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Stocks Slide More; Dow Nearly Flat As J&J, Cisco Boost Industrials | Stock News & Stock Market Analysis

The stock market kept going down in afternoon dealings as indexes traded at session lows and small-caps lagged noticeably.

XAutoplay: On | OffThe Dow Jones industrial average was down a fraction, buoyed in part by several Dow components that made new highs, such as Johnson & Johnson (JNJ), Wal-Mart (WMT) and Intel (INTC). J&J has been rallying since it reported earnings last week. Wal-Mart is extended from an 82.09 buy point cleared in an Oct. 10 breakout.

Cisco Systems (CSCO) followed through on Friday’s breakout, adding nearly 1%. Trading was slower than usual for Cisco, despite it confirming reports that it will acquire BroadSoft (BSFT). The value of the deal was put at $1.9 billion. Shares of BroadSoft, a telecom software company, climbed less than 2% in huge volume.

The Nasdaq was down 0.3% and the S&P 500 fell 0.2%. But the Russell 2000 was off 0.5%. After leading the market from mid-August to early October, the small-cap index has been stalled sideways. Regional banks were broadly weaker in today’s trading, which contributed to the Russell’s woes.

Airline, internet content, media and some consumer industry groups were at the bottom of the day’s performance table. The energy sector also was weak although the price of crude oil was little changed at just under $52 a barrel.

LogMeIn (LOGM) broke out of a cup-with-handle base, topping the 121.35 buy point in heavy trading. The teleconferencing and remote-access software company will announce earnings Thursday after the close. Analysts expect a profit of $1.11 a share.

That’s about double its year-ago profit, but it includes the merger, completed in January, with Citrix Systems‘ (CTXS) GetGo subsidiary.

Ball (BLL) rose past the 42.73 buy point of a cup-with-handle base. Volume was about one-third more than usual. Ball will announce Q3 results before the market’s open on Nov. 3. Ball is an odd combination of low-tech products, such as beverage cans and aerosol dispensers, and high-tech defense systems.

YPF (YPF) made a breakout from another cup with handle, this one with a 23.32 buy point. Volume was more than triple the average. YPF was part of a rally in Argentine stocks after President Mauricio Macri saw his ruling coalition make important strides in elections over the weekend, which could pave the way for economic reforms.

The Global X MSCI Argentina (ARGT) ETF was up more than 2%, near an all-time high.

RELATED:

Cisco Will Buy BroadSoft For $1.9 Billion; Tesla Nearing China Deal?

 

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