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Indexes Mostly Flat As Apple, Tesla Lose More Ground | Stock News & Stock Market Analysis

Major stock indexes held modest gains in afternoon trading Wednesday as weaker-than-expected readings on consumer confidence and November pending home sales did little to stir negative sentiment.

X The Dow Jones industrial average, S&P 500 and Nasdaq composite were mostly flat. Volume on the NYSE and Nasdaq was tracking slightly higher than Tuesday’s light levels in the stock market today.

Money flowed into bonds, sending the 10-year Treasury yield lower by 5 basis points to 2.43%.

Facebook (FB) was a top percentage gainer in the Nasdaq 100, rising 1%. It’s trying to get back above the 50-day moving average after a breakout in late October over a 175.59 buy point. Apple (AAPL) edged lower on news the company is facing several lawsuits regarding allegations the company slowed older versions of the iPhone down to save battery life.

Tesla (TSLA) went the other way in the Nasdaq 100, falling nearly 2%, after KeyBanc Capital Markets significantly lowered its Q4 Model 3 delivery outlook to 5,000 cars from 15,000. Tesla’s own delivery outlook will be out in early January ahead of its Q4 results.

Inside the IBD 50, Floor & Decor (FND) broke out powerfully from a cup-with-handle base with a 46.34 buy point. Shares jumped 8.5% to 49.20. There was no news, but the retailer went public in April at 21 and today’s breakout is from a first-stage base. One flaw is the handle, which shows wedging action. Wedging involves lows that rise in the handle rather than decline.

Daqo New Energy (DQ) was another big gainer in the IBD 50, also up 8%. The China-based solar name has been consolidating for about three-and-a-half weeks after a breakout in October over a 30.90 buy point.

Elsewhere, MarketSmith Growth 250 name Cutera (CUTR) outperformed, rising 3%. The maker of lasers for minimally invasive aesthetic procedures recently broke out over a 44.50 buy point, but the breakout failed when the stock fell 8% below the buy point. Cutera recently cleared an alternate entry of 47.25. It reclaimed the alternate entry Wednesday.

In economic news, consumer confidence waned in December, according to the latest data from the Conference Board. Its confidence index clocked a reading of 122.1, below the consensus estimate of 128.

Meanwhile, pending home sales edged up 0.2% in November, a little below the consensus estimate of 0.5%, after rising 3.5% in October. IBD’s homebuilder group continues to hold near highs after a big gain in 2017.

In related news, small cap homebuilder William Lyon Homes (WLH) is testing support at the 10-week moving average for the first time after a breakout in late October over a 25.28 buy point.

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