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US stocks mixed midday, tech catches a bid but most stocks are lower

Dec 10, 2018

 

Market data as of 12:45pm EST

US Market Snapshot

  • US stocks are mixed midday with tech share attracting buyers, but with the broader market seeing lower prices; trade concerns remain front and center for investors today
  • The S&P 500 is currently down 0.7%, Nasdaq Composite is up 0.25%, and Russell 2000 is down 0.69%
  • Goldman Sachs has joined JP Morgan in saying the recent stock sell-off is over done, saying "Recent equity markets performance implies a more dramatic slowdown than our baseline"
  • UK Prime Minister Theresa May confirmed the Brexit vote has been postponed and a new date for a vote has not been chosen
  • Tech (+0.61%), Telecom (+0.22%), and Materials (+0.19%) stocks are the top performers in the S&P 500 today
  • Healthcare (-0.71%), Financials (-1.72%), and Energy (-2.24%) stocks are the worst performers in the S&P 500 today
  • Investor sentiment for US stocks is negative with the advance/decline ratio for the S&P 500 currently at 0.31x
  • 21 stocks in the S&P500 are at 4-week highs while 109 stocks are at 4-week lows
  • 9 stocks in the S&P 500 are overbought while 27 stocks are oversold according to the 16-day RSI Measure
  • 30 stocks in the Nasdaq Composite are at 4-week highs while 243 stocks are at 4-week lows
  • 92 stocks in the Nasdaq Composite are overbought while 630 stocks are oversold according to the 16-day RSI Measure
  • The VIX is currently moving up at 24.5 from last week's close of 23.23

Stocks Trending in the News

Click name for Q-Factor rating and financials data.
 

  • Allscripts Healthcare Solutions (MDRX) shares are trading higher after announcing that it signed a definitive pact to sell its interest in Netsmart Technologies (NTST). Allscripts detailed that it expects net after-tax proceeds of roughly USD$525mm, which will be used to repay long-term debt and to invest in growing businesses. Allscripts is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas. Netsmart Technologies is not rated in our Global Top Stock Ideas. 
  • Boeing (BA) announced it is launching the BBJ 777X, a new Boeing business jet that can fly farther than any business jet ever.  The new Boeing BBJ 777X can fly halfway around the world non-stop.  The longest-range model of the new jet can fly 11,645 nautical miles without stopping to refuel.  Boeing is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Industrials Global Top Stock Ideas.
  • Bunge (BG) CEO Soren Schroeder will step down, the company has announced.  Sorem will stay on as CEO until the Board can find a replacement.  It was reported last week that Bunge was in talks with potential buyers who would be interested in a transaction once Soren stepped down as CEO.  Bunge is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Staples Global Top Stock Ideas.  
  • FedEx Corporation (FDX) shares are trading at their lowest levels in 18 months after Bank of America Corporation cut its recommendation and slashed its price target for FedEx. In a note to clients, Bank of America cited that one of the company’s key financial goals are at risk due to the departure of an executive from the firm’s air-freight division. Bank of America cut its recommendation for FedEx to “Neutral” while slashing its price target by 28%. FedEx is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Industrials Global Top Stock Ideas.
  • Gilead Sciences (GILD) has named a veteran executive from Roche Holdings (SWX: ROG), Daniel O’Day, to take over as Chairman and CEO.  Gilead is tasking him with expanding the reach of Gilead beyond its core drugs of anti-viral treatments for HIV and hepatitis.  Mr. O’Day will take over in his new role on March 1, 2019.  Gilead is rated “Top Buy” in our European Large-Cap Global Top Stock Ideas    Roche Holdings is rated “Top Buy” in our European Large-Cap Global Top Stock Ideas. 
  • GoPro Inc. (GPRO) announced today that it will move a majority of its production of US-destined cameras out of China by next summer in an effort to minimize the impact from US tariffs. GoPro said in a statement today that it expects the production shift to come at a relatively low cost since the company uses its own production equipment. GoPro is rated “Unattractive” in our US SMID-Cap Global Top Stock Ideas and “Top Short” in our US Consumer Discretionary Global Top Stock Ideas. 
  • Qualcomm Inc. (QCOM) announced that it won a ruling in China against Apple Inc. (AAPL) that prevents the smartphone manufacturer from selling some of its iPhone models in the country. The Fuzhou Intermediate People’s Court found that 7 of Apple’s iPhone models are infringing on patents owned by Qualcomm. Qualcomm is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas. Apple is rated “Top Buy” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas. 
  • Tesla (TSLA) CEO Elon Musk, in an interview in 60 Minutes Sunday evening, said none of his tweets have been censored since his problems with the SEC.  Musk said in the interview “I want to be clear.  I do not respect the SEC.”  Musk added that he respects the justice system so he is abiding by the terms of the SEC agreement he made with them.  Tesla is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Tivity Health (TVTY) in acquiring Nutriisystem Inc (NTRI) in a USD$1.3 billion deal.  Tivity Health is a maker of fitness and health programs and is acquiring diet plan company Nutrisystem, paying a 30% premium over the average price of the last 5 trading days.  Nutrisystem is being valued at USD$47 per shares in the transaction.  Tivity will incorporate the Nutrisystem program into its health regimens.  Nutrisystem is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.  Tivity Health is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas.

 

US Treasuries

  • US 2-Year Treasury Notes are higher with yields down -0.63 basis points to 2.70%
  • US 5-Year Treasury Bonds are lower with yields up 0.66 basis points to 2.69%
  • US 10-Year Treasury Bonds are lower with yields up 0.35 basis points to 2.84%
  • The US Treasury 2s-5s Spread has widened 1.29 basis points to -0.01%
  • The US Treasury 2s-10s Spread has widened 0.98 basis points to 0.14%
  • US Treasury 5s-10s Spread has narrowed 0.31 basis points to 0.15%

Currencies

  • EUR€ is currently little changed against the USD$ at 1.1369
  • GBP£ is currently down 1.226% against the USD$ to 1.257
  • CHF is currently up 0.198% against the USD$ to 1.011
  • JPY¥ is currently up 0.231% against the USD$ to 112.95

Commodities

  • WTI Crude is currently down -2% to USD$51.56/bbl with the Brent-WTI spread up USD$1.22 to USD$8.24/bbl
  • Gold is currently down -0.36% to USD$1244.81/oz
     

 

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

S&P 500 Sector ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Russell 1000 Factor ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

 

 

S&P 500 Movers

On Mobile/Tablet scroll to the right.

Outperformers Sector Price 1D % Chg Volume
QUALCOMM Inc Information Technology 58.1 3.20%            3,516,801
Fortinet Inc Information Technology 73.9 2.68%                182,401
Newmont Mining Corp Materials 32.3 2.64%                664,322
Lockheed Martin Corp Industrials 302 2.44%                196,910
Broadcom Inc Information Technology 236 2.44%                615,615
 
Underperformers Sector Price 1D % Chg Volume
Apache Corp Energy 35.5 -6.91%                673,037
Newfield Exploration Co Energy 17.6 -5.66%                622,058
Noble Energy Inc Energy 24.3 -5.36%                962,438
Marathon Oil Corp Energy 16.6 -5.30%            1,343,186
KeyCorp Financials 18.1 -5.14%            1,220,660