Today’s Stock Market: Caterpillar, IBM, Intel Lead Dow; Workday Surges On Earnings

Buyers came into the stock market in late-afternoon trading Friday as the G20 summit of industrialized nations got underway in Buenos Aires. In today’s stock market, Workday (WDAY) was a big winner in the Nasdaq 100, while Caterpillar (CAT), IBM (IBM) and Intel (INTC) led the Dow with gains of around 2% to 3% (for updates on this story and other market coverage, visit the Stock Market Today).


In today’s stock market, the Nasdaq composite, S&P 500 and Dow Jones industrial average showed gains for around 0.3% to 0.5%. The Russell 2000 small-cap index edged up 0.1%.

Goldman Sachs (GS) stumbled in the Dow Jones, down 3% to 188.60. Shares were weak after Bank of America downgraded the stock to neutral and lowered its price target to 225 from 280.

The G20 summit started today in Buenos Aires. President Trump will have dinner Saturday night with China’s Xi Jinping. A major breakthrough regarding trade talks is not expected, but any sign of progress could be good news for the stock market and give credibility to the Nasdaq’s follow-through day Wednesday.

At the New York Mercantile Exchange, U.S. crude oil futures settled at $50.93 a barrel, down 1%. Oil plunged more than 20% in November.

Today’s Stock Market: Earnings Reports In Focus

In the stock market today, three earnings reports were in the spotlight. Workday made the most noise, up 13% to 164. It gapped up out of a consolidation with a buy point at 157.22.

Meanwhile, fellow enterprise software name Splunk (SPLK) gapped above its 50-day and 200-day moving averages, also on strong earnings. But the stock is still 16% off its high. Shares soared 10% to 112.

Results were strong at former leader Palo Alto Networks (PANW) in today’s stock market, but a 9% early gain faded to a loss of more than 1%.

MarketSmith Growth 250 Movers

Elsewhere, Euronet Worldwide (EEFT) cleared a 120.22 entry but backed off. Shares were up 0.8% to 119.33. Besides being a member of the MarketSmith Growth 250, Euronet is also a member of Leaderboard.

Canada Goose (GOOS), meanwhile, is still holding its own as it tries to clear a consolidation with a 68.85 entry. Shares were up nearly 4% to 67.42. Canada Goose gapped over the buy point on Nov. 14 after the company reported earnings, but gains faded. The base may also be interpreted as a double bottom with a 65.92 buy point.

Two airline stocks also outperformed in the MarketSmith Growth 250. Delta Air Lines (DAL) added 2.7% to 60.44. It’s trying to clear a long consolidation with a 60.89 entry. United Continental (UAL), meanwhile, scored another new high. Shares were up 1% to 96.11. It’s extended after a breakout over the 89.71 buy point.

Inside the IBD 50, Medpace (MEDP) drew closer to a 65.19 entry. Shares were up nearly 4% to 61.93. Providers of outsourced clinical development services like Medpace have been on a roll lately. Group peer PRA Health Sciences (PRAH) followed through after Thursday’s breakout over a 112.98 buy point. Shares were up nearly 3% to 117.


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Originally posted 2019-09-19 23:26:51.


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