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Can the Dow Go for 10 Straight?

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Monday, August 7th, 2017

We kick off another week of trading with the Dow Jones having posted nine straight up days — a new record. Positive Q2 earnings results overall (and Apple [(AAPL - Free Report) ] in specific) and better-than-expected economic data such as last Friday’s non-farm payroll numbers (complete with an historically low 4.3% Unemployment rate) have helped moved the index of 30 blue chips to all-time highs. Can this continue?

We’re not looking at quite as busy a week for econ data, or even high-profile earnings reports — although Thursday begins to final leg of earnings season, which brings the slew of publicly traded retailers to the fore with Macy’s (M - Free Report) results before the bell that day. Otherwise, aside from a couple Fed presidents signaling the direction of FOMC policy ahead of its session coming up in September, and a CPI headline late this week, we begin to enter the seasonally dormant period on the trading calendar.

This morning, Tyson Foods (TSN - Free Report) beat earnings estimates by a penny at $1.28 per share on revenues of $9.85 billion, which also topped expectations of $9.48 billion. These represent growth of 6% and 4.8% year over year, respectively. Also, Tyson raised full-year earnings guidance to a range of $4.95-5.05, 13% growth year over year.

Anti-inflammatory treatment specialist Horizon Pharma (HZNP - Free Report) is climbing 14% in today’s pre-market after far surpassing the Zacks consensus of 12 cents per share in its earnings reports — 26 cents per share (accounting for stock-based compensation expenses) more than doubled expectations. Revenues of $289.5 million easily topped the $235 million anticipated. Chronic gout treatment Krystexxa grew 93% year over year, and the company upped its full-year sales guidance to over $1 billion per year.

After today’s closing bell, Marriott International (MAR - Free Report) will report quarterly earnings, which follows this morning’s news that the global hotelier is teaming up with Alibaba (BABA - Free Report) , whereby users of the Internet giant will be able to book hotel rooms at Marriott directly. This has led to a more than 3% jump in Marriott shares in today’s pre-market. The company is one of the very many these days trading at all-time highs.

Mark Vickery
Senior Editor

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