Weekly Stocks Market Recap. Feb 26- March 2, 2018
The New Home Sales number released on Monday were 593k vs 655k estimate. For January, New Home sales -7.8% vs 3.2% . Dow Jones finished+399.28 points, SPY +1.16%, QQQ +1.33%, IBB +0.73%.
On Tuesday, Fed chair Jerome Powell testifies sees gradual rate hikes amid strong U.S. growth outlook. Economic data are: Durable Goods Orders (MoM) -3.7% vs -2.4%, Goods Trade Balance -74.40B vs -72.30B, Fed Powell hints of possible 4 rate hikes this year, market pullback after his comment. Dow Jones close -299.24 points, SPY -1.25%, QQQ -1.24%, IBB -1.25%
Wednesday economic data: Pending Homes Sales (MoM) for January 0.4% vs 0.5% est, GDP for Q4 2.5% vs 2.5% estimate. GDP Price Index 2.3% vs 2.4% estimate. Pending home sales drop 4.7 % vs 0.4% consensus. Dow Jones closes -381.6 points, SPY -1.10%, IWM -1.53%, IBB -1.83% and QQQ -1.08%, this snap the longest winning streak since 1959. The S&p 500 close the month -3.65%.
The economy data on Thursday are: Initial Jobless Claims 210k vs 226k est, Personal Income 0.4% vs 0.3%, Continuing Jobless Claims 1.93k vs 1.93k estimate. Powell's testimony no evidence that economy currently overheating. President Trump added Tariff to all import steels, market react badly with Dow Jones close-424.56 points, SPY --1.45%, IWM -0.31%, QQQ -1.63% and IBB-0.96%. This is the third straight days this week with major indexes closed -1%.
The market follow through on Friday with Dow Jones -330 points at the opening bell, SPY -2.02% intraday. Notable during the day small cap biotech leading the rallies, some names are:
- Puma Biotechnology (PBYI:NASDAQ)
- Nektar Therapeutics (NKTR:NASDAQ)
- ChemoCentryx Inc (CCXI:NASDAQ)
- Intra-Cellular Therapies Inc (ITCI:NASDAQ)
- Protagonist Therapeutics Inc (PGTX:NASDAQ)
- Fate Therapeutics Inc (FATE:NASDAQ)
Dow Jones made a recovery from -300+ down day to end -70.92 points, SPY +0.52%, IWM +1.60%, QQQ +0.92% and IBB +2.44%,
These stocks ticker are the notable movers with news this week.
- MDXG investigating MiMedx sales, distribution via Bloomberg
- OBSV press release of positive data
- AAPL relative strength due to Warren Buffett added stake in company, they now hold 165.3 million share
- M earning report, link https://www.tradersfish.com/earning/display_table/64
- AKRX takeover by Fesenius may be in doubt, stock plunges -30% in premarket
- CMG get upgraded with price target at $00 @ Baird
- PANW earning report, link https://www.tradersfish.com/earning/display_table/110
- CELG refusal to file letter from FDA on Ozanimod
- PCLN earning report beat, link https://www.tradersfish.com/earning/display_table/52
- DKS Dick's Sporting Goods Inc, halts sales of assault rifles
- VRX Q4 GAAP EPS $1.45 may not compare to 97 consensus
- WTW earning report, link https://www.tradersfish.com/earning/display_table/92
- TSRO Q4 EPS $-3.35 vs -$2.39, revenue $48.0M vs $55.2M
- CRM earning report https://www.tradersfish.com/earning/display_table/70
- DDD preliminary earning release see Q4 NON-gaap eps 3c-5c VS 1c
- PTLA yesterday's after hours, company stated that FDA indicated it may request a randomized study for AndexXA
- AGN stock took impact from news that MYL and RVNC collaboration for Botox biosimilar.
- JCP J.C Penney cuts hundreds of jobs and close seven stores in 2018
- ZSAN issuance of U.S. patent covering M207. (Low float stock)
- NKTR announced positive update on NKTR-214
Thanks for reading our recap.