Stocks Close Mixed As This Company Logs $5.4 Billion In Sales In 10 Minutes
The stock market closed little changed Friday, while half way around the world, Alibaba (BABA) was boasting billions in sales Saturday on the Singles Day shopping event.
XAutoplay: On | OffThe Nasdaq composite edged up a fraction. Among major Nasdaq components, Netflix (NFLX) eased and touched its 50-day moving average, where the stock now seeks support. Shares of the video streaming company remain near the 190.05 buy point of a breakout Oct. 5.
The S&P 500 fell 0.1% while the Dow Jones industrial average eased less than 0.2%. The Russell 2000 added 0.1%. Dow component General Electric (GE) rose 2.5% as shares appear to be bottoming at the 20 price level. On Monday, CEO John Flannery is unveiling a turnaround strategy for the industrial company.
Volume fell from Thursday’s levels, and breadth was mixed. Winners topped losers by 7-to-5 on the Nasdaq but losers led on the NYSE by 6-to-5.
Consumer stocks led Friday’s trading, capping a good week for the beaten-up retail sector. Consumer electronics, home furnishings, leisure products and footwear were among the top 15 industry groups Friday. Energy, health care and metals were some of the weakest groups.
In a gauge of Chinese consumer spending, Alibaba kicked off its annual “11.11 Global Shopping Festival” with scorching sales of $ 5.4 billion in the first 10 minutes, the company said. The stock is about 5% above the 177.10 buy point after a September breakout.
It was a light day for breakouts. But News Corp. (NWS) soared 5% after it beat profit expectations. The media company surged past the 15 buy point of a flat base that formed within a consolidation that goes back more than a year. News Corp. reported adjusted earnings of 7 cents a share, vs. a year-ago loss of a penny a share. Revenue increased 5% to $ 2.06 billion.
Trade Desk (TTD) plunged 14%, careening all the way to its 200-day moving average in heavy volume. Late Thursday, the online advertising company’s Q3 results were above views, but the forecast for current-quarter sales was disappointing. Trade Desk had been on IBD Leaderboard but was kicked out on Wednesday, before the selling grew worse.
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