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Job Gains Spark Stock Market Rally; Lululemon Surges To Highs

The stock market looked to close out the week with a strong gain Friday. The Labor Department said the U.S. economy added 223,000 jobs in June — better than the 190,000 consensus estimate. Meanwhile, the jobless rate fell to 3.8%. Top retail stock Lululemon (LULU) surged to new highs after its strong earnings release late Thursday. (For updates on this story and other market coverage, visit stock news today)

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All three major indexes — the Dow Jones industrial average, the S&P 500 and tech-heavy Nasdaq advanced about 0.8%.

Among companies reporting earnings, yogawear retailer and Leaderboard member Lululemon’s beat-and-raise quarter sent the stock up about 14% early Friday. The stock has made big gains since the company reported strong earnings results on March 27 and put the stock extended from a previous buy area around the 50-day line.

Fellow retail name Abercrombie & Fitch (ANF) topped Q1 estimates, as the stock continued its recent slide below the 50-day moving average line. Shares plunged 8% and are about 25% off high.

VMware (VMW) is breaking out above a cup with handle’s 145.25 entry early Friday. Shares rose almost 8% after the company beat the Street’s Q1 targets.

Top software stock Workday (WDAY) triggered the 7%-8% loss-cutting sell signal from a double bottom’s 133.66 entry, as the stock declined over 5%. Late Thursday, the maker of human capital management and financial software reported better-than-expected Q1 earnings and sales. Its full-year fiscal 2019 subscription revenue was guided in line with analyst targets.

Among the FANG stocks, Facebook (FB) rose 0.5% and is approaching a fresh high. Shares are in the 5% buy range from a 188.42 buy point that tops out at 197.84.

Inside The IBD 50

Among the top growth stocks, Grubhub (GRUB) advanced more than 1%, as the stock continues to trade within the 5% buy range above a 105.78 double-bottom entry. The base is a later-stage formation.

Alibaba (BABA) rose more than 1% and is once again approaching a double bottom’s 201.60 entry. Shares topped that level on Tuesday, but closed below the buy point. Resistance around the $200 price level has been stout.

Meanwhile, Five Below (FIVE) moved up almost 1%, as the stock continues to shape a flat base with a 78.38 buy point. The stock’s relative strength line has dipped since mid-April, showing significant market underperformance.

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