CRM Trade on Aug 23, 2019 09:33 from Cklamb: Tradervue User Stock Trades.

CRM
Intraday Fundamentals
• Salesforce.com Inc. raised its full-year revenue outlook after reporting record results in the latest quarter, a positive sign for enterprise-technology spending as some companies in recent weeks warned of weakening client sentiment.
• The business-software provider said Thursday revenue in the July quarter rose 22% from a year earlier to $4 billion, beating analysts' consensus estimate of $3.96 billion and the company's internal guidance.
• Salesforce also surprised Wall Street with a second-quarter profit, though it was off 70% to $91 million, or 11 cents a share. The company had expected it would swing to a loss, in part, from accounting charges related to its $300 million buy of Salesforce.org, a public-benefit corporation that was a reseller of Salesforce software to the nonprofit and education sectors.
• Excluding stock-based compensation and other items, Salesforce said its quarterly profit was 66 cents a share, higher than the 47 cents a share analysts polled by FactSet had forecast.
• Shares increased nearly 7% in after-hours trading.
• Salesforce's revenue and stock price have risen in recent years as companies accelerate spending on digital transformations. The 20-year-old company, whose reputation grew from providing customer-relationship management tools, has also been positioning itself, similar to German rival SAP SE, to be a dominant provider of cloud-computing applications.
• "Whatever is going on around the world, we see a buying environment where we see CEOs investing -- and top of mind for them is digital transformation," Salesforce Co-Chief Executive Keith Block said on a conference call with analysts. "That's why they're turning to us and that's why you're seeing these results."
• For the current year, the San Francisco company raised its forecast for revenue to be between $16.75 billion and $ 16.9 billion, up from between $16.1 billion and $16.25 billion. However, the company also cut its earnings outlook as it works to digest a series of acquisitions.
• Salesforce closed its largest purchase to date earlier this month, buying data-analytics platform Tableau Software Inc. for more than $15 billion in stock. Less than a week later, it struck a $1.35 billion cash-and-stock deal to buy ClickSoftware Technologies Ltd.
• Salesforce said Thursday it expects full-year earnings of 28 cents to 30 cents a share, off from its prior guidance of 78 cents to 80 cents a share.
• The quarterly results are also a sign of relief for investors because Salesforce beat expectations despite concerns around potential softness in international markets and headwinds related to currency exchange rates, Stephens analyst James Rutherford said.
• The report comes after firms including networking-gear maker Cisco Systems Inc. and data-storage company NetApp Inc. raised concerns earlier this month about potentially tepid growth in information-technology spending.
• World-wide spending on enterprise-application software is expected to rise 8.8% this year to $210.69 billion, according to Gartner Inc., but that pace is slower than the nearly 13% growth a year earlier. Salesforce is the fifth- largest enterprise-application-software company in the world by revenue, with 5% of the market, the research firm said.
• One area where Salesforce still has room for growth is overseas, according to Wedbush Securities analyst Steve Koenig. "Their exposure internationally is still relatively limited to what it can be longer term," he said. "These guys have a lot of legs."
• Salesforce has made several acquisitions in recent years to provide its customers with more tools and services. It bought cloud-application builder MuleSoft Inc. in a $6.5 billion deal last year, and acquired e-commerce platform Demandware Inc. for $2.8 billion in 2016.
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Technicals
ADV 7.23 m RVOL 16.61 BETA 1.28 ATR 3.88 Short 3.53 Inst Own 76.30
Daily

Hourly

Intraday

Trading Plan
SUPPORT 156, 154 150 RESISTANCE 158, 160 161.20
• Conviction long at 154 if it flushes on profit taking in the first half hour
• Look for a solid hold of 156 and consider a long smaller size with some more room to work
• Long with some consolidation at VWAP later in the day
• Short scalps at 160 short and quick on the first rejection flip this trade when the tape tells you
• Short at 158 if it cannot break and the market stays weak
Reading the Tape
I did not watch the tape for the opening scalp attempt off of 156. I had the filter set 500 or higher. There was a lot going both directions. A little better reading of the tape may have helped me get a better entry here.
Trade Management

Trade review
• I held for this to test my support area
• It looked strong enough to hold
• Took small size for room to work as it was planned
• Had a conviction long at 154 if it got there, I was willing to fill out the position there
• I hit the overall target and I started to look for continuation but the chart started looking weak
• Did not flatten fast enough to get the full point I was looking for
Trade grade
Aspect Score Poss. Notes
Preparation 8 10 Yes prepared for a couple of scenarios
Hard Work 9 10 In PM Prep and the holding for my level
Patience 6 10 Yes. I did hold for the level I wanted to play off of
Plan 4 10 I did have a plan to take this at 156 on small size pre-market and give it room to work and keep me involved
Discipline 1 10 It could have been better in the exit and entry with more tape reading
Contribution NA 10

Replay 0 10