Apple Soars in After Hour Trading!

The Dow Jones climbed to a new historic high on Thursday, declines in the stock of Facebook (FB), though, weighing on the NASDAQ and the S&P 500, causing them to close at just around the zero line. Investors, at present, are digesting the tax reform initiative revealed by President Donald Trump and the Republican Party.

The bill proposal calls for cutting the corporate tax rate from 35% to 20%. Even though some analysts pointed to a corporate tax cut as an event that could spur further gains in a market already traded at an all-time high, investors’ assessment is that the bill is just an opening bid of sorts, before the nitty gritty of drawn out negotiations. The message we’re getting from the market is that there’s still uncertainty about the bill and that therefore, it’s best not to jump the gun because there’s no way to know how the bill will pan out in the end.

Daily Summary: The Dow Jones rose 0.35%, the S&P 500 tacking on 0.02%. The NASDAQ shed 0.02%.

After closing, Apple (AAPL) soared over 3% to a new all-time high, the iPhone maker releasing a stronger Q4 forecast than investors had expected; the current quarter includes the holiday shopping season.

Trump officially appointed Jerome Powell to become the next Fed Chair. He will occupy the position starting in February of next year. Powell supports the monetary policy of the presiding Chair, Janet Yellen.

Earnings reports for Q3 continue to remain in focus, investors pointing to firm earnings growth as the force supporting the 2017 stock market rally. With over 75% of S&P 500 companies having reported, Q3 earnings growth is expected to come to 7.7%, a rise from expectations of 5.9% at the beginning of October.

Facebook (FB) fell 2%, investors ignoring the company’s strong quarterly results and voicing concern about the clip of spending at the social media chain. The stock was the biggest weight on the S&P 500 and the NASDAQ.

Tesla (TSLA) tumbled 6.8% after the company slashed its production target for its Model 3 Sedan, reporting its largest ever quarterly loss.

Teva (TEVA) tumbled almost 20% after lowering its 2017 sales and earnings forecast, as well as its cash flow forecast. The company said that the first reason for lowering its forecast is the launch of a generic version of its Copaxone drug on the part of Mylan (MYL). Teva said that the drug’s launch came sooner than expected and will hurt its bottom line already in 2017. The second reason given by Teva was that the sale of new generic drugs in the U.S. are expected to come out to $400 million, beneath the previous forecast of $500 million. TEVA is down a whopping 69% year-to-date!

About 7.4 billion shares traded hands on U.S. exchanges, above the 6.2 billion average over the last 20 trading days.

Friday: Economists’ projection is 310 thousand new job creations for October, a substantial rebound after a spate of disastrous hurricanes, Irma and Harvey wreaking havoc and likewise dragging the job figure down to 33 thousand for September. September’s job numbers were the first big shock in economic data after the natural disasters that struck at the end of August and at the beginning of September. The rest of the economic figures were for most intents and purposes strong, including growth (GDP) numbers which are now on pace to come out at an annualized 3% pace for each of the last 2 quarters.

Economists expect the unemployment report to remain at 4.2% and hourly wages to drop 0.2%.

Wages is an area in particular in which economists hope to see growth as the first sign of inflation’s return. Low inflation is a source of worry for the Fed, which had been expecting to see it pick up. That notwithstanding, the central bank is expected to hike rates later this year come December.

IndexLastDaily change
DJX23,5160.35%Up
SPX2,5800.02%Up
Nasdaq6,715(0.02%)Down

Employment figures will be released today before trading opens at 8:30 N.Y. time.

Friday’s Hot Stocks: AAPL, P, SBUX, CBS, AIG, CC

IPOs: AQ

Have a great trading day! 

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Monday8:30Personal Income and Outlays0.4 %Medium
Tuesday9:00S&P Corelogic Case-Shiller HPI0.5 %Medium
Tuesday9:45Chicago PMI62.0Medium
Tuesday10:00Consumer Confidence121.0High
Wednesday8:15ADP Employment Report220,000Medium
Wednesday9:45PMI Manufacturing Index54.5Medium
Wednesday10:00ISM Mfg Index59.5High
Wednesday10:00Construction Spending0.1 %Medium
Wednesday10:30Oil InventoriesLow
Thursday8:30Jobless Claims235 KMedium
Thursday8:30Productivity and Costs2.4 %Medium
Friday8:30Nonfarm Payrolls323,000 High
Friday8:30Unemployment Rate – Level4.3%High
Friday8:30Average Hourly Earnings0.2 %High

 

Earning Calendar

 

SymbolCompanyAM/PMDay
NBLNoble Energy, Inc.PMMonday
SBACSBA Communications CorporationPMMonday
CMICummins Inc.AMTuesday
INCYIncyte CorporationAMTuesday
AMTAmerican Tower CorporationAMTuesday
AETAetna Inc.AMTuesday
KKellogg CompanyAMTuesday
SHOPShopify Inc.AMTuesday
MAMastercard IncorporatedAMTuesday
PFEPfizer Inc.AMTuesday
APCAnadarko Petroleum CorporationPMTuesday
EAElectronic Arts Inc.PMTuesday
CHRWC.H. Robinson Worldwide, Inc.PMTuesday
CHKPCheck Point Software Technologies Ltd.PMTuesday
FISVFiserv, Inc.PMTuesday
ELThe Estee Lauder Companies Inc.AMWednesday
CTSHCognizant Technology Solutions CorporationAMWednesday
KHCThe Kraft Heinz CompanyPMWednesday
OXYOccidental Petroleum CorporationPMWednesday
WMBThe Williams Companies, Inc.PMWednesday
TSLATesla, Inc.PMWednesday
CTRPCtrip.com International, Ltd.PMWednesday
FBFacebook, Inc.PMWednesday
METMetLife, Inc.PMWednesday
SYMCSymantec CorporationPMWednesday
QCOMQUALCOMM IncorporatedPMWednesday
ALLThe Allstate CorporationPMWednesday
LBTYALiberty Global plcPMWednesday
PRUPrudential Financial, Inc.PMWednesday
CICigna CorporationAMThursday
YUMYum! Brands, Inc.AMThursday
DLPHDelphi Automotive PLCAMThursday
BABAAlibaba Group Holding LimitedAMThursday
TEVATeva Pharmaceutical Industries LimitedAMThursday
ADPAutomatic Data Processing, Inc.AMThursday
APAApache CorporationAMThursday
CBSCBS CorporationPMThursday
ATVIActivision Blizzard, Inc.PMThursday
AIGAmerican International Group, Inc.PMThursday
AAPLApple Inc.PMThursday
SBUXStarbucks CorporationPMThursday
CCThe Chemours CompanyPMThursday
EDConsolidated Edison, Inc.PMThursday
MSIMotorola Solutions, Inc.PMThursday
AEEAmeren CorporationAMFriday

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
PLAY45.71LBTYAKEM
MDCO28JUNOFNSR
MNK30.15LNTHNFX
CYBRRLGY
 ITTFLS
  TOL
  ABC
  TWX

 

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

11.9.2017VNTVLongClose14.9.2017+1.35%
212.9.2017CPBShortClose15.9.2017-1.10%
318.9.2017INSMLongClose22.9.2017+1.92%
425.9.2017GPSLongClose2.10.2017+1.69%
527.9.2017SQMLongClose29.9.2017+1.69%
62.10.2017ATILongClose6.10.2017+3.12%
72.10.2017TROXLongClose18.10.2017+13.93%
83.10.2017ABTLongClose11.10.2017+1.60%
99.10.2017ZGNXLongClose12.10.2017+3.26%
1016.10.2017INSMLongClose19.10.2017-2.82%
1124.10.2017CVSShortClose1.11.2017+4.77 %
1230.10.2017SKXLongClose-1.42%
1331.10.2017STXLongOpen+0.27%
14      
15      
16 
17
18      

 Today’s Picks – Swing “New-York Strategy

Company NameAkamai Technologies
Entry Point52.61
Stop Area51.95
1st Target53.20
Swing Target56.85
Avg. Volume1.86M
SectorTechnology | Internet Information Providers
Earning Date
Risk RateMedium
Risk\Reward Ratio6.42:1