The major market averages were modestly higher in early trade Monday as FANG stock Netflix (NFLX) was set to report its Q4 earnings after the close in the stock market today. The tech-heavy Nasdaq and S&P 500 rose about 0.2% apiece, while the Dow Jones industrial average was unchanged, as a government shutdown lingered.
X Among the Dow Jones industrials, Apple (AAPL) fell nearly 1% after analyst firm Atlantic Equities downgraded the iPhonemaker from overweight to neutral, commenting that demand for the iPhone X may be starting to slow. The stock remains just above a 176.34 flat-base buy point after recently reclaiming that level.
Elsewhere in the Dow, General Electric (GE) reversed from early losses to rise 0.3% after Bank of America downgraded the stock from buy to neutral. The early action sent the stock to a six-year low— about 50% off its 52-week high.
Video streamer Netflix traded 2% higher, as it prepared to report its Q4 earnings after the bell Monday. Analysts expect the company to earn 41 cents a share on revenues totaling $3.26 billion — year-over-year growth of 173% and 32%, respectively. Shares are extended after a recent breakout above a 204.48 flat-base entry.
Fellow FANG stock Amazon.com (AMZN) moved up 0.5% after opening its first cashier-less convenience store, Amazon Go, in Seattle. The stock is out of buy range from a 1,213.51 flat-base entry after a furious rally in the first two weeks of 2018.
Among companies reporting earnings, energy giant Halliburton (HAL) easily surpassed the Street’s targets, advancing more than 3% in early trade. The stock was breaking out past a 57.39 buy point from a cup-with-handle formation that stretches back to January 2017. While the stock’s relative strength line is well of its old highs, it has been in a steady uptrend since November.
Meanwhile, casino operator Wynn Resorts (WYNN) jumped 4% to a new 52-week after reporting solid earnings results. The stock is extended from a recent test of the 10-week line and a 139.77 flat-base buy point.
On the downside, Universal Display (OLED) dropped almost 4% to fall back into the buy range of a 192.85 cup-shaped base buy point. The stock’s breakout was out of a late-stage base, increasing the chance of failure. Meanwhile, the stock’s RS line hit a new high late last week.
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