiconductor foundry slowdown for wireless chips. Then Facebook earnings blow-out and GOOD guidance (grrrrr) scared the shorts to death. PS: I talked with my option gurus CNBC’s Jon Najarian and others and we figured out how I should have hedged the FB rebound play...expensive lesson learned (should have hedged with WEEKLY put options and let the monthly May 4’s run--doh!)
BUT even with our long semiconductor positions UP over 15% in two days...this self-loathing market could not make its mind up. Right now we know the following:
1) We have re-tested the 200-day in almost ALL our 200-500% semiconductor winners from late 2015, 2016 and 2017
2) The Semiconductor Index looked like it is ready to roll-over any day but it held like a champ.
3) AVGO/Broadcom--a stock that we don’t own but is a bellweather for all kinds of chips has rolled over and has a set of lower highs since its December peak
Update 2018 Portfolio Strategy: The Known Knowns & Known Unknowns
The U.S. stock market has obviously been stuck in a tight trading range for weeks, and a key reason for that may be simple: it has no leader to follow. Statement of the obvious: compared with 2017, when broad-market gains were particularly pronounced in technology stocks, there has been a pronounced breakdown in leadership thus far this year. “Rarely have we experienced such low leadership,” wrote Michael Wilson, chief U.S. equity strategist for Morgan Stanley, which estimated the percentage of S&P 500 sectors outperforming for two months in a row recently hit multiyear lows.
The top-performing sector is consumer-discretionary, up 5.5% in 2018. However, those gains are largely attributable to Amazon & Netflix. “Our experience tells us that these leaderless periods typically occur during important transitions in the market,” he wrote.
Investors are starting to fret about the strengthening dollar. The U.S. Dollar Index has risen 0.3% today, and is up 1.8% this month. The issue of course is a rising dollar makes U.S. exports less competitive and also it also hits commodity prices (that trade in dollars--which is EVERY commodity basically). Materials and industrials are two of the hard-hit sectors today.
The steel industry in Europe and a handful of other American allies could face new tariffs as of midnight, after an exemption period expires, The Wall Street Journal notes. Negotiations to avoid that scenario don’t appear to be making progress. “The EU has vowed to retaliate against American exports, including bourbon and blue jeans, though any action may not be immediate,” the Journal writes.
: That it slash $100 billion from the $375-billion annual trade deficit with the The New York Times writesMeanwhile, China is refusing to even discuss the Trump administration’s two boldest demands, U.S., and that the government limit its financial backing for industrial upgrades. “Beijing feels its economy has become big enough and resilient enough to stand up to the United States,” the Times writes. U.S. negotiators are to meet with their Chinese counterparts this week.
Key point: IF One wondered about the Trump administration about a well-thought-out plan in place for its trade battle, my friends at Axios recently reported that when the president called for $100 billion in new tariffs on China a few weeks back, he did so pretty much off the cuff. “There wasn’t one single deliberative meeting in which senior officials sat down to debate the pros and cons of this historic threat,” the publication writes. “Trump didn’t even ask for advice from his new top economic adviser, Larry Kudlow, instead presenting the tariffs as a fait accompli.”Shocking...just shocking the leader of the free world would freelance a trade war with China off his golden cuffs.
We have reached peak high end smartphones replacement cycle. The growth is in cheap smartphones for the masses in India and China. Shares of chip giant Broadcom (AVGO) are flat after the company this morning narrowed its forecast for revenue in the March quarter, saying sales into the data center were “robust,” but the market for wireless chips was “weak.”
Apple understands this reality and I forecast they KILL the X phone as a limited market phone
OLED and facial recognition technology are still too expensive for value priced phones (which is WHY we sold OLED but hold AMAT as the answer for high prices is MORE volume)
DRAM memory and SSD (solid state storage) are driven by ever larger data center storage growth (and quest for ever lower data center power bills)
Semiconductor manufacturing equipment is being bought for the transition to 10nm and 7nm semiconductor wafers plus the transition is unstoppable for 3D memory and other semiconductor chips. Especially strong are the two EUV makers: ASML is far and away leader and ACLS is still a buy under $24
Financials: FINU Buy Under $95
Earnings season has been unkind to bank stocks, but not their bonds. In the long-run, trust the bonds. Financial shares have trailed the S&P 500 Index in every session since JPMorgan reported results last Friday, with the industry falling to the lowest level relative to the market since November. In contrast, bond investors are taking the earnings in stride, with the extra yield demanded on investment-grade debt offered by financial firms over Treasuries hovering near a four-week low.
While concern over loan growth and trading revenue is lingering, analyst estimates for coming quarters show no signs of a slowdown. Profit growth will stay above 20 percent and accelerate to 28 percent in the final period of the year, data compiled by Bloomberg show.
Something’s not quite right with chip equipment stocks. ASML (ASML), makers of the cutting edge lithography equipment used to make the most advanced chips, is down $4.88, or 2.3%, at $207.82, despite an upbeat earnings report and outlook this morning, echoing the decline in shares of Lam Research (LRCX) last night, after that company also beat on both report and outlook.
In our view, this quarter shows that both cycle trend and EUV momentum are moving in the right direction. LAM and ASML are both positive on the 2018 cycle, driven by both DRAM and logic spending, which are both positive for ASML. Mehdi Hosseini with Susquehanna notes that the best part of ASML’s report was that its sales outlook for its tools "has remained unchanged at 20 (new) system shipments in 2018 and at least 30 (new) systems in 2019."
Intel Corp. reported a blowout March quarter led by strong growth in its data-centric businesses, but questions remain regarding the sustainability of the company’s results as well as issues with 10-nanometer chip production. “We think consensus was expecting strong results, but these were truly impressive,” wrote SunTrust Robinson Humphrey analyst William Stein. Intel beat earnings and revenue expectations by a wide margin on Thursday afternoon and reported 25% growth for its data-centric businesses, excluding McAfee. Data-related revenue accounted for nearly half of Intel’s INTC, -0.60% total sales for the quarter, a company record.
AMD is STILL A buy under $11
Advanced Micro Devices is on a roll with chip releases, the likes of which it hasn’t achieved in more than a decade. On the back of solid and consistent execution, the Ryzen 2000-series of PC processors launches this week and addresses several critical consumer markets. Previously called the Pinnacle Ridge platform, this new family of processors is aimed at the DIY (do-it-yourself) and personal computer (PC) gaming markets, in addition to computer manufacturers such as Dell and HP. The chips offer a better value and performance alternative to Intel Core-series, which has a dominant market share.
Rising market share
But the company is making strides. AMD claimed as much as a 50% share at component-specific retailers in 2017 and a resulting rise in market share to 12% in the fourth quarter from 9.9% a year earlier. Early reviews of the new chips indicate performance and feature improvements are solid over the previous generation and outperform the latest offerings from Intel in specific multi-tasking workloads. This is considered a “minor revision” of the previous chips, to tweak and perfect the current architecture rather than completely revising it. That is a task assigned to the “Zen 2” products coming in 2019.
Ryzen PRO family over the past year, AMD has launched dozens of new products in the processor and graphics chip markets. Those include the first-generation Ryzen processor, the business-targeted and the enthusiast-class Ryzen Threadripper,which pushed performance ahead of what Intel offered in the same category. In the server space, EPYC brought AMD back in the discussion for data center processor sales, an area it had dropped to nearly 0% share. HPE, Dell, Cray, Microsoft and others have announced EPYC-based deployments. Ryzen Mobile created a product for thin and light notebooks with several technology advantages that can challenge Intel’s dominance in that part of the market.
Competitive in graphics
In graphics, AMD launched several consumer and professional products based on its Vega architecture, bringing the company back into the competitive world of high-end gaming. Nvidia NVDA, -0.65% maintains market share leadership, but AMD is back in the game. Its Radeon brand gained more than 10% revenue share in discrete graphics chips last year, though how much of that is a result of cryptocurrency trading is up in the air.
Net-Net: Buy Under $11 with $16 Target
I'm going to let the new GDP and wage growth numbers come out tomorrow to update ALL the other positions with buy under.