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Stocks Stumble: Exxon Dives, Sony, Amazon Spike; Tableau Breaks Out | Stock News & Stock Market Analysis

Stocks opened with a hard drop Friday, although early losses were ameliorated by January payroll data that topped expectations.

X Powerful opening gains from Amazon.com (AMZN), Sprint (S) and Sony (SNE) were not enough to offset a drawdown across global markets as well as and steep earnings-related losses led by Alphabet (GOOGL)and Exxon-Mobil (XOM).

The Dow Jones industrial average opened down 0.9.%, while the S&P 500 dumped 0.6%.  The Nasdaq Composite shed 0.3%, as strong gains by Amazon and Mattel (MAT) eased the early declines.

U.S. nonfarm employers added 200,000 new workers in January, according to the Labor Department’s payrolls report. That was up from 160,000 new hires in December, and above consensus estimates for a gain of 175,000 new jobs. Private employers did the bulk of the hiring, adding 196,000 positions. The unemployment rate held steady at 4.1% and the labor force participation rate was unchanged at 62.7%.

Average hourly earnings rose 0.3% during the month, just below December’s increase but in line with expectations.

Amazon, Sony Rise; Exxon Dives; Tableau Software Breaks Out

Exxon-Mobil led the declines on the Dow, skidding 5.1% lower after reporting wide misses in its fourth-quarter revenue and earnings. The stock is extended after climbing above a flat base in early January. Energy peer Chevron (CVX) dropped 1.6% after its quarterly report.

Amazon swung up more than 6% after stomping analysts expectations with its fourth-quarter report late Thursday. Founder and Chief Executive Jeff Bezos said the company’s Echo line of smart speakers exceeded the e-commerce giant’s optimistic projections, and the company said it expects to see a $789 million benefit from the recently overhauled tax laws.

Amazon shares are extended above a 1,213.51 buy point after topping a flat base early in January.

Apple dropped 2.1% in premarket trade. Its fiscal first-quarter earnings and revenue results beat forecasts, but iPhone sales were lower than expected. The stock has now spent six days below its 10-week moving average, but has not fallen quite far enough below a 176.34 buy point to trip the automatic sell rule.

Shares of Sony cranked out an 8% opening gain, lifting shares just beyond buy range above a 48.43 buy point. Sony reported fiscal third-quarter sales and earnings above consensus views, and lifted its full-year earnings outlook, based on smartphone games, and sales of image-sensors and premium televisions.

Among the other names moving on earnings news,  Deckers Outdoor (DECK) climbed 7%, Sprint bolted 6% higher and Honda Motor (HMC) advanced 5%. On the downside, Alphabet tumbled 5% lower, YRC Worldwide (YRCW) crumbled 19%.

Database software leader Tableau Software (DATA) spiked 8% in opening action, as earnings and revenue declined less than expected in the fourth quarter. The gain put shares in a buy range above an 82.42 buy point in a cup base, although the stock’s relative strength line remains far below its October high — a sign of potential weakness.

Japan Raid Adds To Bitcoin Pressure

Bitcoin recovered to near $8,700, after undercutting the $8,000 level in early trade, according to Coinbase, down almost 18% since late Wednesday as news reports detailed a raid by Financial Services Agency inspectors in Japan on the offices of the cryptocurrency exchange Coincheck. The raid was related to a prior hack into Coincheck’s network, reportedly resulting in the theft of $500 million of the cryptocurrency named XEM. Coincheck had previously pledged to reimburse customers more than $423 million in losses. The FSA agents were reportedly attempting to verify the company’s intent and ability to act on its pledge.

The reports followed news last week of rising regulatory focus on cryptocurrency trading in South Korea.

Bitcoin is now around 50% below its Jan. 6 peak, but still up more than 685% over the past 12 months. Among crytpocurrency and blockchain-related stocks:

  • Bitcoin Investment Trust (GBTC): down 6%
  • Riot Blockchain (RIOT): down 2%
  • Mara Patent Group (MARA): up 01%
  • Overstock.com (OSTK): unchanged

Other Important Early Market News For Friday:

The Big Picture: The Market Outlook Has Changed

Amazon, Apple Higher On Earnings, But This Slams Stock Futures

Exxon Misses Q4 Forecasts; Chevron Gains On Results

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