Global Stock Markets
Stock futures shed early losses and edged up into narrow gains Friday, as the Dow industrials looked stretch its rally to an eighth day, while benchmarks in Europe and Asia were set to extend their nearly two-month advances.
Futures for the Dow Jone industrial average held 0.2% above fair value. Verizon (VZ) was the early strong suit among blue chips, up 1.6% after an upgrade from JP Morgan. Nasdaq 100 and S&P 500 futures traded with fractional gains. Security software developer Symantec (SYMC) fell hard to the bottom of both indexes.
Earnings from late Thursday provided a hub for premarket trading, with Nvidia (NVDA), The Trade Desk (TTD) and Symantec (SYMC) all posting significant moves.
On the Dow, Verizon swung to an early early lead after JPMorgan upgraded the stock to overweight, from neutral. Verizon shares spiked, then sold off hard at the end of April, news of a $26 billion merger between SpringS and T-Mobil U.S. (TMUS). Shares ended Thursday 13% below their April high.
Nvidia will be a name to watch Friday, dipping nearly 3% after its late-Thursday earnings report and threatening to dent the strong performance among chipmakers for the week. The graphics chip pioneer crushed fiscal first-quarter earnings and revenue expectations,and gave scond-quarter revenue guidance above consensus views. The company offered no EPS guidance for Q2. At the close of regular trading, the stock was in a buy range above a flat-base buy point at 254.60. The chart also can be interpreted as a double-bottom base with a 239.35 entry. Premarket moves can often change abruptly at the start of regular trade.
Most of the chip stocks listed on the Philadelphia Semiconductor Index appeared unaffected by the Nvidia flu. About a third of the index traded lower in premarket action. Advanced Micro Devices (AMD) slipped furthest, showing a 1.2% decline. The index gained 4.9% for the week through Thursday, and was leaning toward its first two-week advance since March.
Symantec collapsed 25% as analysts downgraded the stock following its fiscal Q4 report late Thursday. Weak guidance damaged an otherwise stronger-than-expected quarterly performance. Symantec shares had climbed 17% in a seven-week advance since March, attempting to build the right side of a seven-month consolidation.
The Trade Desk spiked 23% in premarket trade. The online advertising services platform reported late Thursday its first quarter earnings growth accelerated to 89%, growth of revenue accelerated to a 61% increase. Both numbers easily topped analyst targets. Management's raised Q2 and full-year revenue and earnings guidance were well above consensus hurdles.
The IPO's premarket action suggested it could open Friday with a breakaway gap, past a 61.03 buy point in a gnarled-looking cup base. It's best to read up on buying breakaway gaps before trying to jump in. And keep in mind that not all premarket moves carry over into regular trade.
IBD 50 stock Zebra (ZBRA) bucked up 2.5% in early action. The maker of thermal printers and components closed Thursday in a buy range, above a 148.81 buy point in a third-stage flat base.
Crude Oil Holds Above $71, May Consumer Sentiment Coming Up
Energy stocks were largely quiet as crude oil prices blipped modestly higher early Friday. U.S. benchmark West Texas Intermediate traded up 0.1%, holding well above $71 per barrel. Crude gained 0.3% Thursday, with WTI settling at $71.36 a barrel, up 2.4% so far for the week. Prices could feel some effect on Friday when Baker Hughes (BHGE) releases its weekly rig-count survey at 1 p.m. ET.
Futures for the Dow Jone industrial average held 0.2% above fair value. Verizon (VZ) was the early strong suit among blue chips, up 1.6% after an upgrade from JP Morgan. Nasdaq 100 and S&P 500 futures traded with fractional gains. Security software developer Symantec (SYMC) fell hard to the bottom of both indexes.
Earnings from late Thursday provided a hub for premarket trading, with Nvidia (NVDA), The Trade Desk (TTD) and Symantec (SYMC) all posting significant moves.
On the Dow, Verizon swung to an early early lead after JPMorgan upgraded the stock to overweight, from neutral. Verizon shares spiked, then sold off hard at the end of April, news of a $26 billion merger between SpringS and T-Mobil U.S. (TMUS). Shares ended Thursday 13% below their April high.
Nvidia will be a name to watch Friday, dipping nearly 3% after its late-Thursday earnings report and threatening to dent the strong performance among chipmakers for the week. The graphics chip pioneer crushed fiscal first-quarter earnings and revenue expectations,and gave scond-quarter revenue guidance above consensus views. The company offered no EPS guidance for Q2. At the close of regular trading, the stock was in a buy range above a flat-base buy point at 254.60. The chart also can be interpreted as a double-bottom base with a 239.35 entry. Premarket moves can often change abruptly at the start of regular trade.
Most of the chip stocks listed on the Philadelphia Semiconductor Index appeared unaffected by the Nvidia flu. About a third of the index traded lower in premarket action. Advanced Micro Devices (AMD) slipped furthest, showing a 1.2% decline. The index gained 4.9% for the week through Thursday, and was leaning toward its first two-week advance since March.
Symantec collapsed 25% as analysts downgraded the stock following its fiscal Q4 report late Thursday. Weak guidance damaged an otherwise stronger-than-expected quarterly performance. Symantec shares had climbed 17% in a seven-week advance since March, attempting to build the right side of a seven-month consolidation.
The Trade Desk spiked 23% in premarket trade. The online advertising services platform reported late Thursday its first quarter earnings growth accelerated to 89%, growth of revenue accelerated to a 61% increase. Both numbers easily topped analyst targets. Management's raised Q2 and full-year revenue and earnings guidance were well above consensus hurdles.
The IPO's premarket action suggested it could open Friday with a breakaway gap, past a 61.03 buy point in a gnarled-looking cup base. It's best to read up on buying breakaway gaps before trying to jump in. And keep in mind that not all premarket moves carry over into regular trade.
IBD 50 stock Zebra (ZBRA) bucked up 2.5% in early action. The maker of thermal printers and components closed Thursday in a buy range, above a 148.81 buy point in a third-stage flat base.
Crude Oil Holds Above $71, May Consumer Sentiment Coming Up
Energy stocks were largely quiet as crude oil prices blipped modestly higher early Friday. U.S. benchmark West Texas Intermediate traded up 0.1%, holding well above $71 per barrel. Crude gained 0.3% Thursday, with WTI settling at $71.36 a barrel, up 2.4% so far for the week. Prices could feel some effect on Friday when Baker Hughes (BHGE) releases its weekly rig-count survey at 1 p.m. ET.
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