The stock market took a breather Thursday as earnings results continued to drive big moves in both directions ahead of reports from Chipotle (CMG), Starbucks (SBUX) and Visa (V). EBay (EBAY) soared, while Intel (INTC) sank during the regular trading session.
The S&P 500 and Dow Jones industrial average shed 0.4% each; the Nasdaq gave up 0.3%. Volume was higher on the NYSE and Nasdaq vs. Wednesday, according to early figures.
After the close, Starbucks fell 4% on a revenue miss. Chipotle missed earnings views, but shares were slightly higher in extended trading.
Software, automakers and airlines led the downside during the regular session in the stock market today, while gold miners, medical and leisure stocks represented the upside.
Construction machinery stocks also outperformed, as Joy Global (JOY) surged 20% in massive volume on a $3.7 billion acquisition by Japan's Komatsu (KMTUY).
EBay gapped up and soared 11% to a new high, clearing a 29.93 buy point in fast turnover. The stock has now advanced in 11 of the past 12 sessions. After the close Wednesday, the online marketplace reported Q2 results that topped views and guided its full-year outlook above forecasts.
Qualcomm (QCOM) vaulted 7% to its best level since November on a quarterly earnings and sales beat. Shares of the chip designer are 8% off a 52-week high but still nearly 50% below its July 2014 peak.
Among IBD 50 stocks, LGI Homes (LGIH) was the clear winner, with a 4% jump in heavy trade.
On the downside, Intel gapped down and fell 4% in heavy volume after reporting mixed Q2 results late Wednesday. Shares fell back into buy range from a 32.85 flat-base entry first cleared June 30.
In economic news, initial jobless claims dipped to 253,000 the week ended July 16, down from 254,000 the prior week and below economists' projections for an increase to 260,000 claims.
Existing-home sales climbed 1.1% in June to an annualized rate of 5.57 million, the best in more than nine years. Tight supply drove prices up 4.8% from last year.
A light economic report schedule Friday includes the flash manufacturing Purchasing Managers' Index for July.
Earnings results are also due out from American Airlines (AAL), General Electric (GE) and Honeywell (HON).
