NEW YORK, NY / ACCESSWIRE / June 16, 2017 / A poor performance from the Technology Sector dragged U.S. markets lower Thursday. The "FANG" stocks - Facebook, Amazon, Netflix, and Google (now Alphabet, Inc.) – slumped Thursday after Canaccord Genuity analyst Michael Graham downgraded Alphabet Inc. to "neutral" from "buy". The Dow Jones Industrial Average declined 0.07 percent to close at 21,359.90, while the S&P 500 Index dipped 0.22 percent to close at 2,432.46. The tech-heavy NASDAQ Composite Index fell 0.47 percent to close at 6,165.50.
"What's happening here is people are equating FANG to tech more broadly, and that's a mistake," said Michael Arone, Chief Investment Strategist at State Street Global Advisors. "About 74 percent of the tech sector are outperforming the market."
RDI Initiates Coverage on:
Wells Fargo & Co.
Morgan Stanley's stock edged 0.49% lower on Thursday, to close the day at $44.69. The stock recorded a trading volume of 6.91 million shares, lower than the average daily volume of 8.97 million shares. In the last year, Morgan Stanley's shares have traded in a range of $23.11 - $47.33. The share price has gained 93.38% from its 52 week low. The company's shares are currently trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $43.09 is below its 200-day moving average of $43.45. Shares of the company are trading at a Price to Earnings ratio of 13.22. Shares of Morgan Stanley have gained approximately 5.78 percent year-to-date.
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On Thursday, shares of Wells Fargo & Company recorded a trading volume of 17.23 million shares, lower than the average daily volume of 18.65 million shares. The stock ended the day 1.16% lower at $53.90. The share price has gained 23.77% from its 52 week low with a 52 week trading range of $43.55 - $59.99.The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $53.41 is below its 200-day moving average of $55.26. Shares of the company are trading at a Price to Earnings ratio of 13.48. Shares of Wells Fargo & Company have fallen approximately 2.2 percent year-to-date.
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