Dow Jones, Stock Market Rally; Netflix Falls

The major stock indexes were modestly higher to cap off a week of solid gains early Friday in today’s stock market. The Dow Jones industrials remained up more than 100 points. Top growth stock Atlassian (TEAM) jumped to new highs, while Dow Jones stock American Express (AXP) and FANG stock Netflix (NFLX) fell on disappointing earnings results.





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The tech-heavy Nasdaq composite moved up 0.3% after rising as much as 0.7% at the stock market open. The S&P 500 index gained 0.5%, while the Dow Jones industrials rose 0.5%. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Dow Jones Stocks: American Express Misses Earnings

Among the Dow Jones stocks, American Express reported weaker-than-expected earnings results after the stock market close Thursday. Shares fell almost 2% and moved further below their 50- and 200-day moving average lines.

Meanwhile, Home Depot (HD) snapped back from Thursday’s loss with an over-1.5% gain. Shares are fighting for support around their 10-week line, amid a correction that spans back to September.

Stock Market Earnings: Atlassian, Netflix

After the stock market close Thursday, IBD 50 stock Atlassian reported better-than-expected results, sparking a gain of as much as 7.6% gain before trimming that gain to just 0.4%. Atlassian stock hit a new high at the stock market open before backing off.

Meanwhile, Netflix topped Q4 estimates late Thursday, but light guidance prompted a 4% fall in early morning trade. Netflix stock is moving up the right side of a new base formation, but no clear entry is in play yet.

Tesla Stock Falls On Difficult Road Ahead

Early Friday, Tesla (TSLA) cut 7% of its workforce, as it ramps up production of the Model 3 sedan. CEO Elon Musk said the company has a “very difficult” road ahead of it.

Tesla stock sold off almost 10% to fall below its 50-day moving average line. Shares had been nearing a cup with handle’s 379.59 buy point. Today’s action puts a damper on the stock’s base formation.

IBD 50 Stocks To Watch: Lululemon, Edwards Advance

Among the leading growth stocks, stock leader Lululemon (LULU) gained another near-2% Friday, on pace for a weekly gain of more than 10%. Thursday’s IBD 50 stock to watch is shaping the right side of a new base formation. Be on the lookout for a potential handle to form.

Meanwhile, Edwards Lifesciences (EW) gained 2.8% after Bank of America upgraded the medical stock from neutral to buy. The price target was raised to 190 a share — a 19% premium to Thursday’s closing price. The top stock is nearing a conventional entry at 175.10.

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