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Stocks Rally As TrumpCare Vote Looms; Nike Fuels Dow; Micron Powers Nasdaq

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Stocks eased from early highs Friday as Congress' looming ObamaCare replacement vote stayed in focus. Chip stocks boosted the Nasdaq composite, while Nike (NKE) again lifted the Dow Jones industrial average.

The Nasdaq composite rallied 0.5%, the S&P 500 rose 0.2% and the Dow Jones industrial average added 0.1%. The small-cap Russell 2000 was up 0.5%. Volume was mixed, tracking lower on the NYSE but higher on the Nasdaq vs. the same time Thursday.

Data storage, semiconductor and hospital issues were among the top gainers in today's stock market action, while foreign banks, gold and department store stocks underperformed.

Nike led the Dow with a 4% jump, retaking its 50-day moving average in active trade. The stock is working to recover a 7% loss from Wednesday, after the athletic shoe and apparel giant's quarterly sales miss. Rival Under Armour (UA) was up nearly 4% as well, boosted by an upgrade to buy, from hold, by Jefferies.

Micron Technology (MU) gapped up and popped 10% in rapid turnover to its best level in over two years. Shares are well extended from a recent bounce off the 50-day line. The memory-chip maker late Thursday reported better-than-expected fiscal Q2 earnings per share and revenue in line with views. The midpoint of its current-quarter outlook for EPS of $1.50 on $5.4 billion in sales is well above Street forecasts.

KB Home (KBH) reversed and slipped 2% in heavy volume. The stock remains out of buy range from a 17.48 flat-base entry cleared on Feb. 27. After the close Thursday, the homebuilder reported fiscal Q1 results that topped views on both the top and bottom lines. Builder stocks got a lift during Thursday's session on a 6.1% rise in new-home sales to an annual rate of 592,000.

On the downside, Finish Line (FINL) gapped down and toppled 19% in fast trade after reporting fiscal Q4 results that missed views on both the top and bottom lines. Shares are at their lowest level in more than six years.

Also down on earnings results was GameStop (GME), which plunged 12% in huge volume after its Q4 profit met, but revenue fell more than estimates.

In economic news, durable goods orders rose 1.7% in February, vs. 1.8% in January and economist forecasts for a 1.5% gain.

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