Bulls Get Weekly Win 05-13-2018

U.S. markets were choppy throughout Friday’s session as Wall Street awaited President Trump’s speech regarding drug pricing. The plan called for the use of more generics, more competition, and for Medicare to negotiate better pricing with drug companies. The volatility ahead of the news led to intraday losses before a rebound afterwards that helped push the major indexes towards their morning highs. The overall market closed mixed for the session but the weekly gains were the first in three weeks.

The Dow closed higher for the 7th-straight session after climbing 0.4% while reaching a peak of 24,868. The S&P 500 extended its win streak to 3-straight sessions after adding 0.2% while testing a high of 2,732. For the week, the S&P 500 soared 2.4% while the Dow rallied 2.3%.

The Russell 2000 was higher by 0.2% after testing a high of 1,609 for the second-straight session while extending its winning streak to six-straight. The Nasdaq slipped 2 points, or 0.03%, after making a back-test to 7,372 before holding the 7,400 level into the closing bell. The small-caps were up 2.8% for the week while Tech jumped 2.7%.

AMC Networks (AMCX) upgraded to Buy from Hold at Gabelli
U.S. Bancorp (USB) upgraded to Buy from Neutral at Citi
Verizon (VZ) upgraded to Overweight from Neutral at JPMorgan
Kohl’s (KSS) downgraded to Neutral from Outperform at Credit Suisse
L Brands (LB) downgraded to Neutral from Overweight at Atlantic Equities
Symantec (SYMC) downgraded to Sell from Neutral at MoffettNathanson

Monday’s earnings:
Before the open: Alta Mesa Resources (AMR), DHX Media (DHXM), Eastside Distilling (EAST), Mazor Robotics (MZOR), Nine Energy Services (NINE), Pyxis Tankers (PXS), Remark Holdings (MARK), Staffing 360 Solutions, Westwater Resources (WWR)

After the close: Agilent Technologies (A), Bovi Medical (BVX), Dicerna Pharmaceuticals (DRNA), Five Point Holdings (FPH), iCad (ICAD), Invitation Homes (INVH), Itron (ITRI), LightPath Technologies (LPTH), OrthoPediatrics (KIDS), Pioneer Power Solutions (PPSI), Restoration Resources (ROSE), Switch (SWCH), Vipshop Holdings (VIPS), YogaWorks (YOGA)

Monday’s economic reports (EST): No major announcements

Gold closed at $1,320.70 an ounce, down $1.60
Silver settled at $16.75 an ounce, down $0.01
Copper finished at $3.11 a pound, unchanged
Crude Oil is at $70.51 a barrel, down $0.85
Bitcoin Investment Trust (GBTC) ended at $14.10 down $0.48

Make it a great day!

Todd Mitchell