Dow Jones Today: Apple Stock, Microsoft Stock Lead The Way; Adobe Breaks Out

Technology stocks led the upside in afternoon trading Monday. Top stocks in the Nasdaq 100 included Adobe (ADBE), up nearly 4%. It cleared the 250 level, which had been resistance in recent days. In the Dow Jones today, Microsoft (MSFT) and Apple (AAPL) were top gainers, rising more than 2% each.


The Nasdaq composite led the way, up 0.9%. The S&P 500 added 0.3% and the Dow Jones industrials was up 0.2%. Volume on the NYSE and Nasdaq was tracking about 10% lower than Friday.

Dow Jones Today: Gainers

Shares of Microsoft were up 2.6% on the heels of last week’s earnings report. It’s trading near its 50-day moving average as it works on a cup-with-handle base.

Apple, meanwhile, looked poised to extend its winning streak to four sessions. Shares rose 2.6%, but Apple is still 26% off its high and not near an actionable entry.

Outside of the Dow Jones today, blue chip stock Clorox (CLX) showed strong technical action, gapping above its 50-day moving average on strong earnings. Shares were up nearly 7%.

In other stock market news, shares of Ultimate Software (ULTI) soared more than 19% on news the company is being taken private by an investor group led by Hellman & Friedman.

Enterprise software stocks like Ultimate Software have been leading the market for some time. It’s one of the few sectors areas in the stock market where there’s earnings visibility. Not only do several leading enterprise software stocks shows huge earnings and sales growth in recent quarters, but strong growth is expected in coming quarters as well.

Separately, Papa John’s (PZZA) jumped 9% after activist hedge fund Starboard Value said it would invest $200 million in the pizza chain. Starboard CEO Jeffrey Smith will take over as chairman.

Inside the IBD 50, Trade Desk (TTD) was a nice gainer, up 5.5% in strong volume. It’s still in buy range from a 149.10 entry. Results are due Feb. 21 after the close.

Other top gainers in the IBD 50 included BioTelemetry (BEAT), Atlassian (TEAM), Paycom Software (PAYC) and Leaderboard stock Veeva Systems (VEEV).

Meanwhile, IBD 50 stock Match Group (MTCH) was resilient despite a sell rating from Goldman Sachs and 45 price target. Earnings are due Wednesday after the close. After falling nearly 6% intraday, shares were down 0.8% in afternoon trading. Match has been a top performer in the internet content group along with IAC/Interactive (IAC).

Google parent Alphabet (GOOGL) added 1% ahead of Q4 results after the close. Due to low implied volatility, an earnings option trade was discussed last week.


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Originally posted 2019-09-19 23:32:44.


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