|Day's Range||2,606.36 - 2,614.66|
|52 Week Range||2,346.58 - 2,940.91|
Credit Suisse analysts are telling clients to take advantage of the recent gains in stocks by selling positions instead of building new ones. Credit Suisse analysts see more upside in stocks before another downturn Summary: Credit Suisse analysts are telling clients to take advantage of the recent gains in stocks by selling positions instead of building new ones.
The slow down in global growth, trade wars and US government shutdown could all be catalysts for a recession - and still the US economy remains strong. Yahoo Finance Julie Hyman, Adam Shapiro, Brian Cheung, and Oliver Pursche Chief Market Strategist, Bruderman Asset Management discuss.
(Reuters) - U.S. stocks dipped at open on Thursday, retreating from one-month highs, hit by losses in financial stocks after Morgan Stanley's weak results and energy shares hurt by a drop in oil prices. ...
The latest on developments in financial markets (all times local): 9:35 a.m. U.S. stocks are opening slightly lower as banks fell after a series of disappointing quarter reports. Investment bank Morgan ...
Stocks edged lower as a batch of disappointing earnings outweighed data showing strength in the U.S. economy. Morgan Stanley declined following a weak quarterly report, pulling down banking shares on major indexes. Apple fell after its main chipmaker, Taiwan Semiconductor Manufacturing, cut its sales forecast.
U.S. stocks dipped at open on Thursday, retreating from one-month highs, hit by losses in financial stocks after Morgan Stanley's weak results and energy shares hurt by a drop in oil prices. The Dow Jones ...
U.S. stocks fell at the opening bell on Thursday, keeping equity indexes on track to break their two-day rally as investors digested another round of bank earnings. The S&P 500 was down 0.3% to 2,608. The Dow Jones Industrial Average shed 47 points, or 0.2%, to 24,159. The Nasdaq Composite slipped 0.4% to 7,011. Investor sentiment was weighed down by resurfacing tensions in U.S.-China relations. And after mixed earnings in the past few days, banks such as Société Générale reported of a sharp drop in trading revenues. Shares of Morgan Stanley fell 4% after it reported the bank's earnings and revenues had fallen short of expectations thanks to weakness in its bond trading division.
Investors might not be able to ignore a partial U.S. government shutdown if it continues much longer, analysts say.
Johnson & Johnson's Janssen Pharmaceuticals Inc. is collaborating on a multi-year research study with Apple Inc. to look at improving outcomes for patients with atrial fibrillation, the companies announced Thursday. The study will investigate whether a heart health app by Johnson & Johnson, combined with Apple Watch's irregular rhythm notifications and ECG app, can accelerate diagnosis and improve outcomes for people with atrial fibrillation. Atrial fibrillation is a condition that affects 33 million people worldwide and can lead to blood clots, stroke and heart failure. The study will be based in the U.S., the companies said, and subjects will be individuals 65 years or older. Shares of Apple were down 0.5% in premarket trade Thursday and have fallen 1.8% in the year to date through Wednesday. Shares of Johnson & Johnson have fallen 0.8%, while the S&P 500 has gained 4.4% and the Dow Jones Industrial Average has gained 3.8%.
Shares of CBS Corp. are up 0.9% in premarket trading Thursday after an upgrade to buy from neutral at MoffettNathanson. Analyst Michael Nathanson argued fears of an impending deal with Viacom Inc. have pressured CBS shares lately, but he said a merger between the two companies is a "foregone conclusion" this year. "As such, we are upgrading CBS on the assumption that a merger will be announced in 2019 that removes the very overhang that has hurt the stock," Nathanson wrote. "We think that the deal improves the structural weaknesses of both companies and drives the linked share prices higher." He maintained a $65 target price on CBS shares in conjunction with the upgrade. Nathanson rates Viacom shares at neutral with a $40 price target, writing that he is concerned about an upcoming renewal with AT&T Inc.'s DirecTV. CBS shares have fallen 14% in the past three months, while the S&P 500 has dropped 6.9%.
Using a classic ABCD pattern as my guide, I said the rally would carry the S&P 500 to "just below 2625" before encountering its next major hurdle. There is no longer a buffer between the index and the next major resistance level of 2625 (lower dotted line). Since January 4, the S&P 500 has gained over 150 points.
Equity markets have come a long way since bottoming the day after Christmas. The central bank made an effort to calm the street in the wake of the December 19th Jerome Powell press conference. Trading volume, by the way had spiked on the 3rd, and has mostly tailed off since then.
Bank of America charts a measure of Wall Street unanimity it calls analyst clustering, looking at the degree to which profit estimates for individual companies deviate from each other. It was at a record level of tightness headed into the third-quarter season, during which equities lurched, and it hasn’t loosened up much headed into the current reporting season. Shares of Bank of America and Goldman Sachs jumped at least 7 percent Wednesday, their best earnings reactions in at least seven years.
Shares of Electronic Arts Inc. are down 2.7% in premarket trading Thursday after Jefferies analyst Timothy O'Shea downgraded the stock to hold from buy and cut his target price to $95 from $139. O'Shea said that the company's "key profit engine Ultimate Team is plateauing" and could be headed for a decline. He's also concerned about the "unproven games" in its 2019 lineup. "'Anthem' (Feb 22) looks technically ambitious and potentially rushed, having already slipped once," he wrote. "And we know next to nothing about key 2019 holiday game 'Star Wars Jedi Fallen Order,' which fills the hole left when EA canceled 'Star Wars Battlefront 3.'" He called 'Titanfall 3' promising but said the prior two iterations in the franchise had "lackluster sell-through" owing to limited platform availability and a bad launch window. "Non-sports games is precisely the area where EA has the most to prove," O'Shea wrote, citing weak critical scores for several recent titles. "We worry EA may have lost its creative way." O'Shea downgraded shares of gaming peer Ubisoft Entertainment S.A. to hold from buy as well. EA shares have dropped 21% in the past year, while the S&P 500 has lost 6.7%.
Amazon.com Inc.'s Prime has reached 101 million members, according to estimates by Consumer Intelligence Research Partners Inc. As of Dec. 31, 2018, the group says 62% of Amazon's U.S. customers are members of the Prime program. Members spend an average of $1,400 annually versus $600 per year for non-members. "Membership growth has slowed, but continued steadily in the holiday quarter," said Josh Lowitz, co-founder of CIRP, in a statement. Membership exceeded 100 million in the holiday period, and grew from 26 million in December 2013. More than one-third of members (36%) pay a monthly fee while 58% pay annually and 7% are on a free trial, share a membership, or don't know how the fee is paid. An annual membership is $119 while the monthly payment structure is $156 annualized. "These more transient members obviously don't have the same commitment to Amazon shopping and the suite of Prime member services," said Mike Levin, a CIRP co-founder. "Presumably they don't typically use the breadth of benefits to the same extent as annual members." Amazon shares have climbed 30% over the past year while the S&P 500 index has fallen 6.7% for the period.
U.S. stock futures head lower on Thursday, putting the indexes in position to end a two-day rise as investors digest quarterly results.
Larry Fink, CEO of world’s largest asset management firm, BlackRock Inc., says that the stock market has probably put in a bottom but that for sentiment to take off the U.S.’s spat with China on trade needs to get resolved.
Spectrum Pharmaceuticals Inc. said Thursday it has reached an agreement to sell its portfolio of seven FDA-approved hematology/oncology products to Acrotech Biopharma L.L.C. Spectrum said it will receive $160 million in an upfront cash payment and be entitled to up to $140 million milestone payments on reaching certain regulatory and sales goals. The company said its staff will be reduced by about 40% with most transitioning to Acrotech. The remaining staff will focus on the launch of it two late-stage pipeline treatments, ROLONTIS and poziotinib, which are cancer drugs. Shares were halted for the news, but have fallen 46.1% in the last 12 months, while the S&P 500 has fallen 6.7%.
Shares of Morgan Stanley tumbled 5.7% in premarket trade, after the brokerage blamed a "volatile global market environment" for disappointing sales-and-trading results, for its customers and itself. Equity sales and trading revenue was "essentially unchanged" at $1.9 billion, below the FactSet consensus of $2.04 billion, as higher revenue in the financing business was partially offset by lower execution results. For fixed income and trading, revenue dropped 30% to $564 million, well below the FactSet consensus of $800 million. Credit and rates products results were hurt by "significant credit spread widening and volatile rate environments," partially offset by increases in commodities revenue. Investment revenue were negative $52 million, after being a positive $213 million a year ago, primarily because of "market deterioration of a publicly traded investment subject to sale restrictions," which suggests the value of shares it owned of an initial public offering declined before the lockup expired. Morgan Stanley's stock has lost 19.6% over the past 12 months through Wednesday, while the SPDR Financial Select Sector ETF has lost 13.5% and the S&P 500 has shed 6.7%.
Jim Iuorio of TJM Institutional Services breaks down the latest initial jobless claims and numbers from the Philly Fed index. CNBC's Steve Liesman joins to break down the numbers.