Stocks Today: Cisco Backs Off Highs; Will These New Issues Lead The Market in ’19?

The Nasdaq composite held a modest gain in late-afternoon trading Thursday. The Dow Jones industrials and S&P 500 fell slightly. Stocks today on the move included included Dow Jones stock Cisco Systems (CSCO). Cisco backed off session highs, but still rose 2.5% on strong earnings, a bullish outlook, a raised share buyback and a dividend increase. Leaderboard stock CyberArk Software (CYBR) also shot higher on earnings.


Among stocks today moving in heavy volume, Yeti (YETI) gapped up past a 19.30 buy point on strong earnings. Yeti isn’t the only new issue showing relative strength. Zscaler (ZS), SailPoint Technologies (SAIL) and Tencent Music (TME) also came public recently and are showing leadership potential. (For updates on this story and other market coverage, visit the Stock Market Today page.)

After an IPO nearly  one year ago, Zscaler looks to be in the early stages of clearing a first-stage base. SailPoint reports earnings next week as it sets up in a cup-shaped base. Shares of Tencent Music, meanwhile, scored a new high Thursday. It went public in December at 13.

With about an hour left to go in the session, the Nasdaq was up 0.3%. The Dow Jones Industrial Average and S&P 500 were mostly flat. Volume on the NYSE and Nasdaq was tracking close to Wednesday’s levels in the stock market today.

Stocks Today: Earnings Winners

Epam Systems (EPAM) and Ingevity (NGVT) were other big earnings winners. Headed into earnings, Epam was extended after a low-volume breakout from a double-bottom base with a 134.88 entry. Ingevity, meanwhile, gapped out of a consolidation after reporting a 138% surge in quarterly profit.

Among the FANG stocks, (AMZN) was the only decliner. Shares lost 0.9% after the company said it would not build a headquarters in New York due to local opposition. Don’t expect Amazon to resume its market leadership anytime soon. It’s still in on a downtrend as it gets resistance at the 200-day moving average.


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Originally posted 2019-09-19 23:33:43.


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