Here’s your Investing Action Plan for Thursday: what you need to know as an investor for the coming day.
XAutoplay: On | Off Expect a few economic reports worth watching, including ADP’s private-sector employment figures and Challenger’s job-cut report. Those precede the June jobs report from the Labor Department, due out Friday. Plus, look for the ISM nonmanufacturing index for June and the U.S. Census Bureau’s international trade balance for May.
Biotechs, Drug Stocks In Or Near Buy Range
A number of drug and biotech stocks are hovering around the buy zone.
After breaking out from a flat base with a 100.50 entry on June 6, Bluebird Bio shares quickly shot up out of range and into profit-taking zone before easing. The stock was flat at 105.30 in morning trade in Wednesday stock market trading, just within the 5% chase zone (105.42). But Bluebird Bio could easily drift back into range.
Celgene shares are squarely in the middle of buy territory after clearing a 127.74 entry from a flat base on June 21, up 0.1% to 130.31 intraday.
Also in buy range is iShares Nasdaq Biotech (IBB) ETF, which broke out from a flat base from a 303.84 buy point on June 20. The iShares Nasdaq Biotech ETF, commonly known by its IBB ticker, rose 0.1% to 311.31.
Novartis (NVS), a member of IBD’s Medical-Ethical Drugs group, is in a buy zone after climbing out of a nearly yearlong cup-with-handle base with a 82.04 entry. But after soaring as high as 86.90 on June 22, shares have pulled back. The stock fell 1.65% to 82.21 intraday after being downgraded to underperform by Credit Suisse
Exelixis (EXEL) rose 1.2% to 25.04 in morning trade, clearing a 24.95 cup-base buy point. Exelixis has topped that entry four times in the last couple of weeks, but has yet to close above that level.
As for those closing in on a buy point: Shares of Jazz Pharmaceuticals (JAZZ) are edging closer to buy range as they build a flat base with a 163.85 entry, rising 0.1% to 157.04 in morning trade. And Amgen (AMGN) is forming the handle of a cup-with-handle base as it looks to bypass a 175.55 entry. Amgen fell a few pennies to 172.71.