A couple of negative reports, along with continuing uncertainty about Greece and oil prices, kept the U.S. stock markets in the red throughout the day.
The October S&P/Case-Shiller U.S. National Home Price Index showed a deceleration in home prices in both the 10-city and 20-city composites, year-over year. The monthly reading for the 10-city index also declined from 4.7% to 4.4%, while the 20-city declined from 4.8% to 4.5%.
In addition, the Consumer Confidence Index, while rising from last month’s revised 91 figure to 92.6, was slightly below the expected reading of 93 for December.
Utility stocks, which have been especially overbought lately, were hit the hardest, falling about 2% on the day. Gold and silver stocks, along with basic materials stocks were the strongest.
The Dow Jones Industrial Average fell 0.3%, while the S&P 500 dropped nearly .5% off the record high it set yesterday. The Nasdaq Composite rounded out the losing day, faltering by 0.6%.
Some of the standouts outperforming their peers today were Goldcorp Inc. (USA) (GG), Boyd Gaming Corporation (BYD), and Neuroderm Ltd (NDRM).
Goldcorp Inc. (USA) (GG)
Today was a strong day for all of the precious metals stocks, as a weak dollar and a generally oversold condition combined to give the glitter sector a much-needed lift. GG stock climbed well over 4% on the day, on strong volume of 8.2 million shares.
But investors should not get too excited yet, as GG stock is still about 35% off its highs around $29 from this past August.
Boyd Gaming Corporation (BYD)
A favorable mention on CNBC about February call buying on Boyd Gaming helped boost BYD stock today. At the end of the day, BYD stock was up over 5%.
Intraday, BYD broke through resistance at $13, which could be significant for the share price going forward. This is quite interesting, considering that billionaire hedge fund manager Seth Klarman recently dumped about two-thirds of his owned shares of the struggling casino operator.
Boyd has recently delved into the online gaming business, but so far the venture has not taken off as expected.
Neuroderm Ltd (NDRM)
NDRM stock beat all other stocks on Wall Street today, gapping up an astounding 190% on 39.5 million shares, amid news that it’s ND0612H drug for the treatment of Parkinson’s disease has now shown promising results in patients with an advanced form of the disease.
Neuroderm, an Israeli company, shared results of a trial using two high dose liquid, subcutaneous products. The prescribed doses demonstrated a positive effect upon blood plasma levels, and could become an effective alternative to the surgical remedies that are currently the treatment of choice.
As of this writing, Ethan Roberts does not hold a position in any of the aforementioned securities.
