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.


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.

Elsewhere, Ligand Pharmaceuticals (LGND) dropped over 1% and was on pace to fall for three of the last four trading sessions. A March 8 breakout above a 170.40 flat-base entry led to solid gains in the immediate aftermath, but that advance has since been pared. Shares are back in the 5% buy range that tops out at 178.92.


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Originally posted 2019-09-19 23:11:13.


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