Markets after a few quiet sessions rallied hard into the close after some big volatility after the Fed spoke this afternoon. The Nasdaq and S&P 500 finished up by 1.3 and 1.2% after hitting the UNCH mark near the 2pm hour. The Nasdaq which traded very taut the last 3 days was due for a big move one way or the other. Gains were broad based with energy, financials, tech and healthcare each sprouting better than 1%. Merger news seems to be taking place on a daily basis and its been telegraphed almost to well. Today DMND was taken out by Synders-Lance. The rumor swirls have been predicted in other names with SWI KLAC and SNDK coming true just a mere few sessions later. NSC was a bright spot for the transport sector which has been the brunt of bad news lately and rose more than 5% after earnings were released before the open. A name that likes to “transport” itself in style and part of the auto group which came public last week, RACE did manage to bounce off the very round 50 handle for the second consecutive session, but still fell on a weak tape by more than 3% and down 8% for the week thus far. We are in earnings season and the moves tend to be heightened this quarter a little more than normal, and GPRO had a large move to the downside after the bell to the tune of 13% as of the time of this writing. The stock is 65% off its recent 52 week highs and tomorrow will be interesting to see how it closes. Remember TWTR was lower nearly the same amount yesterday afternoon, but something tells me this one is not going to rally. Best in breed casual diner BWLD declined 14% after the close following earnings and this after peer CMG dropped 5.7% on 10/21. A name looking solid in the space is QSR and we take a look at the chart below.
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