The major market indexes were mixed in early morning trade Wednesday. The tech-heavy Nasdaq declined 0.1%, while the S&P 500 held minor losses at its break-even mark. Meanwhile, the Dow Jones industrial average edged up 0.1% to take another record high.
XAutoplay: On | Off Among the Dow Jones industrial components, Home Depot (HD) advanced 0.3% and was on pace to extend a winning streak to five trading sessions. Shares are still in buy range from a 160.96 flat-base entry.
On the downside, Cisco Systems (CSCO) declined 1.4% as it etches a handle onto its cup-base pattern. Its potential buy point is 34.20.
FANG stock Netflix (NFLX) looked to extend its recovery further early Wednesday, moving nearly 4% higher after UBS boosted its price target from 190 to 225. In two consecutive weeks, the stock has tested its 50-day moving average line as it traces a handle onto its cup base. Each time, the stock has rebounded higher, indicating institutional support at that level. Shares about 2% away from a 190.05 buy point.
Electric automaker Tesla (TSLA) drove over 2% higher in the stock market today, recapturing its 50-day line. On Tuesday, Tesla reported its Q3 Model 3 production results. Initially, shares declined 3% intraday before turning that loss into a 1.9% gain — a bullish upside reversal. A previous breakout above a 370.10 cup-with-handle entry failed, so a new base will need to form.
Among companies reporting earnings, Pepsico (PEP) trimmed heavy early losses to just a 0.3% fall after reporting mixed fiscal-Q3 results. Despite missing sales estimates, bottom-line results came in above the Street’s targets. The snack giant reported that it lost market share in its soda brands — Pepsi and Mountain Dew — as the company shifted its attention to pushing healthier drinks, like sparkling lemonade.
Meanwhile, Acuity Brands (AYI) declined nearly 4% after missing fiscal-Q4 top-line estimates early Wednesday. Shares have been stuck in a long-term downtrend since August 2016 and were more than 40% off their 52-week high.
On the downside, Winnebago Industries (WGO) fell almost 5% after being downgraded from buy to hold at Stifel Nicolaus. The RV maker has been on fire, advancing over 25% in under five weeks since breaking out above a 37.30 cup-with-handle entry.
This Article Was Originally From *This Site*
Powered by WPeMatico