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Stock Market Mixed Ahead Of Three-Day Weekend; PayPal Nears Entry

The stock market traded mixed on Friday, ahead of the three-day Memorial Day weekend. Early in the day, President Trump said his administration had restarted talks with North Korea — just one day after canceling a historic summit. Top computer software stocks Veeva Systems (VEEV) and Splunk (SPLK) were on the move after their respective earnings releases. Meanwhile, PayPal (PYPL) was trading near a potential buy point. (For updates on this story and other market coverage, visit stock news today)

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The S&P 500 and the Dow Jones industrial average declined about 0.1% each, while the tech-heavy Nasdaq moved up 0.2%.

Among companies reporting earnings, Foot Locker (FL) jumped 13% after its Q1 earnings report early Friday. Shares were just below a potential 53.27 buy point.

Veeva Systems reversed higher to add 0.6% after easily beating the Street’s Q1 estimates. The medical software provider is above a 75.67 double-bottom entry and in buy range.

Splunk moved up 0.5% after its Q1 earnings release late Thursday. The software maker reported better-than-expected earnings and sales, while forecasting a strong Q2 outlook. Shares are clinging to a recent 112.76 buy point.

Deckers Outdoor (DECK) rose 5% after blowing past its fiscal-Q4 earnings targets. Shares are extended from a 99.02 buy point, according to MarketSmith chart analysis.

PayPal (PYPL) reversed lower, falling 0.7% despite Stifel Nicolaus upgrading the stock from hold to buy with a 99 price target. The analyst believes that PayPal is in the early stages of transforming into a global payments platform. The stock is approaching a double bottom’s 84.09 buy point, while the stock’s relative strength line has drastically improved since the beginning of the month. The RS line measures a stock’s performance vs. the general market.

Energy stocks were big losers in morning trade Friday, as oil prices dropped nearly 3%. Top OPEC and non-OPEC producers are reportedly discussing options to raise crude production this year. Leaderboard member Marathon Oil (MRO) fell more than 4%, but remains extended from a 18.76 cup-with-handle entry.

Top oil stock Continental Resources (CLR) slid over 4% and is approaching the 50-day line. Shares remain extended from a 58.99 cup-shaped base entry.

Inside The IBD 50

Among the top growth stocks, FANG stock Netflix (NFLX) advanced over 1%. Shares are trading toward the top end of the 5% buy range from a 338.92 flat-base buy point.

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