The major market averages were modestly higher in early morning trade Friday ahead of the GOP’s scheduled unveiling of its reconciled tax-overhaul plan. All three major indexes — the Dow Jones industrial average, S&P 500 and the tech-heavy Nasdaq advanced about 0.5% apiece.
Among the Dow Jones industrial components, Boeing (BA) extended a win streak to four trading sessions, rising another 0.8% to a fresh record high. Shares are about 20% above a 246.59 flat-base entry, a potential profit-taking area.
On the downside, IBM (IBM) declined 1%. Shares are back under their 200-day line within a 10-month consolidation.
FANG stocks looked to end the week on an upbeat note in the stock market today, but were mixed through morning trade. Facebook (FB) moved up 0.6%, further positioning itself above its 50-day line and a 175.59 buy point. Amazon (AMZN) rose 0.1%, as expectations rose for the e-commerce giant to emerge as the undisputed leader of holiday spending. Amazon is just 3% off its all-time high and still nearly 10% from a 1083.41 entry.
Finally, Netflix (NFLX) reversed from nice gains to trade around its break-even mark, as the IBD SwingTrader member briefly recovered a 190.05 cup-with-handle entry. The video streaming giant is also shaping a new entry — a flat base with a 204.48 buy point.
Among companies reporting earnings, Adobe Systems’ (ADBE) beat-and-raise Q4 results sparked a 1% gain early Friday. Shares continued to rebound from their 50-day line, where they have been finding support the last two weeks.
Oracle (ORCL) dropped over 5%, as a double-bottom formation broke down. The company reported solid fiscal-Q2 earnings results late Thursday, but its cloud-computing revenue and revenue outlook fell short of the Street’s targets. The stock was at a 6-month low and below its 200-day line.
Meanwhile, warehouse retailer Costco (COST) rose over 4% after topping fiscal-Q1 estimates, as better-than-expected same-store sales fueled the earnings beat. Shares have been strong since a Nov. 21 breakout above a 173.19 cup-with-handle entry. The stock is about 13% from that level Friday.
CSX (CSX) plunged nearly 8% early Friday after CEO Hunter Harrison took a medical leave of absence. The stock was now about 4% below a 55.09 flat-base entry after a breakout on Nov. 30 and close to triggering the 7%-8% sell signal.
On the downside, China-based names were under pressure in early trade. Alibaba (BABA) fell 0.7%, looking to end the week with a near-4% decline. Shares are squarely below their 50-day line after finding resistance there Monday.
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