The market has no idea what to do this week, but at least it has held after that nasty day on Tuesday. Apple and Facebook set new all-time highs at the opening on Tuesday but then fell back later that day as both stocks are waiting for some signs in Washington that our new leader is moving in the right direction. Apple closed at $141 yesterday, flat, and Facebook closed at $140, unchanged as well. Google (GOOG: $818, down 12) gobbled up 166,000 square feet in downtown San Francisco, further creating its urban campus. It fell 1.5% yesterday due to a downgrade by Pivotal Research with a price target change of $950 from $970. They were concerned about UK brand safety issues, which they say has global repercussions. We think not, and in fact, if you are going to downgrade the stock, why not take the target down to $700? We think this is silly..
Mazor Robotics (MZOR: $25.50, up 8%) is on a tear this week, despite the rough market. This company sells a powerful guidance system for simplifying spine surgeries, and it appears all systems are GO for this small, $600 million market cap company.
The market is up about 65 Dow points in overnight trading as we write this. Let’s hope this holds and that we get some good news out of Washington today, and the market starts moving to that 21,000 level again soon. We’re over 20,700 now. Note that the 10-year Treasury has been falling like a stone these past 10 days. It closed at 2.42% yesterday, down from 2.61% on the 13th.