Focus Stocks: LUNR FDX AZO CRK CRMT MU

Insider Financial recaps last week's stock market action and covers the economic reports to watch this week.

This video covers stocks such as SPY, QQQ, DIA, IWM, TLT, LUNR, FDX, AZO, KBH, THO, SFIX, MPAA, SMP, MU, COST, ACN, JBL, KMX, CRMT, CRK.

Video Summary

Intuitive Machines (NASDAQ: LUNR) said on Tuesday that NASA has awarded the company a Near Space Network contract for communication and navigation services for missions in the near space region.

The contract has a base period of five years and an additional five-year option period. Its maximum potential value is $4.82 billion.

As part of this contract, the company will deploy lunar relay satellites and provide communication and navigation services for NASA’s Artemis campaign to establish a long-term presence on the moon.

24.84% float short. +49% for the week

FDX stock was pummeled on Friday after disappointing fiscal Q1 results coupled with downbeat guidance drove shares to a 12-week low, reverberating through the transportation/delivery/logistics sector.

The company blamed soft demand for premium delivery for the outcome, which was amplified by a challenging macro environment, evidenced by the 50-basis-point cut in interest rates this week.

FDX $260 puts +559% Friday

In terms of the overall market, The S&P 500 (SP500) on Friday added 1.36% for the week to end at 5,702.53 points, posting gains in three out of five sessions.

For this week:

Monday

10:15 am Chicago Federal Reserve Bank President Austan Goolsbee will participate in a fireside chat on monetary policy and the U.S. economy before the National Association of State Treasurers Annual Conference.

1:00 pm Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a moderated question-and-answer session before the Greater Kansas City Chamber of Commerce Leadership Exchange 2024.

Tuesday

Notable companies due to report include AutoZone (AZO), KB Home (KBH), and Thor Industries (THO). After it reports, options trading implies a double-digit move for Stitch Fix (SFIX).

10:00 a.m., AutoZone (AZO) will hold its earnings call. In the past, the management update has led to share price jolts across the broad auto retail sector. Motorcar Parts (MPAA) and Standard Motor (SMP) are two suppliers to AutoZone that move in tandem with it about 75% of the time following earnings reports. Options trading implies a 6% swing in AutoZone's share price after it reports.

Wednesday

Micron (MU) earnings

Thursday

Notable companies due to report include Costco Wholesale (COST), Accenture (ACN), Jabil (JBL), and CarMax (KMX).

8:30 am The August Durable Goods Order report will be released.

9:20 a.m.: Federal Reserve Chairman Jerome Powell will give prerecorded opening remarks before the 2024 Treasury Market Conference, which the Federal Reserve Bank of New York will host.

10:30 a.m.: Federal Reserve Vice Chair for Supervision Michael Barr will speak before the 2024 Treasury Market Conference, which the Federal Reserve Bank of New York hosts.

1:00 pm Fed Kashkari speech

Friday

8:30 am The core PCE price index report for August will be released. The Fed's favored inflation gauge was up 2.6% year-over-year in July and June.

CRMT almost $10m insider buy at $43

Comstock Resources (NYSE:CRK) rose 6.81% after an analyst suggested that Dallas Cowboys owner Jerry Jones could take the oil and natural gas explorer private.

Keybanc analyst Tim Rezvan wrote in a note on Thursday that Comstock (CRK) has seen consistent insider buying from majority shareholder Jerry Jones.

Lastly, as I do each trading day, I will also scan the pre-market. If I see anything else, I will let subscribers know. That’s why signing up is so important, and it’s completely free.

Bottom Line

As we keep saying, there are always opportunities in the markets, and it’s our job to find winning stocks to trade. Huge gains can be made in such a short amount of time.

It’s essential to look for stocks that have yet to run. There are plenty of opportunities, and we look at hundreds of stocks weekly for our subscribers.

Remember, all it takes is one or two to become a winner, and you’ve crushed the market indices (and Jim Cramer) for the year.

Good luck to all (except the shorts and Cramer)!

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Disclosure: We have not been compensated for this article/video. Insider Financial is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.