On Tuesday, stocks closed mixed with a preference for small-caps as they took gains in some blue chips and big-cap stocks.
Profit-taking started immediately, with a divergence of better-quality stocks being sold. Banks and other financials fell 1.4% at the close, while technology gained 0.9% and consumer discretionary rose 0.5%. Eight of the eleven sectors of the 500 lost ground. From the election until Monday most investing was based on the expectations that the new administration will increase fiscal spending and lower corporate tax rates. The goal is to raise interest rates, inflation and promote growth.
Yesterday buying slowed slightly, but floor traders said that consolidations are a good sign and that the “reflation trade” will probably resume again. The chief investment officer at Wells Fargo Private Bank was quoted by The Wall Street Journal who said “there’s a level of optimism I haven’t seen in a while.”
Crude oil WTI fell 0.7% at $45.56 per barrel due to an EIA report that crude oil supplies increased by 5.27 million barrels instead of an estimate of 1.48 million.
Hot Blue Chip Stocks To Watch For 2018: OneBeacon Insurance Group, Ltd.(OB)
- [By Monica Gerson]
The list of below stocks is notable as the shares have traded on sequentially increasing volume spanning the trading days from September 16 to September 20:
Hot Blue Chip Stocks To Watch For 2018: Preferred Bank(PFBC)
- [By WWW.MONEYSHOW.COM]
Preferred Bank (PFBC) has surged 54% in the past year but still trades at a modest discount to the median S&P 1500 regional bank, based on both trailing earnings and estimated 2017 profits.
Hot Blue Chip Stocks To Watch For 2018: WEX Inc.(WEX)
- [By Benzinga News Desk]
Carl Icahn has big plans for the US auto-parts sector — and big retailers like AutoZone (NYSE: AZO), O’Reilly Automotive (NASDAQ: ORLY) and Advance Auto Parts (NYSE: AAP) aren’t going to like them: Link
USA Unit Labor Costs (QoQ) for Q1 2.20% vs 2.50% consensus estimate. Nonfarm Productivity (QoQ) for Q1 0.00% vs -0.20% consensus estimate.
US Services Purchasing Managers' Index for May is schedule for release at 9:45 a.m. ET.
Data on factory orders for April will be released at 10:00 a.m. ET.
The ISM non-manufacturing index for May is schedule for release at 10:00 a.m. ET.
The labor market conditions index for May will be released at 10:00 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The TD Ameritrade Investor Movement Index for May is schedule for release at 12:30 p.m. ET.
HSBC upgraded Chevron (NYSE: CVX) from Hold to Buy
Susquehanna upgraded Skechers (NYSE: SKX) from Neutral to Positive
Deutsche Bank upgraded WEX (NYSE: WEX) from Hold to Buy
Pacific Crest downgraded Apple from Overweight to Sector Weight
RBC downgraded Perrigo (NYSE: PRGO) from Sector Perform to Underperform
Wedbush downgraded Endocyte (NASDAQ: ECYT) from Outperform to Neutral
This is a tool used by the Benzinga News Desk each trading day — it's a look at everything happening in the market, in five minutes. To get the full version of this note every morning, click here or email email@example.com.
Hot Blue Chip Stocks To Watch For 2018: (SMPQY)
- [By SEEKINGALPHA.COM]
The majority owner is Sun Pharma (OTC:SMPQY) (the largest drug business in India). There have been a number of articles that have outlined Sun Pharma and its quest for Taro, but it makes a lot of sense for Sun to want to own all – and not just the majority – of Taro. One big reason is that owning all of Taro means that any investments that Sun makes with Taros $1.2 billion cash hoard will not be diluted by the presence of minority shareholders. Another reason that Sun likely wants Taro is simply because it is very cheap right now. Sun is run by its founder and majority shareholder, Dilip Shanghvi, who is sort of a pharmaceutical value investor who has opportunistically made acquisitions and investments over time, building his firm starting with a loan of $200 in the early 1980s to the multi-billion business it is today.
- [By SEEKINGALPHA.COM]
We believe that two main risks currently exist. First, a few days ago, U.S. Department of Justice filed charges in generic drug price-fixing probe. The U.S. Department of Justice accused two former generic pharmaceutical executives of colluding with other generic manufacturers to fix prices – the first criminal charges stemming from a two-year investigation. Companies in the congressional probe have since publicly disclosed that they have received subpoenas, including Mylan NV (NASDAQ:MYL), Allergan (NYSE:AGN), which later sold its generics business to Teva (NASDAQ:TEVA), Lannett (NYSEMKT:LCI), Impax Laboratories (NASDAQ:IPXL), Endo International (NASDAQ