The market starts the new year with a decent gain at the open, but the gain has faded away as the day passed. At 1:15 pm EST on Tuesday, all exchanges are flat. Nasdaq is down about -1.5, S&P 500 is up about 2. The advancers to decliners ratio on both exchanges are going in a different directions. It was 12 to 17 on the Nasdaq and 18 to 14 on NYSE. The up to down volumes are about 5 to 4 on Nasdaq, and 6 to 5 on NYSE. The trading volume is on track to be higher than the normal trading days. Like the trading pattern of last couple weeks, market opens high, but it ends lower. It does not look bullish at all. It is a sign of market weakness.
Stocks worth mentioning are:
(FFIV), the network is up about $3.6. It is due to report earning in mid January. It broke the 52 week high today with more than doubling the normal trading days.
(THOR), the maker of blood diagnostic test kits and heart devices is up about $1.75. An analyst upgraded the stock from Hold to Buy. Also JP Morgan upgraded the stock from Underweight to Neutral. It broke the recently established 52-week high. Volume has doubled as compared to normal trading days.
(PPC), the poutry producer is down about $6. It lowers its quarter earning forecast this morning. It expects to earn from 36 cents to 41 cents a share in the first quarter; well below its prior forecast of 75 cents to 85 cents a share. A bearish sign.
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