Jay Woods sees IBM, ServiceNow and Intel as key earnings names this week

According to CNBC, NYSE Insider Jay Woods said IBM, ServiceNow and Intel are the three stocks to watch as roughly 80 S&P 500 companies report results this week, including Alphabet and Tesla. He said the earnings slate carries added weight after the S&P 500 closed below its 50-day moving average last week for the second time since April and has not set a new record high since early June. IBM reports Wednesday afternoon after its shares fell 25% on Tuesday in the stock's worst day ever following a preliminary earnings report that missed revenue and profit expectations. Woods said investors should watch for a relief rally and a possible quick-trade setup if the stock recovers some losses. ServiceNow also reports Wednesday, and Woods said the stock could rebound if results are strong even after falling 30% this year; he pointed to its 50-day moving average near $103 and 200-day moving average near $128.40, saying it could run to $125 if news is good. Intel reports Thursday, and Woods said the stock could rise again if earnings beat expectations, with its 50-day moving average near $117 if it does rally.