Dow Jones Pulls Back After Big Market Rally; Veeva Stock Reverses Lower

The major indexes drifted lower in today’s stock market action with the Dow Jones industrial average falling almost 100 points. IBD 50 stock Veeva Systems (VEEV) briefly broke out above a buy point after strong earnings results, but then reversed lower. Dow Jones stock McDonald’s (MCD) was higher despite the market’s early weakness. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials and the S&P 500 index gave up 0.5% and 0.6%, respectively. The tech-heavy Nasdaq composite moved down 0.7% in morning action.

McDonald’s Leads Dow Jones Industrials

Dow Jones stock McDonald’s gained over 1% after Morgan Stanley upgraded the stock from equal-weight to overweight, while upping the price target from 173 to 210. The analyst believes the company’s modernization efforts will pay off in 2019 and lead to “best in class sales results for more years to come.”

McDonald’s stock hit a new high and is extended from a saucer with handle’s 172.10 buy point. The stock’s relative strength line is at new highs to signify strong market outperformance.

Stock Market Earnings: Veeva Systems Breaks Out, Then Down

After the stock market close Wednesday, IBD 50 stock Veeva Systems reported better-than-expected Q3 results. For the quarter, earnings and sales measured 80% and 27%, respectively, vs. the year-ago period. The software stock boasts three quarters of accelerating earnings growth, a bullish fundamental metric.

The software maker broke out early above a 98.38 double-bottom entry, then reversed and fell 3% to 94.91 — back below the entry. The stock’s RS line has significantly strengthened since the stock found support at its 200-day line on Nov. 20. But the base formed almost entirely below the 10-week moving average, a sign of possible weakness.

New IPO Stock Yeti Reverses From Early Gains

Top IPO stock Yeti turned lower after its quarterly earnings results before the stock market open. The retailer reported strong earnings results and announced solid guidance.

Shares of the IPO Leader soared as much as 11.7% to hit a new high but reversed lower to fall nearly 5% in morning trade. The stock’s earnings results come on the heels of the Nov. 19 breakout above an IPO base’s 17.55 entry.

IBD 50 Stocks: Ulta Beauty Looks To Snap Losing Streak

Among the leading growth stocks, Leaderboard stock Ulta Beauty (ULTA) looked to snap a four-day losing streak with a 1% gain in morning trade. Shares are in the 5% buy range of a flat base’s 290.40 buy point.

On the downside, social media giant Twitter (TWTR) declined 7.5%, undercutting its 50-day line. Twitter stock is shaping a new base, albeit a 45% deep one.


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Originally posted 2019-09-19 23:26:40.


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