Stock Market Today: Indexes Mixed, Apple Steady; Will These 2 Energy Stocks Break Out Again? | Stock News & Stock Market Analysis

The Nasdaq composite shuffled mildly lower at lunchtime in New York as most of the FAANG stocks slumped. But the Dow Jones industrial average edged higher, rising around 0.1% despite a 4% slide by General Electric (GE).

XAutoplay: On | OffGE reported disappointing Q3 results on Friday as adjusted earnings sharply missed views. But revenue climbed 14% to $33.47 billion, marking the first top-line increase in four quarters.

The Nasdaq fell 0.2%; the PowerShares QQQ Trust (QQQ) ETF, which tracks the Nasdaq 100, was also down 0.2%. The S&P 500 was flat as gains in retail, building and wood products, medical, and select computer-related shares offset sharp losses in the toy, internet content, airline, media, homebuilder, and oil and gas machinery industry groups.

Halliburton (HAL) also weighed on the oil sector, falling as much as 2.2% before shaving losses and bouncing off its 50-day moving average. The company reported third-quarter earnings of 42 cents a share vs. a penny in the year-ago quarter on an adjusted basis. Revenue jumped 42% to $5.44 billion, marking a second quarter of accelerating growth.

Revenue rose 2% in Q1 and 29% in Q2.

Notice on a daily chart how the oil and gas field services giant is forming a new base, but the base still has a lot of work left. The base began in late January when Halliburton topped at 58.78, then dived below the 50-day moving average on Feb. 16.

Apple (AAPL) resisted the Nasdaq’s slide, edging nearly 0.1% higher to 156.39 in light trade. While the stock is back near an Aug. 2 breakout point at 156.75 from a flat base, the iPhone giant is forming a new base with a 165.04 buy point.

The stock’s weekly chart shows Apple remains a leader and is still carving out a long-term uptrend.

Apple, which reports fiscal Q4 results on Nov. 2, has gained 39% after breaking out of a bottoming base on Jan. 6-9. That base was a cup with handle, featuring a 118.12 entry.

The iPhone giant is expected to begin selling its ultraluxury iPhone X later this week, but analysts have been noting component shortages and production bottlenecks are likely going to make it very difficult for consumers to purchase the $999 smartphone soon. Apple is reportedly meeting with officials at outsourcing manufacturer Foxconn to discuss the issue.

First Solar (FSLR) rose more than 2% to 48.81. Volume is running mildly above average. The solar power systems supplier to utilities broke out of a deep bottoming base last summer and tried to break out past a 50.31 buy point in September. Since then, the Tempe, Ariz., midcap stock has encountered stiff resistance near 50 for weeks.

Earnings are expected to plunge 56% to $2.21 a share this year, then fall an additional 42% to $1.28 in 2018. Revenue is seen rising 4% this year, but then falling 24% in 2018.

First Solar’s RS Rating is a respectable 88 on a scale of 1 to 99, as seen in timesaving IBD tool Stock Checkup.

In the IBD 50, longtime member TAL Education (TAL) slid more than 2% in fast turnover, but shares remain above the 50-day moving average. The stock has gained more than 150% since clearing resistance near 14 on a split-adjusted basis.

TAL, a specialist in cram schools for Chinese students, broke out at 22.44 in July.


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Originally posted 2017-10-23 17:02:02.


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