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Stocks Open Higher As Skechers, Atlassian, PayPal Soar; GE Slides | Stock News & Stock Market Analysis

Stocks jumped at the starting bell Friday, as global markets rebounded, earnings news rolled in and a Senate vote late Thursday moved Congress further toward a budget resolution and potential tax reforms.

XAutoplay: On | OffThe Dow Jones industrial average and S&P 500 each popped 0.3%. The Nasdaq Composite scaled up 0.4% with PayPal (PYPL) and Maxim (MXIM) leading the Nasdaq 100 list.

Stocks received some early uplift from Washington D.C., where Senate Republicans late Thursday passed a budget measure that set the stage for up to $1.5 trillion in tax reforms over the next decade. The House had passed a separate resolution earlier this year, but could opt to pass the Senate’s proposal.

An otherwise quiet day of economic news shows the National Association of Realtors releasing September existing home sales numbers at 10 a.m. ET. Baker Hughes (BHGE) reports its weekly oil and gas rig count at 1 p.m. ET. Cleveland Federal Reserve Bank President Loretta Mester is scheduled to speak at 2 p.m. ET.

Skechers, Atlassian, PayPal Soar; General Electric Tumbles

Cisco Systems (CSCO) vaulted 1.4% to take an early lead among Dow industrials.

General Electric (GE) pared opening losses to 3% after reporting third-quarter earnings and full-year earnings guidance below analysts targets. Under new Chief Executive and Chairman John Flannery, the company carved its earnings guidance and halved its projected 2017 cash flow, and announced plans to trim more than $20 billion from its portfolio of businesses within two years. The stock is down nearly 30% from a December high.

Apple (AAPL) rebounded 0.4% after falling more than 2% and cutting its 10-week moving average in heavy trade Thursday.

All four of the big-tech FANG stocks traded higher. Facebook (FB) and Amazon.com (AMZN) led the group, each with a 0.6% gains.

Skechers (SKX) was Friday’s surprise package, vaulting 30% after a positive fiscal fourth-quarter report turned around five quarters of earnings declines. The move suggests an open above a 29.47 buy point in a two-month basing pattern. Not all premarket moves hold up after the starting bell.

IBD 50 stock Atlassian (TEAM) rumbled 20% higher in opening trade. The project-management software developer’s fiscal first-quarter results easily outpaced expectations. The move sent shares well beyond buy range above a 39.35 buy point in a cup base.

E-commerce payment processor PayPal rolled up a 5% gain after reporting third-quarter results late Thursday that were above expectations. The IBD 50 stock is extended, up more than 20% above a 55.24 flat base buy point and in a profit-taking zone.

Also on the IBD 50 list, Celgene (CELG) dumped nearly 8% as a pair of analysts downgraded the stock following the drugmaker’s announcement late Thursday that it would halt phase 3 trials of its Crohn’s disease treatment Resolve on recommendations of the trial’s data monitoring committee. Celgene shares have pulled back in the past three weeks and have been struggling to maintain support at their 10-week moving average.

NCR (NCR) got walloped, down 12% in early action. The Duluth, Ga.-company reported mixed third-quarter results late Thursday, with fourth-quarter earnings and revenue guidance below consensus views. The stock had recently climbed off an August low, but remains deep in an eight-month consolidation.

Global Stock Markets: Hong Kong Rebounds, Europe Eyes Spain

Action in China showed Hong Kong rebounding hard from its Thursday sell-off, lifting the Hang Seng index 1.2%. In Tokyo, the Nikkei 225 posted a fractional gain, up 1.4% in a sixth straight weekly gain, just ahead of Japan’s parliamentary elections scheduled for Sunday.

Europe’s markets were positive, but paring gains in afternoon as investors worried over plans for the Spanish government to assume federal control on Saturday over the rebelling region of Catalonia. London’s FTSE 100 and the DAX in Frankfurt were up 0.2% and 0.1%, respectively.

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