Monday’s Closing Look

Stocks were relatively quiet on Monday as the world waited for President Trump to address Congress. Over the weekend, Warren Buffett said he was still bullish on U.S. stocks and said America’s best days are ahead of us. Elsewhere, David Tepper, billionaire hedge fund manager, said he’s still long stocks and short bonds. In economic news, durable goods orders rose +1.8% in January, slightly above the expected 1.7% estimate. Separately, Pending home sales, fell -2.8% in January and hit their lowest level in a year.

Gary’s Thoughts: Biotech ETFs breaking out of range….Financials acting tight again after one scare day…recent weakness in Trump stocks firm up as he states he will talk infrastructure tomorrow night…and lastly, small caps looked weaker past couple of weeks, and poof…strong day today keeping them in range.

Americans Haven’t Been This Optimistic About the Job Market in Over 30 Years

https://www.bloomberg.com/news/articles/2017-02-24/largest-share-of-americans-since-84-optimistic-on-jobs-chart

CHART OF THE DAY- TESLA REMAINS UNDER DISTRIBUTION

Big volume selling continues.

Hasbro to Make Play-Doh American Again @Foxbusiness

http://www.foxbusiness.com/features/2017/02/25/hasbro-to-make-play-doh-american-again.html

Repercussions on what is supposedly harmless taxes.

These people (THE TAXERS) just don’t get it…and never will!

SOURCE: http://www.foxnews.com/politics/2017/02/27/distributors-say-layoffs-coming-because-philly-soda-tax.html

Monday’s Pre-Market Look: Stocks In The News Before The Open

Reynolds American (RAI) was downgraded to ‘Market Perform’ from ‘Outperform’ at Wells Fargo Securities.

Carnival Cruise Lines (CCL) was upgraded to ‘Buy’ from ‘Hold’ at Argus with a price target of $64.

Tesla (TSLA) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs with a price target of $185.

Sina Corp China (SINA) was downgraded to ‘Neutral’ from ‘Accumulate’ at GuoTai JunAn with a target price of $74.

Illumina (ILMN) was upgraded to ‘Buy’ from ‘Hold’ at Evercore ISI with a price target of $190.

Hanesbrands (HBI) was downgraded to ‘Equal-Weight’ from ‘Overweight’ at Morgan Stanley.

Terex (TEX) was upgraded to ‘Buy’ from ‘Hold’ at Deutsche Bank.

Urban Outfitters (URBN) was downgraded to ‘Sell’ from ‘Neutral’ at MKM Partners.

Merck (MRK) said its V212 investigational inactivated varicella zoster virus for prevention of shingles met its primary endpoint in a Phase 3 shingles study.

Raytheon (RTN) gained nearly 1% in after-hours trading after it received a $1.07 billion contract from the U.S. Air Force.

Earthlink (ELNK) climbed over 3% in after-hours trading after it disclosed in a regulatory filing that shareholders approved an agreement and plan of merger with Windstream.

Source: FoxBusiness, Barchart, CNBC, Bloomberg, Reuters