The Senate decided to delay its vote on its Obamacare repeal-and-replace bill as Senate Majority Leader Mitch McConnell faced lack of support even within his own party. The delay provoked a selloff in healthcare, pulling the Nasdaq further into the red. Western Digital Corp. (WDC) was caught up in the larger tech selloff even after bumping its fourth-quarter profit guidance higher. The revision is based on higher gross profit estimates driven by sales of flash memory chips. A milestone for Facebook Inc. (FB) : CEO Mark Zuckerberg announced that the social network has reached two billion monthly users for the first time. Shares were lower alongside the other FANG stocks. J.C. Penney Co. (JCP) rose after Gordon Haskett Research Advisors upgraded its rating on the stock to hold from reduce. Analysts are optimistic the retailer can reach its fiscal 2017 same-store sales forecast.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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