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Stocks Rise, Show No Fear On Halloween; 2 Global Brands Break Out | Stock News & Stock Market Analysis

The stock market closed higher Tuesday, with the Nasdaq composite at a new all-time high and global brands Ferrari (RACE) and Sony (SNE) breaking out past buy points.

XAutoplay: On | OffThe Nasdaq climbed 0.4% as telecom, software and semiconductor stocks performed relatively well. Intel (INTC) rose to a new high in volume among the highest compared with normal trading.

The S&P 500 and the Dow Jones industrial average edged up 0.1%. The Russell 2000 led with a 1% increase at the close, giving small caps a badly needed day of outperformance. The index had been lagging for a few weeks.

Volume was lower than Monday’s levels, according to early figures. Indicators of investor fear remained low on this  Halloween session. The CBOE volatility index and the put-call volume ratio are well below levels that would indicate a fearful market.

Transportation stocks were weaker, with airline, rail and logistics industry groups falling 0.5% to 0.8%.

Several top-rated stocks broke out of bases, including two of the world’s most recognized brands.

Ferrari topped the 117.92 buy point of a cup-with-handle base in hefty volume. The sports car manufacturer reports quarterly earnings Wednesday.

Ferrari’s rally helped the automakers industry group become one of Tuesday’s best. Also in the same group, Tesla (TSLA) found support at the 200-day moving average after swooning for the past six weeks.

Sony gapped out of a flat base, roaring past the 41.75 buy point in heavy volume. The Japan-based electronics and entertainment company beat profit expectations for the September-ended quarter and raised its full-year outlook. The company saw strong demand for PlayStation 4 gaming consoles, and a restructuring program is bearing fruit.

Among other breakouts Tuesday, Workday (WDAY) broke out of a cup with handle, but volume was not quite average. Monster Beverage (MSNT) cleared a flat base, sailing past a 57.35 buy point. But volume was mediocre.

The No. 1-ranked homebuilding industry group got a boost after William Lyon Homes (WLH) broke out of a cup-without-handle base in big volume. The builder today reported Q3 earnings of 71 cents a share, more than double from a year ago. Sales rose 43% to $490.3 million. New home orders rose 19%, and average sales price of new homes delivered grew 13% to $576,200.

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