Indexes turned mostly flat in afternoon trading Thursday as Amazon.com (AMZN) and the IPO market dominated the headlines in the stock market today.
Amazon announced plans to buy online pharmacy PillPack, formerly an acquisition target of Walmart (WMT). Terms weren’t disclosed. The Amazon news fueled selling in pharmacy stocks like Walgreens Boots Alliance (WBA) and CVS Health (CVS). Walgreens was weak despite an earnings beat and its fifth straight quarter of accelerating sales growth. The company also announced a $10 billion share buyback and an increased dividend. Shares of Walgreens slumped 9%. CVS Health gave back 8%.
Meanwhile, news of a new delivery service from Amazon weighed on shares of FedEx (FDX) and UPS (UPS). Amazon’s Delivery Service Partners will let individuals run their own delivery services. Shares of FedEx and UPS showed losses of nearly 3%.
The Nasdaq composite and S&P 500 added about 0.1% each and the Dow Jones industrial average edged lower. The Russell 2000 eased 0.3%. Volume on the NYSE and Nasdaq was tracking slightly above Wednesday’s levels.
Stock Market Today: IPOs In Spotlight
After a strong debut for LoveSac (LOVE) Wednesday, several more IPOs were set to come to market Thursday. Shares of biotech Neuronetics (STIM) opened at 25 after pricing last night at 17. That was above the expected range of 15-17. Meanwhile, online insurance platform EverQuote (EVER) priced last night at 18 and opened at 20.59. Retailer BJ’s Wholesale (BJ) priced at 17 and opened at 21.25.
In stock market results today, Accenture (ACN) was a big earnings winners, up 6%. The consulting firm was under selling pressure ahead of the results, but Accenture gapped above its 50-day moving average. It’s just below a 164.35 cup-with-handle buy point.
Shares of Nike (NKE) added 0.6% ahead of its earnings report after the close. Wall Street will be looking for a turnaround in North American sales after recent sluggishness. Nike is holding just above its 50-day moving average after a recent breakout over a 70.35 buy point.
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