This index printed 49.6 below the important 50; which is significant for it represents expansionary economic conditions. CAT’s dramatic move could also be attributed to the construction spending data that came out today too. This economic indicator printed a -0.9% month over month decline. The broader XLI industrial etf is weaker by 1.4%; top holdings include GE (12%), UPS (5.5%), and UTX (5.24%) among others.
On the positive side BIDU is up about 2.8% today; however the search giant had a rough August…for it was down nearly 9% as sellers stepped in. BIDU, the largest Chinese search provider by revenue, is currently above the intraday high of 8/30/12 and may be looking to retrace some of the August 29th sell-off.
NFLX dropped like a rock in the first 15 minutes of the trading day, but has since rallied back to down 7% on the day. News of AMZN and Epix getting together for a streaming deal is the reason behind today’s fall.
Earnings tonight include FRAN, GWRE, AVAV, FNSR, and TEA. Earnings before the open tomorrow include DG, HRB, PAY, NAV, and MW.
mark@keeneonthemarket.com
