Stock Action: Russell 2000 Outperforms on Friday the 13th
Today's financial recap and tomorrow's financial outlook.
Tech was relatively weak today but Twitter (NYSE:TWTR) rallied once again, finishing up 6.6% at $59.00, as the company reversed a controversial new policy that limited users’ ability to block each other. Twitter is now 31% above its first-day close of $44.90 back on November 7.
Video game retailer GameStop (NYSE:GME) was another solid performer, rising 3.7% after market research firm NPD reported November gaming industry growth of 7%, with strong demand for the new Microsoft (NASDAQ:MFST) Xbox One and Sony (NYSE:SNE) PlayStation 4 consoles.
Construction materials company Texas Industries (NYSE:TXI) shot up 13.6% to $66.47, after media reports indicated the company may put itself up for sale.
And software maker Adobe (NASDAQ:ADBE) powered 12.8% to $60.89, following its fourth-quarter earnings report, which showed skyrocketing demand for the company’s Creative Cloud software suite.
The action in the Russell 2000 (INDEXRUSSELL:RUT) was impressive relative to the other major indices, outperforming with a 0.3% gain.
Energy stocks were weak, as crude oil and natural gas prices sold off.
Insys Therapeutics (NASDAQ:INSY) was a notable decliner today. The stock dropped 15.6% after the company disclosed that it received a subpoena from the Department of Health and Human Services related to its sales and marketing of its Subsys drug.
In economics, November PPI rose 0.7%, which was slightly below the 0.8% consensus. Excluding food and energy, PPI rose 1.3%, which was also below expectations by 0.1%.
Tomorrow's Financial Outlook
We’ll kick off Monday with some fresh data at 8:30 a.m. EST -- Q3 productivity and unit labor costs, as well as the December Empire Manufacturing report. At 9:00 a.m., October net long-term TIC Flows will be released, followed by November Industrial Production and Capacity Utilization at November at 9:15 a.m.
There are no major earnings reports scheduled for Monday. Traders are likely to be looking forward to the Fed meeting on Wednesday, which could provide some guidance into the future pace of QE. A December 6 survey from Bloomberg News indicates that 34% of economists believe the Fed will start tapering at the meeting.
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