The major market averages held modest gains in early trade Friday as leading chip stock Nvidia (NVDA) advanced higher on a price-target boost in the stock market today. The tech-heavy Nasdaq and S&P 500 rose 0.1% apiece, while the Dow Jones industrial average was down 0.2%. The Nasdaq and S&P 500 neared new highs before backing off in early morning trade.
Elsewhere in the Dow, American Express (AXP) dropped nearly 2% after saying it would suspend its share buybacks in the first half of the year in order to rebuild the firm’s capital, following a one-time charge due to the GOP’s new tax legislation. The stock is trying to find support at its 50-day line.
Graphics-chip maker Nvidia jumped nearly 2% to 228.40 early Friday after Bank of America bumped its price target from 251 to 275 — a 23% premium to Thursday’s closing price. Shares broke out past a 218.77 cup-shaped base entry on Jan. 8, but have remained in the buy range. Shares are on the cusp of being extended; the 5% buy range tops out at 229.71.
FANG stock Amazon.com (AMZN) announced it was raising its monthly Amazon Prime rate in the United States from $10.99 to $12.99 per month. Shares rose 0.4% and looked to snap a three-day losing streak.
Nintendo (NTDOY) was breaking out above a cup-shaped base’s 54.06 buy point, as the stock rose over 3% in heavy volume. Earlier this week, the company announced Nintendo Labo, a new line of “interactive build-and-play experiences” that mainly target children. The stock is also over 20% above a 43.39 cup-with-handle entry. The stock’s relative strength line is nearing its old highs.
Among companies reporting earnings, IBD 50 member Atlassian (TEAM) declined nearly 5% after providing downbeat guidance for the current quarter’s profit outlook. Shares are trading under a 53.55 cup-shaped base entry after a breakout earlier this week.
Inside the IBD 50, Coherent (COHR) pared early gains, as the stock tried to reclaim a 320.83 buy point. Volume surged over 150% above average on Wednesday’s breakout day; however, the relative strength line remains under its old highs.
On the downside, Align Technology (ALGN) fell nearly 2%, as the stock tested its recent cup-shaped base entry at 266.51. The breakout was out of a later-stage base.
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