Markets Edge Higher on Durable Goods

The stock market regained its footing somewhat this morning. Most of the headlines are focused on the poor IPO of King Digital Entertainment ($KING). The shares are down about 9% from the underwriting price. I’m not sure why every IPO is expected to soar, but this one certainly isn’t.

Healthcare stocks are doing well today, but that’s after a few rough days for them, particularly biotech names. The Commerce Department said this morning that orders for durable goods rose by 2.2% last month. That’s good news; economists were expecting an increase of just 1.0%. The number for January was revised lower to show a drop of 1.3%.

On our Buy List, Qualcomm ($QCOM) is up over $79 per share which is another 14-year high. Oracle ($ORCL) is also making a run at a new 14-year high. Three weeks ago, ORCL hit an intra-day high of $39.85. Today, it’s been as high as $39.45. I think it will hit $40 soon. IBM ($IBM) has also been strong lately. The shares hit a six-month high yesterday.

In other news, “NYC police remove barricades from Wall Street bull.”

Posted by on March 26th, 2014 at 11:31 am


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