Stock Indexes Hold Modest Gains, As This Top-Ranked Name Hits New High | Stock News & Stock Market Analysis

After the Dow snapped its three-day losing streak Thursday, the other major market averages attempted to halt their recent slides with modest gains early Friday, as top growth stock Adobe Systems (ADBE) hit new highs.

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The Nasdaq looked to end its own three-day losing streak with a 0.2% gain. After hitting an all-time high early in the week, the Nasdaq is on pace to end the week with a near-1% decline. The S&P 500 and Dow Jones industrial average rose about 0.3% in morning trade. 

Among the Dow industrials, Boeing (BA) slipped 0.8% and was on track to end the week with losses exceeding 7% on heavy volume. The stock is set to close significantly below its 10-week line for the first time since an October 2016 breakout above a 139.55 flat-base buy point, which would be a sell signal. Shares fell 0.8% early Friday.

Among companies reporting earnings, Leaderboard member Adobe Systems jumped 4% early Friday after reporting strong earnings and sales results for its fiscal first quarter, while guiding higher in the current quarter. Shares hit a new high and are back in the 20%-25% profit-taking range from a 186.37 flat-base entry.

Meanwhile, chip giant Broadcom (AVGO) declined 3% after its revenue guidance for the current quarter only met estimates, even after beating Q1 earnings and sales targets. Shares are below a 274.36 buy point in a double-bottom base.

High-end jewelry retailer Tiffany (TIF) dropped 5% after its Q4 same-store sales growth came in weaker than expected. Shares had been forming a flat base with a 111.54 buy point, but are now well below their 50-day line and testing the 200-day line.

Inside the IBD 50, SVB Financial (SIVB) was trying to climb back above a 263.19 flat-base entry with a 1% advance after giving up the buy point earlier in the week.