Stock Market Today: Stocks Modestly Higher; Chip Leaders Under Pressure, Nike Earnings Late | Stock News & Stock Market Analysis

The major market averages were modestly higher in early trade Thursday. The Dow Jones industrial average led the way with a 0.3% rise, and the S&P 500 moved up 0.2%. Meanwhile, the tech-heavy Nasdaq trimmed its early gains to 0.1%.

X Among the Dow Jones industrial components, Nike (NKE) will report its quarterly results after the close Thursday. The stock is extended from a 57.35 cup-with-handle entry. Analysts expect the apparel maker to earn 39 cents per share on revenue totaling $8.39 billion. Shares rose nearly 1% in morning trade before turning unchanged.

On the downside, Intel (INTC) fell over 1% to move back under a 47.40 cup-shaped base buy point after Wednesday’s breakout.

FANG stock Netflix (NFLX) advanced 0.5% early Thursday. The stock is building a flat base with a 204.48 entry after a previous cup-with-handle breakout faltered. First, the stock must regain its 50-day line.

Among companies reporting earnings, Paychex (PAYX) declined 3% after the payroll manager reported better-than-expected sales figures and in-line fiscal-Q2 EPS. After Thursday’s early fall, the stock is about 7% above a 63.13 buy point.

Etsy (ETSY) moved up 3% after KeyBanc initiated coverage with an overweight rating and a 26 price target — a 25% premium to Wednesday’s closing price. Shares up about 20% from a 17.70 cup-with-handle entry after a breakout on Dec. 4.

Biotech stock Biogen (BIIB) fell 2%, trimming an over-4% earlier loss after the company disclosed a negative update for its Alzheimer’s drug. The stock had been building a cup-shaped base with a 348.94 buy point, but Thursday’s action puts a damper on that action. The stock is looking for support at the 50-day line and could still add a handle to the current formation.

Leading chip stocks were under pressure in the stock market today. Memory-chip leader Micron Technology (MU) faltered 2.5%, as the stock continues to form the right side of a potential base. The company reported strong quarterly results late Tuesday. Meanwhile, chip-gear maker Applied Materials (AMAT) declined nearly 2%, as the stock consolidates below its 50-day line.

Inside the IBD 50, Cintas (CTAS) was in buy range from a 152.93 flat-base buy point, heading into its fiscal-Q2 results after the close. Analysts expect the uniform provider to earn $1.25 per share on revenue amounting to $1.59 billion.

Elsewhere among leading growth stocks, Alibaba Group Holding (BABA) was on pace to extend a win streak to two trading sessions, rising 1.5%. Still, the stock’s 50-day line remains about 3% above its current level where resistance has emerged in previous weeks.


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Originally posted 2017-12-24 18:10:45.


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