Indexes Fall On Tax Jitters; Nvidia Slumps Ahead Of Earnings | Stock News & Stock Market Analysis

News that a corporate tax cut will likely be delayed until 2019 rattled Wall Street Thursday as major stock indexes were mired in the red in afternoon trading.

XAutoplay: On | OffThe Nasdaq composite and Russell 2000 were hit hardest, down 0.8% and 0.7%, respectively. The Dow Jones industrial average and S&P 500 lost around 0.5%. Volume on the NYSE and Nasdaq was tracking slightly higher than Wednesday’s levels in the stock market today.

Walt Disney (DIS) was one of the few bright spots in the Dow, up around 2%. Shares have been strengthening since a CNBC report earlier in the week said the Mouse House has had talks in the past with 21st Century Fox (FOXA) about a possible transaction.

At the New York Mercantile Exchange, December-delivery U.S. crude oil futures settled at $57.17 a barrel, up 0.6%.

Several exploration and production firms in the oil and gas space boast interesting charts. Matador Resources (MTDR) is just above a 27.97 buy point, while Cabot Oil & Gas (COG) is near the high end of a buy range from a 27.24 entry. The 5% buy zone goes up to 28.60.

Among the day’s movers, fast-growing enterprise software name RingCentral (RNG) got an earnings lift, rising 7.5% to 46.95. The stock showed good action Wednesday despite falling 1.5% in higher volume. It touched the 50-day moving average and then closed near its session high.

In IPO news, China-based Sogou (SOGO), the search-engine unit of (SOHU), priced last night at 13, at the high end of a proposed range of 11-13. Shares were trading around 13.60. Sohu still owns a lot of Sogou. China-based internet giant Tencent Holdings (TCEHY) also has a substantial stake in Sogou.

Meanwhile, Kohl’s (KSS) cast another pall in the department-store group, but after falling 7% intraday, shares pared losses and were nearly unchanged. Adjusted profit of 70 cents a share missed expectations and was down 13% from the year-ago quarter. Sales were flat at just over $4.3 billion. Kohl’s is still damaged goods — it’s mired in a lengthy downtrend.

Macy’s (M) was a bright spot, jumping 11% on an earnings beat. Like Kohl’s, it’s in a long downtrend.

Earnings from fellow department-store operator Nordstrom (JWN) are due after the close. Talks of the company going private recently fell apart.

Results from Trade Desk (TTD) and Nvidia (NVDA) are also due after the close. Nvidia shares were down 2.5% in afternoon trading.


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Originally posted 2017-11-12 13:39:34.


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