A selloff in Alphabet Inc. (GOOGL) may be leading investors in some other big-name tech companies to jump ship on their respective holdings, as well. But that downturn didn't break the stride of the markets as all three major index closed higher Tuesday.
The selloff in Google, and in turn a dip in Facebook Inc. (FB) , which also has concerns over TAC (see Google issues), overshadowed some pretty interesting news out of the the former's board and also some crazy numbers around its YouTube subsidiary.
While news of the day (healthcare vote not included) dominated two of the four components of the so-called FANG stocks, another "FANG," Diamondback Energy Inc. (FANG) was moving in the opposite direction. According to Jim Cramer, TheStreet's founder, Diamondback is up because of the phenomenon that Schlumberger (SLB) flagged on its conference call noting that drillers such as Diamondback are looking at ways to cut costs and raise profits.
Headlines also trickled out of the retail sector as Barnes & Noble Inc. (BKS) found itself in the crosshairs of activist investor Tom Sandell, who is seeking to have the nation's sole national brick and mortar book retailer sell itself. Speaking of activism, Michael Kors Holdings Ltd.'s (KORS) announcement that it would acquire British shoe design company Jimmy Choo plc for $1.4 billion came less than two weeks after TheStreet's sister site, The Deal, placed it on The Watch List, and might trigger an insurgent campaign.
Meanwhile, Bruce Kamich is out with his first piece in a series of white papers to explain technical analysis. "There are many misconceptions about the approach -- and what it can and cannot do -- and this series is intended to provide a good explanation of this investment technique and how it can be used to improve your investment performance," explains Kamich.
Kamich also managed to put out a few calls today based on his charts, looking at Citigroup Inc. (C) , Morgan Stanley (MS) and JPMorgan Chase & Co. (JPM) , among other banks, a week after their respective earnings. I'll give you a hint, the outlook doesn't look great for the financials, which have already had a choppy ride under President Trump, though not all banks are created equal.
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