Dow Jones, Stock Market Sell Off; Apple Stock Falters

The major stock indexes showed heavy losses for a second straight day in today’s stock market action. The Dow Jones industrial average followed up on Tuesday’s 800-point drop, moving another 450 points lower. News of the Dec. 1 arrest of the CFO of Chinese telecom giant Huawei Technologies shook investors’ confidence in the U.S.-China trade talks. After the stock market close, Lululemon (LULU) and Ulta Beauty (ULTA) will report earnings. Meanwhile, blue-chip Apple (AAPL) stock sold off for a second straight day. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials and the S&P 500 index declined 2% and 1.9%, respectively. The tech-heavy Nasdaq composite dropped 1.8%.

Boeing Stock Leads Dow Jones Industrials Lower

Boeing stock declined 5%, adding to Tuesday’s near-5% swoon.

The blue chip stock fell further below its 50- and 200-day moving average lines. On Monday, the airplane maker came within points of breaking out above a double bottom’s 373.80 buy point. Shares are now about 18% off their 52-week high.

Stock Market Earnings: These 2 Top Growth Stocks On Tap

After the stock market close Thursday, Leaderboard IBD 50 stocks Lululemon and Ulta Beauty will report their quarterly earnings results. Yoga-gear maker Lululemon is expected to earn 69 cents per share on revenue of $734 million. The stock is working on a new base, but for now is finding resistance at its 50-day moving average line. Shares dropped 2.5%.

Ulta Beauty is expected to earn $2.16 per share on revenue of $1.56 billion. Shares are trying to stem their recent slide at their 290.40 flat-base entry and 50-day moving average line. Shares fell nearly 1%.

Apple Stock’s Sees Two Price-Target Cuts

Apple stock fell another near-3% Thursday, following up on Tuesday’s 4.4% decline.

Early Thursday, UBS and Rosenblatt Securities slashed their respective price targets on Apple stock. UBS maintained its buy rating, but lowered its price target from 225 to 210, citing weak purchase intention for the iPhone. Rosenblatt reduced its target from 200 to 165 on lower iPhone shipment estimates. Apple stock is nearing its recent lows set on Nov. 26.

IBD 50 Stocks: HealthEquity, Trade Desk Stumble

Among the leading growth stocks, HealthEquity (HQY) plunged 10% after its Q3 earnings results late Tuesday. The HSA provider topped earnings views and boosted its full-year outlook, though it remained cautious.

Meanwhile, Trade Desk (TTD) was another big decliner Thursday. The IPO Leader faltered over 5%, but is still holding above its 50-day moving average line. A potential handle may be forming on its current cup-shaped base. Late Tuesday, the company’s COO stepped down.


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Originally posted 2019-09-19 23:27:18.


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