April Webinar RegistrationApril Webinar Registration


Nasdaq Caps Off Strong Start To Year; Netflix Upgraded Ahead Of Earnings

Loading the player...

The Nasdaq capped off the week with another record high, rising 0.5%. The tech-heavy composite is now up over 3.5% on the year in just the first two weeks of the year.

Large-cap tech stocks buoyed the Nasdaq as it outperformed its counterparts. The S&P 500 edged 0.2% higher, while the Dow Jones industrial average was nearly unchanged.

Heading into a three-day weekend, volume tapered off substantially across both main exchanges, according to preliminary figures.

Amazon (AMZN) rose 0.4% in today's trading. The e-commerce company has surged over 9% in the last two weeks, retaking the 50-day moving average and setting up a 847.31 cup-base entry in the process. Amazon dominated retail sales in 2016 as consumers focused more on online sales this year.

Earnings are expected out on Jan. 26 after the market close, but that date hasn't been confirmed yet.

Netflix (NFLX), a Leaderboard member, regained its 129.39 cup-with-handle entry after an analyst upgrade boosted the stock 3.5% ahead of its quarterly earnings release on Wednesday after the market close.

Deutsche Bank (DB) upgraded the video streaming company to hold from sell, while raising its price target to 110 based on the belief that results next week will exceed management's guidance and the consensus estimate for international subscribers.

Facebook (FB) rallied 1.4% after a Raymond James upgrade labeled the stock a strong buy. The analyst firm believes that overall social network ad spending was strong in Q4. After falling 15% from its highs, the stock is now only 4% from its old high at 133.50.

Apple (AAPL) fell 0.2% in the stock market today and is having trouble sustaining its momentum from its cup-with-handle breakout and sits less than 1% above its 118.12 buy point.

IBD 50: At The Close

Leading growth stocks were largely positive at the closing bell; there were only six stocks trading in the red on the day.

On the upside, Carbonite (CARB) regained its 50-day line in heavy volume, rallying over 4%.

On the downside, Callon Petroleum (CPE) fell 1.9% as the price of oil fell about 1%.

RELATED:

Facebook Gets 'Strong Buy' Rating On High Expectations For 2017

JPMorgan Q4 Beats, Bank Of America Mixed, Wells Fargo Misses

UnitedHealth Strong Ahead Of Earnings; Expectations High For Netflix