Diamonds and Dogs
Defensive stocks look good. As tech takes a hit, defensive stocks look good. AT&T (T) and Verizon (VZ) are both up 1.5% on upgrades. Tobacco stocks, Phillip Morris (PM) and Altria (MO) are both up 2%. Consumer staples, Colgate (CL), P&G (PG), Kimberly Clark (KMB) and Clorox (CLX) are up over 1%. Big cap drug stocks all look good. Biotech, Celgene (CELG) is up 2.5% after the company unveiled a co-development and co-promotion agreement with fellow biotechnology firm Bluebird Bio for a potential treatment for relapsed and refractory multiple myeloma.
Trump vs Amazon. Amazon (AMZN) is down 5% on rumors President Trump would like to change the company's tax treatment or pursue antitrust laws. Unnamed sources claim the president is "obsessed" with Amazon making claims to "people" about Amazon getting away with special treatment on taxes, something he brought up repeatedly on the campaign trail in 2016. President Trump is wondering aloud if there may be any way to go after Amazon with antitrust or competition law. Another source says Trump would love to clip CEO Jeff Bezos's wings, but he doesn't have a plan to make that happen.