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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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