Apple Chipmakers Broadcom, Skyworks, Qorvo Hit Buy Points; Exact Sciences, Cognex Rise Late: S&P 500 Futures | Stock News & Stock Market Analysis

Futures for the S&P 500 index, Nasdaq 100 and Dow industrials were little changed late Monday, with Exact Sciences (EXAS) and Cognex (CGNX) rallying after hours on earnings. In Monday’s regular session, the S&P 500 and other major averages fell modestly even as Apple (AAPL) extended Friday’s breakout and iPhone chip suppliers Broadcom (AVGO), Skyworks Solutions (SWKS) and Qorvo (QRVO) crossed buy points intraday.

XAutoplay: On | OffS&P 500 index futures fell a fraction vs. fair value. Nasdaq 100 futures rose slightly and Dow futures were flat.


Apple rose 2.25% to 166.72 following a 3.6% spike Friday to clear a 160.74 cup-with-handle buy point. The stock, a member of the S&P 500 index, Nasdaq composite and Dow industrials, hit a record high intraday but is still in buy range. Apple reports fiscal fourth-quarter earnings on Thursday and the iPhone X will go on sale on Friday.

iPhone Chipmakers

Those earnings and the iPhone X launch, which will reveal which suppliers are in the latest handset, are key for several chipmakers and other iPhone plays highlighted before Monday’s open.

Broadcom rose 3.3% to 261.23 on Monday, vaulting above a 259.46 buy point from a flat base. Skyworks surged 3.8% to 112, above a 110.71 entry. Qorvo advanced 3.4% to 76.25 after hitting 76.59 intraday, briefly topping a 76.57 buy point.

Broadcom, Skyworks and Qorvo all rose in heavy volume, suggesting institutional support for the breakout attempts.

Qorvo reports quarterly earnings late Wednesday, with Skyworks due on Nov. 6.

Exact Sciences

Exact Sciences reported a per-share loss of 23 cents while revenue more than doubled to $72.6 million, both better than expected. The company said it ran 161,000 Cologuard tests in the third quarter. Cologuard is noninvasive DNA screening test for colon cancer.

Exact Sciences shares rose 5.8% in late trading to 53, which would top Friday’s all-time high.


Cognex reported 87% earnings per share growth to $1.14, beating the consensus by nine cents, according to Zacks Investment Research. Revenue rose 76% to $259.74 million, well above views. Cognex guided Q4 revenue estimates higher. Cognex makes inspection equipment used in high-speed automated-manufacturing settings. Key customers in 2016 included BMW and Apple.

Cognex shares rose 3.8% to 128.40 after hours. That would top the all-time high of 126 set intraday Monday, though shares closed down 1.4% at 123.66.

Cognex is a member of the IBD 50, a list of the very top stocks based on a variety of fundamental and technical data. Year to date, the IBD 50 is doubling the S&P 500’s performance.


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Originally posted 2017-10-31 05:57:00.


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