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Stocks Advance Despite GDP Miss; This Top Growth Stock Breaks Out | Stock News & Stock Market Analysis

The major market averages looked to end the week on a high note with solid advances in early trade Friday, as chip leader Intel (INTC) surged into new highs in the stock market today. The tech-heavy Nasdaq rose 0.5%, while the S&P 500 and Dow Jones industrial average moved up 0.4% and 0.3%, respectively.

X Early Friday, U.S. GDP for the fourth quarter of 2017 came in at 2.6%, below the 2.9% consensus estimate. Still, it was the best underlying growth since 2014.

Meanwhile, the price of Bitcoin declined over 3% to about $10,800 on CoinDesk. Coincheck — a popular Japanese Bitcoin exchange — suspended all withdrawals, while halting trading in all cryptocurrencies except Bitcoin.

Among the Dow Jones industrials, Intel exceeded its Q4 earnings and sales targets, raised its dividend and boosted its 2018 estimates. Shares surged 8% into new highs. A recent breakout on Dec. 20 above a 47.40 cup-shaped base entry ended poorly when the stock triggered the 7%-8% loss-cutting rule amid security flaws in its chips.

Among companies reporting earnings, Western Digital (WDC) fell less than 1% after reporting mixed earnings results. The stock has been a laggard since mid-July as it continues to consolidate sideways, but made a move in 2018 to reclaim its 50- and 200-day moving average lines. Shares are still about 8% away from a new high.

Chip-gear maker KLA-Tencor (KLAC) turned nearly 2% higher, reversing from early losses after reporting strong results late Thursday. The stock is looking to find support at its recent flat-base entry at 110.11, following Thursday’s nasty downside reversal that saw the gain briefly reach over 10% at its intraday peak.

Coffee purveyor Starbucks (SBUX) dropped about 5% after its fiscal-Q1 revenue missed the Street’s targets. The stock is back below its 50-day line and is testing support at its long-term 200-day support level.

Inside the IBD 50, SVB Financial (SIVB) faltered almost 3% after reporting its Q4 earnings results late Thursday. The stock, also an IBD Leaderboard name, remains extended from a 223.92 alternate entry.

Elsewhere, Grubhub (GRUB) was breaking out past a 74.91 flat-base entry with a near-3% advance. Volume was tracking about 100% above average. While the stock’s relative strength line hasn’t reached a new high yet, it has been strengthening over the last two weeks.

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