Stocks were lower in afternoon trading Thursday, as earnings reports sparked some major moves.
X The Nasdaq fell 0.3% and the S&P 500 0.2% amid some unsteady direction during the session.
The Dow fared better, rising 0.1%. Pfizer (PFE) helped the Dow with a 2% rise as the drugmaker works on a long pattern. Otherwise, the industrials were making unimpressive moves. The small-cap Russell 2000 was down 0.2% as well. Volume was higher on the NYSE and lower on the Nasdaq compared with the same time Wednesday.
The day's leadership was spread out among an eclectic mix of automakers, video gaming, internet, drilling, software and other industry groups that were up more than 1%. The same was with the worst-performing bracket, which included medical, energy, technology and other assorted groups that were down more than 1%.
Automakers were the top group in today's session, all due to Tesla (TSLA). Shares leaped nearly 7% in heavy volume after the electric car company beat expectations with its quarterly results. Tesla climbed back above the 50-day moving average.
A few top-rated stocks came under heavy selling after earnings reports.
Molina Healthcare (MOH) gapped down nearly 9% and has erased all gains from a breakout in early May. Molina reported a loss of $4.10 a share, citing losses at its ObamaCare exchange business. Molina will exit the Wisconsin and Utah markets and scale back its presence in Washington state. It plans sharp premium increases in its remaining markets.
Sierra Wireless (SWIR) gapped down to a loss of 17.5%. The stock was working on a new base but now is 18% below a 29.60 buy point from a June 8 breakout. Sierra beat profit views, but the midpoint of guidance for sales and earnings for Q3 was below views, Motley Fool reported.
Sierra Wireless also announced that it is acquiring Numerex (NMRX) in an all-stock deal valued at $107 million, combining two companies that develop Internet of Things products. Numerex shares fell 10%.
IBD 50 member Masimo (MASI) slid 9%, roiling a base that it had been forming. The medical technology company fell despite beating sales and profit estimates and raising its guidance.
A couple of software stocks broke out of bases.
Qualys (QLYS) cleared a flat base as shares surged past the 44.45 buy point in big volume. The stock gapped up after sales and earnings beat expectations and management raised its full-year revenue and profit forecast. JPMorgan upgraded the stock today to overweight from neutral.
Tableau Software (DATA) rose 8% in more than five times its average volume and topped a 67.19 buy point. The publisher of data-analysis software earned 10 cents a share in the second quarter, above expectations and an improvement over a year-ago loss of 1 cent per share. Royal Bank of Canada raised its target price to 70 from 65.
Ubiquiti Networks (UBNT) broke out of a cup-type base with a 64.72 buy point after the maker of wireless-networking gear topped earnings and revenue estimates. It also guided current-quarter earnings higher. The most salient characteristic of the base is its two big gaps, one on the down side, at the start of the pattern, and one with today's breakout. The Relative Price Strength and Accumulation/Distribution ratings are weak for Ubiquiti, but they may improve with today's gap up.
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