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Earnings Winners Outrun Losers but Apple Hits Hurdle

NEW YORK ( TheStreet) -- Eight of the nine stocks I profiled Monday in How to Trade the Big Stocks Reporting Earnings Tuesday reported better than expected quarterly results continuing the trend of seeing earnings winners far outrun losers.

On Tuesday, I wrote, Apple, McDonald's Headline Earnings Wednesday , and the winning streak continued before the open on Wednesday with two more winners.

Then came Apple (AAPL - Get Report) after the close. Apple beat EPS estimates by 37 cents per share earning $13.81 per share. The initial after-hours reaction to Apple's beat was a spike to the upside. I am not sure of the high, but I saw $533 flash on the TV screen before Apple shares were sliced. Apple missed on the revenue line, iPhone sales were below estimates and guidance came in below expectations. I am not sure of the after hours low, but I saw a print below $450.

Apple traded between $504.77 and $514.99 pre-earnings on Wednesday influenced by my annual pivot at $510.64, which now must be considered a risky level. My annual value level is $421.04 with a semiannual pivot at $470.21 and annual risky level at $510.64. Any investors concerned about Apple's performance thus had the opportunity to reduce long positions at $510.64.

My scorecard for earnings premarket Tuesday through premarket Wednesday:

Reporting premarket Tuesday DuPont (DD) ($46.99) beat EPS estimates by two cents earning 11 cents per share. DD traded up to $47.95 on Tuesday then returned to my quarterly pivot at $47.55. The stock remains hold rated with my monthly value level at $41.24.

Reporting premarket Tuesday Johnson & Johnson (JNJ) ($73.23) beat EPS estimates by two cents earning $1.19 per share. JNJ cut forward guidance so that stock traded around its weekly pivot at $72.88 on Tuesday and Wednesday. JNJ still has a buy rating with monthly, quarterly and semiannual value levels at $71.86, $70.97 and $69.50 and my annual risky level at $76.79.

Reporting premarket Tuesday Travelers (TRV) ($76.31) beat EPS estimates by 60 cents earning 72 cents per share. TRV set a new multi-year high at $80.00 on Tuesday then as low as $77.15 on Wednesday. The stock still has a buy rating with my monthly value level at $70.65 with a weekly pivot at $76.10.
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