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.


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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Originally posted 2019-09-19 23:14:47.


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