Amazon.com was up more than 1% in the final hours of trading before its earnings report. Alphabet, the parent of the Google empire, was flat. Both companies, which are near record highs, report after the close of today’s market.
Comcast (CMCSA), another major Nasdaq component, shot up nearly 3% in big volume after the cable TV and media company beat profit and sales expectations this morning. The stock is in buy range from a 38.54 buy point.
The S&P 500 was up 0.1% as energy and some cyclical stocks struggled, and the Dow Jones industrial average also rose 0.1% after erasing minor losses. Small caps, which had outperformed the past few days, lagged as the Russell 2000 was flat. Volume was tracking higher across the board.
Several stocks with high IBD ratings broke out of bases Thursday, continuing a bullish trend occurring this week.
MGM Resorts (MGM) cleared a 20-week consolidation, rising past the 30.72 buy point in heavy volume. The casino owner beat Q1 expectations today. The acquisition of one resort and opening of another helped results.
Carbonite (CARB) cleared the 21.60 buy point of a base-on-base pattern. Volume in the data storage company, however, was lackluster. The company reports Q1 results in one week.
ServiceNow (NOW) broke out past the 94.82 entry of a cup without handle as shares gapped up more than 4%. Volume was tracking more than four times the average following strong earnings for the business software developer.
Visteon (VC) broke out past the 103.30 buy point of a flat base. Volume was nearly double its average and the relative strength line made a new high as well, a bullish indication for the breakout. The maker of auto instruments topped Q1 profit expectations, as earnings jumped 42%. But sales growth remained light at 1%.
Zillow Group (Z) broke out past 39.15 buy point of a five-month base in 2-1/2 times its average volume.
The chip sector was active, with several stocks making big moves after earnings reports.
MKS Instruments (MKSI) surged more than 4% to a record high after beating analysts’ estimates with a 234% leap in EPS. The stock was already extended after finding support at the 50-day moving average. Teradyne (TER), which reported a 42% jump in earnings late Wednesday, gapped up to a 7% gain. The maker of equipment to test semiconductors, wireless products and other electronics was trading at more than five times its average. Shares also are extended.
But Mellanox (MLNX) plunged 11.5%, sliding below its 5-day line and coming to rest at its 200-day moving average. It pared losses, but the sell-0ff has damaged a chart that up to now was acting well. The company badly missed earnings expectations last evening.