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Apple Holds Dow Above 22,000; 2 Top Tech Names Break Down

A mixed finish Wednesday marked what was in many ways a single-handed victory for Apple (AAPL), as it lugged the Dow above the 22,000 mark, while the Nasdaq composite and S&P 500 ended mostly unchanged.

X The iPhone maker thundered ahead 5% in massive trade, paring its initial 6% advance only slightly, and ending the session 1% above a 156.65 buy point in a flat base.

The result left the Dow Jones industrial average with a 0.2% gain, and remaining ever-so-slightly above the 22,000 level after seizing that new high-water mark in opening trade. More than half of the Dow's 30 stocks traded lower for the day. Walt Disney (DIS) chalked up the index's worst performance, down nearly 2%, dealing a minor setback to the House of Mouse's effort to scale the right side of three-month cup base ahead of its fiscal third-quarter report scheduled for Aug. 8.

The Nasdaq composite surrendered its gains early in the session as undertow from tech names led by Facebook (FB)(down 0.4%), Microsoft (MSFT) (down 0.4%) and Netflix (NFLX) (off 0.9%) outstripped gains from Apple, Illumina (ILMN) and Groupon (GRPN).

The S&P 500 added less than 0.1% as it came under pressure from oil-related names led by Range Resources (RRC) (down 12%), Pioneer Natural Resources (PXD) (down 11%) and Newfield Exploration (NFX) (off 5%). Drug distribution giant Cardinal Health (CAH) also had some say, dropping 8% after topping fiscal fourth-quarter expectations, but guiding Q1 earnings below expectations.

Aside from Apple, the day's big earnings winners were Illumina, Spirit Aerosystems (SPR) and Boot Barn Holdings (BOOT).

Illumina soared 15% after reporting late Tuesday that its second-quarter earnings slipped much less than expected and revenue growth ratcheted up to 10%. Shares took out a 189.58 buy point in flat base and ended at the top of their buy range.

Boot Barn kicked up a 17% gain after reporting late Tuesday that its fiscal first-quarter EPS soared 50% in a second quarter of acceleration. The less-than-$10 stock is now up 54% from a July 24 low as it scrambles up the right side of a steep nine-month correction.

Spirit reported early Wednesday that its second-quarter earnings jumped 30%, its first gain in four quarters, topping analyst views by 30%. Its 18% gain launched shares past a 61.52 buy point in a five-month cup-with-handle base.

Truck maker Oshkosh (OSK) pared its initial 12% surge to a 5% gain, enough to hold just above a 71.84 buy point in a cup-with-handle base after reporting fiscal third-quarter earnings up 63%, far above analyst targets and the company's best outing in four years.

The session also saw winning runs break down for several leading stocks, most notably Macom Technology Solutions (MTSI) and Coherent (COHR).

Chipmaker Macom sliced off a 25% loss after compounding a weak fiscal Q3 report with below-target Q4 guidance. Coherent collapsed 22%, as a 214% gain in earnings and a 112% revenue advance missed expectations. Both stocks  suffered significant chart damage.

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