The general market remained in the red through early afternoon trading in the stock market today as the Dow Jones industrial average was poised for its fifth straight decline.
The Nasdaq limped 0.1% lower, while the S&P 500 and Dow fell 0.2%.
UnitedHealth (UNH), outperformed in the Dow, up 1%. It's testing support at the 50-day line after reporting earnings earlier in the week.
Exxon Mobil (XOM) lagged in the blue-chip index, falling 1.4%, after a UBS downgrade to sell.
Goldman Sachs (GS) continued its descent, dropping another 1%. The investment bank is rapidly approaching its 50-day line following a failed move above a four-weeks-tight entry.
Tesla (TSLA) gave back early gains but still rose more than 1%, following a Morgan Stanley (MS) upgrade to overweight and raised price target to 305 from 242. The stock is currently trading around 242. In related news, U.S. highway safety regulators closed a probe of Tesla's Autopilot system without seeking a recall or other adverse action.
IBD'S TAKE: After Netflix and Apple breakouts, investors may be tempted to jump early into several big internets working on bases. But Facebook, Netflix, Alibaba and NetEase lack proper handles.
Netflix (NFLX) soared 5% following its big earnings beat last night after the market close. Subscriber growth was one of the highlights from the Q4 release. The video streaming company added 7.05 new streaming video customers vs. the expected 5.2 million figure predicted back in October.
Nvidia (NVDA) continued to bounce, albeit in light volume, after testing the 100 price level coinciding with the 10-week line. The chip stock was up 3%.
IBD 50 Shows Mixed Action
Leading growth stocks were mixed heading into afternoon trading as financial stocks, once again, lagged on the day with Bank of the Ozark (OZRK) leading the decline in banks. The regional bank fell 2% as it approached its 50-day. Volume has been relatively heavy on the decline.
On the upside, GATX (GATX) rose 4.6% following its Q4 earnings release when the company's adjusted Q4 earnings surpassed analyst estimates. Its revenues also topped the Street's views. The stock had recently found support at its 50-day line.
On the downside, Align Technology (ALGN) dropped over 3% through its 50-day support level on surging volume.
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