Stocks Open Mixed As Nike Lags On Dow; Celgene Takes A Hit | Stock News & Stock Market Analysis

Stocks stumbled out to a mixed open Friday, as Nike (NKE) pulled down hard on the Dow and data showed durable goods orders rose less than expected in November.

XThe Dow Jones Industrial average dipped a fraction, the Nasdaq Composite slipped 0.2% in opening trade. The S&P 500 defended narrow gains, with Kroger (KR) and Capital One (COF) posting its strongest early moves.

Bond markets will close early, at 2 p.m. ET today. Stock and bond markets will be closed Monday.

Congressional leaders hammered out a stopgap extension agreement to keep the government funded through Jan. 19, avoiding the partial federal shutdown otherwise set to take effect at midnight Friday. The massive tax overhaul passed by Congress on Thursday is on the president’s desk, awaiting a final signature.

DowDuPont Leads Dow, Nike Lags; Celgene, Shake Shack Tumble

On the Dow, DowDuPont (DWDP) rose 0.8%, while Nike traded down more than 4% as a generally positive fiscal second-quarter report delivered late Thursday was once again tilted by a decline in North American sales. Shares ended Thursday extended, almost 13% past a 57.35 buy point in a cup-with-handle base.

IBD 50 name Cintas (CTAS) slipped 2% at the open. A report after Thursday’s close showed the Cincinnati-based uniform service’s fiscal second-quarter sales and revenue topped analyst targets. The stock ended Thursday near the upper edge of a buy range good through 160.57, after clearing a flat base buy point at 152.93 on Nov. 29.

Celgene (CELG) tanked 3%. The company had announced late Thursday that a treatment of Revlimid plus rituximab for a form of non-Hodgkin lymphoma had failed in a phase 3 trial. Celgene shares have been attempting to reclaim support at their 10-week moving average, after a steep four-week sell-off in October.

Shake Shack (SHAK) dropped 3% in early action. The burger joint was cut to underperform, from hold, by Jefferies. Shares are extended, up 19% after clearing a 38.80 cup-with-handle buy point Nov. 28.

Personal Spending Jumps, Durable Goods Miss Views

Personal income growth slowed slightly, to 0.3% in November, the Commerce Department said, down from a 0.4% increase in October and forecasts for a 0.4% November gain. Spending surged 0.6%, however, up from October’s 0.3% gain and above projections for a 0.5% increase.

Durable goods orders also jumped, rising 1.3% in November, though that fell short of the 2% advance projected by economists. Still, it was a big step up from October’s 0.4% dip, which itself was originally projected to drop 1.2%.

Minus transportation, orders dipped 0.1%, which was below consensus views for a 0.5% gain. That figure was down from an upwardly revised 1.3% gain in October,

New home sales data for November come out at 10 a.m. ET, as well as a final reading on December consumer sentiment from the University of Michigan.

The Kansas City Federal Reserve releases its regional manufacturing index at 11 a.m. ET, and Baker Hughes’ (BHGE) weekly drilling rig report is expected at 1 p.m. ET.


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Originally posted 2017-12-24 06:08:11.


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