The major stock indexes were sharply lower in today’s stock market. The Dow Jones industrial average fell about 150 points. Ubiquiti Networks (UBNT) and Dow Jones stock Walt Disney (DIS) broke out above potential buy points after earnings results. (For updates on this story and other market coverage, visit the Stock Market Today.)
The Dow Jones industrials dropped 0.6%, while the S&P 500 fell 0.8%. The tech-heavy Nasdaq declined 1.2%, as the nascent market uptrend faces more selling pressure.
Stock Market Earnings: Yelp, Trade Desk Falter
Among companies reporting earnings, Yelp (YELP) crashed 27% after its quarterly earnings results missed revenue targets. The company also lowered its revenue guidance. The stock plunged to a new 52-week low.
Trade Desk (TTD) pared losses to 3% after its Q3 earnings results late Thursday. After more than doubling from a 67.40 buy point, the beginnings of a new base may be taking shape. The stock’s relative strength line is lagging, a bearish signal.
Ubiquiti Networks is breaking out above a potential buy point after the company’s earnings results early Friday. Shares rose 11% and are still barely in the 5% buy range from a cup base’s 101.43 buy point.
Dow Jones Stock Disney Breaks Out
After the stock market close Thursday, Dow Jones stock Walt Disney topped fiscal-Q4 estimates and provided more details on the company’s streaming platform “Disney Plus.” Shares gained nearly 3% in morning trade and are breaking back out above a 118 cup-shaped base entry.
Meanwhile, Apple (AAPL) dropped 1.5%, on pace to end the week with losses greater than 1%. Shares are nearing the 40-week moving average line, a potential long-term support level.
IBD 50 Stocks: Ulta Outperforms
On the downside, ServiceNow (NOW) fell sharply for a second straight day with a 3% fall. The stock is trying to maintain its 50-day line, as a new base formation looks to take shape.
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