Stock Market Today: Stocks Trim Losses; Big Banks Turn Red, FANG’s Netflix Jumps | Stock News & Stock Market Analysis

The major market indexes were all modestly lower in early morning trade Thursday. The S&P 500 dropped 0.2%, while the Dow Jones industrial average and the tech-heavy Nasdaq each moved down 0.1%.

XAutoplay: On | Off Among the Dow Jones Industrial components, Apple (AAPL) edged 0.2% higher, as it looked to add to a three-day win streak. Shares are building a flat base with a 165.04 buy point, but must first reclaim their 50-day line.

On the downside, Walt Disney (DIS) faltered over 1% after being downgraded from buy to neutral at Guggenheim. Shares are now over 15% off their 52-week high, and near their 2017 low.

Among companies reporting earnings, Dow’s JPMorgan (JPM) reported better-than-expected Q3 results early Thursday. Shares turned lower, falling 0.6% in the stock market today. The stock remains in buy range from a 95.32 flat-base entry.

Meanwhile, global investment bank Citigroup (C) also beat the Street’s Q3 targets. Shares dropped 0.5%, and are extended from a 69.96 flat-base buy point. Shares briefly touched a new 52-week high before reversing lower.

Finally, Domino’s Pizza (DPZ) declined over 4%, despite beating Q3 top- and bottom-line estimates. The stock is building the right side of a potential cup-shaped base.

FANG stock Netflix (NFLX) saw its price target boosted from 203 to 230 — a 13% increase and an 18% premium to Wednesday’s closing price. Shares jumped almost 2%, and barely remain in buy range from a 190.05 cup-with-handle buy point. The buy range tops out at 199.55. Bullishly, the stock’s relative strength line hit a new high on the breakout day, indicating significant market outperformance.

Fellow FANG stock (AMZN) inched 0.3% higher. The stock is attempting to surpass the 1,000 price level, where it has found significant resistance in the past.

Among leading growth stocks, mobile payment provider and IPO Leader Square (SQ) was initiated with an outperform rating by Oppenheimer. Shares advanced about 2%, on pace to extend a winning streak to 13 trading sessions. The stock is about 17% above a 28.07 cup-shaped base entry.

Within the IBD 50, chip leader Lam Research (LRCX) jumped 1.3%, and is now over 10% above a 170.10 cup-base entry.

On the downside, China-based Alibaba (BABA) dropped 0.8%. The e-commerce giant is on pace to snap a nine-day winning streak.


JPMorgan, Citigroup Beat Q3 Estimates Despite Weak Trading

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Originally posted 2019-09-19 23:22:48.


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