NEW YORK, NY / ACCESSWIRE / December 7, 2018 / U.S. equities finished modestly lower on Thursday as trade concerns were reignited after the arrest of a Huawei senior executive. The Dow Jones Industrial Average fell 0.32 percent to close at 24,947.67, while the S&P 500 Index decreased 0.15 percent to close at 2,695.95. The Nasdaq Composite Index gained 0.42 percent to close at 7,188.26.
Head of Research at LCG, Jasper Lawler said, “The timing of the arrest is key here. Markets are already incredibly nervous over slowing economic growth thanks to the inverted U.S. yield curve. Relations between the U.S. and China were supposed to be on the mend after a productive G-20. However, the arrest has the potential to shatter very fragile U.S.-Sino relations which will weigh further on global trade and growth concerns.”
The Market Edge Initiates Coverage on:
Universal Display Corporation
Broadcom's stock moved 2.07% lower Thursday, to close the day at $227.24. The stock recorded a trading volume of 5,779,193 shares, which was above its three months average volume of 3,668,035 shares. In the last year, Broadcom's shares have traded in a range of 197.46 - 275.70. The share price has gained 15.08% 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 $229.57 is below its 200-day moving average of $233.41. Shares of the company are trading at a Price to Earnings ratio of 8.18. Shares of Broadcom have fallen roughly 0.44 percent in the past month and are down 11.55 percent year-to-date.
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On Thursday, shares of Universal Display recorded a trading volume of 3,181,190 shares, which was above the three months average volume of 982,303 shares. The stock ended the day 7.46% higher at $98.59. The share price has fallen 52.83% from its 52 week high with a 52 week trading range of 78.75 - 209.00. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $118.94 is above its 200-day moving average of $104.34. Shares of the company are trading at a Price to Earnings ratio of 64.86. Shares of Universal Display have gained roughly 0.6 percent in the past month and are down 42.9 percent year-to-date.
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SOURCE: The Market Edge