NEW YORK Stocks fellWednesday as the Dow dropped more than 100 points, putting more distance between the blue chipsand that elusive 20,000 mark.
Dow 20,000 has been in sight for several days now, with the index getting as close as a couple of dozen points from the milestone but never reaching it.
At the 4 p.m. ET close, the Dow stood0.6% lower for the day, off 111points and 166away from 20,000. Meanwhilethe Nasdaqsank 0.9% andthe S&P 500 lost0.8%.
The broad decline wiped out most of the gains from the day before, when the Nasdaq composite index closed at a record high.
Trading was quiet in a light week of economic and company news before the New Years Day holiday weekend.
Shares of luxury handbag maker Kate Spade (KATE) leaped 23.1%after news reports surfaced about a possible sale of the company.
Top Blue Chip Stocks To Watch Right Now: Helmerich & Payne, Inc.(HP)
Advisors’ Opinion:
- [By Wayne Duggan]
While Loop maintains a Buy rating on all of the stocks mentioned above, Guggenheim analyst Michael LaMotte isn’t quite so bullish on the sector. Earlier this week, LaMotte downgraded the following oil services stocks from Buy to Neutral:
Baker Hughes Incorporated (NYSE: BHI)
Fairmount Santrol Holdings Inc (NYSE: FMSA)
Helmerich & Payne, Inc. (NYSE: HP)
Nabors Industries Ltd. (NYSE: NBR)
Schlumberger Limited. (NYSE: SLB)
Halliburton
Superior Energy Services
Guggenheim also cut its 2017 oil price forecast from $55 to $48/bbl.
- [By Ben Levisohn]
Western Digitalnow expects Dec-Q revenue of $4.75Bn, gross margin of 36%, tax rate of 13%, and EPS between $2.10-$2.15; versus ~$4.71Bn, 36%, 14-16%, and $1.85-$1.95, respectively. We believe that the Dec-Q guidance update is mostly attributed to the resolution of IP disputes with Samsung and better-than-expected execution by Western Digital; meaning, we do not expect much read-through benefit forSeagate Technology (STX) or HP Inc (HP) (both Equal Weight-rated stocks)…
- [By Reuben Gregg Brewer]
The energy sector is feeling the pinch of low oil and natural gas prices, which has been a headwind for oil field services industry stalwart Helmerich & Payne, Inc. (NYSE:HP) and dragged down investor sentiment for midstream sector players Enterprise Products Partners L.P. (NYSE:EPD) and Buckeye Partners, L.P. (NYSE:BPL). But each of these companies has a long history of increasing dividends annually, which means that the bad news today is likely to be good news for dividend lovers looking for big yields.
- [By WWW.KIPLINGER.COM]
The oil services industry was one of the hardest hit energy segments during the collapse of the oil market. But incredibly, oil & gas driller Helmerich & Payne, Inc. (HP) raised its quarterly dividend as recently as August.
- [By Lisa Levin]
Breaking news
Cisco Systems, Inc. (NASDAQ: CSCO) reported better-than-expected profit for its first quarter on Wednesday.
Helmerich & Payne, Inc. (NYSE: HP) posted upbeat results for its fourth quarter.
NetApp Inc. (NASDAQ: NTAP) reported stronger-than-expected results for its second quarter and issued strong Q3 guidance.
Emerson Electric Co. (NYSE: EMR) proposed to acquire Rockwell Automation (NYSE: ROK) for $225 per share in cash and stock. - [By Reuben Gregg Brewer]
Helmerich & Payne, Inc.(NYSE:HP) has an impressive dividend record, particularly when you take into consideration that it operates in the highly cyclical oil and gas services industry. The problem for investors, though, is that a dividend decision a few years ago obscures the income story here. This is one stock where the trend isn’t what it seems, and a little more analysis is needed to understand Helmerich & Payne’s true dividend potential.
Top Blue Chip Stocks To Watch Right Now: Camping World Holdings, Inc. (CWH)
Advisors’ Opinion:
- [By Benzinga News Desk]
Camping World's (NYSE: CWH) analyst quiet period has ended. So far, it has received coverage form four analysts.
Sell-Side's Most Noteworthy Calls
Morgan Stanley downgraded Juniper (NYSE: JNPR) to Underweight.
Guggenheim downgraded MasterCard (NYSE: MA) to Neutral.
Imperial Capital upgraded Allegion (NYSE: ALLE) to Outperform.
Summit Redstone upgraded VMware (NYSE: VMW) to Buy.
Oppenheimer started Twilio (NYSE: TWLO) at Outperform.
Deal Talk
Cipher Pharmaceuticals (NASDAQ: CPHR) is said to have hired an investment bank to explore strategic alternatives, according to sources as reported by Reuters on Monday. The sources said a potential sale of the Canada-based company is being considered. Cipher declined comment on the report.
- [By Elizabeth Balboa]
Supply could come from any number of industry players, including Winnebago Industries, Inc. (NYSE: WGO), Thor Industries, Inc. (NYSE: THO), Polaris Industries Inc. (NYSE: PII) and Camping World Holdings Inc (NYSE: CWH). However, whether it comes from existing inventory and whether suppliers can meet the demand are yet to be seen.
Top Blue Chip Stocks To Watch Right Now: SPAR Group Inc.(SGRP)
Advisors’ Opinion:
- [By Jim Robertson]
On Wednesday, our Under the Radar Moversnewsletter suggested going long on small cap international merchandising and marketing services stockSPAR Group Inc (NASDAQ: SGRP):
