Tech Stocks Lead Stock Market Rally; Twitter Just Under Buy Point

The stock market pared modest opening gains to turn mixed Tuesday morning. Resurgent internet stock Twitter (TWTR) is just below a potential buy point after a breakout attempt Monday. (For updates on this story and other market coverage, visit Stock News Today.)


The tech-heavy Nasdaq clung to a fractional gain while the S&P 500 index rose 0.1% in morning trade Tuesday, while the Dow Jones industrial average dipped 0.2%.

Among companies reporting earnings, Leaderboard member Pure Storage (PSTG) declined 6.6% despite topping Q1 estimates late Monday. The stock is about 5% above a cup-with-handle buy point at 21.43.

Department store chain Kohl’s (KSS) gave up its big premarket gains to fall 5% in morning trade. The department store chain reported better-than-expected Q1 earnings early Tuesday, but said a friends and family promotion inflated same-store sales at the expense of Q2. The action underscores the mixed results among retailers in recent trading sessions. Last week, Nordstrom (JWN) plunged nearly 11% after its earnings results, while Macy’s (M) soared almost 11% to new highs.

TJX (TJX) — parent company of T.J. Maxx, Marshalls and HomeGoods — rose 1.6% on its Q1 earnings release. Shares continue to see solid support at their 50-day line.

After the close Tuesday, Urban Outfitters (URBN) will announce its Q1 results. Analysts expect the company to earn 30 cents per shares on revenue of $837 million. Shares are well extended from a 36.20 flat-base buy point. The stock edged lower Tuesday.

Social media company Twitter is still below a cup with handle’s 33.88 buy point in early trade Tuesday after a breakout attempt Monday, according to MarketSmith chart analysis. The stock has a 94 out of highest-possible 99 IBD Composite Rating. Twitter initially edged higher Tuesday but is now down about 0.9%.

Inside The IBD 50

Among the top growth stocks, Micron Technology (MU) moved further up the right side of potential base with a 7% advance in early trade Tuesday. The company is planning a $10 billion share buyback, and analysts hiked their price targets on the memory-storage maker in response.

On the downside, Five Below (FIVE) declined 1.6% and is on pace to extend its two-day losing streak. Shares remains above a 71.69 cup-with-handle buy point, as it tries to maintain its 50-day support level.

Meanwhile, graphics-chip maker Nvidia (NVDA) is inching closer to its 50-day line with a 1% fall. Shares have given back the majority of the recent breakout’s gains above a 239.35 double-bottom entry.


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Originally posted 2019-09-19 23:14:50.


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