April Webinar RegistrationApril Webinar Registration


Nasdaq Leads As Stock Bounce Continues, But Dow Lags

Stocks lodged gains Wednesday, as buyers maintained control while markets struggled to value in the effects of rising storm damage in Texas and Louisiana.

X The Nasdaq Composite easily led, soaring 1.1% in above-average trade. Preliminary data showed volume weaker on the NYSE, with the S&P 500 cranking out a 0.5% gain and the Dow Jones industrial average limping to a narrowly positive finish, up 0.1%.

Oil and gas drillers and airlines were two of the day's hardest hit industries.

Exxon Mobil (XOM) announced it had shut down its 362,000 barrel per day refinery in Beaumont, Texas, following the shutdown Monday of its 560,000 barrels-per-day facility in Baytown. All told, 22% of U.S. refining capacity is now offline, according to estimates from S&P Global Platt's. As a result, gasoline futures rocketed 6% higher Wednesday, putting prices ahead more than 13% for the week. Oil dropped 1%, to below $46 a barrel, down 4% for the week.

Houston's two airports and its port, the second busiest shipping hub in the country, remain closed until further notice. The country's busiest port, the Port of South Louisiana, was still reporting status normal as Harvey settled over Louisiana and North Texas.

Concrete stocks posted the largest gains among the 197 industry groups tracked by IBD, as shipping lanes backed up outside Houston interrupted the normally steady supply of cement being imported into the U.S., suggesting at least brief shortages and price spikes due to the storm. U.S. Concrete (USCR) spiked 11%, narrowly clearing an 80.55 buy point in a flat base. Eagle Materials (EXP) and Martin Marietta (MLM) rose 6% each.

Trucking stocks also bolted higher as retailers and industries scrambled to reroute supplies of consumer goods and raw materials stalled outside of Houston.  ArcBest (ARCB) surged 6% and broke out above a cup-with-handle buy point of  28.18. Landstar (LSTR) throttled up 5%, topping a 90.55 buy point in a flat base.

Property and casualty insurers continued to take a beating. Traveler's Insurance (TRV) took the hardest hit among Dow names, down more than 1%. Non-Dow stock Progressive (PGR) dropped 2%.

Cisco Systems (CSCO) topped the Dow with a 1.8% gain. That lifted shares almost 6% above their mid-August low and back above their 10-week moving average. The stock is attempting to start up the right side of a three-month consolidation.

Among stocks reporting earnings, drone maker Aerovironment (AVAV) lofted an 18% advance. Its fiscal first quarter report late Tuesday neatly dispatched analysts targets. The surge left the thinly traded shares extended above a 40.20 buy point in a seven week flat base.

Chipmaker Analog Devices (ADI) rattled off a 5% gain after a 54% EPS gain and a 65% rise in revenue handily beat expectations.  The gain moved shares up the right side of a 13-week basing effort.

Other chipmakers basked in the afterglow: ON Semiconductor (ON) jumped 5%, Qorvo (QRVO) and Silicon Motion (SIMO) each nailed 4% gains.

On the downside of the day's earnings news, H&R Block (HRB) tanked 8%, killing a month-long basing effort. Telecom construction outfit Dycom (DY) tumbled 7%, driving shares back near their Aug. 21 low.

RELATED:

Stock Indexes: These Cement Plays Rally

Lulu, Palo Alto, Ciena To Report: Investing Action Plan

Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks

Here's What's Dragging Down Nike, Under Armour Shares

Ollie's Bargain Outlet Beats Q2 Forecasts But Stock Drifts From Buy Point

Chip Stocks To Watch And Semiconductor Industry News