Dow Jones Today: UnitedHealth, Intel Lead Blue Chips Lower; Merck Sets Up

Sellers were back in the stock market Friday after the Nasdaq composite and S&P 500 suffered distribution days Thursday with big percentage declines in higher volume. In the Dow Jones today, UnitedHealth (UNH) and Intel (INTC) fell, while Electronic Arts (EA) bucked the trend in the Nasdaq 100.


After plunging 13% Wednesday on earnings, shares of EA rallied nearly 5% Thursday and an additional 12% Friday. News Friday was that its free-to-play battle royale game Apex Legends picked up 10 million users within 72 hours.

The Dow Jones today was down 0.7%. The S&P 500 and Nasdaq composite both eased around 0.4%. Volume on the NYSE and Nasdaq was tracking about 10% lower than Thursday levels in the stock market today. (For updates on this story and other market coverage, visit the Stock Market Today page.)

In IPO news, biotech Gossamer Bio (GOSS) jumped nearly 6% to 16.90 after pricing last night at 16. The company, founded by former Receptos executives, raised $276 million, which was above expectations. Gossamer’s lead drug candidate is for a hard-to-manage form of asthma.

Dow Jones Today: Gainers

Some stocks in the Dow Jones today bucked the trend, including Merck (MRK). Shares were up 0.5%. It’s only 3% off its high as it works on a flat base with an 80.29 entry.

Among the FANG stocks, (AMZN) slumped 2% after CEO Jeff Bezos accused the National Enquirer of blackmail. After a sharp sell-off, Amazon has been getting resistance at its 200-day moving average.

Despite selling pressure in the broad market, growth stocks were generally strong. The Innovator IBD 50 ETF (FFTY) added 0.9%, helped by strong showings from Euronet Worldwide (EEFT) and Paycom Software (PAYC).

Euronet moved powerfully on earnings, along with telecom equipment firm Ubiquiti Networks (UBNT). Euronet soared out of a cup-shaped base, rising 9.5%. Telecom equipment firm Ubiquiti also broke out, rising nearly 17%

Ubiquiti was the top gainer in the MarketSmith Growth 250, along with several enterprise software stocks, including Zendesk (ZEN), (ALRM) and (WIX).

Security software stock Rapid7 (RPD) was another earnings winner, up 12.5%. Two other stocks in the group reported earnings Thursday — FireEye (FEYE) and Fortinet (FTNT). Shares of FireEye crashed 12% Thursday. Fortinet fell 2% but closed well off lows. Another stock in the group, Qualys (QLYS), reports earnings Tuesday after the close. Qualys is working on a first-stage cup-shaped base with a 98.40 entry.


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Originally posted 2019-09-19 23:33:06.


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