Stocks opened higher on Wednesday but closed mixed to mostly lower on the last trading day of the month. The big move to the upside came after oil prices spiked. OPEC cut production by 1.2 million barrels a day to help end the record supply glut. Economic data was mixed. Mortgage Applications plunged 9.4% while…
Arrowhead Pharmaceuticals (ARWR) plunged 60% in after-hours trading after it said it will discontinue development of clinical stage drug candidates ARC-520, ARC-521 and ARC-AAT and will reduce its workforce by 30%. Nutanix — Nutanix (NTNX) lost 37 cents per share for its latest quarter, seven cents a share less than expected. The cloud data storage…
Market Update: Stock futures are higher ahead of Wednesday’s open as oil prices surged 7% ahead of the OPEC decision later today. Looking forward, the highlights for the rest of the week are: OPEC’s meeting, the End of Month, and the always fun (and fake) jobs report on Friday. Gary’s Thoughts: S&P futures up a…
Stocks closed mixed to mostly higher on Tuesday as the very strong election rally continued. Before the open, the government said GDP rose 3.2% in Q3, beating estimates for a gain of 3.1%. A separate report showed decent data for the real-estate market. The S&P Corelgoic Case-Shiller Home Price Index rose 0.4%, matching estimates for…
Nivalis Therapeutics (NVLS) plunged over 50% in after-hours trading after it said its Phase 2 study evaluating cavosonstat failed to meet the primary endpoint in adult patients with cystic fibrosis. Pfizer (PFE) was upgraded to ‘Overweight’ from ‘Equalweight’ at Barclays with a 12-month price target of $38. Tiffany (TIF)— The luxury goods retailer earned 76…
Market Update: Stock futures are a little higher ahead of Tuesday’s open as the market pauses to digest a strong post election rally. Looking forward, the highlights for this week are: GDP, OPEC’s next meeting, End of Month, and the always fun (and fake) jobs report. Gary’s Thoughts: OILS smoked on weakening oil prices. Someone…
Stocks ended lower on Monday as traders returned from a shortened holiday week. The extended areas in the market began pulling back which is perfectly normal at this point. Later this week, the market has to deal with the OPEC meeting, the end of the month and the always fun and fake jobs report. Gary’s…
By Gary Kaltbaum- November 27,2016 We can continue to be quite succinct with the market on both the good and the bad. As far as what has been working, the worst thing we can see is that they are way, way, way overdue to pull in. All are stretched, all are extended and all remain…
Market Update: Stock futures are lower ahead Monday’s open as traders return from a shortened holiday week. Looking forward, the highlights for this week are: OPEC’s next meeting, End of Month, and the always fun (and fake) jobs report. Gary’s Thoughts: Can’t be! Futures are down? Thought market never going down again! Economic Calendar: Dallas…
Stocks were mixed on Wednesday as investors digested the latest round of economic data, including minutes from the Federal Reserve’s November meeting. The Minutes showed the Fed still wants to raise rates in December. Separately, Durable Goods rose by +4.8%, beating estimates for +1.5%. Gary’s Thoughts: 100% certainty of rate hike. Happy Thanksgiving to everyone.
