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Stocks Nurse Modest Losses As Bitcoin Deflates; Celgene Gaps Down | Stock News & Stock Market Analysis

The major stock indexes held modest losses in late-afternoon trading Friday ahead of the long holiday weekend, but the session wasn’t entirely without incident as Bitcoin speculators suffered more pain.

X After three straight declines that saw Bitcoin Investment Trust (GBTC) lose nearly 50% of its value, it plunged another 35% Friday but recovered after touching the 50-day moving average. Bitcoin itself slumped below $11,500 at one point Friday after starting the week close to $20,000. One of Bitcoin’s major exchanges, Coinbase, suspended transactions temporarily.

The Dow Jones industrial average, S&P 500 and Nasdaq composite were mostly flat or down 0.1%. Volume on the NYSE and Nasdaq was tracking well below Thursday’s levels in the stock market today.

Money continued to flow into oil and gas names Friday even though U.S. crude oil futures were mostly unchanged around $58.40 a barrel. Concho Resources (CXO) followed through after Thursday’s breakout over a 147.87 buy point. Shares rose 1% to 151.50.

Group peer and IBD 50 name Diamondback Energy (FANG) is also showing good follow through after a breakout this week. Shares were up another 1% to 124.50. Diamondback is on pace for a weekly gain of more than 13% and was added to Leaderboard earlier this week.


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On the downside, Celgene (CELG) gapped down after the former biotech leader disclosed that a treatment for  a form of Non-Hodgkin lymphoma failed in a phase 3 trial. Celgene gapped down on Oct. 20 after stopping a phase 3 trial for a drug to treat Crohn’s disease.

Elsewhere, Shake Shack (SHAK) held up relatively well despite a downgrade from Jefferies to underperform from hold. Shares lost 2% t0 45.25, significantly paring an early plunge of 5%. After a strong run, Shake Shack is still holding comfortably above a 38.80 buy point.

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