Stock Market Today: Nasdaq Surges To Record High; Apple Nears Buy Point | Stock News & Stock Market Analysis

The major market indexes were boosted by strength in tech stocks after above-forecast earnings releases and reports of strong demand for the Apple (AAPL) iPhone X. Meanwhile, Q3 preliminary GDP came in at 3%, besting the 2.5% consensus estimate. Apple, Amazon (AMZN), Facebook (FB) and Google-parent Alphabet (GOOGL) all hit buy points, at least briefly.

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The Nasdaq set the pace, surging 1.6% to record highs. The S&P 500 moved up a milder 0.6%, while the Dow Jones industrial average was 0.1% higher.

Among the Dow Jones Industrial components, the iPhone maker surged more than 2% after reports that the iPhone X had already sold out for pre-order online home delivery, relieving investors’ demand concerns. Shares rose 2.4% to 161.17, topping a cup-with-handle buy point at 160.97.

Elsewhere in the Dow, Microsoft (MSFT) reported better-than-expected earnings and sales figures, prompting an 7.2% advance in its shares early Friday. The stock is now up about 14% from its most recent flat base with a 74.52 entry.

On the downside, oil giant Chevron (CVX) plunged over 2% after missing earnings targets. Shares were testing their 50-day line — about 3% below a 118.43 saucer-with-handle entry.

FANG stocks and Alphabet both smashed the Street’s estimates late Thursday, sending their respective shares significantly higher.

E-commerce leader Amazon crushed its Q3 earnings targets, reporting adjusted earnings of 52 cents per share — well-above the one cent-per-share estimate, as polled by Zacks Investment Research. Shares rose as high as 1085, above a 1083.41 buy point. The stock is currently up 11.4% to 1,083.07.

U.S.-based internet behemoth Alphabet advanced nearly 6%, and is still in the 5% buy range from a 1006.29 flat-base buy point.

Among other companies reporting earnings, Chinese internet giant Baidu (BIDU) plunged 7% to its 50-day line in the stock market today. The internet search leader forecast Q4 revenue that were well-below estimates.

Meanwhile, fellow FANG Facebook (FB) jumped over 3% after analyst firm Monness Crespi Hardt upgraded the stock from neutral to buy. Its price target is 210 — a 23% premium to Thursday’s closing price. Shares are back above a 175.59 flat-base entry.

Among other analyst actions, Tesla (TSLA) was downgraded from outperform to neutral at Evercorse ISI. The analyst now has a more cautious view on Model 3 production. Shares of the electric automaker fell nearly 2%, testing their long-term 200-day line.

Within the IBD 50, Align Technology (ALGN) powered nearly 14% higher after strong earnings results late Thursday. The stock has more than doubled from a 102.10 cup-with-handle entry.

On the downside, YY (YY) was on pace to extend a losing streak to four trading sessions, falling nearly 2%. Shares are close to triggered a round-trip sell signal after rising as much as 17% from a cup-base’s 83.10 entry.


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Originally posted 2017-10-28 23:43:11.


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