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Nasdaq Notches Higher, Dow & S&P 500 Take a Powder
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Much as the pre-market activity displayed a reluctance to run up the stock rally much higher — whether to book some gains or simply take a pause that refreshed — today’s regular session delivered pretty much in kind. The Dow, lower for the first time in the last 7 sessions, fell an even 300 points, or 1.09%. The S&P 500 finished moderately down, just -0.78%. The Nasdaq once again finished higher, albeit modestly: +29 points, or +0.29%.
This marks the 18th record close for the Nasdaq in the year 2020 alone. That said, the tech-heavy index pulled back in the last hour of trading from the 10K mark — obviously the first time hitting this psychologically pleasing level. Chief among Nasdaq gainers today was Apple (AAPL - Free Report) , climbing another 3% today. The world’s largest tech company is now up 35% in the past 10 weeks, and +80% since this time last year.
The company continues to make news today, as well: Apple has announced it will use its own in-house processing chips on new Mac models, beginning in 2021. These chips would replace those manufactured and supplied by Intel (INTC - Free Report) , though we don’t see much movement for either stock in the early moments of after-hours trading.
Online pet retailer Chewy Inc. (CHWY - Free Report) posted mixed results in its fiscal Q1 release Tuesday afternoon, with a bottom line of -12 cents per share missing the Zacks consensus by a penny, while revenues of $1.62 billion easily surpassed the $1.55 billion analysts were expecting, which itself amounted to growth of 40% year over year. Further, guidance for fiscal Q2 on the revenue side went up to $1.62-1.64 billion (Zacks consensus $1.57 billion), while full-year 2020now surpasses the Zacks estimate of $6.44 billion to $6.55-6.65 billion. Yet shares are selling on the news, down 2.4% after the quarterly report.
Gaming supply retailer GameStop (GME - Free Report) also posted mixed results for its fiscal Q1 report: missing badly on the bottom line, -$1.61 per share versus -$1.14 expected, while topping the billion-dollar mark on the top line, to $1.02 billion, above the Zacks consensus $800 million. The company reported that 88% of its stores have reopened following the stay-at-home resolve kept customers out of its storefronts, and +90% internationally. Shares are down 1.8% in late trading. For more on GME's earnings, click here.
Zacks Responds to Pot Stock "Gold Rush"
With almost unimaginable profit potential, legalized marijuana is skyrocketing from $9 billion in 2017 to an expected $32 billion in 2020 to a possible $146 billion by 2025. Not since the Repeal of Prohibition has there been such a release of pent-up demand.
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Nasdaq Notches Higher, Dow & S&P 500 Take a Powder
Much as the pre-market activity displayed a reluctance to run up the stock rally much higher — whether to book some gains or simply take a pause that refreshed — today’s regular session delivered pretty much in kind. The Dow, lower for the first time in the last 7 sessions, fell an even 300 points, or 1.09%. The S&P 500 finished moderately down, just -0.78%. The Nasdaq once again finished higher, albeit modestly: +29 points, or +0.29%.
This marks the 18th record close for the Nasdaq in the year 2020 alone. That said, the tech-heavy index pulled back in the last hour of trading from the 10K mark — obviously the first time hitting this psychologically pleasing level. Chief among Nasdaq gainers today was Apple (AAPL - Free Report) , climbing another 3% today. The world’s largest tech company is now up 35% in the past 10 weeks, and +80% since this time last year.
The company continues to make news today, as well: Apple has announced it will use its own in-house processing chips on new Mac models, beginning in 2021. These chips would replace those manufactured and supplied by Intel (INTC - Free Report) , though we don’t see much movement for either stock in the early moments of after-hours trading.
Online pet retailer Chewy Inc. (CHWY - Free Report) posted mixed results in its fiscal Q1 release Tuesday afternoon, with a bottom line of -12 cents per share missing the Zacks consensus by a penny, while revenues of $1.62 billion easily surpassed the $1.55 billion analysts were expecting, which itself amounted to growth of 40% year over year. Further, guidance for fiscal Q2 on the revenue side went up to $1.62-1.64 billion (Zacks consensus $1.57 billion), while full-year 2020now surpasses the Zacks estimate of $6.44 billion to $6.55-6.65 billion. Yet shares are selling on the news, down 2.4% after the quarterly report.
Gaming supply retailer GameStop (GME - Free Report) also posted mixed results for its fiscal Q1 report: missing badly on the bottom line, -$1.61 per share versus -$1.14 expected, while topping the billion-dollar mark on the top line, to $1.02 billion, above the Zacks consensus $800 million. The company reported that 88% of its stores have reopened following the stay-at-home resolve kept customers out of its storefronts, and +90% internationally. Shares are down 1.8% in late trading. For more on GME's earnings, click here.
Zacks Responds to Pot Stock "Gold Rush"
With almost unimaginable profit potential, legalized marijuana is skyrocketing from $9 billion in 2017 to an expected $32 billion in 2020 to a possible $146 billion by 2025. Not since the Repeal of Prohibition has there been such a release of pent-up demand.
See Zacks’ recommended buys >>