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Fly Intel - End of Day Brief - Thursday March 14, 2019

Stocks have quiet day following 3-day rally for S&P

The S&P had added about 2.5% in the first three days of the week, but the rally took a pause as reports indicated that a meeting between the presidents of the U.S. and China to seal a trade deal is still in flux. Meanwhile, in England, Prime Minister Theresa May won the backing of her Parliament for a plan to delay the United Kingdom's planned exit from the European Union.

ECONOMIC EVENTS: In the U.S., initial jobless claims rose 6,000 to 229,000 in the week ended March 9, which was roughly in-line with expectations. Import and export prices rose 0.6% apiece in February as the trade price report was stronger than expected. New home sales fell 6.9% to an annualized rate of 607,000 in January, though that's not as bad as it appears due to upward revisions in prior months. Meanwhile, the Washington Post reported that a group of Senate Republicans have joined with Senate Democrats to "approve a disapproval resolution aimed at overturning President Trump's declaration of an emergency on the U.S.-Mexico border." Following the report, President Trump simply tweeted the word "VETO!"

In U.K. news, the Parliament has approved a motion seeking a short delay of Brexit and overwhelmingly rejected calls for a second referendum on the matter.

TOP NEWS: Shares of General Electric (GE) were in focus after the company offered lower than expected guidance for its fiscal 2019 earnings. However, the stock turned around as the company's new CEO Larry Culp held an associated call to describe his view of the "reset" year and the outlook for GE afterward.  GE shares closed the day with an advance of 2.8%.

Facebook (FB) shares slipped 1.85% after The New York Times' Jason Henry reported that federal prosecutors are pursuing a criminal investigation into deals that the social media giant struck with global technology companies that allowed them to see users' personal information. In response to the New York Times report, Facebook said via Twitter: "It's already been reported that there are ongoing federal investigations, incl. by the Dept of Justice. As we've said, we're cooperating w/ investigators and take those probes seriously. We've provided public testimony, answered questions, and pledged that we'll continue to do so."

Continuing the Ethiopian Airlines crash saga, a spokesman for the Federal Aviation Administration confirmed that the agency will not unground Boeing (BA) 737 MAX jets until the software upgrade is tested. Bloomberg later reported that U.S. lawmakers in the House said that the Boeing aircraft could remain grounded in the U.S. at least through April.

MAJOR MOVERS: Among the noteworthy gainers was Snap (SNAP), which rose 12.2% after BTIG analyst Richard Greenfield upgraded the stock to Buy from Neutral with a price target of $15, citing the "surge in spending in North America on Snapchat from advertisers," who are increasingly focused on its "compelling" return on investment. Also higher were MongoDB (MDB) and Domo (DOMO), which gained a respective 25.6% and 21.1% after reporting quarterly results.

Among the notable losers was Pier 1 Imports (PIR), which dropped 29.1% after Reuters reported that the company has hired debt restructuring lawyers at Kirkland & Ellis to help it navigate potential talks with lenders as it struggles with declining sales. Also lower after reporting quarterly results were Tailored Brands (TLRD) and Smart & Final Stores (SFS), which fell 25.15% and 16.5%, respectively.

INDEXES: The Dow rose 7.05, or 0.027%, to 25,709.94, the Nasdaq lost 12.50, or 0.16%, to 7,630.91, and the S&P 500 declined 2.44, or 0.087%, to 2,808.48.


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