Apple (AAPL) rose 0.2% and the FANG stocks all traded higher ahead of the open, helping hold futures for the Nasdaq 100 narrowly above far value. Gains among S&P 500 futures were more slight, while futures for the Dow Jones Industrial average sagged less than 0.1% into the red.
Trade across global stock markets was generally positive, with Hong Kong’s Hang Seng index up 0.3% and Tokyo’s Nikkei 225 surging 1.5% — both rebounding from steep losses on Wednesday. Europe’s markets held modest gains near midday, with Frankfurt’s DAX up 0.3% and the CAC-40 in Paris defending a 0.1% gain.
Merck, Disney Bolster Dow; Broadcom, Chips stocks Rise
Netflix (NFLX) gained 0.5%, leading the Fang stock big tech leaders. The IBD Leaderboard stock is trading below a prior buy point at 190.05, and faces a test of resistance at its 10-0week moving average.
Diversified chipmaker Broadcom plowed ahead 6% in premarket action. The Singapore-based company reported its fiscal fourth-quarter earnings rose 32%, a third quarter of slowing growth, but still above analysts targets. Revenue growth eased to 17%, also above expectations.
The stock is testing support at its 10-week moving average, in a buy range above a flat base buy point at 259.46.
Sage Therapeutics (SAGE) scorched ahead 48% after announcing positive results for its SAGE-217 depression treatment in Phase 3 trials. The stock showed an 80% year-to-date gain at the end of Wednesday’s session.
Lululemon Athletica rallied 8% ahead of the open. The yoga-wear maker/retailer reported its best earnings gain in four quarters and its biggest revenue advance in five quarters, with both numbers above analysts third-quarter estimates.
Fiber optic gear maker Ciena popped 4% higher. The Hanover, Md. company delivered mixed fiscal fourth-quarter results, and announced a $300 million share repurchases initiative. Shares have been attempting to start up the right side of a six-month consolidation.