NEW YORK, NY / ACCESSWIRE / January 11, 2019 / U.S. markets finished in the green on Thursday, however gains were held back by a sharp decline in Macy’s shares that pressured retail stocks lower. The Dow Jones Industrial Average was up by 0.51 percent to close at 24,001.92, while S&P 500 gained 0.45 percent to settle at 2,596.64. Nasdaq increased 0.42 percent to close at 6,986.07.
According to TD Ameritrade’s Chief Market Strategist, JJ Kinahan, “Retailers are having a bad morning, and that’s obviously weighing on markets today.” However, the market appears to see this as a company-specific issue rather than a comment on the broader economy, and said that “the recent selloff was all about uncertainty over trade and growth.”
The Market Edge Initiates Coverage on:
Universal Display Corporation
ON Semiconductor Corporation
Universal Display’s stock jumped 6.21% Thursday, to close the day at $93.23. The stock recorded a trading volume of 873,880 shares, which was below its three months average volume of 1,171,095 shares. In the last year, Universal Display’s shares have traded in a range of 78.75 - 209.00. The share price has gained 18.39% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $91.26 is below its 200-day moving average of $103.66. Shares of the company are trading at a Price to Earnings ratio of 61.34. Shares of Universal Display have fallen roughly 2.18 percent in the past month and are up by 1.06 percent year-to-date.
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On Thursday, shares of ON Semiconductor recorded a trading volume of 6,477,111 shares, which was below the three months average volume of 7,144,330 shares. The stock ended the day 0.45% higher at $17.89. The share price has fallen 33.99% from its 52 week high with a 52 week trading range of 14.55 - 27.10. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $17.43 is below its 200-day moving average of $19.34. Shares of the company are trading at a Price to Earnings ratio of 7.93. Shares of ON Semiconductor have gained roughly 1.71 percent in the past month and are up 8.36 percent year-to-date.
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SOURCE: The Market Edge