Dow Jones Leads Stock Market Action: Apple Stock Falls

The major stock indexes were sharply mixed in today’s stock market action. The Dow Jones industrial average climbed moderately higher in morning trade. A rare downgrade sent Dow Jones stock Apple (AAPL) reeling for a second straight day after last week’s earnings results. (For updates on this story and other market coverage, visit the Stock Market Today.)





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The Dow Jones industrials rose 0.2% while the S&P 500 inched down less than 0.1%. The tech-heavy Nasdaq was sharply lower, falling 1.1%.

Keep in mind that investors should be on the lookout for a follow-through day, which would confirm a new uptrend is underway.

Stock Market Earnings: Ferrari, Mosaic

Among companies reporting earnings, Ferrari (RACE) dipped 1% after posting weaker-than-expected results in the third quarter. The stock is nearing its recent lows, more than 20% off its 52-week high. Shares are below their 50- and 200-day moving average lines.

Mosaic (MOS) is at its 50-day line ahead of its earnings results after the stock market close. Analysts expect the fertilizer maker to earn 65 cents per share on revenue of $2.864 billion. A Sept. 17 breakout above a flat base’s 32.42 buy point failed Oct. 24 when it triggered the 7%-8% loss-cutting sell signal.

Dow Jones Stock Apple Downgraded

Dow Jones stock Apple followed up on Friday’s earnings-driven 6.6% decline with a 3% fall Monday. Rosenblatt Securities downgraded the iPhone maker from buy to neutral. The analyst firm reduced its expectations for iPhone production and shipments.

Amid the stock’s five-week losing streak, the stock has given up much of its gains from a flat base’s 194.30 flat-base buy point. Shares were briefly in the 20%-25% profit-taking range on Oct. 3. According to MarketSmith chart analysis, Apple stock is shaping a new flat base with a 233.57 buy point. But the stock is about 13% away from that level.

Friday’s IBD Stock of the Day and Leaderboard stock Starbucks (SBUX) inched up Monday after Friday’s almost 10% surge. On Friday, the stock broke out past a long consolidation’s 62.04 buy point after the company’s strong fiscal-Q4 results. The 5% buy range tops out at 65.14.

IBD 50 Stocks:

Among the leading growth stocks, Innoviva (INVA) advanced over 1%, as it shapes the right side of a potential base formation. The biotech stock boasts a 95 out of a highest-possible 99 IBD Composite Rating, according to the IBD Stock Checkup.

On the downside, Health Insurance Innovations (HIIQ) declined more than 9%, following up on Friday’s 5% fall. Shares found resistance at their 50-day moving average line and are about 30% off their 52-week high.

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