We spent a lot of time on Thursday’s live blog talking about the “War of 1812.” Turned out to be time well spent.
The reversal that began yesterday afternoon and is continuing on Friday was sparked when the S&P 500 fell to 1812, a level that equaled the Jan. 20 intraday trading low and the 2016 trading low. Almost as soon as the number was reached – and in fact even breached – the market spun into reversal. Sure, there was that story about OPEC and production cuts. But we think the more significant event was hitting 1812. Clearly, traders were watching it. Regardless, the question now is, did any of it matter?
In the short-term, the very short term, it did matter. The major indexes are all higher on Friday. The Dow is up 240 points (1.5%), the S&P 500 is up 27 points (1.5%), and the Nasdaq Composite is up 47 points (1.1%). “There is a relief rallythis morning around the Globe with the immediate fear factor tapped down a bit,” noted Tim Anderson at MND Partners. Oil is up sharply, 11%, and there aren’t any doom-loop type headlines hitting the Tape. The end of the world has been put on hold.
what to buy in stocks: Werner Enterprises, Inc.(WERN)
- [By Michael Flannelly]
Following Werner Enterprises, Inc.’s (WERN) third quarter earnings warning, analysts at KeyBanc downgraded the transportation and logistics company on Tuesday.
The analysts downgraded WERN from “Buy” to “Hold.”
KeyBanc analyst Todd Fowler said, “We downgrade WERN from Buy to HOLD following its negative 3Q pre-ann’ct, which reflected a number of company-specific issues that we expect to limit upside going forward; we would focus investors on other, stronger-performing names within the truckload space, specifically, BUY-rated Swift Transportation Company (SWFT), Marten Transport Ltd. (MRTN), and Knight Transportation Inc. (KNX).”
Werner Enterprises shares were down $1.66, or 6.80%, during pre-market trading on Tuesday. The stock is up 12.64% year-to-date.
- [By Monica Gerson]
Werner Enterprises (NASDAQ: WERN) issued a weak third-quarter profit forecast. Werner shares dropped 2.09% to $23.90 in the after-hours trading session.
- [By Monica Gerson]
Werner Enterprises (NASDAQ: WERN) shares dropped 4.83% to $23.23 in pre-market trading after the company issued a weak third-quarter profit forecast.
- [By Jake L’Ecuyer]
Equities Trading DOWN
Shares of Outerwall (NASDAQ: OUTR) were down 16.03 percent to $47.00 after the company lowered its forecast for the third quarter and full year. Werner Enterprises (NASDAQ: WERN) shares tumbled 4.71 percent to $23.26 after the company issued a weak third-quarter profit forecast. Bank of America downgraded the stock from Buy to Neutral. Pandora Media (NYSE: P) down, falling 1.71 percent to $23.58 as the company announced its plans to sell 14 million shares of common stock, including 4 million shares from current stockholders.
what to buy in stocks: TiVo Inc.(TIVO)
- [By Lisa Levin]
TiVo Inc. (NASDAQ: TIVO) shares were also up, gaining 20 percent to $9.22. The New York Times reported that Tivo and Rovi Corporation (NASDAQ: ROVI) are in merger talks.
- [By Lisa Levin]
TiVo Inc. (NASDAQ: TIVO) shares were also up, gaining 21 percent to $9.30. The New York Times, citing sources familiar with the issue, said Rovi Corporation (NASDAQ: ROVI) is in advanced negotiations to acquire TiVo. TiVo shareholders would reportedly receive both cash and stock; however, the price tag is yet to be determined.
what to buy in stocks: DarioHealth Corp. (DRIO)
- [By Jim Robertson]
On Tuesday, our Under the Radar Moversnewsletter suggested going long small cap digital health (mHealth) stock DarioHealth Corp (NASDAQ: DRIO):
The entry here is rooted in the rebound’s “second wind,” which materialized today. You can see the late-Janaury/early-February rally was nice, but went too far, too fast. Sure enough, the profit-takers dug in. There weren’t a ton of profit-takers though – there was just a distinct lack of buyers. The next wave of buyers are diving in today, seeing last week’s support at the 20-day moving average line. We know there are more buyers than sellers here because today’s sizeable gain is unfurling on huge volume.
what to buy in stocks: Castlight Health, inc.(CSLT)
- [By Todd Campbell]
Castlight Health (NYSE:CSLT)share price climbed 13.2% Wednesday after an SEC filing revealed that Maverick Capital had significantly boosted its stake in the company to 10.6%.