Bears Growl, Bulls Hold Support
U.S. markets were weak throughout Wednesday’s session with the Dow posting its worst decline since early September. The Nasdaq led Wednesday’s pullback but held 6,550 and a key level of support. The S&P also showed losses but held near-term support at 2,550. Meanwhile, the Russell 2000 fell to a fresh low for the month after falling below 1,490 but a level that held into the closing bell.
TRADE OF THE DAY – ZIV!
ANALYST UPGRADES / DOWNGRADES
3M (MMM) upgraded to Neutral from Sell at Goldman Sachs
Capital One (COF) upgraded to Neutral from Underperform at Wedbush
PulteGroup (PHM) upgraded to Neutral from Underperform at Mizuho
Acadia (ACHC) was downgraded to Hold from Buy at Deutsche Bank
Chipotle (CMG) downgraded to Market Perform from Outperform at Telsey Advisory
Hanesbrands (HBI) downgraded to Market Perform from Outperform at Wells Fargo
Thursday’s Scheduled earnings include:
Alphabet (GOOG), Amazon.com (AMZN), Baidu.com (BIDU), Boston Beer Company (SAM), Chubb (CB), CubeSmart (CUBE), Deckers Outdoor (DECK), eHealth (EHTH), Expedia (EXPE), Flextronics (FLEX), Gilead Sciences (GILD), HealthSouth (HLS), Intel (INTC), KLA-Tencor (KLAC), LogMeIn (LOGM), Mattel (MAT), Microsoft (MSFT), PriceSmart (PSMT), Seattle Genetics (SGEN), Timken Steel (TMST), VeriSign (VRSN), Western Digital (WDC), Wynn Resorts (WYNN)
UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Jobless Claims and International Trade in Goods – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
Pending Home Sales Index – 10:00am
Kansas City Fed Manufacturing Index – 11:00am
METALS / OIL
Gold closed at $1,279.00 an ounce, up $0.70
Silver settled at $16.92 an ounce, down $0.04
Copper finished at $3.18 a pound, down $0.01
Brent Crude Oil closed at $58.33 a barrel, up $0.96
Make it a great day!