Nasdaq Set to Snap Losing Streak as Tech Outperforms

The IXIC and SPX are still headed toward weekly losses, though

by Emma Duncan

Published on Sep 7, 2018 at 12:03 PM

The Dow Jones Industrial Average (DJI) is struggling for direction at midday as Boeing (BA) lags and this morning's jobs data heightens expectations of a September rate hike. However, a big bounce in tech has the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) higher, putting both on track to snap their recent losing streaks. But while the IXIC and SPX are pacing toward weekly losses, the Dow is clinging to a week-to-date gain at last check.

Continue reading for more on today's market, including:

  • Blowout earnings have pushed this retail stock to record highs. 
  • The pharma stock sliding on a downgrade. 
  • Plus, one chip stock surging after earnings; Palo Alto Networks gets blasted with bull notes; and the cloud concern near the bottom of the Nasdaq.

MMC Stats Sept 7

One stock seeing unusual options activity today is Broadcom Inc (NASDAQ:AVGO), as the chip stock soars 8.8% post-earnings to trade at $234.72. Roughly 47,000 calls and 12,000 puts are on the tape so far, seven times the average intraday pace. New positions are being intitiated at the weekly 9/7 230- and 235-strike calls -- with nearly 9,200 total contracts traded -- which expire at tonight's close.

One of the top stocks on the New York Stock Exchange (NYSE) today is Palo Alto Networks Inc (NYSE:PANW), after the cybersecurity company last night reported a fiscal fourth-quarter earnings beat. In response, PANW has received no fewer than 17 price-target hikes, the most notable lift to $282 at J.P. Morgan Securities. Palo Alto stock is up 5.6% at $232.69 at last check, and fresh off a record high of $234.35. The stock is up 60% year-to-date, with recent support emerging at its rising 80-day moving average.

Daily Chart of PANW with 80ma

One of the Nasdaq's worst performers today is eGain Corp (NASDAQ:EGAN), after the cloud solutions company reported a fiscal fourth-quarter revenue miss. The shares have gapped 23.8% lower to trade at $9.70 -- their first trek into single digits since late May. Regardless, the stock has shown technical outperformance over the long term, per its 85% year-to-date gain.

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