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Today’s Stock Market Action: Netflix Falls, AMD Gains

The major stock indexes turned red after giving up solid initial gains Monday in today’s stock market action, as the tech-heavy Nasdaq composite seemed about to extend a three-day losing streak. Top growth stock Wingstop (WING) continued to fall after an analyst downgrade. Fellow IBD 50 stock Netflix (NFLX) faltered after announcing a bond offering. (For updates on this story and other market coverage, visit the Stock Market Today.)





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The tech-heavy Nasdaq composite turned red, falling 0.2% after rising as much as 0.7% in today’s stock market. The Dow Jones industrial average and S&P 500 declined about 0.4% each.

Stock Market Earnings: Halliburton, TD Ameritrade

Among companies reporting earnings, Halliburton (HAL) dropped over 2% despite beating top- and bottom-line estimates early Monday. The energy stock extended a losing streak to four trading sessions and is trading about 36% off its 52-week high. Shares are well below their 50- and 200-day moving average lines.

After the stock market close, retail brokerage firm TD Ameritrade (AMTD) will report its quarterly earnings. Analysts expect the firm to earn 88 cents per share on revenue of $1.386 billion. The stock is near its recent lows, while the relative strength line is sharply downtrending, indicating substantial market underperformance.

Dow stock Procter & Gamble (PG) followed up Friday’s breakout with a near-2% loss Monday. Analyst firm Berenberg reiterated its sell rating on the consumer goods stock. The stock is below its 86.38 cup-with-handle entry.

IBD 50 Stocks: Netflix Taps Bond Markets

Among the leading growth stocks, IBD 50 stock Netflix slipped 3% after the video streaming platform announced a $2 billion bond offering. The company intends to use the proceeds for general corporate purposes. Shares are testing their long-term 200-day line amid three straight days of heavy losses.

Wingstop extended a losing streak to four trading sessions with a near-1% fall Monday. Wedbush downgraded the restaurant stock from outperform to neutral based on valuation concerns. The analysts believe that Wingstop’s current valuation reflects the company’s upside fundamental potential.

According to MarketSmith chart analysis, the top growth stock is still around the 25% profit-taking level from a flat base’s 55.96 buy point. Just three trading sessions ago, the stock hit a new 52-week high despite the stock market correction. Now, shares are pulling back to their 50-day moving average line, a critical support level.

Meanwhile, Advanced Micro Devices (AMD) gained about 2% to reclaim a small portion of Friday’s 11% plunge. Shares are below their 50-day line. The chipmaker will report after the stock market close Wednesday.

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