Stocks held on to modest declines going into the last hour of trading Friday, but investors cheered some healthy earnings reports, including a muscular effort from new issue Planet Fitness (PLNT).
Planet Fitness rose more than 10% to a new high. It broke out of a cup-with-handle base with a 19.72 buy point July 8 and had been moving mostly sideways since then.
It reported EPS of 17 cents compared to Wall Street estimates of 14 cents. Revenue rose 16% to $91.5 million from $79 million a year earlier.
The company opened 36 new gyms during the second quarter, bringing the total to 1,206 with 8.6 million members. Same-store sales rose 7.6%. Multiple analysts weighed in with positive comments and raised price targets.
IBD'S TAKE: See why Planet Fitness is the No. 1 stock in the leisure services industry group with IBD's Stock Spotlight.
The Nasdaq was flat, while the S&P 500 was weaker by 0.1%, and the Dow Jones industrial average was off 0.2% in the stock market today. Volume was tracking lower on the NYSE but slightly higher on the Nasdaq exchange compared to the same time Thursday.
Nvidia, also well-extended, rose 5%, after a solid Q2 report.
Alibaba (BABA), which rose 5% Thursday after its earnings report, added another 6% on Friday. Raymond James, Brean Capital and Jefferies chimed in with positive comments before the open.
