The major market indexes were once again mixed in morning trade on Wednesday. While the Dow Jones industrial average rose 0.4%, and the S&P 500 moved up 0.2%. Meanwhile, the tech-heavy Nasdaq declined 0.4% amid heavy losses among tech leaders.
XAutoplay: On | OffAmong the Dow Jones Industrial components, Wal-Mart Stores (WMT) rose 1.1% after receiving an upgrade at RBC Capital from underperform to sector perform. The stock is well-extended from a 82.09 flat-base entry.
Elsewhere in the Dow, big banks JPMorgan (JPM) and Goldman Sachs (GS) outperformed with advances of 2.2% and 2%, respectively, following up on Tuesday’s surge. JPMorgan is extended from a 95.32 flat-base entry and at new highs after strong bouncing off its 50-day line.
Meanwhile, Goldman is reclaiming its 50-day line, but remains below a 247.18 saucer-with-handle buy point.
FANGs were under fire in the stock market today. Facebook (FB) dropped 2.8%, Amazon.com (AMZN) 1.5%, Netflix (NFLX) 3% and Alphabet (GOOGL) 1.8%.
Among companies reporting earnings, Tiffany (TIF) beat Q3 earnings and sales targets. Shares reversed 0.2% higher and are forming a long flat base with a potential 97.39 entry. Currently, the stock is right above at its 50-day line.
In the meantime, IBD 50 member China Lodging Group’s (HTHT) Q3 revenue came in a little light compared to estimates, sending its shares down about 3% in early trade Wednesday. The stock is consolidating well below its 50-day line.
Autodesk (ADSK) plunged 15% after providing mixed guidance in the current quarter, while announcing plans for a restructuring. The company will cut about 1,150 job or 13% of its workforce in the near term. The stock closed Tuesday about 9% above a 119.83 flat-base entry, but was now about 8% below that level, triggering the down 7%-8% sell signal. Shares are also below the 50-day line.
Shares of burrito maker Chipotle (CMG) rose 3.5% after the company announced it was searching for a new CEO to replace founder and current CEO Steve Ells. The stock has fallen significantly in 2017 and has fallen over 60% off its all-time high of 758.61 set in August 2015.
Within the IBD 50, many leading tech stocks saw losses greater than 1%. Alibaba (BABA) tumbled over 2%, as it once again approached its key 50-day line support.
Meanwhile, graphics-chip maker Nvidia (NVDA) declined over 3%. Shares are moving closer to their 50-day line.
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