Stock Market Sell-Off, As Dow Jones Stock Apple Dives

The major stock indexes were squarely lower in today’s stock market. The Dow Jones industrial average fell about 200 points, while tech stocks bore the brunt of the early damage. Dow Jones stock Apple (AAPL) sold off almost 4% after a key supplier cut its earnings and revenue outlook. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials dropped 0.8%, while the S&P 500 fell 0.9%. The tech-heavy Nasdaq declined 1.8%, as the nascent market uptrend faces a third-straight day of heavy selling.

Stock Market Earnings: Aurora Cannabis, Alibaba

Among companies reporting earnings, marijuana stock Aurora Cannabis (ACB) reversed from early gains to fall 3% after its fiscal-Q1 earnings results early Monday. The stock is still trading well off its 52-week high and below its 50-day moving average line. The earnings report kicks off a big week for marijuana stocks.

Alibaba‘s (BABA) annual Singles Day event generated a record near-$31 billion in sales in 24 hours. Despite the huge numbers, Alibaba stock declined about 2%. Shares are trading about 33% off their 52-week high and below their 50-day line.

Dow Jones Stock Apple Sells Off

Apple declined 4% after supplier Lumentum (LITE) slashed its earnings and revenue outlook. Lumentum said one of its largest customers (presumably Apple) requested to reduce shipments. Lumentum stock declined over 30% on its way to a new 52-week low. Meanwhile, JPMorgan trimmed Apple’s price target from 270 to 266 due to a lower earnings outlook.

Fellow Dow Jones stock McDonald’s (MCD) moved up 0.6% to trade at the top of the 5% buy range of a consolidation’s 178.80 buy point, according to MarketSmith chart analysis. The Leaderboard stock has strong relative strength, as indicated by a sharply rising relative strength line. The RS line is painted in blue ink on every IBD daily and weekly chart.

IBD 50 Stocks: Dollar General Outperforms

Among the leading growth stocks, Dollar General (DG) shrugged off the decline in the stock market, rising about 0.6%. The stock is still in the 5% buy range from a flat base’s 112.69 buy point.

On the downside, Planet Fitness (PLNT) fell for a second straight trading session with an over-4% decline after Macquarie downgraded the stock from outperform to neutral. Shares surged to new highs last week after a strong earnings release.


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Originally posted 2019-09-19 23:25:05.


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