The major indexes trimmed losses, but the Dow Jones industrial average actually was positive in afternoon trading Wednesday.
The Nasdaq was off 0.3% but eliminated the gap in price at today's open. Apple (AAPL), the largest weighting on the composite, tumbled more than 2% but trimmed its loss. Shares are holding above the 110.33 buy point of the Sept. 14 breakout. The company had a mixed quarterly report late Tuesday.
The S&P 500 was off 0.1% and the Dow was up 0.3% thanks largely to Boeing's (BA) 4% surge on a solid earnings report. In fact, other defense stocks were strong, and it wasn't just the big moves in Boeing and Northrop Grumman (NOC). (Both broke out of bases.)
DigitalGlobe (DGI), rose past the 27.92 buy point of a cup with handle in heavy trading, but shares receded below the entry. The satellite imaging company beat Q3 profit expectations. Weapons electronics company L3 Communications (LLL) rose 0.6% in active trading.
The medical sector was one of the weakest in Wednesday's trading after some key companies plunged on earnings reports that disappointed Wall Street. Hospitals, medical products and health care services were groups down 2% to 4%. In the medical services group, Laboratory Corp. of America (LH) plummeted 8% in heavy trading after the provider of clinical testing services missed Q3 profit estimates.
Several restaurants were among the stocks being sold in unusually heavy volume. Panera Bread (PNRA) reversed lower, hitting resistance at the 50-day moving average. The stock was up early on the company's Q3 results. Chipotle Mexican Grill (CMG) and GrubHub (GRUB) also were down sharply following quarterly reports.
Despite general market weakness, a couple of high-rated stocks broke out of bases.
Melco Crown Entertainment (MPEL) broke out of a cup-with-handle pattern with a 17.18 buy point. Volume was tracking more than 60% above average. The company opened in October a $3.2 billion resort in Macau, the Chinese gambling destination that is experiencing a rebound. Melco also opened a $1.3 billion resort in the Philippines in March.
NIC Inc. (EGOV) surged past the 23.92 buy point of a base on base pattern. But the provider of technology services to government agencies erased nearly all the day's gains, sinking back into the pattern.
RELATED:
Casino Earnings Perched For A Rebound As Macau Expands
