It's time to take profits in this tobacco stock if it reaches this level, trader says $MO $PM (via TradingNation)
president of Blue Line Capital, says one stock's rally could be about to hit a wall.
"There is some value down here, and I'll tell you why. You've got a lot of support at $40," he explained. "A lot of the negativity is already priced in — the Juul bans, you've seen a little bit of a bump up when the merger talks [with Philip Morris] dissipated. And they have earnings coming down the pipeline two weeks from now.""Looking at this $40 support, we could see this thing stretch up into the end of the month and ahead of those earnings.
"Investors don't go to these companies because they love their products. They go to these companies because they love the fact that they've got stable pricing, they've got good earnings growth, and they're attractive in terms of valuation with good yields, and none of that with all the headline news has really changed," Chiavarone said during the same segment.
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