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Mixed Finish Hands Dow Its Worst Weekly Post-Election Loss

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Tense, late-stage maneuvering at the White House and the Capitol kept markets on edge straight to Friday's close, with major indexes ending mixed and the Dow Jones industrial average chalking up its worst week since the Nov. 8 presidential election.

The Dow lost 0.3% Friday and 1.3% for the week. Goldman Sachs (GS) and JPMorgan (JPM) took what were far-and-away the Dow's worst losses for the week, down 6.5% and 4%, respectively.

Also in the Dow 30, Apple (AAPL) and McDonald's (MCD) each managed modest gains for the week and Nike (NKE), which on Wednesday dived more than 7% after a weak earnings report, on Friday trimmed its decline for the week to less than 3%.

The S&P 500 sagged 0.1%, ending the week with a 1.3% loss — also its worst week since just before the election. Heavy engineering, steel and suppliers of construction materials took the S&P 500's heaviest hits on Friday. Vulcan Materials (VMC), Martin Marietta (MLM), Fluor (FLR) and Nucor (NUE) each dumped more than 2% in Friday's session. It's well-worth noting that all of those losses occurred in light trade.

Micron Technology (MU) and Under Armour (UA) pegged the S&P 500's best gains.

Micron spiked 7% as earnings rose to 90 cents a share, up from a penny in the year-ago quarter. Revenue soared 58%. But the industry took particular heart in Micron's Q3 outlook, which placed the midpoint of earnings guidance 61% above consensus views. Micron shares ended the week up 11% and at a new high, extended from a February rebound from 10-week support.

Under Armour popped 4% following an upgrade to buy, from hold, by Jefferies. The stock suffered a 63% sell-off over the past 11 months, but the Jefferies note diagnosed the correction as having formed a bottom and, given market circumstances, "an inflection has formed and the buying (opportunity) is now." CAN SLIM investors can minimize risk by waiting for a proper base to form.

The Nasdaq composite held its loss Friday to less than 0.1%, ending off 1.2% in its sharpest weekly slip since December. Micron topped the Nasdaq 100, with Western Digital (WDC), Tesla (TSLA), Cerner (CERN) and Regeneron Pharmaceuticals (REGN) all advancing 2% or more.

Tesla chairman Elon Musk teased investors with tweets revealing new details regarding the company's upcoming Model 3, and more distant Model Y and Roadster vehicles. Tesla shares are five weeks into a consolidation — holding nice support at the stock's 10-week moving average, but it's slightly too deep to qualify as a flat base.

Among IBD 50 stocks, China's TAL Education Group (TAL) jumped 3% Friday in its eighth straight daily advance. Shares are taking out new highs and are well-extended above a three-weeks-tight buy point of 83.97.

BioTelemetry (BEAT) also gained 2%, narrowing its loss for the week to less than 3%. The stock bounced off its 10-week moving average on Thursday, but week volume nullified the move as a buying opportunity.

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