U.S. stocks fell in early trading on Friday amid concerns over the passage of a Republican tax overhaul as lawmakers debated over the bill’s impact on the federal deficit.
Republicans were wrangling behind the scenes over how to raise $350 billion or more in taxes over 10 years to prevent their legislation from ballooning the federal deficit if the proposed cuts fail to generate the expected economic growth.
A surprise endorsement by Republican Senator John McCain added momentum to the bill on Thursday, pushing the S&P 500 to close at a record and the Dow Jones index to break above the 24,000 mark for the first time.
“Investors are taking a slightly cautious attitude after yesterday’s surge because we are hitting a speed bump with the bill,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
The U.S. special counsel’s office charged former national security adviser Michael Flynn for lying to the FBI about his contacts with Russia’s ambassador to the United States.
The Office of the Special Counsel said a plea hearing for Flynn had been set for 10:30 a.m. ET (1530 GMT) on Friday. (Source: Reuters)
At 9:41 a.m. ET, the Dow Jones Industrial Average .DJI was down 24.69 points, or 0.1 percent, at 24,247.66, the S&P 500 .SPX was down 1.83 points, or 0.07 percent, at 2,645.75 and the Nasdaq Composite .IXIC was down 19.05 points, or 0.28 percent, at 6,854.93.
Stock to Watch: Colgate-Palmolive Company (NYSE: CL)
On Friday, Shares of Colgate-Palmolive Company (NYSE: CL) expressed a change of 0.00% and is currently trading at $72.45. The stock exchanged hands with 1,101,462 numbers of shares compared to its average daily volume of 3.29M shares. When trading is lighter than usual, it is said to be “thin.” When there’s more trading than usual, it is called “heavy trading.” Volume is the basic fuel of the market since stocks move up or down in price only when shares are trading hands.
The market capitalization (Stock Price Multiply by Total Number of Outstanding Shares) for the company is reported at $63.39B. The company has its outstanding shares of 874.94M. Outstanding shares refer to a company’s stock presently held by all its shareholders, counting share blocks held by institutional shareholders and restricted shares owned by the company’s officers and insiders. After a recent check, it is observed that the insiders for the firm currently own 0.30% shares. There has been an observed change of -14.61% in the ownership of the shares in the past six months. However, the institutional investors are observed to own 75.70% of the total shares. During last 3 month period, -0.76% of total institutional ownership has changed in the company shares.
What Historical Figures Say About Colgate-Palmolive Company (NYSE: CL)?
Before trading, trader, investor or shareholder must have an eye on stock’s historical performance. Analysts review historical return data when trying to predict future returns or to estimate how a security might react to a particular situation, such as a drop in consumer demand. Historical returns can also be useful when estimating where future points of data may fall in terms of standard deviations.
Analyzing historical data can give some perception of how a security or market has reacted to various different variables, from regular economic cycles to sudden world events. Shareholders looking to interpret historical returns should keep one caveat in mind: you can’t assume that the future will be like the past. The older the historical return data is, the more likely it is to be less useful when predicting future returns. Historical return data for CL stock is described below:
Looking into last 5 trades, the stock observed a return of almost 0.98%. However, 2.84% over the last one month, 1.13% for the last quarter and year to date performance stands at 10.71%.
Important Technical Indicators to Consider:
ATR value of the company was 0.97 and Relative Strength Index (RSI) was 51.96. The stock volatility for the week was 1.12% while for the month was 1.18%. The stock was trading at a distance of -6.24% from its 52-week highs and stands 14.22% away from its 52-week lows. CL’s latest closing price was -0.82% away from the average price of 200 days while it maintained a distance of -0.05% from the 50 Day Moving Average and 0.41% away compared to its SMA 20.
Analysts’ Suggestions in the Limelight:
Analysts have given a mean recommendation of 2.80 on this stock (A rating of less than 2 means buy, “hold” within the 3 range, “sell” within the 4 range, and “strong sell” within the 5 range). The mean target price as estimated by the analysts for the company has been recorded at $75.70.
Disclaimer: Any news, report, research, and analysis published on Hotstockspoint.com are only for information purposes. Hot Stocks Point (HSP) makes sure to keep the information up to date and correct, but we didn’t suggest or recommend buying or selling of any financial instrument unless that information is subsequently confirmed on your own. Information in this release is fact checked and produced by competent editors of Hot Stocks Point; however, human error can exist.