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Fly Intel - End of Day Brief - Monday Dec 30, 2019

Stocks end lower in second-to-last session of very strong 2019

Stocks declined in lighter than average volume trading in the second-to-last session of 2019, but the S&P 500 is still on track for its best yearly performance since 2013. Traders will have one more chance to adjust their portfolios tomorrow before the market holiday Wednesday and the return to trading in 2020 on Thursday.

ECONOMIC EVENTS: In the U.S., the advance indicators report revealed a much narrower than expected $63.2B November trade deficit for goods. The Chicago PMI reading for December improved 2.6 points to 48.9. An index of pending home sales rebounded 1.2% to 108.5 in November. The Dallas Fed manufacturing index fell 1.9 points to -3.2 in December.

TOP NEWS: Shares of Tesla (TSLA) fell 3.6% despite the company's confirmation via Twitter of its first delivery of China-made Model 3s. Of note, Cowen analyst Jeffrey Osborne raised his price target for Tesla shares to $210 from $190, but reiterated an Underperform rating, stating that he expects Tesla to report deliveries for the year of roughly 356,000, just missing the 360,000-400,000 range the company has given as guidance. Additionally, Electrek's Fred Lambert reported that Tesla is delaying some deliveries to next year in the U.S. as part of the company's end-of-year rush.

In earnings news, shares of NIO Inc. (NIO) jumped 53.7% in New York trading after the Chinese electric carmaker reported better than expected third quarter results.

Meanwhile, The Wall Street Journal reported that Netflix (NFLX) said its original shows and movies were watched more than any other content released on the streaming service in 2019, with the only program on the service in this year's top ten not released by Netflix being Disney's (DIS) "The Incredibles 2."

In other news, The Journal also reported that cyberattackers alleged to be working for China's intelligence services stole "volumes of intellectual property" from "scores of companies" in a hack dubbed "Cloud Hopper" that was worse than previously assumed. At least a dozen cloud providers, including including IBM (IBM), HP Enterprise (HPE) and CGI Group (GIB) - were breached and The Journal's investigation found hundreds of companies that had relationships with those breached cloud providers, including Rio Tinto (RIO), Philips (PHG), American Airlines (AAL), Deutsche Bank (DB) , Allianz (AZSEY) and GlaxoSmithKline (GSK), according to the Journal.

MAJOR MOVERS: Among the noteworthy gainers was Aridis Pharmaceuticals (ARDS), which soared 29.4% after announcing a collaboration with Mapp Biopharmaceutical and after H.C. Wainwright initiated coverage of the stock with a Buy rating. Also higher was Maxar Technologies (MAXR), which rose 15.4% after announcing it has entered into a definitive agreement to sell MDA to a consortium of financial sponsors led by Northern Private Capital, for C$1B, or $765M, subject to customary adjustments.

Among the notable losers was Wave Life Sciences (WVE), which dropped 49.5% after announcing data from the ongoing Phase 1b/2a PRECISION-HD2 trial evaluating investigational therapy WVE-120102, designed to be the first allele-selective approach to treat Huntington's disease. Also lower was McDermott (MDR), which plunged 49.7%, to 75c after the Wall Street Journal reported that the company is in talks with lenders to file for bankruptcy within weeks.

INDEXES: The Dow fell 183.12, or 0.64%, to 28,462.14, the Nasdaq lost 60.62, or 0.67%, to 8,945.99, and the S&P 500 declined 18.73, or 0.58%, to 3,221.29.

Symbols: $TSLA $NIO $NFLX $DIS $IBM $HPE $GIB $RIO $PHG $AAL $DB $AZSEY $GSK $ARDS $MAXR $WVE $MDR

Source: (thefly.com)


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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