Good MorningEquities rebounded for another day on Tuesday but eager investors are warned to be cautious. The market opened with a big gain near2.0% which were also near the highs of the session. The highs were consistent with the 30-day EMA which provided resistance and capped gains for the day. At the low, the index was up only fractions of a percent and showing a dark candle confirming the downtrend that began in mid-August. If the market follows through on this signal the S&P 500 will retest the 3,500 level and possibly move even lower.
Tuesday was also marked by mixed economic data. The industrial production and capacity utilization figures came in better than expected but were offset by a new low in the home builders index. The NAHB home builders sentiment index hit 38 which is the lowest level since 2012. The gauge contracted on new traffic and the outlook for sales which hit 25 and 35 respectively. With this trend in place, the contraction in housing markets is gaining momentum and may drag the rest of the economy down with it.
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Shares of Johnson & Johnson (NYSE:JNJ) are down slightly despite the company scoring a double beat for its third quarter earnings. J&J reported earnings per share (EPS) of $2.55 on revenue of $23.79 billion. This was better than the analysts’ forecast for EPS of $2.49 on revenue of $... Read the Full Story |
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Markets | | |
Two years ago, little-known PBF Energy Inc. (NYSE: PBF) slid to an all-time intraday low of $4.06. Today, the stock trades around $40. Despite a brief visit to penny stock land, it hasn’t incurred a reverse split.
After crushing the consensus earnings estimate in Q2, the company is getting ... Read the Full Story |
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Markets | | | Asian stock markets were mixed Wednesday after Wall Street rose on strong corporate profit reports.
Tokyo advanced while Shanghai and Hong Kong declined. The yen stayed near a two-decade low under 149 to the dollar. Oil prices gained.
Wall Street's benchmark S&P 500... Read the Full Story |
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Markets | | | Global stock markets were mixed Wednesday after Wall Street rose on strong corporate profit reports.
Paris, Frankfurt and Tokyo advanced, while London, Hong Kong and Shanghai declined. The yen stayed near a two-decade low near 149 to the dollar. Oil prices rebounded.
T... Read the Full Story |
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Markets | | | With the broader equity market doing its best to reverse the lows that have done so much damage in recent weeks, investors in Target (NYSE: TGT) haven’t seen a fresh low since June. While shares are still down about 35% from where they started the year, the fact that they’re up the guts ... Read the Full Story |
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Markets | | | Global hotel operator Marriott International (NYSE: MAR) business has been a rollercoaster ride since the pandemic, but business has recovered better than 2019 pre-pandemic levels. The Company owns and operates 30 brands including luxury names like The Ritz-Carlton, St. Regis, and Bvlgari hotel and ... Read the Full Story |
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Politics | | | U.K. inflation accelerated to a 40-year high in September as the soaring cost of food squeezed household budgets.
The consumer price index rose 10.1%, compared with 9.9% the previous month, the Office for National Statistics said Wednesday. The new data shows inflation returned to th... Read the Full Story |
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Tech | | | The airport in Norway’s second-largest city briefly closed Wednesday after area residents spotted at least one drone nearby, authorities said.
The Norwegian army and state-owned airports operator Avinor were notified after the first drone sighting at Bergen Airport was reported at 4:1... Read the Full Story |
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Politics | | | Pakistan said Wednesday that the World Bank estimates this summer's record-breaking floods have caused $40 billion in damages in this impoverished South Asian nation. The figure is $10 billion more than an earlier estimate by the Pakistani government.
Cash-strapped Pakistan was alrea... Read the Full Story |
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Tech | | |
Like the mountains of Aspen, Colorado, Aspen Technology, Inc. (NASDAQ:AZPN) is displaying some serious elevation.
The large cap software company continues to climb to new record highs, leaving struggling industry peers at the bottom of the slope. It is up 63% year-to-date and all but certai... Read the Full Story |
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Wednesday's Early Bird Stock Of The Day Albertsons Companies, Inc., through its subsidiaries, engages in the operation of food and drug stores in the United States. The company's food and drug retail stores offer grocery products, general merchandise, health and beauty care products, pharmacy, fuel, and other items and services. It also manufactures and processes food products for sale in stores. It operates stores under various banners, including Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Jewel-Osco, Acme, Shaw's, Star Market, United Supermarkets, Market Street, Haggen, Kings Food Markets, and Balducci's Food Lovers Market; and pharmacies, in-store branded coffee shops, adjacent fuel centers, distribution centers, and manufacturing facilities, as well as various digital platforms. Albertsons Companies, Inc. was founded in 1860 and is headquartered in Boise, Idaho. Albertsons Companies, Inc. operates as a subsidiary of Albertsons Investor Holdings LLC. | | View Today's Stock Pick |
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