Stock Market Trims Losses Amid Target’s Earnings; This Retailer Breaks Out

The stock market slipped lower early Wednesday but was well off its morning lows amid continued China-trade worries and retail giant Target‘s (TGT) missed earnings. Meanwhile, investors digested a slew of other earnings releases among retailers, like Ralph Lauren (RL), which is breaking out today. (For updates on this story and other market coverage, visit Stock News Today.)


The tech-heavy Nasdaq narrowed its loss to less than 0.1%, while the S&P 500 eased 0.2%. The Dow Jones industrial average was also down 0.2%.

Among companies reporting earnings, Target floundered by 5% after missing its Q1 earnings targets early Wednesday. The stock is seeking support at its 50-day line, as it works on a flat base with a 78.80 buy point.

Other retailers also reported earnings ahead of the trading session, including fashion brand Ralph Lauren, Urban Outfitters (URBN) and Tiffany (TIF).

Ralph Lauren is once again breaking out above a cup with handle’s 116.79 buy point — according to MarketSmith chart analysis — as the stock surged about 14%. The fashion company reported a surprise increase in fiscal-Q4 earnings. Shares are extended from the entry.

Urban Outfitters rose over 1% after crushing the Street’s Q1 estimates late Tuesday. Shares are well-extended from a 36.20 flat-base entry and above their 50-day line — a key support level.

High-end jewelry seller Tiffany soared 16% on the company’s better-than-expected Q1 results. The company also raised its full-year guidance and approved a $1 billion repurchase program. The stock tried to break out past a 104.46 cup-with-handle entry last week but was turned away ahead of the earnings announcement. Shares are now extended from the buy point, as the stock surges to new highs.

After the close, NetApp (NTAP) will announce its fiscal-Q4 results. Analysts expect the company to earn $1.01 per share on revenueof $1.59 billion. The stock has been steadily moving upward since a cup-with-handle breakout above a 44.92 buy point last October. Shares are trading down 0.6% at the 50-day line.

Inside The IBD 50

Among the top growth stocks, Five Below (FIVE) was one of the top-performing stocks, with a nearly 2% gain in early trade. Shares are trying to find support at their 50-day line. The stock is mildly above a 71.69 cup-with-handle entry. Five is also shaping a new flat base with a 78.38 entry.

On the downside, Alibaba (BABA) slipped about 0.3%. The 200 price level remains a resistance area for the Chinese e-commerce giant. The stock is about 3% from a double bottom’s 201.60 buy point.


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Originally posted 2019-09-19 23:14:54.


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