Stocks Under Fire; Tech Falls Sharply; Recent IPO Soars On Earnings – Investor’s Business Daily

The major market indexes sold off heavily in early trade Thursday morning. The tech-heavy Nasdaq saw the largest decline, falling 0.6%. Meanwhile, the S&P 500 and Dow Jones industrial average dropped 0.4% and 0.3%, respectively.

XAutoplay: On | Off Among the Dow Jones industrial components, Boeing (BA) bucked the market’s fall, rising 0.3%. The airplane maker announced a 300-aircraft order from China amid President Trump’s visit to Beijing. The stock is extended from a 246.59 flat-base buy point.

On the downside, Intel (INTC) was one of the day’s early big losers, falling almost 1%. The stock is still up about 20% from a 38.55 flat-base buy point.

Among companies reporting earnings in the stock market today, Roku (ROKU) soared almost 50% after the streaming video firm reported better-than-expected Q3 results. The recent IPO has fallen significantly from its post-IPO highs, but shares are now building the right side of a potential base.

Retailers Macy’s (M) and Kohl’s (KSS) were sharply mixed after their respective earnings releases. On the upside, Macy’s advanced nearly 3% higher, after beating earnings targets, but falling short on revenue. The department store retailer has been in a sustained downtrend since July 2015, and has seen its stock price fall more than 60% during that time.

Meanwhile, Kohl’s fell 6% after missing bottom-line estimates, but exceeding top-line forecasts. The department store was trading just off its multi-year lows.

Nordstrom’s (JWN) will report after the close. Shares are under their 50- and 200-day moving average lines, near multi-year lows.

Leading homebuilder D.R. Horton (DHI) reversed from early losses to rise nearly 2% after matching fiscal-Q4 earnings estimates, while exceeding revenue targets. Heading into the release, the stock had risen over 20% above a 37.54 flat-base entry.

Finally, payment processor Square (SQ) declined almost 3% after its current-quarter guidance came up a bit shy of estimates. Shares of the IPO Leader had risen over 30% above a 28.07 cup-shaped base buy point.

After the closing bell, leading chip stock and IBD 50 member Nvidia (NVDA) will report its much-anticipated Q3 earnings results. Analysts expect the firm to earn 94 cents per share on sales of $2.36 billion. Shares recently reached the 20%-25% profit-taking level from a 174.66 flat-base buy point. Shares fell 2.3% Thursday.

Within the IBD 50, there were only a handful of names trading higher, amid the day’s early carnage within tech stocks. (ALRM) plunged almost 10% after offering mixed full-year guidance with EPS below consensus estimates. Before trimming losses, the stock had retraced all of a big gain from the 38.63 flat-base entry.


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