Stocks Trim Gains; Apple Shares Hit New High On Blowout Earnings

Market Data on both Smart Phone and Paper

The major market indexes were mixed in early Friday trade, even as the Labor Department reported the U.S. economy added 261,000 jobs in October compared to the Street's 325,000 estimate. The unemployment rate came in at 4.1%.

[ibd-display-video id=2497592 width=50 float=left autostart=true]Paving the way was the tech-heavy Nasdaq - up just 0.2% after trimming gains - which was buoyed after Apple's ( AAPL ) blowout quarterly earning results. The S&P 500 and Dow Jones industrial average were hovering below their break-even marks.

Among the Dow Jones Industrial components, the iPhone maker surged 2.5% higher after easily beating fiscal-Q4 earnings and sales targets late Thursday. The company also provided strong current quarter guidance, as the iPhone X went on sale Friday. Shares were extended from a 160.97 cup-with-handle entry after last week's breakout, hitting a record high.

Elsewhere on the Dow, Wal-Mart Stores ( WMT ) moved up almost 1% to a new high, and was on pace to extend a winning streak to four trading sessions. The discount retail chain is well-extended from an 82.09 flat-base buy point.

On the downside, Goldman Sachs ( GS ) declined 1%, as it trades just under a 247.18 saucer-with-handle entry after Wednesday's breakout. The stock has been struggling to maintain its buy point, indicating significant resistance around that level.

Among companies reporting earnings in the stock market today , Starbucks ( SBUX ) reversed higher, rising more than 2%. The coffee purveyor reported disappointing quarterly results as it sold off its Tazo tea brand to Unilever ( UL ) for $384 million.

IBD 50 member Arista Networks (ANET) shot up over 9% to more than make up for Thursday's over-8% decline. The company topped the Street's earnings and sales forecasts. Shares are just off their record highs. The stock had triggered a 20-25% profit-taking sell signal from a 163.07 flat-base entry.

Video game maker Activision Blizzard (ATVI) reversed lower, falling almost 3% after missing top- and bottom-line estimates late Thursday. The firm also announced weaker-than-expected full-year guidance. Shares broke out above a 66.68 flat-base entry, but are back under the buy point in morning trade.

Within the IBD 50 , Universal Display (OLED) surged almost 7% after reporting strong earnings and sales results. Shares were briefly in the 5% buy range from a 145.40 flat-base buy point early Friday before quickly becoming extended.

On the downside, Stamps.com (STMP) plunged over 20%, piercing its 50-day line in heavy volume. Shares triggered a sell signal from a cup with handle's 212.75 entry.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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