The major market averages were volatile early Friday in the stock market today. IPO Leader Square (SQ) was sharply lower after an analyst downgrade.
XThe Nasdaq declined 0.3%, as it looked to fall over 4% on the week — its sharpest weekly decline since early February. The fall drops the tech-heavy composite below its key 50-day support level for the first time since early March. The Dow Jones industrial average and the S&P 500 were up 0.3% and 0.1%, respectively, Friday, but were still on pace for about 4% weekly declines. Those two indexes are nearing their longer-term 200-day moving average lines.
Among the Dow industrials, Nike (NKE) set the pace with an over-3% rise after beating fiscal-Q3 targets late Thursday. Shares were looking to recapture their 50-day line after Thursday's near-3% swoon. The stock has been in a solid uptrend since a breakout above a 57.35 cup-with-handle entry on Nov. 17.
Among companies reporting earnings, memory-chip maker Micron Technology (MU) declined over 6% despite beating fiscal-Q2 earnings and sales expectations, while providing upbeat guidance. Shares fell for a third straight day, but retain significant gains from a 47.08 double-bottom buy point.
Square slid about 4% after being downgraded from hold to sell by analyst firm Craig-Hallum amid increasing competition that the report says will impact the company's revenue growth. The analyst firm has a 37 price target on the stock — a 33% discount to Thursday's closing price. Shares of the payment processor have risen over 20% from a 47.60 cup-with-handle entry, but have given back a good portion of that advance over the last three trading sessions.
New issue Dropbox (DBX) is set to begin trading Friday morning after raising $756 million from its IPO. The company priced 36 million shares at 21 apiece.
Inside the IBD 50, Five Below (FIVE) rose 0.9% to 70.50 after briefly hitting 72.20, attempting a breakout past a 71.69 cup-with-handle entry. Late Wednesday, the discount retailer reported strong Q4 results, sending shares up 4.2% on Thursday.
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