J&J, McDonald’s Weigh On Dow Jones, But Blue Chip Index Tops 25,000

The Dow Jones industrial average topped the 25,000 level Friday, helped by strength in United Technologies (UTX), Walgreens Boots Alliance (WAG) and Walmart (WMT). But shares of McDonald’s (MCD) and Johnson & Johnson (JNJ) lagged with losses of around 1%.


In stock market results today, McDonald’s was under pressure on news that health departments in Illinois and Iowa are investigating intestinal illness possibly linked to the company’s salads.

The Dow Jones was up 0.3% near midday, while the Nasdaq composite and S&P 50o showed gains of around 0.1%. Small caps outperformed, with the Russell 2000 up 0.4%. Volume on the NYSE and Nasdaq was tracking lower than Thursday’s levels.

J&J Slumps On Court Ruling

Shares of Johnson & Johnson were down 0.9% after the company was ordered to pay $4.69 billion to women who said its baby-powder product gave them ovarian cancer.

Meanwhile, high-profile earnings reports in the financial sector were largely disappointing. Earnings beats weren’t enough for JPMorgan (JPM) and Citigroup (C), while Wells Fargo (WFC) gapped down sharply on an earnings miss. Most financials have been stuck in downtrends, partly due to a flattening yield curve.

In related news, California-based First Republic (FRC) jumped 3.8% early after the company reported its fifth straight quarter of 20%-plus revenue growth. But shares pulled back as financials generally turned in weak performances.

Automotive repair firm Monro (MNRO) was a top gainer Friday, jumping 7%. A Goldman Sachs upgrade to buy was the catalyst. A breakout over a 62.25 buy point earlier in the week faded, but Monro reclaimed the entry with conviction Friday.

Meanwhile, Leaderboard name Netflix (NFLX) was under pressure again ahead of its earnings report Monday after the close. UBS on Thursday downgraded shares to neutral from buy, citing valuation. Shares have been more than doubled so far this year.

Inside the IBD 50, retailer Five Below continued to show relative strength. Shares were up more than 1% as a potential flat base takes shape.


How The ‘Apple of Oil’ Uses Data To Stay Ahead Of The Crowd

How Much Retirement Savings You Need At Your Age And Pay

JPMorgan, Citigroup Earnings Top Views; Wells Fargo Misses



Source link

Originally posted 2019-09-19 23:17:16.


No comments.

Leave a Reply

error: Content is protected !!