Stock Market Mixed; PayPal, Square, Baidu, Applied Materials Notable Movers

The stock market slipped lower early Friday, as it looked to end the week with a minor loss. Top payment processors PayPal (PYPL) and Square (SQ) were higher after PayPal’s acquisition of Sweden’s iZettle. Meanwhile, Chinese leader Baidu (BIDU) was down sharply early Friday. (For updates on this story and other market coverage, visit Stock News Today.)


Among the three major indexes — the tech-heavy Nasdaq, the S&P 500 and the Dow Jones industrial average — the Nasdaq was the biggest loser with a 0.3% fall, while the S&P 500 fell 0.2%. The Dow rose less than 0.1%.

Among companies reporting earnings, Farm equipment maker Deere (DE) climbed more than 4%, despite reporting worse-than-expected Q2 earnings early Friday. The stock is looking to surpass resistance around its 50-day line, as it etches the right side of a potential base.

Applied Materials (AMAT) crumbled nearly 10% after reporting light sales guidance. The chip gear maker had been forming a later-stage double-bottom base with a 58.50 buy point. The stock’s relative strength had been lagging, indicating significant underperformance compared to the broad market.

Many other chip stocks were also handily lower, like LamResearch (LRCX), which fell almost 5%. Shares were breaking down through their 50-day line.

PayPal rose 3%, while Square reversed from early losses to rise 0.5% in response to PayPal’s acquisition of Swedish mobile digital-payment processor iZettle. PayPal has been trending higher since it found support at its 200-day line on May 3, as it shapes the right side of a potential double-bottom entry. The buy point is 84.09.

Square is holding above a 52.60 double-bottom entry of its own. Shares are about 4% above that level after May 8’s breakout.

Baidu faltered 7% after the Chinese internet search giant announced that President Qi Lu will be stepping down for family reasons. Shares are squarely below a 270.68 early entry.

Inside The IBD 50

Among the top growth stocks, graphics-chip maker Nvidia (NVDA) rose almost 1% after Cowen & Co initiated the stock with an outperform rating and a 325 price target. The stock’s recent breakout has been fading, but is still holding above a double bottom’s 239.35 entry.

On the downside, Planet Fitness (PLNT) fell 3% after Imperial Capital downgraded the gym operator from outperform to in-line. The stock fell back below a previous flat-base entry that failed when it crumbled more than 7% below the entry. Shares are attempting to maintain their 50-day support level.


Alibaba Stock, 3 More Leaders Form Bullish Double-Bottom Formations

Alibaba Vs. Amazon: Market Cap, Growth Rate, Profit Margins And Sales

Dow Jones Industrial Average And Dow Stocks: News And Analysis

Deere Reports, These 2 IBD 50 Stocks Form Bases: Investing Action Plan

Breakout Watch: Biotech Stock With 172% Growth Enters Buy Zone

Source link

Originally posted 2019-09-19 23:14:37.


No comments.

Leave a Reply

error: Content is protected !!