NEW YORK, NY / ACCESSWIRE / June 1, 2018 / U.S. markets closed sharply lower on Thursday as the U.S. decided to impose tariffs on steel and aluminum imports from Canada, Mexico and the European Union. The tariffs incited promises of retaliation by trade partners and raised fears of a potential trade war. The Dow Jones Industrial Average dropped 1.02 percent to close at 24,415.84, while the S&P 500 Index declined 0.69 percent to close at 2,705.27. The Nasdaq Composite Index was down 0.27 percent to close at 7,442.12.
“The initial round of tariff threats by the Trump administration and the promises of retaliation by trade partners earlier this year were initially viewed by investors as opening gambits in negotiations that would lead to agreements,” said Art Hogan, chief market strategist at B. Riley FBR.
RDI Initiates Coverage on:
Arena Pharmaceuticals, Inc.
Seattle Genetics, Inc.
Arena Pharmaceuticals’ stock jumped 3.35% Thursday, to close the day at $45.72. The stock recorded a trading volume of 651,689 shares, which was below its three months average volume of 1,422,631 shares. In the last year, Arena Pharmaceuticals’ shares have traded in a range of 12.20 – 47.64. The share price has gained 274.75% from its 52 week low. The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $42.24 is above its 200-day moving average of $37.43. Shares of Arena Pharmaceuticals have gained roughly 14.76 percent in the past month and are up 34.59 percent year-to-date.
Access RDI’s Arena Pharmaceuticals, Inc. Research Report at:
On Thursday, shares of Seattle Genetics recorded a trading volume of 1,418,406 shares, which was above the three months average volume of 916,462 shares. The stock ended the day 6.53% higher at $60.49. The share price has fallen 8.83% from its 52 week high with a 52 week trading range of 45.31 – 66.35. The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $53.70 is below its 200-day moving average of $54.56. Shares of Seattle Genetics have gained roughly 18.17 percent in the past month and are up 13.07 percent year-to-date.
Access RDI’s Seattle Genetics, Inc. Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer .
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.