Indexes Barely Budge, But Apple Scores All-Time High, Tesla Rebounds – Investor's Business Daily

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Major stock indexes were mixed and mostly unchanged in afternoon trading Friday as Wall Street shrugged off better-than-expected job growth in April.

The Dow Jones industrial average slipped around 0.1%, weighed down by weakness in IBM (IBM). Shares fell 3% after Warren Buffett said he cut his stake in the company by a third ahead of Berkshire Hathaway‘s (BRKA) annual shareholder meeting this weekend.

The Nasdaq and S&P 500 edged higher by about 0.1%. Volume on the NYSE and Nasdaq was tracking lower than Thursday’s levels.

Oil and gas names were among the day’s best gainers, but compelling charts in the sector are tough to find after steep sell-offs. At the New York Mercantile Exchange, benchmark crude oil was off session highs but still rose 1% to $46.08 a barrel.

In the stock market today, Tesla (TSLA) rebounded nicely after Thursday’s 5% haircut on earnings. Shares rose more than 3%, to 305.59. It’s still holding comfortably a prior 287.49 buy point from a cup-shaped base.

Shares of Apple (AAPL) continued to recover, rising 1.4% to an all-time high. Shares initially fell more than 2% Wednesday as investors mulled its quarterly report, but the stock closed near its session high, down just 0.3%.

Elsewhere, Universal Display (OLED) was a big winner, up 24%, after the company reported a 450% surge in quarterly profit and 87% jump in sales. After a breakout in mid-February over a 67.98 cup-with-handle buy point, the stock is extended after finding support at the 10-week moving average.

In the restaurant group, Wingstop (WING) gapped up over a 30.38 cup-with-handle buy point, soaring 12% to 32.46, after the company reported its second straight quarter of 20% sales growth.

Also in the restaurant group, Restaurant Brands (QSR) reclaimed a 58.08 buy point, rising nearly 3%, to 58.49, in strong volume. The company’s brands include Burger King, Tim Hortons and Popeyes Louisiana Kitchen. The restaurant industry group has been working its way higher in IBD’s 197 industry group rankings. Headed into Friday, it ranked No. 23, up from 73rd six weeks ago.

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