The Dow Is Sliding, but Tech Data Stock Is Taking Off
Investors should get set for a holiday hangover. The Dow Jones Industrial Average is poised to open lower for a slow, shortened holiday trading session.
Investors should get set for a holiday hangover. U.S. stocks are poised to open lower for a slow, shortened holiday trading session.
U.S. stocks are set for a holiday hangover on Friday. Futures on the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are all off 0.2%.
Some of the red ink can be blamed on geopolitical events. Hong Kong’s Hang Seng Index is down 2% after President Donald Trump signed legislation supporting protesters. China is upset. That could impact a potential trade deal, though The Wall Street Journal reported Chinese negotiators have signaled negotiations are still on track.
For stocks, it’s a slow morning in terms of news. Not a lot of people are around, which will keep a lid on trading volumes. Stock market authorities, obviously, know the day after Thanksgiving is a slow day. U.S. stock markets close at 1 p.m. and bond markets are slated to close at 2 p.m.
Some shares, however, are moving.
Technology-equipment distributor Tech Data (ticker: TECD) stock is up 11.5% on a $145 per share buyout offer from private-equity player Apollo Global Management (APO).
Pacific Gas & Electric (PCG) stock fell about 9% in premarket trading. Shares of the California utility are volatile because the company has already filed for bankruptcy to deal with the liabilities and other fallout from California’s wildfires. Despite the chapter 11 filing, shares are at about $7 each, giving the company a market capitalization of almost $4 billion.
Deere (DE) shares were marginally lower, but could face a deeper loss after the stock caught a downgrade following weak financial guidance offered Wednesday morning. Friday, DZ Bank analyst Robert Czerwensky downgraded shares to the equivalent of Sell. He has a $148 price target for the stock. Deere stock dropped 4.3% to $169.06 after the company reported quarterly results on Wednesday.