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The shares received a mixed launch Wednesday, Qualcomm (QCOM) led a rally in smart stocks, while IBM (IBM) dragged the Dow Jones industries down.
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The Nasdaq jumped 0.5%, while the S & P 500 opened 0.2% and Dow Jones industrialists fought a 0.1% decline.
Chip maker Intel (INTC) dominated the Dow, while IBM dropped to the bottom of the index on the results. Qualcomm easily led the Nasdaq 100. Qualcomm, Textron (TXT) and United Continental Holdings (UAL) recorded the largest increase among S & P 500 shares.
The bulleted shares were boosted, Qualcomm continued to skyrocket on the ratings and target prices set on Wall Street after Tuesday's settlement with Apple (AAPL). Intel rose after publishing its results Tuesday night. the The iShares PHLX Semiconductor ETF (SOXX) reached 2.7% in the beginning.
Netflix (NFLX), an IBD Standings title, reversed its initial gains and declined after a disappointing outlook on subscriber growth. Also on the ranking, Autohome (ATHM) marked an early escape. Chipotle Mexican Grill (CMG), also a league table name, slipped after an analyst downgrade.
IPOs Jumia Technologies (JMIA) and Tuffin Software (TUFN) were up sharply in pre-commercial trade. Marijuana stocks were on the move, with Cover growth (CGC) and Aurora Cannabis (ACB) each opening more than 2% after making strong moves on Tuesday.
Earnings News: Netflix, United, CSX Near Buy Points
Morgan Stanley (MS) rose 0.9% after a smaller-than-expected first-quarter decline in revenues and a 5% revenue increase, exceeding analysts' targets. Morgan Stanley shares have increased 31% since the end of December, after a 13-month consolidation.
Netflix lost its initial gain and slipped 0.9%. The leader of the streaming entertainment announced Tuesday evening a turnover and a profit higher than the estimates of the analysts. The company's expectations for growth in the number of subscribers in the second quarter were insufficient. The number of subscribers reached 9.6 million in the first quarter, exceeding the consensus forecast of 9.4 million. The stock is less than a purchase point 371.59 in a cup base with handle.
United Airlines (UAL) jumped nearly 5%. The airline announced that its profits had increased by 135% in the first quarter, which is well above analysts' forecasts and its strongest growth in four years. Revenues rose 6%, below expectations. According to an analysis by MarketSmith, Wednesday's gain moved the ti stock within a 2% radius of a double-bottomed retail outlet to 91.03.
The CSX railway recorded a 4.6% advance before commercialization. A higher-than-expected profit of 31% and a 5% revenue increase, as expected, have led the railway to achieve steady gains over the last four quarters. The stock ended Tuesday in a range above 76.34 points of purchase. The hunting area extends up to 80.15.
Aurora Rises, Autohome Eyes Breakout
The Chinese car company Autohome recorded a rise of 3.4%, which is enough to suggest that it would exceed its purchase target. The online service of purchase and sale of automobiles ended the Tuesday session of 3.1% below a point of purchase of 11.70 in a base cup with handle. Keep an eye on the volume of stock trading. You want trade to be at least 40% above normal to confirm an escape. All pre-commercialization movements are not found in regular trade.
Aurora Cannabis climbed 2.9% before Wednesday's opening. The company announced an acquisition on Tuesday. The shares ended the session below a point of purchase of 10.42 in a cup base with handle.
China's economic growth surprises
Chinese markets ended up being mixed, despite many positive economic news. The Chinese economy grew 6.4% in the first quarter, down from 6.8% the previous year but better than the 6.3% expected by economists. Industrial production rose 8.5% year-over-year in March, well above expectations, an increase of 5.9% and the strongest performance since July 2014. March retail sales jumped 8.7%, also exceeding expectations.
The Shanghai Composite rose 0.3%, contributing to Tuesday's bullish rally. The Hang Seng index of Hong Kong has slipped by a bit. In Japan, Tokyo's Nikkei 225 rose 0.3%. Shares rebounded in India as the Sensex index of the Bombay Stock Exchange rose 1%.
Among the Asian-oriented ETFs, the Direxion Daily CSI 300 China A shares Bull 2X (CHAU) shares rose 1.6% in pre-market negotiations. the Direxion Daily MSCI India Bull 3x (INDL) was unchanged.
Markets in the UK and Europe remained mixed in afternoon trading. The DAX in Frankfurt and the CAC-40 in Paris rose by 0.4% each. The London FTSE 100 was 0.1% behind.
IPO Watch: Jumia Spikes; Zoom, Pinterest on the bridge
The series of highly anticipated initial public offerings is expected to continue, while Pinterest and Zoom are preparing to launch IPOs on Thursday. Germany's Jumia Technologies climbed 13 percent ahead of Wednesday's opening. The online retailer in African countries finished Tuesday 147% above its IPO price from Friday.
Tuffin Software, based in Israel, achieved a 10% pre-market gain as it headed for its fifth day of business. The security software developer's shares ended Tuesday at 52% above their IPO price as of Thursday.
Other recent IPOs, including Lyft (LYFT) and Tencent Music Entertainment (TME) rose or decreased by less than 0.5% in Wednesday's pre-market action. Tradeweb Markets (TW) lost 1.7%.
Higher oil prices on inventories
Oil prices skyrocketed at the start of trade, ahead of the weekly data expected from the Energy Information Administration at 10:30 am ET. West Texas Intermediate added 0.4% to trade at $ 64.31 per barrel. The benchmark for European Brent rose 0.2% to 71.85 USD. The American Petroleum Institute announced on Tuesday night that US weekly inventories fell by more than 3 million barrels, while forecasts forecast an increase of nearly 2 million barrels.
Landmarks are approaching new heights
The Nasdaq jumped 3.5% in April, leaving it 1.7% of its August record. Dow Jones industrials climbed 2% in April. The index edged up the 1.9% of its October high on Tuesday. The S & P 500 has gained 2.6% since the beginning of the month, rising to 1.1% of its September record.
The four major stock indexes are working on their fourth consecutive monthly increase. As indexes approach their previous highs, the current uptrend in the stock market has accumulated a total of nine days of distribution relative to the S & P 500 and Nasdaq. Find out what are the days of distribution and how they could affect the current uptrend read the big picture.
See the table of general market indicators here.
Follow Alan R. Elliott on Twitter @IBD_Aelliott.
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