The major indexes were squarely lower in today’s stock market. The Dow Jones industrial average fell about 100 points. Dow Jones member Apple (AAPL) stock is looking to snap a five-day losing streak, while Walmart (WMT) is trying to retake a buy point after its strong earnings results. (For updates on this story and other market coverage, visit the Stock Market Today.)
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The Dow Jones industrials and the S&P 500 index fell about 0.5% each. The tech-heavy Nasdaq composite dropped 0.3%.
Stock Market Earnings: Dow Jones Stocks
Among companies reporting earnings, Walmart (WMT) fell 0.8% after reporting better-than-expected Q3 earnings results. Notably, e-commerce sales growth accelerated. On Oct. 29, the stock broke out past a cup with handle’s 100.31 buy point. Shares are in the 5% buy range that tops out at 105.33.
Cisco Systems (CSCO) late Wednesday topped the Street’s earnings and sales estimates for its fiscal first quarter. Shares moved up 3.3% and are trying to regain their 50-day moving average line. A flat base’s 49.57 buy point looms ahead.
After the stock market close, embattled graphics-chip maker Nvidia (NVDA) will report its Q3 results. Analysts expect EPS of $1.91 per share on revenue of $3.24 billion. Nvidia stock is trading over 30% off its high and well below its 50- and 200-day lines.
Apple Stock Set To Snap Losing Streak
Dow Jones name Apple stock is trying to halt a five-day losing streak with a 0.4% gain Thursday. At its Wednesday lows, shares fell as much as 20% from its 52-week high set Oct. 3. Bearishly, the stock failed to find support at its long-term 200-day line.
PayPal Stock Called ‘Top Pick’
Top payment-processor PayPal (PYPL) narrowed its early gain to 0.3% Thursday morning after Barclays initiated coverage on the stock with an overweight rating and a 110 price target — a 31% premium to Wednesday’s closing price. The analyst called PayPal stock a ‘top pick’ among the payment processors.
PayPal stock is building a cup-shaped base with a 93.80 buy point. The stock’s relative strength line — painted in blue ink on every IBD daily and weekly chart — is holding up well amid the recent market volatility. The RS line measures a stock’s price performance vs. the general market.
Fellow payment stock Square (SQ) also gained 0.3% in morning trade. The 2017 and 2018 big winner is building a late-stage base, but is below its 50-day line.
IBD 50 Stocks: Horizon Triggers Sell
Among the leading growth stocks, Twitter (TWTR) moved up for a third straight day with a near-1% gain. The stock is trying to regain its 200-day line moving average line and is about 30% off its 52-week high.
On the downside, recent breakout Horizon Pharma (HZNP) triggered the 7%-8% loss-cutting sell signal from a 21.35 cup-shaped base’s entry early Thursday. Mizuho Securities downgraded the top stock from buy to neutral.
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Originally posted 2019-09-19 23:25:23.
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