Sellers Come Into Nasdaq As Apple Lags; Another IPO Soars | Stock News & Stock Market Analysis

Major stock indexes were mired in the red at midday Thursday amid a busy day of geopolitical headlines, more earnings reports and a weak showing for Apple (AAPL).

XAutoplay: On | OffNegative sentiment was also fueled by a 1.9% drop in China’s Hang Seng Index overnight. Meanwhile, the Spanish government announced plans to impose direct rule on Catalonia to end the region’s bid for independence.

The Nasdaq composite pared losses but was still down 0.6%. Selling was more tame in the S&P 500 and Dow Jones industrial average as both indexes eased around 0.2%. Volumes on the NYSE and Nasdaq were tracking about 10% higher than Wednesday’s levels at the same time of day.

In the stock market today, Apple took a hit, falling nearly 3% to 155.54 on a couple of negative headlines. For starters, Bloomberg cited a report from Taipei-based Economic Daily News concerning slack demand for the iPhone 8. A different report said that the only company providing cellular service to Apple Watch products in China suddenly cut its service without explanation.

In IPO news, MongoDB (MDB) priced last night at 24, above the proposed range of 20-22. Shares opened at 33 and were trading around 29.75. The company provides an open-source database platform for enterprise clients.

Gilead Sciences (GILD) gapped up 1% to 80.90 as it works on a flat base with an 86.37 entry. Shares were strong after the Food and Drug Administration approved its CAR-T drug, Yescarta, to treat a rare form of non-Hodgkin lymphoma. CAR-T cell immunotherapy is a promising cancer treatment that uses the body’s own immune system to attack cancerous cells.

Elsewhere, Adobe Systems (ADBE) gapped out of a flat base with a 157.99 buy point. Shares jumped 11% to 169.69. In a situation like this, buying near the stock’s open price of 165.50 was sound strategy.

Homebuilder NVR (NVR) also gapped up on earnings, but it’s well extended after a breakout from a base in late January. Shares soared 6% to 3,064.52.

The IBD 50 was weighed down by weakness in China stocks after China’s Hang Seng Index lost 1.9% overnight. Names like Tal Education (TAL), YY (YY) and Sina (SINA) showed losses ranging from 2% to 3%.

In economic news, weekly jobless claims dropped more than expected to 222,000. The consensus estimate was for a much smaller decline to 240,000. Meanwhile, the Philadelphia Fed manufacturing index came in better than expected at 27.9 vs. the consensus estimate of 20.2.


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Originally posted 2017-10-23 04:59:09.


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