Financials Lead New Highs as Stocks Drift Lower

Wednesday, February 17, 2021 1:49 PM | Nick Dey

During trading Wednesday, 84 stocks traded to a 52-week high, while 1 stocks bottomed out at new 52-week lows. The S&P 500 is down 0.25% so far today while the Dow is up 0.06% and the Nasdaq is down 0.93%. Pushing stocks lower today are inflation worries after January PPI data showed an increase of 1.3%, which was higher than consensus estimates of 0.5%. Meanwhile, retail sales increased 5.3% in January, much higher than estimates for a gain of 1.1%.

The following stocks traded to 52-week highs: A, ABCB, ANDE, AVNS, BBCP, BHC, BKU, BOOM, BPOP, CAI, CBMG, CBSH, CDEV, CEIX, CFG, CFR, CMA, COF, CRL, CSWC, DNOW, DOX, EGBN, ENDP, EQH, EQT, ETM, FBNC, FBP, FCX, FITB, GNRC, GOGL, GS, GTES, HBAN, HMST, HONE, JCI, JPM, KLIC, KRNT, LH, LPI, LPX, MCHP, MGI, MSA, NFG, NKTR, NWSA, ONTO, OSK, PBT, PNFP, PPBI, PSEC, QRTEA, REVG, RF, RNST, RRC, SAFM, SBCF, SENS, SFNC, SGH, SIVB, SLCA, SM, SNV, SSP, SXC, SYNA, TBBK, TDY, TSCO, UCBI, UCTT, UTHR, WAL, WOR, WOW, WTFC

The following stocks traded to 52-week lows: QURE

The following ETFs traded to a 52-week high: BKF, CHN, EEB, GREK, HYG, IAI, IWC, IWF, JNK, KBE, KCE, KIE, KRE, MDY, OEF, PBW, PHO, QAI, QQQ, RSX, SMH, SPY, UWM, UYG, VTI, VWO, XLF, XLP, XLY

The following ETFs traded to a 52-week low: VXX

Financial Services: ABCB, BKU, BPOP, CBSH, CFG, CFR, CMA, COF, CSWC, EGBN, EQH, FBNC, FBP, FITB, GS, HBAN, HMST, HONE, JPM, MGI, PNFP, PPBI, PSEC, RF, RNST, SBCF, SFNC, SIVB, SNV, TBBK, UCBI, WAL, WTFC

Financial Services stocks dominated our list of highs today with 33 out of the 84 total stocks that reached their high coming from the Financial Services sector. The Financial Services sector is outperforming the market, is flat 0% so far on the day. Over the last month the Financial Services sector has underperformed the market, decreasing 3.66% while the S&P increased 4.36%. Comerica (CMA) is on highs after filing for a mixed securities shelf offering worth an undisclosed amount. Meanwhile, Western Alliance Bancorp is on highs after agreeing to acquire Aris Mortgage Holding Company for $1.0 billion cash.

Industrials: BBCP, CAI, GNRC, GOGL, GTES, JCI, KRNT, LPX, MSA, OSK, REVG, WOR

The Industrials sector had the second largest presence on our 52-week highs, with 12 out of 84 highs coming from the Industrials sector. The Industrials sector is underperforming the market today, decreasing -0.52% so far on the day. Over the last month the Industrials sector has underperformed the market, increasing 1.5% while the S&P increased 4.36%. Generac (GNRC) is continuing on highs as the winter storm persists to keep millions without power. Meanwhile, Johnson Controls (JCI) reaffirmed their Quarter 2 guidance and raised their full-year 2021 guidance following SG&A actions to optimize JCI’s cost structure. Lastly, Kornit Digital (KRNT) surged to highs today after beating earnings estimates after market close yesterday and being upgraded to Buy at both Goldman and Craig Hallum.

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