Tech Stocks Surge Ahead Of Tax Vote; 2 Dow Stocks Blow Out Earnings – Investor’s Business Daily

The major market indexes were strongly higher in early Thursday morning trade ahead of the House’s vote on the tax reform bill scheduled for after 1:30 pm E.T. The tech-heavy Nasdaq led the way with a 0.9% advance, while the S&P 500 and Dow Jones industrial average followed up with gains of 0.5% and 0.6%, respectively.

XAutoplay: On | Off Among the Dow Jones Industrial components, Wal-Mart Stores (WMT) topped Q3 earnings and sales estimates, while providing upbeat holiday-quarter guidance early Thursday. The discount retailer saw its U.S. e-commerce sales surge 50%. Shares jumped nearly 8%, and became further extended from a flat base’s 82.09 flat-base entry.

Elsewhere in the Dow, Cisco Systems (CSCO) advanced 7% after better-than-expected fiscal Q1 results. Shares closed Wednesday just below the 34.20 cup-with-handle buy point. The stock is now extended.

On the downside, Travelers Companies (TRV) fell 1%, as it trades within buy range of a 130.47 cup-shaped base entry.

FANG stocks were on the march higher in the stock market today with Facebook (FB) and Netflix (NFLX) leading the charge, rising 0.7% and 2.5%, respectively.

Meanwhile, (AMZN) moved up 0.7%. Shares are trading at the top of the 5% buy range from a 1083.41 buy point.

Among companies reporting earnings, NetApp (NTAP) announced strong quarterly results, sending its shares up over 17%. Shares are now extended from a 44.92 cup-with-handle buy point.

China-based leader NetEase (NTES) beat the Street’s Q3 forecasts late Wednesday, sparking a 7% advance in its shares. The stock is breaking out past a cup-with-handle base’s potential 320.77 entry.

After the close, chip leader Applied Materials (AMAT) will report its fiscal-Q4 results. Profits are expected to rise 38% year over year to 91 cents per share, on revenues of $3.96 billion. Shares are well-extended from a 47.69 cup-with-handle entry, and has reached the 20%-25% profit-taking level in recent trading sessions.

Shares of electric automaker Tesla (TSLA) rose 1% ahead of the unveiling of the new Tesla semi truck Thursday night. Production issues with the Model 3 have weighed on the stock, as it sits below its 50- and 200-day moving average lines.

Within the IBD 50, PayPal (PYPL) jumped nearly 3% to new highs, and is well-extended from a 55.24 flat-base entry.

In the meantime, Paycom Software (PAYC) rose over 3%. The 50-day line has been guiding the stock higher over the last couple weeks. It is extended from a 73.71 flat-base buy point.


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