The Dow Jones industrial average reversed lower Friday as about half of the Dow 30 shares showed declines. Walt Disney (DIS) was the worst chip performance, despite strong subscription figures. Tilray (TLRY) and other marijuana stocks were volatile – they traded a kite earlier this week amid possible speculation from Reddit investors.
Meanwhile, megacap has technology stocks appeal (AAPL), Microsoft (MSFT), Amazon.com (AMZN) and Google parent Alphabet (GOOGL) everyone lost field.
X
Electric vehicles also struggled to get into gear early. Tesla (TSLA), Nine (NIO) en Li Motors (LI) all submerged lower.
Nasdaq, S&P 500
The Nasdaq was the largest and worst performing index, down 0.3%. Illumina (ILMN) was the best in the index and rose by about 13%. PayPal (PYPL) also rose, by more than 3%. This was increased after CEO Dan Schulman said the company could have 750 million active accounts by 2025, up from 377 million at the end of the fourth quarter. At least nine analysts have raised price targets.
The S&P 500 was also lower, although it fell less than 0.1%. Mohawk Industries (MHK) achieved outstanding results and achieved almost 10%.
The volume was lower compared to the same time Thursday, although the information was incomplete. It fell about 5% on the NYSE.
US stock market overview today |
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|---|---|---|---|---|
| Index | Symbol | Price | Profit / loss | % Change |
| Dow jones | (0DJIA) | 31391.01 | -39.69 | -0.13 |
| S&P 500 | (0S & P5) | 3914.63 | -1.75 | -0.04 |
| Nasdaq | (0NDQC) | 14006.06 | -19.71 | -0.14 |
| Russell 2000 | (IWM) | 226.71 | +0.09 | +0.04 |
| IBD 50 | (FFTY) | 48.85 | +0.28 | +0.58 |
Last updated: 10:12 PM ET 2/12/2021 |
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The S&P sectors were mixed, with an approximately equal distribution of winners and losers. Financial and tangible sectors were the best performers.
Small capitalists also managed to pull together, with the Russell 2000 basically flat.
Growth stocks managed to pull out of the red, with the Innovator IBD 50 ETF (FFTY) gaining 0.5%. Generac (GNRC) was the biggest winner on the IBD 50 and rose by almost 4%. It is extended from a 234.65 buy point.
Disney Stock climbs, then turns around
The Dow Jones industrial average initially opened higher, but is now about 0.2% lower. It remains good from its 50-day moving average.
Disney’s earnings and sales were beating, while Disney + subscribers now reached 94.9 million. Disney shares rose early, but reversed and were down about 1%. It rose above a flat buying point of 183.50 earlier this week. It was strong back from its 50-day line. The buyout zone for Disney shares lasts up to 192.68.
Marijuana Supplies Mixed
Aurora Cannabis (ACB) decreased by about 6.4%. This comes after the company reported its earnings late Thursday. The Canadian pot producer predicted the best income. The Aurora share tumbled 23.5% on Thursday, but is still a positive area for the week.
Marijuana shares fell Thursday after big gains, but action was mixed on Friday. Tilray’s stock rose nearly 6%. It is still above the ten day line.
Megacap Stocks
Apple inventory fell nearly 1%. Shares are consolidating just below a buy price of 138.89 cups with handles. AAPL shares have now fallen below the exponential moving average of 21 days, but remain above the 50/10 weekly.
MSFT shares, a Dow Jones, S&P 500 and Nasdaq component such as Apple, fell by about 0.6%. It’s still in a buying zone.
The two FANG trillion dollar stocks, Amazon and Google, lost 0.4% respectively and were roughly equal. AMZN shares form a handle as it drifts back to its 50-day line. GOOGL shares are trading tight after rising to record lows last week.
These growth stocks dive into earnings
Datadog (DDOG)’s share fell by more than 5%. This comes after the company looked at earnings, but achieved profit margin lower than some estimates. According to MarketSmith, this is no longer an entry of 111.59 cups with handles. The DDOG stock buying zone ends at 121.37.
Cloudflare (NET) also fell and fell by 7%. The company has managed to nail down the earnings and present the guidelines. Shares cleared a consolidation buying point of 88.87 on Monday, but are now down again.
Confirm (AFRM)’s share fell more than 9%, despite the company’s earnings and revenue above the fiscal Q2 view. Revenue guidance in the third quarter was in line. It tumbles from a buying zone into the losing zone. It broke out of an IPO base with a 138.08 buy point.
Tesla Stock Falls, Nine Stock Reverse
IBD Leaderboard share Tesla slipped by more than 2% and is approaching its 50-day line. Earlier this week, it emerged that the manufacturer of electric vehicles had been summoned by five Chinese government agencies over its Model 3 cars made in Shanghai. They are concerned about problems, including regulators calling it ‘abnormal acceleration’ and ‘battery fires’.
Its Chinese rival Nio also reversed and fell by about 1.3%. Nine stocks have been trying to clear a trend line that touches the highs since January 11th. A previous breakthrough of a cup base with a buying point of 57.30 failed because it erased a double-digit profit from the buying point.
Meanwhile motor giant General Motors (GM) managed to find the right gear after opening lower. It is now about 1% higher. It erupted on January 12 from a cup base on positive EV news. The buying point was 46.81.
Please follow Michael Larkin on Twitter @IBD_MLarkin for more information on growth stocks and analysis.
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