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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.

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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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