Market activity continued its recalibration out of value stocks — boy, that was quick! — and into more palatable valuations. Both the Dow and S&P 500 fell 1% on the day, while the Nasdaq fared a little better, -0.65%. The small-cap Russell 2000, which had enjoyed relative outperformance in past weeks, took up the rear on the day, -1.64%. With all 11 sectors of the S&P 500 down in regular Thursday trading, it’s hard to consider any of this much of a “rotation,” but perhaps more of a leveling-out of stocks that have run up big in recent sessions: today, Exxon (and XOM Quick Quote XOM - Free Report) Conoco ( fell 3%, and COP Quick Quote COP - Free Report) United Airlines ( and UAL Quick Quote UAL - Free Report) JetBlue (were down 4% and 5%, respectively. JBLU Quick Quote JBLU - Free Report) Zoom Video (, which has had a tough week after stellar recent performance post earnings, was down 4% today and -13% on the week. ZM Quick Quote ZM - Free Report) The Dow and S&P 500 remain on track for weekly gains as of Thursday afternoon, though the Nasdaq is currently sizing up a weekly loss, down in three of the past four trading days. That said, markets are still up around 7% from late-October lows, which is important to keep in mind when we see volatile trading shifts and appetites from day to day. The Walt Disney Company ( reported big surprises on both top and bottom lines in its fiscal Q4 2020, with a loss of 20 cents per share more than tripling the expected -68 cents (though still a ways off the $1.07 per share posted in the year-ago quarter), on revenues of $14.71 billion, ahead of the $14.34 billion in the Zacks consensus. Subscribers to its Disney+ streaming service jumped past 73 million, well up from the 60.5 million reported in fiscal Q3. DIS Quick Quote DIS - Free Report) While the company saw good international growth in streaming, with its Direct-to-Consumer businesses a bright spot, Disney remains broadsided by the coronavirus pandemic, particularly in its Parks and Films segments. Shares had been up by as much as 7% in late trading following the release, although the stock is still down year to date. Cisco Systems (rose 8% on its fiscal Q1 earnings report, which brought in 76 cents per share, for a 5-cent beat on the bottom line. On the top, $11.9 billion in sales was modestly ahead of the $11.88 billion in the Zacks consensus. The networking tech giant basically never misses earnings estimates; however, today’s report marks the fourth straight quarter of declining revenues. CSCO Quick Quote CSCO - Free Report) Questions or comments about this article and/or its author? Click here>> Biggest Tech Breakthrough in a Generation Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity. A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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