JPMorgan Results Strong But Shares Fall, Dow Reverses Lower

A solid earnings report from JPMorgan (JPM) wasn’t enough Friday as the Dow ended near its session low, falling 0.5%.


The Nasdaq composite and Dow Jones industrial average gave back 0.5%, while the S&P 500 eased 0.3%. Preliminary data showed volume on the Nasdaq coming in lower than Thursday, and NYSE volume edging slightly higher.

JPMorgan Reports Solid Results

JPMorgan (JPM) reversed lower even as earnings and sales topped expectations. Shares fell nearly 3%. Citigroup (C) also gave back an early gain after reporting earnings. Shares dropped 1.5%.

Elsewhere, F5 Networks (FFIV) was a bright spot after William Blair upgraded the networking giant to outperform from market perform. F5 gapped up over a 154.01 buy point, rising 4.5% to 155.06.

In the stock market today, Zillow (Z) gapped below the 50-day moving average on reports the company is getting into the business of buying and flipping homes. Research firm Craig-Hallum downgraded shares to hold from buy. Shares plunged 6.5% in huge volume.

Arista Networks (ANET) dived 9% after Cleveland Research downgraded shares to neutral from buy and lowered its fiscal 2018 earnings estimate.

New issue Dropbox (DBX) plunged nearly 10% after Nomura Instinet initiated coverage with a reduce rating and 21 price target. Dropbox tried to clear a short IPO base with a 34.47 buy point Thursday but came up short.

Bitcoin Up Again

After soaring 14% Thursday, Bitcoin topped the $8,100 level Friday, rising another 2%.

Bitcoin Investment Trust (GBTC) added another 8% after jumping nearly 9% Thursday. It reclaimed the 200-day moving average Thursday, but it’s still more than 60% off its recent high. The 50-day moving average around 14.50 is a potential resistance level to watch. Other Bitcoin-related issues rose Friday, including Riot Blockchain (RIOT) and Marathon Patent Group (MARA), but (OSTK) reversed lower.

Chip Names In The News

Meanwhile, a couple of high-profile semiconductor names made early headlines. Shares of Broadcom (AVGO) jumped 3% after the company announced a $12 billion share buyback. Broadcom had turned into a laggard in the chip space with a poor Relative Price Strength Rating of 42 and ugly Accumulation/Distribution Rating of E.

Qualcomm (QCOM) added around 1% on news former chairman Paul Jacobs is in talks with investors regarding a bid to take Qualcomm private. Broadcom tried to acquire Qualcomm for $120 billion in a hostile takeover, but President Trump nixed the deal in March because of concerns about national security risks.

Inside the IBD 50, growth stock Netflix (NFLX) closed near its session low but still rose 0.8%. Earnings from the Leaderboard name are due Monday after the close. Earnings are expected to jump 60% from a year ago, with sales up 40% to $3.69 billion.

China-based growth stocks also took hits in the IBD 50, with Baozun (BZUN), Weibo (WB), TAL Education (TAL) and Daqo New Energy (DQ) showing losses ranging from 2% to 7%.


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Originally posted 2019-09-19 23:12:42.


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