The stock market remained in rally mode on Thursday with the Nasdaq leading the way, rising 0.7% vs. the S&P 500 and Dow Jones industrial average’s gains of more than 0.6%. Volume rose modestly on the NYSE, but edged lower on the Nasdaq vs. the same time Wednesday.
Among the Dow industrials, American Express (AXP) boosted the blue-chip index with a near 5% jump after reporting its Q1 earnings late Wednesday. The credit card company cleared both earnings and sales estimates, causing shares to surge back above the 50-day line. The two energy components in the Dow Jones industrials, Exxon Mobil (XOM) and Chevron (CVX), followed up with 1% advances apiece as crude oil prices rebounded 0.1% after Wednesday’s 3% fall.
Among other companies reporting earnings, D.R. Horton (DHI) traded down over 2.3% despite beating fiscal Q2 estimates and raising its full-year revenue guidance early Thursday. D.R. Horton broke out of a cup with handle with a 34.16 entry on Monday, but is now trading below that point. Other homebuilders followed suit. Pulte Group (PHM) reversed from highs to move down 1.7%, while Toll Brothers (TOL) dropped almost 1%.
Qualcomm (QCOM) fell 0.6% after reporting its Q2 fiscal results late Wednesday. The wireless chip maker reported better-than-expected sales and earnings, but guided analysts lower for the current quarter. The bearish guidance caused a number of price-target cuts from analysts. Shares are down 20% year-to-date.
Starbucks (SBUX) jumped out of a flat base with a 59.64 entry in the stock market today. The coffee maker was upgraded to buy from hold at Stifel. Stifel expects the company to report strong same-store sales growth in the coming quarters. Starbucks debuted a new ‘Unicorn’ Frappuccino to mixed reviews, but it may be the beginning of further creative beverage offerings. Shares moved up 1.3%
Among other breakouts, Primerica (PRI) surpassed its 84.25 flat-base buy point as shares moved up 1.9%. Volume is light, but trending above average, for now. The longtime Leaderboard member has showed strong relative strength vs. the general market for the past month as its relative strength line reaches a new high today.
Among leading growth stocks, Cyprus-based payment processor Qiwi (QIWI) paced the advancers with a 3.4% rise, while regional bank Citizens Financial (CFG) rallied 2.9% higher. E-commerce giant Alibaba (BABA) broke into new highs with a 2.1% gain, while Dave & Buster’s (PLAY) is adding momentum, up 2.7%, to a flat-base breakout from February. Shares are now up over 7% from its 58.35 entry.