Well, that's it, pack it up, let's sell our stocks and go home.
If only, amirite? With everyone on Wall Street calling for the end of the market's high times, reports of a complete implosion seem to be a bit premature.
Sure, Amazon.com Inc.'s (AMZN) earnings didn't stack up to estimates but what's the indictment on the company? They are investing TOO much in their own business? Wasn't this the same thing we were praising Amazon for just a few quarters ago. Remember the days of damming CEO Jeff Bezos because the company could never turn a profit. We keep flip-flopping on Amazon, let's try to come to a consensus. We've got the long and the short view from the newsroom today.
The two-day tech sell-off captivated investors during the latter part of the week, but beneath the surface there were some positive stories in the tech sector (and elsewhere, for that matter) that have gone pretty unnoticed.
Intel Corp. (INTC) , for instance, has an interesting blueprint for delivering moderate sales and earnings growth that includes investing big in major data center and cloud opportunities while keeping a PC cash cow roughly steady. Unlike Microsoft Corp. (MSFT) , which has made a similar strategy its blueprint, Intel's M.O. could be upended by the resurgence of an old rival-Advanced Micro Devices Inc. (AMD) --that's in the midst of rolling out a string of intriguing products.
While things look OK for Intel, there are a handful of tech stocks, including Lam Research Corp. (LRCX) , Micron Technology Inc. (MU) , Symantec Corp. (SYMC) and Broadcom Ltd. (AVGO) , that may be sailing against the wind. Broadcom, a holding in Jim Cramer's Action Alerts PLUS charitable trust, for instance, has spiked more than $100 since December but according to Bruce Kamich, our technical analysis, the stock is not throwing off strong buy signals.
And let's not forget the happenings, or lack thereof, taking place in Washington, where healthcare remained a hot button issue. Sen. Elizabeth Warren was on a tear this week, on Thursday urging Treasury Secretary Steven Mnuchin to investigate Carl Icahn's involvement in American International Group Inc. (AIG) in the aftermath of the 2008 financial crisis and then on Friday scoring a victory against Wells Fargo Co. (WFC) by getting it to agree to repay some $80 million tied to shoddy auto loans.
Speaking of Washington, the folks in D.C. may have a new media target in their crosshairs, after Laurene Powell Jobs, the widow of Apple Inc. (AAPL) co-founder Steve Jobs, agreed to purchase a majority stake in The Atlantic magazine through her investment and philanthropy organization, Emerson Collective. If Trump's recent offensive against Amazon and Bezos are an omen of things to come, Atlantic editor-in-chief Jeffrey Goldberg or Powell Jobs herself can expect some late-night/early-morning zingers straight from the Oval Office, according to TheStreet's Leon Lazaroff.