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Stock Futures Edge Up, Facebook Climbs; Retailer Poised For Gap Up Gain

Stock futures trading exploded after Wednesday’s close as Facebook (FB), eBay (EBAY), Visa (V), AT&T (T) and Ford Motor (F) led a powerhouse roster of earnings reports.

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Nasdaq 100 stock futures pointed 0.8% higher in extended trading, with O’Reilly Automotive (ORLY), Facebook and Citrix Systems (CTXS) leading the advance. S&P 500 futures climbed 0.3%. Dow Jones industrials futures gained 0.2%. Visa and Intel (INTC) paced the early gains. American Express (AXP) slipped to the back of the pack.

None of the stocks rising on late earnings reports appeared set to break out past buy points. The one exception was Citrix Systems. It jumped almost 4% in late trade. That positioned the stock to climb back above a 97.06 buy point in a flat base. It closed just below that entry Wednesday. Moves made in extended trade often do not carry through into the regular session.

During Wednesday’s session, the leading indexes sent some mixed signals. On one hand, the Dow’s 0.3% advance broke its five-day losing streak, and the S&P 500 managed a 0.2% gain on the stock market today. But the Nasdaq finished in the red and, more important, undercut a key technical level that hoists warnings flags for growth investors.


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Facebook, O’Reilly, EBay Futures Mixed In Extended Trade

Stock futures action in Wednesday’s extended trade was also mixed.

Facebook stock futures bolted nearly 7% higher in late trade. The social media giant’s diluted earnings of $1.69 per share topped analyst targets by 25%. Revenue of $11.97 billion also beat consensus views, and user numbers met expectations.  Wednesday’s late action suggested the stock could open back above its 10-week moving average. That would set the stock up to begin climbing the right side of a possible base.

EBay tumbled almost 5% after its first-quarter revenue and second-quarter revenue guidance missed analyst estimates. The stock has been consolidating below a February high, struggling to retake its 10-week moving average.

Advanced Micro Devices spiked 10% in extended trade. The microprocessor leader reported Q1 earnings and revenue above forecasts, and ratcheted up guidance to well above consensus views.

Visa jumped 2.8% after clearing analysts’ earnings and revenue targets for the first quarter. The late gain positioned the stock to get some breathing room above its 10-week moving average, and move to just below be what MarketSmith analysis shows to be a 125.54 correct entry from a six-week flat base.

O’Reilly Automotive shot up 12% after Wednesday’s close.  Quarterly earnings narrowly topped views, revenue met expectations. Same-store-sales surged 3.4%, vs. a 0.8% gain a year ago.  The stock has been struggling to hold support at its 40-week moving average, 18% below a January high.

Thursday Earnings, Economic Schedule

For Thursday morning, American Airlines (AAL), Bristol Myers (BMY), Fiat Chrysler (FCAU) and General Motors (GM) are just a few names in a very long list with earnings due.  After Thursday’s close, Amazon.com (AMZN), Baidu (BIDU), Cypress Semiconductor (CY) and Intel are among the headline names set to report.

In addition, Thursday’s session will see some important economic releases. But they are likely to be buried under the avalanche of earnings news. March durable goods orders from the Commerce Department and weekly unemployment claims data from the Labor Department are due out before the open.  The Commerce Department’s preliminary GDP growth estimates for the first quarter are due Friday morning.

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