March 19, 2024

Intraday swing leave only small gains

Index & Sector performance 4/28/14

The Market:

After moving slightly higher in the overnight and early trading, the S&P 500 quickly dropped in the midday session before finding a bottom around 1:30 pm ET.  While the S&P fell a few points short of making it back to the earlier intraday highs, it did manage to post a small gain on the day.   The Dow led the major indices helped by a 4.2% gain from Pfizer (PFE) while the Russell 2000 closed slightly down on the day.

Many big name stocks in the news including the aforementioned Pfizer (PFE) who confirmed they proposed to buy competitor AstraZeneca (AZN) for $100B in cash and stock.  What sparked even more discussion regarding the potential merger is the potential for PFE to move its headquarters to the U.K. where AZN is based to benefit from lower corporate tax treatment.

Also in the news but moving in the other direction, Bank of America (BAC) lost over 6% after announcing a calculation error will result in suspending the previously announced share buyback and dividend increase.  BAC has 30 days to correct the error and resubmit their 2014 capital plans to the Federal Reserve.

Today was light Economic data day but overall this is a big data week.  Along with Ukraine and earnings, there could be many more swings coming.

Economic Data week of 4/28/14

 

Reporting EPS 4/29/14 Pre-Market:

The list of companies reporting tomorrow pre-market is very large.  HERE is a link where you can view our list which filters for companies with over 300K in average trading volume.

 

Analyst Comments:

Upgrades 4/28/14

Downgrades 4/28/14

Initiations 4/28/14

Price Target Changes 4/28/14

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