US stocks traded higher on Tuesday as shareholders continued to monitor the progress of the country’s tax reform.
At midday, the Dow Jones Industrial Average added 8.46 points, or 0.04 per cent, to 24,298.51, Xinhua news agency stated.
The S&P 500 raised 7.76 points, or 0.29 per cent, to 2,647.20. The Nasdaq Composite Index was up 50.65 points, or 0.75 per cent, to 6,826.01.
The US Senate on Saturday narrowly passed the Republican bill to overhaul the tax code in decades, moving one step closer to the first major legislative victory of the Trump administration and congressional Republicans.
The House of Representatives had passed its own version of tax reform legislation last month, which contained noteworthy differences from the Senate version.
Republicans presently plan to convene a conference in the next few weeks to reconcile the House and Senate versions.
Overhauling the tax code is a top priority of Republicans and they are hoping to send the final legislation to President Donald Trump before Christmas.
Analysts said market sentiment was boosted by the prospect of the tax bill, sending the Dow Jones Industrial Average to record highs on Monday.
In corporate news, shares of Bank of America rose 0.7 per cent around midday after the bank declared it would buy back an additional 5$ billion in stock. The repurchase will take place through June 2018.
Stock to Watch: Schlumberger Limited (NYSE: SLB)
On Tuesday, Shares of Schlumberger Limited (NYSE: SLB) expressed a change of -1.78% and closed its trade at $63.45. The stock exchanged hands with 8,194,194 numbers of shares compared to its average daily volume of 7.87M shares. When trading is lighter than usual, it is said to be “thin.” When there’s more trading than usual, it is called “heavy trading.” Volume is the basic fuel of the market since stocks move up or down in price only when shares are trading hands.
The market capitalization (Stock Price Multiply by Total Number of Outstanding Shares) for the company is reported at $87.88B. The company has its outstanding shares of 1.39B. Outstanding shares refer to a company’s stock presently held by all its shareholders, counting share blocks held by institutional shareholders and restricted shares owned by the company’s officers and insiders. After a recent check, it is observed that the insiders for the firm currently own 0.10% shares. There has been an observed change of -2.65% in the ownership of the shares in the past six months. However, the institutional investors are observed to own 81.70% of the total shares. During last 3 month period, 0.62% of total institutional ownership has changed in the company shares.
What Historical Figures Say About Schlumberger Limited (NYSE: SLB)?
Before trading, trader, investor or shareholder must have an eye on stock’s historical performance. Analysts review historical return data when trying to predict future returns or to estimate how a security might react to a particular situation, such as a drop in consumer demand. Historical returns can also be useful when estimating where future points of data may fall in terms of standard deviations.
Analyzing historical data can give some perception of how a security or market has reacted to various different variables, from regular economic cycles to sudden world events. Shareholders looking to interpret historical returns should keep one caveat in mind: you can’t assume that the future will be like the past. The older the historical return data is, the more likely it is to be less useful when predicting future returns. Historical return data for SLB stock is described below:
Looking into last 5 trades, the stock observed a return of almost 1.86%. However, -0.20% over the last one month, -3.45% for the last quarter and year to date performance stands at -24.42%.
Important Technical Indicators to Consider:
ATR value of the company was 1.30 and Relative Strength Index (RSI) was 47.51. The stock volatility for the week was 2.44% while for the month was 2.02%. The stock was trading at a distance of -27.77% from its 52-week highs and stands 3.98% away from its 52-week lows. SLB’s latest closing price was -8.67% away from the average price of 200 days while it maintained a distance of -2.74% from the 50 Day Moving Average and -0.20% away compared to its SMA 20.
Analysts’ Suggestions in the Limelight:
Analysts have given a mean recommendation of 2.10 on this stock (A rating of less than 2 means buy, “hold” within the 3 range, “sell” within the 4 range, and “strong sell” within the 5 range). The mean target price as estimated by the analysts for the company has been recorded at $74.58.
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