The major market averages were slightly lower in early trade Monday, though leading chip stockNvidia ( NVDA ) was breaking out in the stock market today . T he tech-heavy Nasdaq inched just below its break-even mark, while the S&P 500 and Dow Jones industrial average declined 0.1% apiece.
[ibd-display-video id=3070286 width=50 float=left autostart=true] Meanwhile, the price of Bitcoin faltered 13% to about $14,000 on Coindesk . South Korean regulators said they were launching probes to crack down on speculation.
On the downside, Walt Disney ( DIS ) declined 1.7% to fall back under a 110.93 double-bottom buy point.
Graphics-chip maker Nvidia surged over 3% to a breakout above a 218.77 cup-shaped base entry. The company announced it had landed Uber as a self-driving partner just ahead of the Consumer Electronics Show Tuesday. Turnover was tracking substantially higher in early trade.
Fellow chip stock Applied Materials ( AMAT ) rose nearly 2% after being upgraded from buy to strong buy at Needham & Co with a 72 price target - a 32% premium to Friday's closing price. Shares are jumping back above their 50-day line, as they shape the right side of a potential cup-shaped base formation.
Meanwhile, Leaderboard member Splunk ( SPLK ) was upgraded from equal weight to overweight at Barclays with a 105 price target, as shares rose 1%. Shares broke out last week above an 84.98 flat-base buy point and are trading toward the top end of the 5% buy range.
FANG stock Amazon.com (AMZN) padded its cushion above a 1,213.51 flat-base buy point, advancing 1.2% and was still in buy range. The stock broke out Thursday.
Early Monday, Lululemon (LULU) raised its fiscal-Q4 profit and revenue outlook, citing strong sales during the holiday season. Shares jumped nearly 3% early before turning negative and falling 1%. The stock is still well-extended from a 64.91 buy point.
Inside the IBD 50 , Alibaba' s (BABA) five-day win streak brought the stock within striking distance of a potential breakout . Shares traded 0.2% higher Monday and are nearing a 191.85 cup-shaped base buy point.
On the downside, Five Below (FIVE) declined over 9% after announcing its Q4 profits would fall short of analyst forecasts. Shares are still well-above a 54.23 entry.
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