Weekly Market Snapshot

News Last Week

  • The Wall Street Journal reported that Celgene is in talks to buy Juno Therapeutics, which specializes in drug treatments for blood cancer. Juno soared 50% on the news. A week earlier Celgene announced it would buy Impact Biomedicines for $7 billion.
  • Bank of America Merrill Lynch reiterated its buy rating and raised its price target for Apple from $180 to $220. This is the highest target among major investment banks that cover the stock and stems from the belief that Apple will thrive this year due to tax reform.
  • Goldman Sachs announced earnings Wednesday, beating Wall Street estimates. Shares were down on the news however as the firm reported its fixed income, currencies and commodities revenue tumbled 50%. Goldman also said that their tax break will be less than hoped, predicting an effective tax rate for 2018 of 24%, higher than the 17% expected by other Wall Street firms.
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  • Bank of America beat earnings expectations Wednesday, however shares fell as investors were disappointed with quarterly revenue.
  • Shares in GE plummeted Friday in the wake of a report by Deutsche Bank that questioned whether the company would need to raise capital by selling shares or cutting the dividend.
  • IBM shares fell Thursday in spite of a better-than-expected earnings report that included the first growth in revenue in 23 quarters.
  • Tuesday: Empire State Manufacturing Survey for January came in at 17.7. December’s number was revised upwards to 19.6.
  • Wednesday: Industrial Production for December was up 0.9%. Strong mining and utilities production offset weaker manufacturing volumes. Capacity utilization came in at 77.9%.
  • Thursday: Housing Starts for December came in below consensus at 1.192 million. Single-family starts fell, while multi-family starts rose.
  • Thursday: Philadelphia Fed Business Outlook Survey for January remained strong at 22.2. December’s number was revised to 27.9.
  • Friday: Consumer Sentiment for January (p) came in at 94.4, the weakest showing in six months. The softest spot in the report was the current conditions component.
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News Next Week

  • Wednesday: PMI Composite Flash for January at 9.45am
  • Wednesday: Existing Home Sales for December at 10.00am
  • Thursday: International Trade in Goods for December at 8.30am
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  • Thursday: New Home Sales for December at 10.00am
  • Friday: Durable Goods Orders for December at 8.30am
  • Friday: GDP Q4 at 8.30am

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