Stocks Stumbled

Of the 279 New Highs, 226 finished below their opening print.

December 20, 2023

Happy Hump Day.

Stocks stumbled. Every major index lost more than -1.25%. Utilities tumbled -2%. Communications was the best performing index. $XLC closed -0.77%.

New 52-Week Highs outperformed New Lows — 279 vs. 7.

Of the 279 New Highs, 226 finished below their opening print.

See the full lists here.

The Best of the Best

Steelcase ($SCS) is the best of the best. The office furniture manufacturer flew +10.94% following its Q3 earnings report. The company missed top-line estimates, but beat on the bottom line and raised guidance.

$SCS closed at its highest price since March 2021.

Here’s the daily chart.

And monster monthly chart.

The Worst of the Worst

Argenx ($ARGX) is the worst of the worst. The Dutch biotech tumbled -25% after its treatment of pemphigus failed to meet its primary and secondary endpoints in its Phase 3 trial.

Here’s the daily chart.