Stock Market Today: Stocks Jump Out Of The Gate; Nintendo, EA Break Out To New Highs | Stock News & Stock Market Analysis

The major market averages looked to snap back after two days of solid losses in early trade Wednesday, as Nintendo (NTDOY) and Electronic Arts (EA) surged to new highs in the stock market today. The Dow Jones industrial average led the way with a 0.7% rise, while the Nasdaq and S&P 500 followed up with gains of 0.5% and 0.4%, respectively.

X Among the Dow Jones industrials, Boeing (BA) soared over 5% to reach new highs. The airplane maker provided strong guidance, while beating analyst forecasts for the fourth quarter. Shares are about 44% above a 246.59 flat-base entry. 

Among companies reporting earnings, Nintendo raised its profit outlook and Switch sales for the current fiscal-year during the holiday quarter, sending shares up over 7% to 57.30. Shares are recapturing their 54.06 cup-shaped base buy point, just one day after giving up that entry. The 5% buy range topped out at 56.76, so shares quickly became extended. Driving the company’s profit outlook is the stunning success of the Nintendo Switch console, which is a hybrid console that allows users to play on their TV and then pick up the device and play on the go.

Video game maker Electronic Arts was breaking out of a cup-shaped base with a 122.89 buy point. Shares are just out of buy range. Late Wednesday, the company missed its holiday-quarter sales target, but raised its current-quarter sales guidance above analyst estimates.

Meanwhile — after the close — there are a number of top stocks reporting their quarterly earnings, including Facebook (FB) and PayPal (PYPL). The FANG stock is nearing a new high Wednesday, rising almost 1%, and is in still in buy range from a 184.35 flat-base entry. Analysts expect the social media giant’s earnings to grow 58% to $1.96 on revenues of $12.6 billion, a 43% increase.

PayPal rose over 1% and is extended from a 79.49 flat-base buy point. The payment processor is set to report EPS of 38 cents on revenues of $3.63 billion, respective increases of 12% and 22%.

Inside the IBD 50, Alibaba (BABA) advanced about 3% and is extended from a 191.85 cup-shaped base buy point. The China-based e-commerce giant will report its quarterly results before the market open on Thursday.

Invisalign maker Align Technology (ALGN) slid nearly 6% despite beating Q4 targets late Tuesday. The stock is just under its 266.51 cup-shaped base entry after three straight days of losses.


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Originally posted 2018-01-31 15:28:51.


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