Today’s Research Reports on Trending Tickers: Celgene and Valeant Pharmaceuticals
U.S. markets slumped Tuesday, with the Dow Jones breaking an 8-day win streak, as interest rates surged to new highs. The Dow Jones Industrial Average declined 0.78 percent to close at 24,706.41, while the S&P 500 Index fell 0.68 percent to close at 2,711.45. The Nasdaq Composite Index dropped 0.81 percent to close at 7,351.63. The yield on the benchmark U.S. 10-year Treasury note touched 3.09 percent, the highest since 2011.
“In and of itself, 3% isn’t significant, but it is psychologically important, and it comes at an uncertain time for the equity market,” said Stephen Wood, chief market strategist for Russell Investments, according to CNBC.
“We’ve been in a good economic environment, but one that’s aging, and we’ve been seeing good earnings growth, although that cycle is also aging. Fundamentals aren’t improving enough to justify valuations, and when one considers that with the backdrop of a Fed that’s raising interest rates, the market will start re-rating its risk profile. You can expect that to last for a while, and for markets to be a lot more volatile as it goes on.”
RDI Initiates Coverage on:
Valeant Pharmaceuticals International, Inc.
Celgene’s stock moved 3.9% lower Tuesday, to close the day at $81.98. The stock recorded a trading volume of 6,888,997 shares, which was below its three months average volume of 7,008,949 shares. In the last year, Celgene’s shares have traded in a range of 81.05 – 147.17. The share price has gained 1.15% from its 52 week low. The company’s shares are currently trading below their 200-day moving average. The stock’s 50-day moving average of $87.69 is below its 200-day moving average of $96.53. Shares of the company are trading at a Price to Earnings ratio of 22.52. Shares of Celgene have fallen roughly 8.30 percent in the past month and are down 21.44 percent year-to-date.
Access RDI’s Celgene Corporation Research Report at:
On Tuesday, shares of Valeant Pharmaceuticals recorded a trading volume of 16,189,023 shares, which was above the three months average volume of 10,024,134 shares. The stock ended the day 3.6% higher at $21.56. The share price has fallen 11.75% from its 52 week high with a 52 week trading range of 10.94 – 24.43. The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $17.50 is below its 200-day moving average of $17.91. Shares of the company are trading at a Price to Earnings ratio of 3.16. Shares of Valeant Pharmaceuticals have gained roughly 25.71 percent in the past month and are up 3.75 percent year-to-date.
Access RDI’s Valeant Pharmaceuticals International, Inc. Research Report at:
Our Actionable Research on Celgene Corporation (NASDAQ:CELG) and Valeant Pharmaceuticals International, Inc. (NYSE:VRX) can be downloaded free of charge at Research Driven Investing.
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