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Stocks Fall Mildly Early, But These Top Ranked IBD 50 Names Plunge | Stock News & Stock Market Analysis

The major market averages were once again modestly higher Friday as they swung between mild gains and losses. Top-ranked stock Arista Networks (ANET) sold off in the stock market today.

X All three major indexes — the tech-heavy Nasdaq, S&P 500 and Dow Jones industrials — were down about 0.3%-0.4%, looking to end five-day win streaks. On the week, the Nasdaq is on pace for an more than 5% advance.

Within the Dow industrials, Coca Cola (KO) trimmed a gain to 0.7% Friday after its top- and bottom-line results exceeded analyst targets. Still, the beverage and snack giant is stuck under its 200-day moving average line — where it appears to be finding resistance — after giving up the level on Feb. 5.

Elsewhere, Apple (AAPL) rose 0.9%, as it quietly traded after five days of solid gains. Shares recaptured their 50-day line Thursday amid the stock’s over-10% gain this week.

Among companies reporting earnings, IBD Sector Leader LogMeIn (LOGM) traded more than 7% lower amid weaker-than-expected current quarter and full-year revenue guidance. The stock is now about 3% below its 128.45 cup-with-handle entry after Wednesday’s solid breakout.

Deere (DE) rose 0.9% despite missing top-line estimates early Friday. Shares have rebounded back above their 50-day line and are up about 35% from a 124.94 cup-with-handle buy point. Bullishly, the stock’s relative strength line continues to make new highs, indicating substantial market outperformance.

Graphics-chip maker Nvidia (NVDA) continued its winning ways with a 0.8% advance, but is giving up some gains after hitting a new high. The stock reached a new high amid immense volatility after the stock’s breakout above a 218.77 cup-shaped base buy point on Jan. 8. Shares are about 13% from that buy point after finding support at the 50-day line.

Inside the IBD 50, Arista Networks (ANET) plunged 18% after its sales and gross margin outlook in the current quarter were weaker than expected. The No. 1-ranked IBD 50 stock’s fall puts it right back at its 50-day line. Heading into the earnings release, the stock had reached the 20%-25% profit-taking level from a 245.75 cup-shaped base entry.

Elsewhere, IPG Photonics (IPGP) stumbled 10%, sending it back near its 50-day line after five straight up days. The stock’s breakout above a 248.33 cup-base buy point failed amid the market’s recent turmoil.

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