The Economy
Eurozone Factory Growth Reaches Record; Euro at Three-Month High
Eurozone manufacturers ended 2017 growing at their fastest pace in over two decades. In addition, the euro rose to a three-month high of $1.20 against the dollar.
The Markets
Wall Street Starts 2018 Strong As Tech Stocks Rally
All major Wall Street indexes started the year strong, led by gains in the tech sector. The Dow Jones, S&P and Nasdaq went up by 0.38%, 0.79% and 1.49% respectively during the first trading session of 2018.
Boeing Not Considering Change of Control at Embraer
In relation to a proposed merger between planemakers Boeing Co. (NYSE:BA) and Embraer SA (NYSE:ERJ), it is reported that Boeing is not considering a change of control at its Brazilian counterpart and is focused only on a joint venture.
Top Active Stocks
Shares of Weatherford International Ltd. (NYSE:WFT) plunged by 16.7% on Tuesday following announcement that it is terminating a joint venture with Schlumberger Ltd. (NYSE:SLB) and will instead sell its fracking business to Schlumberger.
J.C. Penney (NYSE:JCP) went up by over 10% without any major news driving the stock up. However, the retailer is expected to release its quarterly sales results soon, and this movement reflects investor optimism for strong sales numbers from the holiday season.
Netflix Inc. (NASDAQ:NFLX) surged by 4.8% as the company received praises from analysts for its content strategy, with Macquarie Research raising the stock’s rating to outperform from neutral and increasing the price target to $220 from $200. In addition, rumors also resurfaced regarding a possible takeover by Apple Inc. (NASDAQ:AAPL) due to Apple’s increased cash position.
Abbott Laboratories (NYSE:ABT) shares rose by 3% on Tuesday following a stock upgrade from JPMorgan Chase. The brokerage changed the stock’s rating to overweight from neutral and raised its price target to $65 from $60.
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