Indexes Close Out Week With Quiet Losses; Breakouts For Nike, Splunk | Stock News & Stock Market Analysis

Friday’s session was quiet as major stock indexes ended with modest losses, but as has been the case recently there were plenty of strong movers below the surface.

XAutoplay: On | OffThe Dow Jones industrial average lagged, falling 0.4%, weighed down by weakness in Coca-Cola (KO) and Wal-Mart (WMT).

Wal-Mart lost 2%, one day after shares surged 11% on strong earnings. Coca-Cola gave back nearly 2% after its Investor Day on Thursday.

Nike (NKE) was a bright spot in the Dow, helped in part by huge gains from Foot Locker (FL) and Hibbett Sporting Goods (HIBB), which reported better-than-expected earnings. Shares of Nike gapped up over a 57.35 cup-with-handle buy point, rising 3% to 59.19.

The Nasdaq composite backed off nearly 0.2%, while the S&P 500 eased 0.3%. The Russell 2000 small-cap index outperformed again, rising 0.4%, after reclaiming the 50-day moving average Thursday. Preliminary data showed volumes on the NYSE and Nasdaq coming in close to Thursday’s levels.

In the stock market today, NetEase (NTES) followed through from Thursday’s breakout over a 320.77 cup-with-handle buy point. Shares rocketed nearly 13% to 367.50. It’s extended past the buy point now.

Elsewhere, enthusiasm was short-lived after Tesla (TSLA) last night unveiled a new semi-truck and a roadster than can go from zero to 60 mph in 1.9 seconds. Shares of Tesla rose 4.5% early but got turned away at the 200-day moving average, ending with a gain of less than 1%. Tesla remains in a downtrend after gapping below the 200-day moving average Nov. 2.

Leaderboard name Splunk (SPLK) gapped up powerfully over a 69.71 buy point, soaring 18%. There was a lot to like about its latest earnings report, which also came with a bullish outlook. The enterprise software name, specializing in data analytics, announced 450 new enterprise customers as well as an expanded relationship with Dell EMC, a subsidiary of Dell Technologies (DVMT).

Fellow enterprise software name Workday (WDAY) gained 2% to 111.68. It’s still in buy range from a 110.69 cup-with-handle buy point.

At the New York Mercantile Exchange, U.S. crude oil futures for December delivery were trading around $56.59 a barrel, up 2.6%. That helped select oil- and gas-related firms outperform.


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Originally posted 2019-09-19 23:31:31.


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