Scalper1 News
Major averages rose on lighter volume. The US economy continues to sag as first-time jobless claims and factory orders both came in under expectations. The European Central Bank made a formal announcement that it would begin its quantitative easing program Monday. This was met with yawns for the most part as QE in its various forms from various central banks have been part of the landscape since 2009. Markets thus tiptoed higher on light volume as they have done many times before. Nevertheless, QE has kept this bull market going since 2009, and we have yet to see a correction just beyond 10% since late 2012, and beyond 20% since late 2011. We had a few new actionable names: Pocket pivots: Medical system designer Illumina (ILMN) – earnings are accelerating, pretax margin 28.6%, ROE 27.2%, group rank 50. Drug developer Regeneron Pharmaceuticals (REGN) – pretax margin 41.7%, ROE 52.3%, group rank 1. Buyable gap ups: Drug developer Mallinckrodt Public (MNK) – earnings and sales are strongly accelerating, group rank 5. MNK gapped up on news it would be acquiring Ikaria. Scalper1 News
Scalper1 News