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Micron, Pure Storage, Adobe Systems, Shopify Move Late

Dow Jones futures were little changed late Monday, along with S&P 500 futures and Nasdaq futures. Pure Storage (PSTG), Micron Technology (MU), Adobe Systems (ADBE), Shopify (SHOP) and SailPoint Technologies (SAIL) were notable movers after hours on news.

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Pure Storage topped first-quarter estimates, but still fell. Micron Technology, up sharply during the regular session on raised guidance, announced a big buyback after the close. In addition to its own repurchase plan, Adobe said it will buy Magento, a key rival to e-commerce software firm Shopify, which tumbled. SailPoint Technologies slid on a follow-on stock offering.

The stocks are generally highly rated. Adobe enjoys a 98 Composite Rating out of a best-possible 99. Micron and Shopify have 95 Composite Ratings. Pure Storage has a 92 CR. SailPoint, which came public last November, has a 74 CR. The Composite Rating combines several IBD proprietary ratings into a single score. Big stock winners often have a Composite Rating of 95 or better near the start of their big runs.

Dow Jones Led Monday’s Stock Market Advance

The Dow Jones rose 1.2% in Monday’s stock market trading as Boeing (BA), Caterpillar (CAT) and other blue-chip industrial stocks rallied on the U.S.-China trade truce. The S&P 500 index climbed 0.7%, while the Nasdaq settled for a 0.5% advance.

Dow Jones Futures Today

Dow Jones futures rose slightly vs. fair value. S&P 500 futures fell a fraction. Nasdaq 100 futures edged higher.

Micron Technology

Micron late Monday announced a $10 billion buyback program. The memory chip giant and Intel (INTC) also said their jointly developed QLC NAND flash memory is now available. Micron stock popped 3.5% after hours. Before Monday’s open, Micron raised its fiscal third-quarter earnings and revenue guidance to above consensus views. Micron rallied 3.9% to 55.48 during Monday’s session, working on a consolidation with a 63.52 buy point.

Pure Storage

Pure Storage reported a smaller-than-expected loss and topped revenue views. But a dip in gross profit margin and in-line revenue guidance didn’t satisfy investors, as shares tumbled 9.75% late. That would wipe out all of the flash-memory storage device maker’s breakout from a 21.43 cup-with-handle buy point. If Pure Storage undercuts that entry, it would roundtrip a 13% gain at Monday’s intraday peak of 24.31. A 10%-plus roundtrip is an automatic sell signal.

Pure Storage closing down 0.4% at 23.58 on Monday.

Adobe Magento Buy Triggers Shopify Mudslide

Adobe will pay $1.68 billion for Magento, a major rival to Shopify. Adobe also announced a new $8 billion buyback program, helping to lift shares about 0.7% late.

Shopify fell 2.3% in late trade, paring initially losses. During the regular session, Shopify tried to clear a 148.39 buy point from a cup-with-handle base, rising to 150.97 intraday. But shares reversed to close down 1.7% at 144.51.

Business software stocks were laggards Monday, continuing a minitrend despite a strong 2018 overall.

SailPoint Technologies

SailPoint announced plans to sell 15 million shares on behalf of existing holders. The cybersecurity IPO will receive no proceeds. SailPoint slid 6% late. The stock has been trading near its 50-day line since pulling back after its quarterly earnings.

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