Small Caps Lead; Activision Blizzard Nears Buy Point | Stock News & Stock Market Analysis

U.S. stock indexes got a wobbly start Wednesday morning, as the major indexes hung around the break-even line while small caps rose cautiously.

XAutoplay: On | Off The small cap Russell 2000 edged up 0.3%, while the Nasdaq and the S&P 500 were virtually flat. The Dow Jones industrial average eased 0.1%.

Volume in the stock market on the eve of the Thanksgiving holiday was running lower vs. the same time Tuesday. The market will close at its normal time today, be off Thursday and reopen Friday for a half session.

Blue chips were mostly down. Losers led winners by a 3-2 ratio in the 30-component Dow Jones industrial average. Boeing (BA) fell the most, down 0.6%, but the stock is just off a new high. General Electric (GE) rose 1.1%, though that was little consolation. GE is 44% off its high.

In the Nasdaq 100, Activision Blizzard (ATVI) advanced 1.23 to 65.73 in heavy volume. Activision is consolidating in a shallow pattern with a potential buy point at 66.68. The big-cap stock carries an IBD Composite Rating of 90, which puts it in the top 10% of all the stocks in IBD’s database. The stock is No. 4 in the gaming group in Stock Checkup at

Earlier this month, Activision reported Q3 results. Earnings vs. the year-ago quarter rose 15%, which smashed the consensus view for a 6% decline.

Economic News

MBA mortgage applications rolled in at 0.1% for the week, a slowdown from the previous week’s 3.1% pace.

Durable goods orders for October dived 1.2%, badly missing the consensus target of 0.4%. Core capital goods, a proxy for business spending plans, fell 0.5% vs. expectations for a 0.5% gain. However, the September reading was revised upward from 1.3% to 2.1%, according to Econoday.

At 2 p.m. ET, the Federal Reserve will release the minutes from its Oct. 31/Nov. 1 meeting.


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Originally posted 2017-11-26 03:39:05.


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