Picks of the Day December 19, 2017.
Festival on Wall Street
A festive atmosphere reigned on Wall Street, the market continuing to be a tour de force, firing on all cylinders. The momentum was driven by seasonality and optimism in advance of the passage of the tax bill. The Trump administration and the Republicans year-to-date had not succeeded in pushing through any significant legislation. The lowering of the corporate tax rate from the current threshold of 35% to 21% will be the Republican Party’s first main successful piece of legislation – something of course that’s making the market happy. The tax cut will enable companies to increase their net profit, raise stockholder dividends and increase the clip of their open market buybacks. The investing body that perceives valuations as no longer being too expensive is not insignificant.
The additional high recorded yesterday by the Dow was the 70th this year, making it the most new highs ever recorded by the index in a given calendar year. The Dow Jones is up over 25% year-to-date or 5,000 points!
The NASDAQ also surpassed a significant benchmark when trading above the 7,000 point level. The tax reform has persisted in setting the tone, the consensus on Wall Street predicting that it will be signed into law over the next few days. The vote in the House of Representatives is expected today, the Senate vote expected for tomorrow.
Tuesday: The focal point on Wall Street will be the passage of the tax bill on Capitol Hill. Likewise, building starts will be released at 8:30 N.Y. time.
The companies reporting before opening today include: NAV, CCL, DRI.
Today’s Hot Stocks: WOR, ROKU, NAV, CCL, DRI
Have a great trading day!
|Monday||10:00||Housing Market Index||70||Medium|
|Tuesday||8:30||Housing Starts||1.240 M||Medium|
|Wednesday||10:00||Existing Home Sales||5.520 M||Medium|
|Thursday||8:30||Jobless Claims||234 K||Medium|
|Thursday||9:00||FHFA House Price Index||0.4 %||Medium|
|Friday||8:30||Durable Goods Orders||2.0 %||Medium|
|Friday||8:30||Personal Income and Outlays||0.4 %||Medium|
|Friday||10:00||New Home Sales||650 K||Medium|
|Friday||8:30||Empire State Mfg Survey||-0.1||Medium|
|KB||KB Financial Group Inc.||AM||Monday|
|DRI||Darden Restaurants, Inc.||AM||Tuesday|
|NAV||Navistar International Corporation||AM||Tuesday|
|WOR||Worthington Industries, Inc.||AM||Tuesday|
|MU||Micron Technology, Inc.||PM||Tuesday|
|RHT||Red Hat, Inc.||PM||Tuesday|
|GIS||General Mills, Inc.||AM||Wednesday|
|MLHR||Herman Miller, Inc.||PM||Wednesday|
|BBBY||Bed Bath & Beyond Inc.||PM||Wednesday|
|CAG||Conagra Brands, Inc.||AM||Thursday|
Today’s Picks – Day Trading!
New York Strategy Swing