May 27, 2020

Merger Monday doesn’t help market

Index & Sector performance 11/17/14

The Market:

Despite a very active M&A session, it was yet another very tight trading range in the S&P 500 while the NASDAQ (QQQ) lagged and the Russell 2000 (IWM) led to the downside.

In deals we saw Allergan (AGN) agree to be acquired by Actavis (ACT) for a combination of cash and ACT stock which totaled $219 per share.  Valeant Pharmaceuticals (VRX) who had also been trying to buy AGN stepped aside not feeling comfortable they could justify the valuation to shareholders.  Two more big names in M&A news as Halliburton (HAL) announced it would acquire Baker Hughes (BHI) in again a stock and cash deal which ultimately values BHI at $78.62 per share.

In individual sectors, Retail (XRT) led the way lower finishing down 1.13%.  The majority of the components were lower but one name that stood out to the upside is Abercrombie & Fitch (ANF) which has struggled mightily since August but managed to finish today up nearly 1%.  Traders may want to watch ANF for short term long positions as downside momentum appears to be slowing.  On the upside the day’s winner was the Utilities (XLU) which finished up 1.25%.


Economic Calendar week of 11/17/14


Reporting EPS 11/18/14 Pre-Market:

Companies reporting EPS 11/18/14 pre-market

Analyst Comments:

Upgrades 11/17/14

Downgrades 11/17/14

Initiations 11/17/14


Not all of today’s Price Target Changes are listed below and for the full list please visit HERE.


Price Target Changes 11/17/14

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