Stock Market Today: FANG Stocks and Tech Leaders Snap Back; Homebuilders Struggle | Stock News & Stock Market Analysis

The major market averages were mixed in morning trade Tuesday. The tech-heavy Nasdaq led the way, advancing 0.5%. Meanwhile, the Dow Jones industrial average slipped 0.1%, and the S&P 500 was up 0.1%.

XAmong the Dow Jones Industrial components, McDonalds (MCD) gained 1.6% after the burger chain was upgraded from hold to buy at Jefferies. Its price target was lifted to 200 —a 17% premium to Monday’s closing price. Shares are extended from a 160.08 flat-base entry.

Elsewhere in the Dow, Walt Disney (DIS) dropped over 1%, just one day after breaking out above a 110.93 double-bottom buy point.

Also on the downside, Home Depot (HD) fell 0.8%. Shares hit a new high Monday and are up about 14% from a 160.96 flat-base buy point. Goldman Sachs (GS) was on pace to snap a five-day winning streak, falling 0.9%. The stock is just above a 247.18 saucer-with-handle buy point.

Among companies reporting earnings, homebuilder Toll Brothers (TOL) fell sharply, down nearly 9%, after reporting weaker-than-expected fiscal-Q4 earnings and sales results early Tuesday. The company also suggested downbeat demand and margins looking forward. The stock ended Monday up more than 20% from a 41.17 flat-base entry — a good place to lock in upside gains.

Fellow homebuilders Pulte Homes (PHM) and DR Horton (DHI) declined 4% and 1.3%, respectively. Both remain extended from their respective buy points.

FANG stocks were aggressively on the mend in the stock market today, as they attempt to recover from a week of heavy losses. Facebook (FB) advanced 1.2%, (AMZN) 1%, Netflix (NFLX) 2% and Google-parent Alphabet (GOOGL) 1.5%.

Facebook and Netflix remain below their recent buy points and their 50-day lines. Meanwhile, Amazon is extended once again from a 1083.41 entry. Alphabet was attempting to reclaim its 50-day line, trading just above a 1006.29 entry.

PayPal (PYPL) reversed from early losses to rise 1.2%. The payment processing leader is battling for support at its 50-day line, where it is trading for the first time since a breakout above a 55.24 flat-base buy point back in July.

Within the IBD 50, long-time leader Alibaba (BABA) was on pace to snap a six-day losing streak, reversing from heavy losses to rise 0.3%. Shares fell over 14% from their Nov. 22 high to Tuesday’s low price.

Coherent (COHR) rebounded over 3% and appeared to be finding support at the 50-day line after a precipitous decline.

On the downside, Five Below (FIVE) faltered 1.3%, but remains extended from a 54.23 entry.


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Originally posted 2017-12-05 16:41:29.


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