For Immediate Release
Chicago, IL – June 2, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Pfizer PFE.
Here are highlights from Monday’s Analyst Blog:
Monday Market Indexes Stay Green Despite So-So Data
The market started Monday flat, stumbled into the new trading week, but then began gaining ground by mid-morning. The Dow posted is first day higher in the last 3 days — finishing +0.36% as of the closing bell. The S&P 500 went up likewise: +0.38%. The Nasdaq beat them both to register gains of 0.66% on the day. The Nasdaq is currently within 2% of its all-time high.
We got some OK data during the course of yesterday — nothing earth-shattering, and nothing too hot or too cold. Markit Manufacturing PMI posted a 39.8 for the month, exactly in-line with the previous month’s headline. ISM Manufacturing came in beneath expectations slightly — 43.1% from the 44.0% estimated — but an improvement over April’s headline figure of 41.5%.
Construction Spending for the month of April came in at -2.9%, lower than the March read of 0.0%, but better than the -6.8% analysts had been anticipating. Considering the deeply bleak economic indicators we’ve seen over the course of the past couple months, so-so data comes as welcome news.
The markets will continue to monitor and parse meaning from social unrest in the U.S., reopenings following the coronavirus lockdown period and a return to U.S.-China tensions. Tuesday we get motor vehicle sales results throughout the day, and these numbers are not coming with many high expectations. Such is the burden of looking back into the heart of the pandemic for economic data.
In fact, the Congressional Budget Office (CBO) this afternoon said it might take the U.S. economy a full decade to catch up to pre-COVID-19 levels. The CBO’s estimate was that the pandemic will have reduced real GDP by 3% — a whopping $7.9 trillion — from 2020 to 2030.
One notable stock during Monday's trading is Pfizer which sold off 7% upon news that its phase 3 trial on its latest breast cancer candidate is “unlikely to meet its primary endpoint.” Shares have mostly trended between $35-40 per share, including this sell-off. The exception, of course, was the big crater in March, which took shares down to around $28.50 ten weeks ago. Prior to this news, Pfizer had carried a Zacks Rank #3 (Hold) with a Value-Growth-Momentum grade of A.
These Insiders Know Something You Don't
Why are insiders buying company stock with their own cash? There can only be one reason: They expect a price jump. Zacks is revealing the best of these buys on a limited basis.
See Insider Stocks >>
Zacks Investment Research
800-767-3771 ext. 9339
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Pfizer Inc. (PFE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research