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'Trading on the news' is a technique used by traders to justify buying or selling securities. News reports often spur short-term moves in the market, creating trading opportunities.
Announcements about earnings, product launches, changes in management, all are events that can cause a company's stock price to move up or down.
Digital news sources
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Sentiment based Wall Street
As of 2009, Wikipedia states that computers who are using events to trigger trades, accounted for 60% of all US stock market trading volume.' In 2017, this phenomenon has ballooned to 75% of all equity trades.
Wall Street's automated strategies have become so pervasive that we can say that the market is about to become fully robotized.
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Disclaimer: Past performance may not be indicative of future results. Therefore, you should assume that the future performance of any specific investment, investment strategy (including robo-strategies), or product made in reference directly or indirectly on this website, will be profitable or equal to corresponding indicated performance levels. Robot-Advisors like other investment methods rely on favorable market conditions to provide positive outcomes.
CELGENE CORPORATION (CELG) News
Celgene plunges 18% after biotech company slashes 2020 guidance; worst drop in 17 years
Investors are panicking over Celgene's new long term sales guidance.
The shares of the biotech company opened down 18 percent Thursday after it reduced 2020 sales guidance to range of $19 billion to $20 billion from its previous forecast of more than $21 billion. Celgene also lowered its 2020 earnings-per-share guidance to more than $12.50 from more than $13.00. The percentage drop in the shares is the largest in 17 years.
"In consideration of certain market dynamics and recent pipeline events, we are updating our 2020 outlook, and remain confident in our ability to deliver industry leading growth," Celgene CEO Mark Alles said in a company press release Thursday.
"Over the coming months, we look forward to sharing data supporting our innovative, next generation pipeline products and significant growth drivers."
The company's new long term guidance outweighed its better than expected third-quarter earnings results.
"Celgene just reported 3Q17 results. Quarter doesn't matter here (Revlimid ok, decent miss on Otezla, total revenue missed on Otezla, but EPS beat by 3 pennies from cost control)," Mizuho analyst Salim Syed wrote in a note to clients Thursday. "The most important thing in the press release is that CELG has now taken down its 2020 guidance."
It has been a difficult month for the biotech company. Celgene announced on Oct. 19 it would not initiate a phase 3 trial for a Crohn's disease drug, spurring a 11 percent share drop the next day.
Celgene shares have rallied 3 percent year-to-date through Wednesday compared to the S&P 500's 14 percent gain.Get Started today! - Risk Free