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Dow, S&P 500 Mostly Flat; Trade Desk Soars

The stock market was mixed and mostly unchanged in afternoon trading Friday. The quiet session came ahead of President Trump’s press conference at 2 p.m. ET to discuss drug prices.

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A five-session win streak was in jeopardy for the Nasdaq composite, but selling pressure was muted. It was down 0.3%. The Dow Jones industrial average outperformed with a 0.2% gain. The S&P 500 edged higher.

Volume was tracking lower on the NYSE and Nasdaq (For updates on this story and other market coverage, visit Stock Market Today).

In IPO news, China-based Huya (HUYA) priced last night at 12 and opened at 15.50. Shares recently exchanged hands around 16.20. The YY (YY) spinoff is China’s top video game livestreaming platform. Sales in 2017 totaled $328 million, up sharply from $118 million in 2016.

Trade Desk (TTD) was a big winner. Shares gapped up and soared 41% on strong earnings. Shares were recently trading around 74, well above the stock’s open price of 67.75. When a stock gaps up over a buy point, it’s OK to buy as close to the open price as possible.

Shares of Weight Watchers (WTW) were up 7% to 76.40, flirting with a new high. The company on Thursday announced a secondary share offering priced at 69. The stock has been volatile after its May 3 earnings report. Its latest consolidation shows some erratic weekly price swings, which is a flaw. It’s also a later-stage consolidation after a big move already.

Inside the IBD 50, Align Technology (ALGN) touched a new high. Shares were up 3% to around 286. Biotech Ligand Pharmaceuticals (LGND), meanwhile, added nearly 3%. It’s still in buy range after a breakout from a double-bottom base with a 172.17 entry.

In related news, the Innovator IBD 50 ETF (FFTY) gave back 0.4% to 34.88. The exchange-traded fund is celebrating its three-year anniversary and just received a strong four-star rating from Morningstar.

U.S. crude oil futures edged 0.5% lower to $71.03 a barrel. The 10-year Treasury yield inched up 1 basis point to 2.97%.

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