Follow us on facebook


Stock Market Today: Stocks Edge Lower; Retailers Soar, Breakout On Upbeat Earnings | Stock News & Stock Market Analysis

The major market indexes were modestly lower in early Friday morning trade. The tech-heavy Nasdaq and the S&P 500 dropped about 0.1% apiece. Meanwhile, the Dow Jones industrial average fell 0.2%.

XAutoplay: On | Off Among the Dow Jones industrial components, Nike (NKE) jumped above a 57.35 cup-with-handle entry early Friday. Shares were up over 3%.

On the downside, Apple (AAPL) declined 0.5%. On Thursday, the stock snapped a five-day losing streak, but it remains down about 2.5% this week.

Among companies reporting earnings, chip equipment giant AppliedMaterials (AMAT) beat the Street’s fiscal Q4 earnings and sales targets, while boosting its guidance for the current quarter. Shares advanced over 5% to record highs, but reversed lower in morning trade, falling more than 1%.

A number of retailers reported upbeat earnings and sales numbers late Thursday and early Friday. Athletic-gear retailers Foot Locker (FL) and Hibbett Sports (HIBB) surged 24% and 15%, respectively. Both stocks remain well off their 52-week highs.

Meanwhile, Ross Stores (ROST) rose 10%, while Gap (GPS) moved up 7%. Both reported solid quarterly results, and were breaking out of their respective bases as a result. Ross Stores is breaking out above a 66.26 cup-with-handle entry in the stock market today, while Gap briefly moved above a 29.87 cup-with-handle entry.

Abercrombie & Fitch (ANF) surged over 27% with better-than-expected Q3 earnings results. The stock is nearing a new 52-week high.

On the downside, Williams-Sonoma (WSM) faltered nearly 12% after missing its bottom-line targets. The stock had been building a cup with handle with a 54.28 buy point, but the stock is back down below its 50- and 200-day moving average lines.

Shares of Tesla (TSLA) jumped nearly 2% after the electric-car maker unveiled its semi-truck and a new Tesla Roadster that carries a starting price of $200,000. Tesla says that it will be on the road by 2020. Shares are battling to regain their 200-day line.

Among analyst actions, Square (SQ) was upgraded to outperform at Evercorse ISI, sparking a more than 3% advance in the payment processor’s shares. Earlier this week, the San Francisco-based company began testing Bitcoin trading in its Square Cash app for certain users. Shares are well-extended from a 28.07 cup-shaped base entry.

Within the IBD 50, Nvidia (NVDA) advanced 1.5%, as it trades about 20% above a 174.66 flat-base buy point.

On the downside, PayPal (PYPL) fell 1.2% but remains just off its record high. Shares are extended from a 55.24 flat-base entry.

RELATED:

Tesla’s Electric Truck Arrives Amid ‘Production Hell,’ Hot Competition

Dow Jones Industrial Average And Dow Stocks: News And Analysis

Retail And E-Commerce Stocks And Industry News

Big Test Coming For This Retailer’s Reboot: Investing Action Plan

S&P 500 Dips Amid Big News On Wal-Mart, Cisco, Tesla, General Electric, China Internets, Taxes: Weekly Review

Source link

No comments.

Leave a Reply