Today’s Stock Market Falls; Netflix Stock Slides

The tech-heavy Nasdaq composite resumed its recent fall in today’s stock market after Friday’s big rally. Bank of America (BAC) and Charles Schwab (SCHW) released their earnings results before the stock market open. Meanwhile, IBD 50 stock Netflix (NFLX) had its price target cut by two separate analysts. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Nasdaq led the major stock indexes lower with a 1% decline in early morning trade. The S&P 500 and the Dow Jones industrial average fell 0.5% and 0.2%, respectively.

Earnings: Bank of America, Schwab

Among companies reporting earnings, Bank of America fell 2% despite reporting strong earnings results. The stock is shaping a flat base with a 32.01 buy point but must first reclaim its 50- and 200-day moving averages.

Charles Schwab reported better-than-expected earnings results early Monday but revenue fell short of analyst targets. Shares moved down 1% and remain below their 50- and 200-day moving average lines. The stock is in the midst of a correction that spans back to May. Competitors E-Trade (ETFC) and Interactive Brokers (IBKR) will report later in the week. Both are well off their 52-week highs.

FANG Stock Netflix Price Target Cut

FANG stock Netflix fell about 3% after Goldman Sachs and Raymond James lowered their price targets on the video streaming platform. Goldman trimmed its price target from 470 to 430, while Raymond reduced it from 445 to 400. Both maintained their bullish ratings.

Apple (AAPL) declined 1.5%, as it tests its 50-day line in today’s stock market action after Goldman warned on Apple’s earnings. Shares regained the level Friday amid the stock market rally. Bullishly, the stock’s relative strength line hit a new high — according to MarketSmith chart analysis — signaling strong outperformance vs. the general market.

IBD 50 Stocks: Wingstop Shrugs Off Market Losses

Wingstop (WING) shrugged off the market decline early Monday, as the stock gained about 2%. Shares are above the 20%-25% profit-taking level from a 55.96 flat-base buy point, so investors could lock in profits.

On the downside, graphics-chip maker Nvidia (NVDA) gave back a portion of Friday’s near-5% advance. The stock fell about 3% as it battles for support around its long-term 200-day moving average line.


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Originally posted 2019-09-19 23:22:52.


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