President Trump met with a group of pharmaceutical executives at the White House where he voiced his concerns over their pricing, stating that pricing “has been astronomical.” In the same meeting, President Trump said “You folks have done a very great job over the years,” and “but we have to get the prices down.” In a separate press conference, Trump said that big pharma was “getting away with murder”. Big pharma companies are joining forces as of late to address the price increases that the public and governmental officials have been demanding. Allergan (AGN), J&J (JNJ), Novo Nordisk (NVO) and AbbVie (ABBV) have committed to limiting any annual drug pricing increases to less than 10%. J&J went further stating that they will be publishing an annual report regarding its portfolio and the price increases they’ve implemented. AbbVie released data on its increases as well stating that Humira was increased by 8.4% with an only once annual increase moving forward. Merck (MRK) becomes the latest pharma to join this drug pricing transparency coalition. Merck raised list prices by an average of 9.6% with an average net price increase of 5.5%. This transparency is a step in the right direction to appease the general public and governmental officials.
Figure 1 - President Trump met with pharmaceutical industry leaders at the White House on Tuesday. From left are PhRMA President Stephen Ubl, Merck CEO Kenneth Frazier, Trump, Celgene CEO Robert Hugin and Amgen CEO Robert Bradway. (Evan Vucci / Associated Press)
I've found another stock for you to look at today, just like Celgene. You need to watch today's video to find out which stock I'm talking about.
But first, it has been quite a week to say the least. A nuclear deal signing with Iran, the Greek situation finally resolved with the German Parliament today voting in agreement to bail out Greece. Just wait, in a few years time I'm sure Greece will come up again as a problem.
The markets are reacting very positively on the upside to all this good news.
The next big worry traders will begin focusing on is a potential rate hike later this year. Whether that comes in September or later is yet to be decided. Who knows, it may not even happen this year.
Well, I wish I could take personal credit for this, but I really can't. All credit goes to the Trade Triangle technology which two days ago picked out a stock that made a major reversal.
As I looked around the web, I saw little or no mention of this stock anywhere. It does not seem this stock was on the top of anyone's radar screen.
So how did I find this stock that just happened to open up over 8% higher today? I used the recent Trade Triangles scan and you can do this every day with MarketClub. I then looked for markets that on average trade over 2 million shares a day and are showing a green monthly Trade Triangle.
What popped up on my screen two days ago was Celgene Corporation (NASDAQ:CELG). Yesterday I highlighted this stock as a buy in my update video. In case you missed what I said, you can watch that video right here. My analysis of Celgene starts at the 4:42 mark in the video.
I indicated that I thought Celgene could move to the $135-$136 area. It practically got there today with the big jump on the opening. What caused the big jump was an announcement by Celgene that it was buying Receptos Inc. (NASDAQ:RCPT) for $7.2 billion. This gives Celgene an even bigger presence in the $67 billion drug market to treat autoimmune conditions.
You can search every day in MarketClub for stocks that represent the same opportunities as Celgene. It's easy to do with the Trade Triangle scanning tools.
In today's video, I will be taking a general look at the markets to see exactly what's going on and determine if the market has made a fake or real turn to the upside.
Please feel free to leave your comments below this post on any market related subject.
Every success with MarketClub, Adam Hewison
Hello traders and MarketClub members everywhere! Well I have to admit it, I did take a few days off to fly down to Cancun last week to get some sunshine and warm weather. If you're based anywhere on the East Coast, you know it has been very, very cold, the coldest weather we have had in 170 years! So I thought it was time to sneak off and get some warm weather for a few days.
When I come back from a trip, I immediately look at the Trade Triangles to see what is happening in the marketplace and what stocks are on the move. Today was no different, I simply clicked on the Trade Triangle button and I searched for stocks that were in uptrends, but had a continuation signal today. In simpler terms, I was looking for stocks that were in uptrends that had given a weekly Trade Triangle signal today indicating that the upward trend was once again resuming.
I filter the list down to stocks that have good volume and have traded on average over 2 million shares a day. When you look for stocks that have that type of trading volume, you know that the big boys, the hedge funds and institutional investors, are also looking at those same stocks as well, so you're in good company. Continue reading "5 Stocks On The Move Today"→