A Hot Dow Closes At New High; CAT, 3M, Polaris Score Big Gains | Stock News & Stock Market Analysis

The Dow industrials snapped higher Tuesday, rising 0.7% to lead a rebound from the week’s slouchy opening and moving the index to another new high. The index is already nearly halfway to the 24,000 mark from the 23,000 level it cleared Oct. 17.

The Nasdaq and S&P 500 also gained ground, up 0.2% apiece. But neither succeeded in taking back Monday’s losses, leaving them lower so far this week. Steel/alloy, home furnishings and chips scored many of Tuesday’s best gains. Appliances, commercial loans and telecom services were at the bottom of the list.

Blue chips and earnings reports generated the bulk of the day’s news, but FANG stocks also held up their end of the bargain.

Neflix (NFLX) stepped up more than 2%, just after pricing a $1.6 billion offering of high-yield bonds to help fuel its ambitious capital expenditures planned for 2018. The stock was still in a buy range above a 190.05 buy point in a cup-with-handle base.

3M (MMM) and Caterpillar (CAT) easily outpaced peers among the Dow industrials. Both companies reported better-than-forecast third-quarter results. Megacap 3M surged 7%, leaving it 10% above a 214.67 buy point from a cup base.

Caterpillar shares spiked 5% in heavy trade to a new high. The stock is also extended, up 32% from a July rebound from 10-week support.

Off the Dow, Polaris (PII) delivered the day’s surprise earnings news, soaring 16% after a big third-quarter beat. It reported earnings growth that accelerated from the single digits to 192% for the quarter, with sales growth accelerating for a third straight quarter. The big gap-up move sent shares up the right side of a complex, 25-month consolidation.

Shares of Fiat Chrysler (FCAU) surged 6% and entered a buy zone, rebounding from a test of support at the 10-week line, despite lower-than-expected numbers on both the earnings and revenue lines for its third quarter.

Names losing the most ground Tuesday included Whirlpool (WHR), down 11%; Commvault Systems (CVLT), down 9%; and Paccar (PCAR), with a 6% loss.


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Originally posted 2019-09-19 23:25:45.


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