Stocks Pare Losses But Alphabet Struggles; Dow’s Travelers Hits Buy Point | Stock News & Stock Market Analysis

The Nasdaq composite was down sharply Thursday afternoon as a broad sell-off hurt technology stocks more than many others and Alphabet (GOOGL) went below its buy point.

XAutoplay: On | OffThe Nasdaq composite slid 0.7%, with semiconductor, software and biotech shares weighing on the technology-heavy composite. Alphabet — the parent of Google and one of the biggest Nasdaq components — fell back below the 1,006.29 buy point of a soft breakout last week.

The S&P 500 was down just over 0.1% after reducing an early loss of 0.5%. Today’s trading broke a two-week pattern of small changes in the two indexes. The small-cap Russell 2000 shed nearly 0.6%.

The Dow Jones industrial average also was down 0.1% but, notably, two of its components broke out of bases.

Verizon Communications (VZ) surged past the 50.41 buy point of a cup-with-handle base in heavy trading, although it sank back below the entry. The company’s Q3 sales and number of postpaid wireless phone subscribers beat estimates.

Travelers Cos. (TRV) broke out above a 130.47 buy point after the insurer beat third-quarter expectations. Core earnings plunged 62% to 91 cents a share, “primarily due to significantly higher catastrophe losses” from major hurricanes, the company said.

Volume on the main exchanges was tracking higher compared with the same time Wednesday.

A sell-off in China’s stock market spread to U.S.-traded Chinese shares. (CTRP) gapped down below its 50-day and 200-day moving averages, sinking more than 7%. Volume in the travel-reservations company was running nearly four times more than average, the largest increase in trading for any Chinese stock. A number of other China stocks, however, pared losses.

Airlines, automakers and media industry groups also lagged.

United Airlines (UAL) tumbled 10% in big volume after the airline reported earnings that topped estimates and sales that were also above the consensus estimate. Passenger-unit revenue fell 3.7% as the carrier struggled with weather-related flight cancellations.

The stock fell below its 50-day moving average after executives failed to give details on the outlook. The 50-day line has been trending below the 200-day line since late August.

Besides Travelers, a few other financials escaped the sell-off and reached buy points.

Wintrust Financial (WTFC) rose past the 79.72 buy point of a cup-with-handle base in busy trading. The Illinois-based bank beat profit expectations late Wednesday, posting a 22% rise in earnings to $1.12 a share. Hancock Holding (HBHC), a bank that operates in the Southeast and Texas, rose above its 49.65 entry after it also beat views.

Investment management firm Cohen & Steers (CNS) rose more than 4% and gapped above the 43.09 buy point in more than double its usual volume as it also beat profit expectations.


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Originally posted 2017-10-22 22:57:17.


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