$.0001-$.0011 News, DDs & Charts Only!!!

[mick]

Stocks grumbled out of the starting gate in a mixed open Friday, with the final trading session of May pinned down, awaiting a press conference on China announced by the White House late Thursday. Earnings news generated big early moves from Zscaler and VMware. Zoom Video led the IBD 50 list. Coronavirus vaccine stocks Moderna and BioNTech gained. Intel and Microsoft battled for the lead on the Dow Jones today.


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Stocks veered lower late Thursday after President Donald Trump announced a Friday press conference regarding China. No time for the event was given. Uncertainties have ramped higher regarding U.S.-China trade relations, which effectively evolved to Cold War status over the past week.

Tech stocks rose on the stock market today, possibly on expectations for trade restrictions against Chinese technology. The Nasadq jumped 0.5% at the open, as Zoom Video (ZM) and IBD Leaderboard stock Dexcom (DXCM) rallied more than 3% apiece.

The Dow industrials trimmed its opening loss to 0.3% as Boeing swung to the bottom of the index, down 3% in early trade.

The S&P 500 pared losses to less than 0.1%, as earnings drove some of the heaviest early declines among S&P 500 stocks, with DXC Technology (DXC) down more than 14% at the bottom of the list. Salesforce.com (CRM) and Costco Wholesale (COST) were also early losers.

ASML Holding (ASML) rallied 1.5% at the open. ASML stock ended Thursday in a buy range, just above a 319.32 buy point in a 13-week cup base. The buy range runs to 335.39.

Dow Jones Today: Intel In Buy Range
Chip giant Intel (INTC) and MicrosoftMSFT each advanded more than 1% on the Dow Jones today. Both are potential beneficiaries if the White House opts to tighten restrictions on China-based technologies.

The early gain lifted Intel stock to just above a 62.23 buy point in a cup-with-handle base.

Earnings News: VMware Eyes Breakout, Big Lots Spikes
Recent IPO Zscaler (ZS) rocketed more than 20% higher as analysts hoisted price targets following a strong fiscal third-quarter report late Thursday. Williams-Sonoma (WSM) also earned a price target hike, as earnings and revenue fell less than expected in its first quarter. Shares sailed 11% higher.

VMware (VMW) popped more than 8%, also boosted by prices hikes and above-forecast first-quarter results. The gain sent the stock past a 142.79 handle buy point in a deep bottoming base.

Big Lots (BIG) appeared set to continue its six-week rally, rising 3.6% in early trade. The closeout store chain reported earnings that were more than double analyst estimates, in its first earnings gain in five quarters. Shares ended Thursday up 56% in May, and with a year-to date gain of nearly 28%.

On the downside, earnings news sent marijuana stock Canopy Growth (CGC) down 19%. Salesforce.com (CRM) and Costco Wholesale (COST) also fell on earnings.

Trump Press Conference, Twitter War
Markets are likely to remain cautious ahead of a press conference that Trump said he would hold at an undetermined time on Friday to discuss matters in China. Markets reversed into sharp losses following the announcement of the remarks late Thursday.

Trump's war with the media, at least social media, also intensified sharply on Thursday. After the market closed, the president signed an executive order that "seeks to curtail the power of large social media platforms by reinterpreting a critical 1996 law that shields websites and tech companies from lawsuits," according to CNN. Whether the president has the legal authority to reinterpret laws enacted by Congress is likely to be hashed out in courts over the coming months.

On Thursday night, Twitter slapped a warning on another Trump tweet on the U.S. military potentially intervening in the riots underway in Minneapolis. Twitter shares traded down 0.3% early Friday, were down 3% for the week at the end of Thursday's session, but still held a 10.2% gain for May.