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Today’s Stock Market Sell-Off: FANG Stock Netflix Falls

The major stock indexes sold off in today’s stock market action on mixed earnings and as investors fretted over rising interest rates. The short-term two-year yield neared 2.91%, close to its highest level in about a decade. Leading payment processor PayPal (PYPL) and top software stock Atlassian (TEAM) will report their quarterly results after the stock market close. Top growth stocks Netflix (NFLX) and Wingstop (WING) declined on analyst actions. (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 lower, declining 0.6%. The Dow Jones index and S&P 500 fell about 0.2% apiece.

Earnings: Atlassian, PayPal Report After Stock Market Close

Among companies reporting earnings, Atlassian will announce its earnings results after the closing bell. Analysts estimate the firm to earn 19 cents per share on sales of $259 million. Shares are trying to recover from a sharp sell-off in early October that saw the stock fall 22% from its highs. Shares edged higher.

PayPal is expected to report 54 cents per share on revenue of $3.67 billion. PayPal stock is below its 200-day moving average, as a new base looks to take shape. Shares inched lower.

American Express (AXP) is trading below its 50-day line ahead of the company’s earnings results late Thursday. The company’s EPS are expected to grow to $1.79 with revenue rising to $919 million.

Intuitive Surgical (ISRG) is expected to earn $2.65 per share on revenue of $919 million. The stock is battling to regain its 50-day line and is about 15% from a 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.

IBD 50 Stocks: Netflix, Apple Fall

Among the leading growth stocks, FANG stock Netflix followed up Wednesday’s 5% earnings-related advance with a 2% fall Thursday morning. Analysts at Imperial Capital lowered their price target on the video streaming platform from 494 to 464, citing rising interest rates.

Meanwhile, Apple (AAPL) is again below its 50-day line after it slipped 1.3% in early trade. The stock’s relative strength line hit a new high last week.

Wingstop dropped more than 2% after Morgan Stanley cut the stock from overweight to equal weight. The stock hit a new high Wednesday, shrugging off the weight of the stock market’s correction. Shares are above the 20%-25% profit-taking level from a 55.96 flat-base entry.

On the upside, graphics-chip maker Nvidia (NVDA) moved up nearly 1%, as it battles for support at its long-term 200-day moving average line.

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