Disappointing guidance from General Electric Co. (GE) and a slump in crude oil prices dragged Wall Street from recent records. The Nasdaq snapped a three-day streak of record closes. The Dow and S&P 500 were also lower. Crude oil prices were sharply lower even after weekly drilling activity data showed its first decline in three weeks. The number of active U.S. oil-drilling rigs fell by one to 764 in the past week, according to Baker Hughes. Plug Power Inc. (PLUG) spiked after expanding a partnership with Walmart Stores Inc. (WMT) . Plug Power will install and maintain its GenKey hydrogen fuel cells to up to 30 additional sites in North America over the next three years. Visa Inc. (V) reported a quarterly beat on its top- and bottom-line. The credit card company reported a 38% increase in transactions processed over the three-month period.
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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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