Major averages finished mixed yesterday on mixed volume though managed to recover some of their losses. Leading stocks overall, however, took it on the chin for the second day in a row. Such action implies difficulty ahead. Today's Federal Reserve meeting concludes with the release of the Fed's statement around 2:15 pm EST. Given the continued uncertainty and weakness in the global economy, their dovish stance so far is likely to persist. This could spark a rally.
A number of leading stocks, however, have been compromised, most notably Twitter (TWTR), which missed badly on earnings yesterday. TWTR contributed to a bit of drama yesterday when its earnings results were leaked before the close, leading to a stock halt as the stock began to trade down to the 47 level. The stock was re-opened before the close, and ended the day at 41.11, down over 18% on the day.
Hardware and software security systems company Vasco Data Security (VDSI) had a buyable gap up on a strong earnings report. Earnings are skyrocketing, sales are accelerating, pretax margin 22.7%, group rank 6.
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