A stellar earnings report and a big gain from Amazon couldn't keep the rest of the market from sliding for a second straight day.
Going into the noon hour in the stock market today, the Nasdaq was down 1.1%; the S&P 500 dropped 0.9% and the Dow Jones industrial average surrendered 0.8%. Volume was tracking higher on both the NYSE and Nasdaq exchange compared to the same time Thursday.
Amazon (AMZN) was the star of the day, rising nearly 10% after reporting better-than-expected earnings. Before the open, multiple analysts weighed in with upgrades and raised price targets.
See how Amazon's fundamentals stack up against other leading stocks.
Among IBD 50 stocks, the worst performer was Ellie Mae (ELLI). It gapped down and sliced through its 50-day moving average despite reporting Q1 earnings and revenue that beat estimates. Earnings guidance for the rest of the year was in line with estimates.
Stephens & Co. downgraded the stock from overweight to equal weight.
The best performer on the IBD 50 was Cambrex (CBM), a maker of pharmaceutical ingredients. It broke out of a cup-with-handle base with a 47.03 buy point after reporting earnings that beat estimates. EPS of 50 cents trounced estimates of 34 cents, and revenue came in at $93.9 million vs. a $83.6 million consensus. It was up 7%, holding above the buy point
Exxon Mobil (XOM) and Chevron (CVX) both reported. Exxon clung to a small gain after reporting its smallest profit since 1999, which was 63% less than a year earlier. Chevron reported its second straight quarterly loss.
Both are Dow components.
