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Today’s Stock Market News: Apple Stock Rallies

The major stock indexes rebounded in today’s stock market action after Thursday’s sell-off amid a slew of solid corporate earnings results. Leading payment processor PayPal (PYPL) and hot IPO stock Atlassian (TEAM) were sharply mixed after they reported earnings after the stock market close. Top growth stock Apple (AAPL) rallied after bullish analyst commentary. (For updates on this story and other market coverage, visit the Stock Market Today.)





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The tech-heavy Nasdaq composite led the stock market higher, advancing over 1%. The Dow Jones industrial average and S&P 500 rose 0.8% and 0.9%, respectively.

Stock Market Earnings: PayPal Higher, Atlassian Lower

Among companies reporting earnings, PayPal rose almost 9% as it tries to rebound above its long-term 200-day moving average line. The payment processor reported better-than-expected Q3 results after the stock market close Thursday.

Atlassian beat the Street’s estimates late Thursday, but shares dropped 4% in early Friday trade. The stock triggered a potential defensive sell signal when it broke its 50-day line on Oct. 8 in heavy volume.

Dow stock Procter & Gamble (PG) traded over 8% higher after solid earnings results. Shares are moving back above their 50-day line and are approaching a multimonth high.

Fellow blue-chip stock American Express (AXP) rose about 3.5% but is trying to regain its 50-day line after strong Q3 results. The credit card processor also raised its full-year earnings guidance.

Intuitive Surgical (ISRG) reported strong earnings results, sparking an initial 3.2% gain, but shares turned lower, falling 0.4%. The stock is still below its 50-day line and is about 12% from a recent flat base’s 473.89 buy point. Shares hit the 20%-25% profit-taking level from the entry on Oct. 1, offering investors a chance to lock in gains on the way up.

IBD 50 Stocks: Apple Fights For Support

Among the leading growth stocks, Apple rose nearly 2% as it tries to reclaim its 50-day moving average line, according to MarketSmith chart analysis. Wedbush initiated the iPhonemaker with an outperform rating and a 310 price target, citing its positive iPhone cycle among other strengths.

Meanwhile, FANG stock Netflix (NFLX) moved up 2%, as it continues it recent trend of volatile action. Shares jumped 5% on Wednesday’s after the company reported strong subscriber growth. But plunged nearly 5% Thursday within the stock market sell-off.

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