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Nike Lifts Dow As Nasdaq Lags; 3 Tech Giants On Deck With Earnings | Stock News & Stock Market Analysis

Blue chips led the market again in afternoon trading Thursday, with Dow component Nike (NKE) showing the healthiest gain in the blue-chip index, up nearly 4%. The move comes on the heels of a 3% rise Wednesday after the company forecast midteens earnings growth over the next five years.

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The Dow Jones industrial average picked up 0.4%, the S&P 500 added 0.2%, and the Nasdaq composite rose 0.1%. Volume on the NYSE was tracking close to Wednesday’s level. Nasdaq volume was down about 10%.

In the stock market today, LendingTree (TREE) gapped above the 50-day moving average, soaring 16% on strong earnings. Quarterly profit jumped 65% to $1.17 a share. Sales growth accelerated for the third straight quarter, surging 81% to $171.5 million. Don’t chase it, though, because the last time LendingTree broke out of a proper base was in late April. The stock is extended.

Twitter (TWTR) shareholders were in a good mood Thursday after the company delivered an earnings report with plenty of bright spots, including an earnings beat and a slight increase in monthly active users. Shares vaulted 18%. Monthly active users were 330 million, mostly in line with expectations but up 4 million from the prior quarter.

Meanwhile, sellers swarmed around Celgene (CELG) again after shares plunged 11% last week. Wall Street didn’t like news that the company was discontinuing late-stage trials for a promising drug to treat Crohn’s disease. Shares plunged 20% Thursday after the company reported a 21% increase in quarterly profit and a 10% rise in sales, but sales of $3.29 billion were below the consensus estimate of $3.42 billion. Celgene’s outlook also disappointed.

Inside the IBD 50, a couple of China-based for-profit-school stocks got whacked and flashed sell signals. TAL Education (TAL) gapped below the 50-day moving average, crumbling 13%, after reporting earnings. Competitor New Oriental Education (EDU) fell in sympathy with TAL as shares lost 7%. It also gapped below the 50-day line, normally a support level for a leading stock.


IBD’S TAKE: Following sell rules protects a portfolio from catastrophic losses. Learn more in the When To Sell Stocks section of IBD University.


After the close, watch for earnings reports from a trio of tech heavyweights, including Amazon.com (AMZN), Alphabet (GOOGL) and Microsoft (MSFT).

Amazon has been consolidating gains since late July and is currently treading water around its 50-day moving average, about 10% off its recent high. Alphabet is only about 2% from its recent high as it trades near the 1,000 level. Microsoft is extended after a breakout in late August over a 74.52 buy point.

At the New York Mercantile Exchange, WTI crude oil futures for December delivery added nearly 1% to $52.57 a barrel, near a six-month high, while the 10-year Treasury yield added 2 basis points to 2.45%.

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