NYSE, Nasdaq Open: Broadcom Climbs As This Biotech Stock Spikes | Stock News & Stock Market Analysis

Stocks stumbled out to a mixed start, then turned positive Thursday, helped by strong early moves from Broadcom (AVGO), Dollar General (DG) and Lululemon Athletica (LULU).

XApple (AAPL) rose 0.1% and Broadcom’s 4% advance helped lift the Nasdaq Composite 0.2%. The S&P 500 shed its fractional loss and climbe d0.1%, while the Dow Jones Industrial average stepped up 0.2%.

Merck (MRK) took control of the lead among Dow stocks, jumping 1.6%. Late Wednesday, the drugmaker announced positive Phase 3 trial results from its Prevymis treatment for cytomegalovirus infection and disease in adult stem-cell transplant patients.

McDonald’s (MCD) and Coca-Cola (KO) took the Dow’s hardest early hits, down 0.7% apiece.

Diversified chipmaker Broadcom plowed ahead 4% open action. The Singapore-based company, which is an Apple iPhone chip supplier, reported fiscal fourth-quarter earnings rose 32%, a third quarter of slowing growth, but still above analysts targets.  Revenue growth eased to 17%, also above expectations.

The stock is testing support at its 10-week moving average, in a buy range above a flat base buy point at 259.46.

Sage Therapeutics (SAGE) scorched ahead 78% after announcing positive results for its SAGE-217 depression treatment in Phase 2 trials. The stock showed an 80% year-to-date gain at the end of Wednesday’s session.

Dollar General marched ahead 4%, despite a mixed third-quarter report. But narrowed full-year earnings guidance with solid same-store-sales estimates and increased capital spending were positives. The stock is climbing the right side of a 17-month base pattern.

Lululemon Athletica rallied 7% ahead of the open. The yoga-wear maker/retailer reported its best earnings gain in four quarters and its biggest revenue advance in five quarters, with both numbers above analysts third-quarter estimates.

Fiber-optic gear maker Ciena (CIEN) fell 2% at the start of trade. The Hanover, Md.-based company delivered mixed fiscal fourth-quarter results, and announced a $300 million share repurchases initiative. Shares have been attempting to start up the right side of a six-month consolidation.

Layoffs Jump As Weekly Jobless Claims Decline; Bitcoin Holds Above $15,000

The number of layoffs announced by U.S. employers jumped 17% — to 35,038 — in November, according to the monthly Job Cuts Report from Challenger, Gray & Christmas. The number was 30% above November 2016 levels, leaving 2017’s year-to-date tally 22% below the same period in 2016.

Retail continues to lead as the largest job-trimming industry. Large-scale mergers, such as the CVS Health (CVS)–Aetna (AET) combination, suggest larger layoff numbers could be pending, the report said.

First-time unemployment claims dipped to 236,000 in the week ended Nov. 25, the Labor Department estimated, a third straight decline and better than the increase to 240,000 claims projected by economists.

Bitcoin held well above $15,000, after clearing that mark late Tuesday. Among bitcoin-related stocks, Square (SQ) rose 3%, Riot Blockchain (RIOT) gained 2% and Marathon Patent Group (MARA) posted an early 1% advance.


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Originally posted 2017-12-10 05:03:39.


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