Stock Market Today: Tech Recovers From Early Losses; Chinese Leaders Look To Bounce | Stock News & Stock Market Analysis

The major market averages were mostly unchanged in morning trade Wednesday after a weak market open. The Dow Jones industrial average and the S&P 500 were at their breakeven marks, while the tech-heavy Nasdaq traded 0.2% higher.

On the economic front, ADP’s November National Employment Report came in at 190,000 vs. the Econoday 186,000 estimate.

Among the Dow Jones Industrial components, Johnson & Johnson (JNJ) paced the advancers with an early 1.5% rise. Shares were in buy range from a 137.18 flat-base buy point, as the stock forms a new flat base with a 144.45 buy point.

On the downside, Apple (AAPL) recovered from heavy losses, falling just 0.3%. Shares were trading just past the top of a 5% buy range from a 160.97 cup-with-handle entry. The range runs up to 169.02.

FANG stock Netflix (NFLX) was initiated with an in-line rating and a 210 price target at Evercore ISI. The stock moved up 0.2%, as it still looks to recover back above a 190.05 cup-with handle entry. Shares are also below the 50-day line.

Meanwhile, Evercore started Facebook (FB) with an outperform rating and a 225 price target. Shares rose 1.2% in early trade and are just below a 175.59 flat-base buy point.

Among companies reporting earnings, Veeva Systems (VEEV) dropped nearly 7% after topping Q3 estimates and offering fiscal 2018 guidance in line with targets. The stock had been a winner in early 2017, but its advance sputtered over the summer. Shares are back below their 200-day moving average line.

Dave & Buster’s (PLAY) advanced over 7% early Wednesday after beating bottom-line forecasts. The restaurant and entertainment company — once a promising leader — has been stuck in a consolidation that stretches back to early June. Shares have fallen as much as 38% in that time and are still below their 200-day line.

China-based stocks opened lower before trimming losses in the stock market today after Hong Kong’s Hang Seng index closed down more than 2% overnight, piercing its critical 50-day line. Meanwhile, the Shanghai Composite recovered the bulk of its losses, but still closed down 0.3%.

Tencent (TCEHY) declined almost 2% and is on pace to mark its eighth loss in the last nine trading sessions. The internet giant has been a big winner in 2017, rising more than 100% from a 27.04 cup-with-handle entry. The stock broke out on Feb. 16.

Within the IBD 50, Alibaba (BABA) reversed from early losses to rise 0.8%, looking to snap an eight-day losing streak. The stock is well-below its 50-day line now.

Meanwhile, Leaderboard member (WUBA) moved up 0.5%, as it clings to its 50-day moving average.


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Originally posted 2017-12-06 16:46:25.


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