Follow us on facebook


Dow Leads Quiet Session Thanks To IBM; Goldman Rebounds | Stock News & Stock Market Analysis

The Dow Jones industrial average was in the driver’s seat near midday Wednesday, helped by an earnings beat and decent outlook from IBM (IBM).

XAutoplay: On | OffIBM gapped above the 200-day moving average, surging 9% to 159.82, amid flat earnings and sales growth. Wall Street was more focused on comments from IBM that it expects to return to sales growth in Q4.

Goldman Sachs (GS) also outperformed in the Dow, rising 2% to 240.79. It’s working on a cup-with-handle base with a 247.17 buy point. Goldman on Tuesday reported  a solid quarter, but shares reversed lower, falling nearly 3% in heavy turnover.

The Dow powered above the 23,000 level, rising 0.6%, while price action was much quieter in the Nasdaq composite and S&P 500. Volume on the NYSE and Nasdaq was tracking slightly higher than Tuesday’s levels at the same time.

U.S. crude oil futures for November delivery were up 0.8% early but gave back gains after the Energy Information Administration said U.S. crude inventories fell by 5.7 million barrels last week, more than expected. Crude oil eased 0.2% to $51.77 a barrel.

United States Oil (USO), an exchange-traded the fund that mirrors the price performance of U.S. crude oil, was mostly unchanged around 10.44. It’s just below a 10.75 buy point.

In the stock market today, IPO Qudian (QD) was trading around 31.19 a share after pricing last night at 24, well above the proposed range of 19-22. Ant Financial, the online finance arm of China e-commerce leader Alibaba (BABA), is a principal shareholder of Qudian, a China-based online credit firm.


IBD’S TAKE: The IPO market has been showing signs of life in recent weeks. Use the IPO Leaders screen to monitor top-performing new issues in the market that could be in the early stages of big moves.


Inside the IBD 50, Essent Group (ESNT) added 0.5% to 43.63, poised for its seventh straight gain. The provider of mortgage insurance is past the 5% buy zone from a 41.54 buy point.

RELATED:

IBM Shares Surge On Higher Revenue Outlook For Fourth Quarter

GE, Apple Partner On Industrial Internet Of Things For iPhones, iPads

ASML Earnings Top But Chip-Gear Maker Guides Low

Source link

Related posts:

No comments.

Leave a Reply