Stocks Edge Lower; Retailers Soar, Breakout On Upbeat Earnings – Investor's Business Daily

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The major market indexes were modestly lower in early Friday morning trade. The tech-heavy Nasdaq and the S&P 500 dropped about 0.1% apiece. Meanwhile, the Dow Jones industrial average fell 0.2%.

XAutoplay: On | Off Among the Dow Jones Industrial components, Nike (NKE) jumped above a 57.35 cup-with-handle entry early Friday. Shares were up over 3%.

On the downside, Apple (AAPL) declined 0.5%. On Thursday, the stock snapped a five-day losing streak, but remains down about 2.5% this week.

Among companies reporting earnings, chip equipment giant Applied Materials (AMAT) beat the Street’s fiscal-Q4 earnings and sales targets, while boosting its guidance for the current quarter. Shares advanced over 5% to record highs, but reversed lower in morning trade, falling over 1%. On Thursday, the stock moved above a riskier three-week-tight add-on entry at 57.44.

A number of retailers reported upbeat earnings and sales numbers late Thursday and early Friday. Athletic-gear retailers Foot Locker (FL) and Hibbett Sports (HIBB) surged 24% and 15%, respectively. Both stocks remain well-off their 52-week highs.

Meanwhile, Ross Stores (ROST) rose 10%, while Gap (GPS) moved up 7%. Both reported solid quarterly results, and were breaking out of their respective bases as a result. Ross Stores is breaking out above a 66.26 cup-with-handle entry in the stock market today, while Gap briefly moved above a 29.87 cup-with-handle entry.

Abercrombie & Fitch (ANF) surged over 27% with better-than-expected Q3 earnings results. The stock is nearing a new 52-week high.

On the downside, Williams-Sonoma (WSM) faltered nearly 12% after missing its bottom-line targets. The stock had been building a cup with handle with a 54.28 buy point, but the stock is back down below its 50- and 200-day moving average lines.

Shares of electric automaker Tesla (TSLA) jumped nearly 2% after unveiling its semi-truck and a new Tesla Roadster that carries a starting price of $200,000. Tesla says that it will be on the road by 2020. Shares are batting to regain their 200-day line.

Among analyst actions, Square (SQ) was upgraded to outperform at Evercorse ISI, sparking an over-3% advance in the payment processor’s shares. Earlier this week, the San Francisco-based company began testing bitcoin trading in its Square Cash app for certain users. Shares are well-extended from a 28.07 cup-shaped base entry.

Within the IBD 50, Nvidia (NVDA) advanced 1.5%, as it trades about 20% above a 174.66 flat-base buy point.

On the downside, PayPal (PYPL) fell 1.2%, but remains just off its record high. Shares are extended from a 55.24 flat-base entry.

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