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Aug 11

Stock Losses Accelerate; Retailers Drop, Planet Fitness Flexes – Investor’s Business Daily

Fitness Comments Off on Stock Losses Accelerate; Retailers Drop, Planet Fitness Flexes – Investor’s Business Daily

The major market indexes fell further early Thursday, as markets continued responding to tension between the United States and North Korea.The tech-heavy Nasdaq led the indexes lower, falling 1.1%. Meanwhile, the S&P 500 and Dow Jones industrial average fell 0.8% and 0.6%, respectively.

XAutoplay: On | Off Among the Dow industrials, Coca-Cola (KO) rebounded 0.2%, as the stock looked to get back above its 46.16 cup-with-handle entry.

On the downside, Apple (AAPL) declined 1.6% and is on track to snap a four-day winning streak. The stock is about 1% above a 156.75 flat-base entry.

FANG memberAmazon.com (AMZN) fell further under its 50-day line in the stock market today. The stock declined 1.5%.

Retailers fell despite mixed earnings reports early Thursday. Macy's (M)andKohl's (KSS) beat the Street's forecasts, but both stocks still dropped, falling 5% and 9%, respectively.

In the meantime, Dillard's (DDS) badly missed its own earnings estimates, prompting shares to plummet 15%. The department store had rallied significantly off its mid-May lows, but is now testing its 50-day line.

China-based gaming company NetEase (NTES) dropped a near 10% despite reporting strong Q2 results late Wednesday. The stock broke out of a late-stage cup with handle on June 6, but had trouble gaining traction. Shares fell back under their 301.92 entry and the 50-day line.

Meanwhile, other leading Chinese stockswere seeing sell-side pressure as well. Alibaba (BABA) declined over 2%, but remains just 4% off its all-time high set two weeks ago. Internet giant Baidu (BIDU) also fell over 2%, and remains extended from a 193.84 cup-base buy point.

Planet Fitness (PLNT) was flexing its muscles after reporting strong Q2 results, and raising its full-year guidance. The gym operator pumped up over 6% as it broke out above 24.68 flat-base entry.

Graphics chip maker Nvidia (NVDA) fell 2.6% ahead of its quarterly earnings results after the bell Thursday.

Within theIBD 50, there were few bright spots amid the market's sell-off with just six leading growth stocks trading in the green. PRA Health Sciences (PRAH) advanced 0.2% as it looked to retake its 50-day line. On Wednesday, the medical stock announced a secondary offering that caused the stock to drop over 6%.

On the downside, Grubhub (GRUB) looked to extend its losing streak to three days, falling 2.4%. The stock remains well-above its 47.94 flat-base entry after last week's earnings release and partnership with Yelp (Y).

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Stock Losses Accelerate; Retailers Drop, Planet Fitness Flexes - Investor's Business Daily

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