Stocks Mixed As Wall Street Eyes Tax Bill

The GOP tax bill is expected to reach Trump's desk by the end of the week

Managing Editor
Dec 20, 2017 at 12:09 PM
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U.S. stocks are trading mixed at midday, with the Dow Jones Industrial Average (DJIA) taking the lead. Another record closing high today would mark the 71st for the Dow in 2017, setting a new calendar-year record. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) were sticking close to breakeven, at last check, as traders continue to eye the Republican tax bill. The House is expected to re-vote on the bill again today, after yesterday's vote failed to comply with the Byrd Rule, while the Senate last night voted to pass the measure, which is expected to reach President Trump's desk before Christmas.

Continue reading for more on today's market, including:

  • 3 tax reform winners, according to J.P. Morgan Securities.
  • Analyst: Expectations are too high for this drug stock.
  • Plus, Micron Technology's unusual call volume; BlackBerry sees a post-earnings rally; and UAA stock takes a breather.

Midday Market Stats2 Dec 20

Among the stocks with unusual options volume is tech concern Micron Technology, Inc. (NYSE:MU), with roughly 250,000 calls traded -- three times the average intraday norm, and pacing for the highest percentile of its annual range. The weekly 12/22 48- and 45-strike calls are among the most active for MU, the shares of which are rallying after an earnings beat. At last check, Micron stock was up 3.5% at $45.48.

One of the top stocks on the New York Stock Exchange (NYSE) is BlackBerry Ltd (NYSE:BB), after the company reported a third-quarter earnings beat. At last check, BB stock was 10% higher to trade at $12.04, and earlier notched a two-year high of $12.36. The electronics concern has now added more than 72% in 2017, with recent pullbacks contained by its 200-day moving average.

Daily Chart of BB Since Jan2017 with 200MA

One of the worst performers on the NYSE is sportswear concern Under Armour Inc (NYSE:UAA). UAA stock has dipped 1.3% to trade at $15.23, after yesterday snapping a five-day winning streak. Under Armour stock has gained nearly 34% since touching an annual low of $11.40 on Nov. 6, and recently topped its 80-day trendline for the first time since early July.

 

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