Despite the slow start to the effort, once the bulls got going later in the session, they didn’t look back. The S&P 500 ended the day at 2,241.35, up 1.32%. That close was an all-time record.
Not every stock was able to board the bullish train on Wednesday, however. Pioneer Energy Services Corp (NYSE:PES), Nu Skin Enterprises, Inc. (NYSE:NUS) and Celgene Corporation (NASDAQ:CELG) ended hump-day more than a little bit in the red.
Here’s a closer look at what went wrong for each.
Celgene Corporation (CELG)
The bulk of the pharmaceutical industry was in the red today, with names like Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) and AbbVie Inc (NYSE:ABBV) booking uncomfortable losses. Celgene led the way though, with CELG ending Wednesday’s action in the hole to the tune of 4%.
The blame for the demise of CELG and other biopharma players goes to President-elect Donald Trump, who vowed to combat high drug prices.
Still, it was a bit of a stretch on the part of investors. Trump didn’t make a point of injecting the idea in his “Thank You Tour” speech. The message appeared in Time magazine, as part of his Person of the Year spread. He simply commented to the reporter “I’m going to bring down drug prices.” Investors took that non-descript ball and ran with it.
Nu Skin Enterprises, Inc. (NUS)
Personal product maker Nu Skin Enterprises gave NUS shareholders a glimpse of what to expect when it reports its results for the current quarter, which ends at the end of December.
The company believes it’s on pace to report a profit near the upper end of previous per-share profit guidance of between 77 and 81 cents. Analysts were collectively expecting earnings of 79 cents per share of NUS. Sales, however, are expected to roll in at the lower end of the company’s previous guidance of between $550 million and $570 million. Analysts were calling for a Q4 top line of $579 million. The top and bottom line outlooks for 2017 were also both considerably less than analysts had expected.
The salt in the wound: Chief Executive and President Truman Hunt announced he would be leaving the company in mid-2017. It’s a disruption most NUS investors would rather not see in the midst of the company’s current struggle.
NUS ended the day down 7%.
Pioneer Energy Services Corp (PES)
Finally, small-cap oil driller Pioneer Energy Services fell 15.7% on Wednesday, bringing an abrupt end to the 88% gain that had developed since the end of October.
The catalyst for the setback was news that Pioneer was planning on capitalizing on the stock’s recent runup by issuing more shares in an effort to raise funds.
The public offering was scheduled to take place anyway, but was expanded, per Tuesday afternoon’s announcement. Rather than issuing the planned 9 million shares, the company now intends to issue 10.5 million shares of PES at $5.75 per share. That’s a sizable chunk compared to the 63 million shares currently in the float.
As of this writing, James Brumley did not hold a position in any of the aforementioned securities.