The Dow Jones Industrial Average was unchanged midday Tuesday. The S&P 500 pared back its early gains and was flat, too. The Nasdaq trimmed its gain to 0.2%. Google parent Alphabet (GOOGL) soared in the stock market today.
Nvidia (NVDA) fell further after a gap-down on Monday. Shares are falling below the 50 day moving average although volume is light. Nvidia stock is on IBD Leaderboard, and IBD 50 as well as on the AI Stocks to Watch list.
Tesla (TSLA) got an analyst upgrade that helped extend its rally. Shares rose 4%.
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Database giant Oracle (ORCL) and C3.ai (AI) fell after earnings. Oracle triggered a sell signal as it broke below its 50-day moving average in heavy trading.
Volume was lower on the NYSE and on the Nasdaq compared with the same time on Monday.
The small-cap Russell 2000 recovered from an early loss and was flat. The index its testing the 21-day exponential moving average for the first time since mid-November.
The Innovator IBD 50 ETF (FFTY) added 1% after a 4% loss on Monday.
The yield on the benchmark 10-year Treasury note rose four basis points to 4.23%.
Google Breaks Out On ‘Historic’ Achievement
Shares of Alphabet broke out and cleared a buy point of 182.49 from a cup-with-handle base. Shares pulled back midday but remained near the buy point.
On Monday, the company announced its latest Quantum AI chip, Willow, which showed an ability to reduce quantum errors while also performing high-speed computation. The company boasted that errors were cut in half on Willow even while increasing qubits — a “historic” achievement. Qubits are the basic units for measuring quantum data.
10:46 a.m. ET
Dow Jones: Nvidia Stock
Magnificent Seven stock Nvidia rebounded from the 50 day moving average on Tuesday. Shares fell over 2% on Monday amid news of a probe by Chinese regulators into possible monopoly practices. Nvidia was among the top gainers in the Dow Tuesday.
Amazon.com (AMZN), Apple (AAPL) and Microsoft (MSFT) also rose modestly.
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Apple is in a buy zone from a buy point of 237.49. Microsoft is a member of IBD’s Long Term Leaders list.
3M (MMM) and McDonald’s (MCD) lagged in the Dow with point losses of 2.01 and 4.28.
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Movers In Stock Market Today
Tesla rose 3.5% after Morgan Stanley analyst Adam Jonas increased the price target to 400 from 310 while maintaining a buy rating. But Cantor Fitzgerald analysts maintained a hold rating and a 365 price target.
Shares of C3.ai (AI) soared after Monday’s close after the company reported its fiscal second quarter results late Monday. But shares fell over 8% at Tuesday’s opening, only to pare losses quickly. Shares were down nearly 3%.
Sales beat estimates and grew 29% to $94.3 million while the company reported a loss of 6 cents per share. Analysts expected $91 million in sales with a loss of 16 cents per share vs. a year-ago loss of 13 cents. The enterprise software company recently extended its partnership with Microsoft for its cloud computing services.
Chief Executive Thomas Siebel said that with its “Microsoft-scale go-to-market engine” it would be easier for businesses to adopt and deploy C3 AI applications.
Earnings also moved database software giant Oracle. Sales of $14.06 billion fell below analysts’ estimates of $14.12 billion while earnings of $1.47 per share missed views by 1 cent. Shares had rallied past a profit zone after breaking out at 146.59 but fell back below the 50 day moving average in heavy volume on Tuesday and triggered a sell signal.
MongoDB (MDB) also reversed sharply lower after its quarterly report. Shares had also rallied in extended trading but gave up much of their pre-earnings November gains on the stock market today. The stock is almost back to its 297.68 buy point after gaining 25% from it.
Sales grew 22% to $529.4 million while earnings per share of $1.16 rose 21% from the prior year. Its midpoint outlook for the current quarter indicates a decline in earnings to 64 cents per share from 84 cents in the year-ago period.
Retail Earnings Movers
In retail Ollie’s Bargain Outlet (OLLI) broke out past a buy point of 104.98 after its third quarter report. Sales rose 8% to $517 million. Analysts had a target of $518.8 million. Earnings of 58 cents per share beat views of 57 cents.
AutoZone (AZO) edged higher in a buy zone from a buy point of 3,234.02 after it announced November-quarter results. Sales grew to $4.3 billion, in line with views. Per-share earnings of $32.52 declined from the prior year’s $32.55 per share. Estimates had called for $33.56 per share.
Meme stock GameStop (GME) fell 0.6% ahead of its third quarter results after the market close.
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