The Moskowitz Report (DY, FB, OTIC, RIG, C, USCR, AAPL, ISRG, MPC, JPM, CHS, NVDA, AMGN, COP, GS, VMC, TSLA, ALXN, OXY, XLF, URI, NFLX, ICPT, RDS.A, BAC, CBI, AMZN, VRTX, APC, GWW, BA, CLVS, MRO, HRB) - Stock Market Commentary for Thursday, August 31, 2017
Well, today’s market was driven lower at the open but rallied shortly after the open. We spent most of the day backing and filling and moving decidedly to the upside. The influences of the ADP employment number (+237,000) with a small upside revision and the GDP number (second look) of 3% was taken as a major positive. Market internals were surprisingly strong as NYSE volume was only 1.4:1 but with A/D of 9:5 and NASDAQ was solidly 2:1 vol. and also 9:5 A/D.
All of the big names recovered nicely with GOOGL +7.88, AMZN +13.86, AAPL +.47, FB +1.81, NFLX +5.88, TSLA +6.12, NVDA +1.20, BA +.06 and IBM mentioned by Buffett as a mistake was down .58.
The disaster du jour was a biotech, OTIC which traded $3.70 -17.30 pre market and closed $3.58 -17.22 (83%) on a failed trial. The rest of the group was higher across the board with BIIB +10.26, AMGN +1.42, REGN +8.09, ALXN +.78, VRTX +3.40, ISRG +8.63, ICPT +1.74, INCY +13.28, CLVS +3.23 and IBB +6.36.
Oil was another “inside day” and closed near the low -.48 and the stocks were mixed with CVX -.17, XOM -.40, APC -.19, OXY +.09, COP +.56, BP +.04, PSX +.10, RIG -.31, MPC +.02, MRO +.02, HES +.27, RDS.A-.34, and XLE +.03.
Financials got a lift from 2 separate sources, the first was the exercise of 700,000,000 shares of BAC by Buffett, making him the largest public shareholder, and the slight rise in rates on the back of the GDP number WITH GS +2.42, JPM +.22, BAC +.45, C +.57 and the XLF +.10.
On the earnings front, HRB beat but guidance wasn’t great and so it was -2.42 (8.2%), as did DY -6.03 (7.3%), and CHS -.31(4%).
The other group showing strength was materials with USCR +7.35 (10%), USG +1.71 (6.2%), CBI +.65 (5.5%), VMC +5.36 (4.6%), URI +4.25, and GWW +2.48.
Tomorrow is another day...CAM
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