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Nike Leads Dow As Finish Line Spikes; New Name On Blockchain Radar | Stock News & Stock Market Analysis

Stocks opened higher Thursday, as Nike (NKE) easily led the Dow, while Discovery Communications (DISCA) and NetEase (NTES) hauled the Nasdaq 100 to early gains.

 

XThe Dow Jones industrial average and S&P 500 each jumped 0.3% at the starting bell. The Nasdaq Composite held to a 0.2% gain. All three indexes traded just below recent highs.

The GOP’s passage of a massive tax overhaul Wednesday occurred as markets were largely battened down for the holiday season, and with expectations for the bill’s passing for the most part valued into stocks ahead of time. But markets will continue to keep a close eye on Washington, as lawmakers move fast to nail down a spending agreement in order to prevent a government shutdown, set to take place at midnight Friday if no deal is struck.

Nike Gets Boost As Finish Line Spikes; Apogee Dives

Nike powered up 1.2%, boosted by Finish Line’s (FINL) early gain, and just ahead of its own fiscal Q2 report, due out after the close. Nike shares are extended after clearing a 57.35 buy point in November.

Apple (AAPL) rose 0.3% and Netflix (NFLX) gained 0.5% to lead the four FANG stock tech leaders.

Net Element (NETE), the newest name on the cryptocurrency radar, spiked 43% in opening trade. The mobile-payment solutions provider’s shares soared 272% on Wednesday after the Florida-based company announced it would launch a blockchain-focused business unit.

A big dose of economic news and a burst of late-season earnings activity were factors in Thursday’s early trade.

Bed, Bath & Beyond (BBBY) dived 11%, despite third-quarter results delivered late Wednesday that were generally above expectations. The stock had climbed 29% since mid-November, but remains deep in a 23-month correction.

Consulting giant Accenture (ACN) reported before the open, with fiscal first-quarter sales and earnings above expectations, and raised second-quarter guidance clearing consensus views. Shares are extended, up more than 20% since a June breakout, so investors may want to lock in some profit. Shares were up more than 3% in early action.

Window-wall manufacturer Apogee Enterprises (APOG) dived 15% after reporting third-quarter results below analyst targets, and fourth-quarter revenue guidance lowered as the company shifted $8 million-$10 million forward into 2018 due to hurricane impact in Florida. Apogee had been climbing the right side of a six-month consolidation, and was testing resistance at its 10-week line on Wednesday.

ConAgra Brands (CAG) dipped a fraction after reporting third-quarter results that were better than forecast and raising its full-year guidance. The stock ended Wednesday poised just pennies below a 38.27 buy point in a cup-with-handle base.

Finish Line spiked 9% on strong third-quarter results, including a surprise 6.9% jump in same-store-sales. Shares were up 69% from a September low, and testing resistance at their 10-week moving average.

CarMax (KMX) slipped 5%, Paychex (PAYX) fell 2% after reporting results Thursday morning. Results from Cintas (CTAS) as well as Nike are due after the close.

GDP Revised Lower, Philly Fed Index Surges

The Commerce Department revised its estimate for third quarter GDP growth lower, to 3.2% from an initial estimate of 3.3% growth. Economists expected no change. The GDP price index held steady, up 2.1%, and in line with expectations.

Mid-Atlantic manufacturing jumped in December, according to the Philadelphia Federal Reserve, which raised its Manufacturing Business Outlook Survey index to 26.2 for the month, clobbering forecasts for a decline to 21.8. In November, the index stood at 22.7. A reading of zero indicates no growth.

First-time unemployment claims also jumped in the week ended Dec. 16, up nearly 9% vs. the prior week, to 245,000, the Labor Department said. Consensus views had projected 234,000 claims.

The Federal Housing Finance Agency reports its Housing Price Index crept up 0.5% in October, and the FHFA revised its original September growth number to 0.5%, from 0.3%. Economist had projected a 0.4% gain in October.

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