The Nasdaq is in rally mode following solid results from Amazon, Alphabet aka Google, and Microsoft. The booming growth from three of the world's biggest companies will surely further enthuse investors. The tech giants added a combined $80B in market value in AH trading, with Alphabet and Amazon's stocks both surging past $1,000 on strong 3Q results. (SA)
In other earnings news, AbbVie, the maker of the world's top-grossing drug, Humira, posted third quarter earnings that beat Wall Street expectations and announced bullish financial targets. Meanwhile, pharmaceutical giant Merck blamed an international cyber attack that shut down parts of its operation as it reported third quarter sales that were short of estimates from the Street. (FT)
Shares of pharmaceutical chains and drug wholesalers are looking sickly after the President's declaration that opioids are a public health emergency and a report that Amazon has secured wholesale pharmacy licenses. Shares of health insurer Aetna jumped on Thursday, following a report that it was in talks about a possible deal to sell itself to pharmacy chain CVS. (WSJ)
Finally, third quarter GDP numbers are just out, and the US economy continued to grow at a steady clip during the third quarter, exceeding expectations despite the disruptions caused by hurricanes Harvey and Irma. Gross domestic product grew at a 3 per cent annual rate in the July to September period, that was above economists' estimates for growth of 2.5 per cent (FT).
The S&P 500 is up 6 and the NASDAQ is up 44. The MSCI international index is down 7/100 of a percent
Oil is down 26 cents at $52.38 a barrel.
Gold is down $4 at $1265 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.