Stocks opened mixed, but slipped lower early Wednesday, as investors worked through a crowded earnings calendar. Dow Jones stocks Boeing (BA) and Caterpillar (CAT) reported before the open. Microsoft (MSFT) and Facebook (FB) are among those due to report after the close.
XThe Nasdaq inched a fraction higher at the starting bell, then dipped 0.1%. The Dow Jones industrials and the S&P 500 each traded down 0.1%.
On the Dow, Boeing gained 0.7% following its report. Caterpillar tumbled 3.3%, despite meeting forecasts. Dow Jones stock Microsoft fell 0.5%, with its fiscal third-quarter earnings due out after Wednesday's closing bell.
Elsewhere on the earnings front, eBay (EBAY), Manhattan Associates (MANH) and Teradyne (TER) posted wide early gains. Domino's Pizza (DPZ) and Silicon Labs (SLAB) also soared, while IRobot (IRBT) and Robert Half (RHI) brooked deep early losses.
Telecom giant AT&T (T) tumbled almost 3% on mixed first-quarter results.
Anadarko Petroleum (APC) spiked 12%, while Occidental Petroleum (OXY) slipped 2%. Occidental raised its takeover offer for Anadarko, attempting to outbid Dow Jones stock Chevron (CVX).
Among IPOs, Warrior Coal (HCC), Jumia Technologies (JMIA) and MongoDB (MDB) all rose in early action.
Facebook opened to narrow losses ahead of its after-hours earnings report. Other names due to report after the close include Tesla (TSLA), Visa (V) and Xilinx (XLNX).
Nasdaq, S&P 500, Dow Jones Near Records
The Nasdaq Composite hit a new closing high on Tuesday, and on Wednesday traded just a fraction below its record high of 8,133. The S&P 500 hung just below its Sept. 21 peak of 2,940. The Dow Jones industrials ended Tuesday 1.1% off its 26,951 high, chalked up on Oct. 3.
Small caps continue to be the market laggards, with the Russell 2000 still almost 10% off its Aug. 31 record. The S&P Smallcap 600 remains more than 13% from its August high. Both indexes continue to battle resistance at their 200-day moving averages.
A move to fresh highs would be a bullish signal for the overall market. But how far a rally can run with small caps not on board remains a nagging question.
For more detailed analysis of the current stock market and its confirmed uptrend, study the Big Picture.
Dow Jones Earnings: Boeing, Caterpillar
Caterpillar backed out of early gains and tanked 3.3% after reporting revenue up 4.7% and earnings rising 4.3%. Both numbers met expectations, with the earnings number adjusted to exclude a 31-cent tax benefit. The company also reported a $178 million benefit from revised tax rules. Full-year earnings guidance was in line with analyst targets.
Caterpillar stock is climbing the right side of a six-month consolidation.
A busy morning for aerospace/defense earnings news saw reports from Boeing, Northrup Grumman (NOC) and General Dynamics (GD). Boeing firmed up to a 1.2% gain, despite reporting both earnings and revenue below analyst estimates. Loss of 737 deliveries drove first-quarter commercial aircraft revenue down 9%. The company said its full-year 2019 outlook would be delayed until further notice.
Boeing shares are down 16% from their March high, but holding support at their 40-week moving average.
Boeing carries 9.5% of the Dow Jones industrials' weighting. Caterpillar weighs in at 3.6%.
Earnings News: Domino's, Silicon Labs, eBay
Domino's Pizza sliced 10% higher in early action, despite mixed first-quarter results. The stock is trading just below a 297.27 buy point in a two-month cup base.
Silicon Laboratories spiked 14%, as earnings beat analyst expectations and revenue fell in line with views. Management boosted its second-quarter earnings guidance to well above analyst targets. Shares are moving up the right side of a 10-month cup base that has reset Silicon Lab's base count. The potential buy point is at 110.80.
EBay swung 4.7% higher as analysts cranked up the stock's price target following strong first-quarter results late Tuesday. Among the increases, Piper Jaffray raised the stock's price target to 35, from 32. Raymond James raised its target to 44, from 39. JPMorgan lifted its target to 39, from 36.
EBay stock ended Tuesday not far from several potential buy points. Those include a 39.24 entry in a 16-month saucer base, and a 38.43 buy point on an eight-week double-bottom base.
IPO Watch: Warrior Tops Buy Point
Among IPOs, Zoom Video fizzled 0.5% at the open, while Jumia Technologies cranked out a 6% gain. The Renaissance IPO ETF (IPO) edged up 0.9%.
Warrior Met Coal jumped 1.6% in early trade, just enough to clear a 32.16 buy point in a three-weeks-tight pattern. The company announced a special cash dividend late Tuesday, of $4.41 per share.
Oil Prices: Supply Data Due
Oil prices will remain an issue as markets move toward the May 2 expiration of waivers that had permitted major buyers of oil to continue doing business with Iran. Buyers including China and India are now either scrambling to replace that source of heavy crude, or choosing to violate U.S. sanctions and risk retaliation from the Trump administration. The administration says it intends to drive Iran's oil exports to zero. The country reportedly exported 1.4 million barrels per day in March.
West Texas Intermediate oil prices are up 57% from a December low, ending Tuesday at their highest level since Oct. 29. WTI ticked a fraction lower early Wednesday, holding just above $66 a barrel. Europe's Brent crude benchmark moved up to thin gains, trading above $74. Oil prices could see some impact from weekly oil inventory data, due out from the Energy Information Administration at 10:30 a.m. ET.
Follow Alan R. Elliott on Twitter @IBD_Aelliott
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2019-04-24 13:52:30Z
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