Dow Jones Erases Losses As Walmart, Cisco Systems Report Earnings

The stock market inched higher in early trade Thursday, as the ten-year benchmark Treasury yield neared 3.1%. The Dow Jones industrial average was unchanged amid two of its members’ earnings results. Meanwhile, IBD 50 stock Baozun (BZUN) was breaking out.


Dow networking giant Cisco Systems (CSCO) stumbled over 3% on disappointing guidance. Meanwhile, Walmart (WMT) slipped nearly 2% despite better-than-expected Q1 earnings results. (For updates on this story and other market coverage, visit Stock News Today.)

The tech-heavy Nasdaq and the S&P 500 edged higher in morning trade.

Among companies reporting earnings, Cisco Systems neared a potential sell signal, as the stock approached the 7%-8% loss-cutting level from a 46.26 cup-shaped base entry. Shares fell about 3% and are attempting to find support near their 50-day line.

Walmart gave up early gains to fall almost 2%, as it looked to snap a four-day winning streak. Shares had been on the mend since hitting a multimonth low on May 11. The stock remains below its long-term 200-day moving average line and appears to be seeing resistance at the 50-day line.

Take-Two Interactive Software (TTWO) rose about 1% despite missing top-line estimates in its fiscal-Q4 report. The video game publisher tried to break out past a 117.45 double-bottom buy point before trimming gains.

After the market close, Applied Materials (AMAT) will announce its quarterly results. Analysts expect the chip-gear maker to earn $1.13 per share on revenue of $4.409 billion. Shares fell over 1% Thursday, as they battled for support at their 50-day line. The stock is about 6% away from a double bottom’s 58.50 buy point, according to MarketSmith’s chart analysis. The stock’s relative strength is lagging.

Inside The IBD 50

Among the top growth stocks, Baozun surged almost 17%, as it regained its 50-day line and broke out past a buy point in heavy volume. Shares are just above a 52.43 potential buy point. The China-based software maker sports a 98 out of highest-possible 99 IBD Composite Rating. The rating is a blend of key fundamental and technical metrics.

On the downside, Alibaba (BABA) dipped nearly 1%, as it remains within striking distance of a 201.60 double-bottom entry.


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Originally posted 2019-09-19 23:14:33.


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