NEW YORK, NY / ACCESSWIRE / January 4, 2019 / U.S. markets plunged on Thursday, with the Dow Jones falling more than 600 points, as fears of a possibility of a global economic slowdown intensified after Apple lowered revenue forecasts. The Dow Jones Industrial Average dropped 2.83 percent to close at 22,686.22, dragged mostly lower by losses in Apple’s stock, while the S&P 500 Index decreased 2.48 percent to close at 2,447.89. The Nasdaq Composite Index slumped 3.04 percent to close at 6,463.50.
According to Tom Essaye, President of Sevens Report, “We ended 2018 with worries about growth and earnings, and in the first two days of 2019 we’ve received more bad Chinese data and an AAPL revenue guidance cut.”
“Neither of those events should be material surprises — China’s been weak for a while and analysts have been cutting estimates on Apple for months — but if we’re going to sustain a rally, this market needs actual good news, and there hasn’t been much lately,” Essaye added.
The Market Edge Initiates Coverage on:
Bristol-Myers Squibb Company
Pfizer's stock moved 2.8% lower Thursday, to close the day at $42.04. The stock recorded a trading volume of 26,776,795 shares, which was above its three months average volume of 25,144,392 shares. In the last year, Pfizer's shares have traded in a range of 33.20 - 46.47. The share price has gained 26.63% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $43.68 is above its 200-day moving average of $41.78. Shares of the company are trading at a Price to Earnings ratio of 10.62. Shares of Pfizer have fallen roughly 8.59 percent in the past month and are up 14.52 percent in the last one year.
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On Thursday, shares of Bristol-Myers Squibb recorded a trading volume of 80,280,077 shares, which was above the three months average volume of 9,303,642 shares. The stock ended the day 13.26% lower at $45.12 on the news that the Company has agreed to buy Celgene for $74 billion. The share price has fallen 35.59% from its 52 week high with a 52 week trading range of 44.30 - 70.05. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $52.14 is below its 200-day moving average of $56.34. Shares of the company are trading at a Price to Earnings ratio of 51.68. Shares of Bristol-Myers Squibb have fallen roughly 15.32 percent in the past month and are down 26.47 percent in the last one year.
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SOURCE: The Market Edge