Hopes of GOP Tax Reforms Fueling Market Momentum


 
 
05:30 10/20/2017

The optimism on Wall Street seems to just be getting started as top indices ripped to new all time highs today as the markets reacted positively to anticipated tax reform by the GOP.



Some key stocks that benefited from this momentum like Atlassian Corporation Plc. TEAM  whose weekly chart has been on a remarkable uptrend saw its stock pop 25 percent intraday on nearly 10 times its average volume reaching a market cap milestone of over $10 billion by closing bell. This was after its revenue blew past earnings estimates and saw it hike its full year guidance.



Another play that caught the market’s attention is EnerJex Resources, Inc. ENRJ  that saw its stock pop over 50 percent with record volume of over 25 million shares trading on news of signing a definitive merger agreement with commercial drone company AgEagle Aerial Systems a leading commercial agricultural drone company.



Shares of Social Reality, Inc. SRAX  closed up 22 percent after shattering its intraday high of $4.44 and trading higher after hours. This stock was on a rebound today after a two day consolidation period. The golden cross formation which should be happening sometime next week should put this stock on its path to shattering its 52 week high. Keep this stock on your watch list over the weekend for any positive developments. Recent news from the company outlined its intent to pursue strategic alternatives for SRAXmd healthcare business. Additional news could be a catalyst to its quest for seeking new highs.



Shares of PayPal Holdings, Inc. PYPL  also gave the market a boost after topping Q3 earnings estimates and news that Facebook messenger users can now send money to each other with Paypal closing up 5 percent and higher after hours. The stock shattered its 52 week high and is currently trading in blue sky territory.



Shares of performance footwear company Skechers U.S.A., Inc. SKX  registered new 52 week highs on heavy volume closing up 41 percent after its earnings blew past estimates posting net sales of $1.095 billion. This set a new quarterly record for the company having surpassed their previous record in the first quarter by $22 million, resulting in a new nine month record with sales exceeding $3 billion.


This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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