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Dow Jones Leads Stock Market; Facebook To Report

The major stock indexes were sharply higher in today’s stock market action. The Dow Jones industrial average rose 200 points. Apple (AAPL) will launch new products at its launch event in New York City today. Meanwhile, Amazon.com (AMZN) and Netflix (NFLX) dropped sharply at the market open. Fellow FANG stock Facebook (FB) will report earnings after the stock market close. (For updates on this story and other market coverage, visit the Stock Market Today.)




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The Dow Jones industrials and S&P 500 moved up about 0.9% apiece. The Nasdaq composite rose 0.8%, as it looked to recover from Monday’s 1.6% drop.

Stock Market Earnings: Texas Roadhouse, Wingstop

Among companies reporting earnings, IBD 50 stock Texas Roadhouse (TXHR) declined 12% after missing earnings estimates. The restaurant had been forming a flat base with a 75.34 entry, but that formation is now gone. Shares broke down below their long-term 200-day moving average line in heavy volume.

Wingstop (WING) reversed from early gains to fall 1% after beating the Street’s earnings and sales targets late Monday. Shares are looking to regain their recently lost 50-day line. Still, the stock is about 13% above a flat base’s 55.96 buy point. Investors could have taken profits in the chicken wings-focused restaurant when it reached the 20%-25% profit-taking level.

Dow Jones Stocks: Pfizer, Apple

Dow Jones stock Pfizer (PFE) trimmed early losses to about 1% after it missed top-line estimates and provided cautious sales guidance. The top blue-chip stock is one of the Dow’s leaders with an RS line at new highs and potential support near the 50-day line. Shares are fighting to get back above the 50-day line.

Meanwhile, tech bellwether Apple is doing its best to withstand the stock market correction. The iPhonemaker looked to snap a two-day losing streak with a 1% gain. Shares are about 4% below their 50-day line, as that support level gave way last week. The company is expected to announce new iPads and Macs today. The stock’s relative strength line is near a new high.

Facebook, Paycom To Report Late

FANG stocks were under pressure early Tuesday before morning rallies. Amazon.com fell as much 4% before trimming losses to 1%. Netflix dropped 4.8% but pared losses to about 2%.

Facebook neared a new 52-week low ahead of its Q3 earnings release after the stock market close Tuesday. Earnings are expected to measure $1.46 per share on revenue of $13.81 billion. Shares dropped 1% early but turned positive.

Computer software stock Paycom Software (PAYC) is expected to earn 52 cents per share on revenue of $130 million. The top growth stock rose as much as 42% from a double bottom’s 115.64 buy point on Sept. 14.

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