Courtesy of Blain.
Indexes opened up but once again buyers failed to show much spirit and we saw minor losses as most sat on the sidelines awaiting tomorrow’s employment data. The S&P 500 fell 0.02% and the NASDAQ 0.18%. It was a quiet day on the news front.
The NASDAQ continues to drift along our trendline in blue which connects multi year lows. So if there is a strong reaction to the employment data tomorrow we should see the NASDAQ either bounce off this level or break through it. It is probably going to take a very weak number to push the NASDAQ through a level like this so one might be apt to expect a “relief bounce” of some sort. This was the NASDAQ’s 10th down day out of 11.
“An oversold bounce is likely to interrupt the pullback in the SPX today, but we think it will fade on weak short-term momentum,” BTIG Chief Technical Strategist Katie Stockton said in a morning note. “Signs of short-term downside exhaustion have arisen in the technology sector and European equity benchmarks, supporting a few days of stabilization in those areas,” she said.
The NYSE McClellan Oscillator remains near oversold levels.
Facebook (FB) seems to be holding the $116 level on this breakout and is not really pulling back with the index, so if one must be long something it’s as good a name as any as long as that level holds.
GoPro (GPRO) fell 6% in the normal session and another 6% in the after hours. Talk about a fallen angel.
Battered wearable camera maker GoPro on Thursday posted better-than-expected quarterly revenue, but said sales plunged about 50 percent from the prior-year period. The company reported a first-quarter loss of 63 cents per share on $183.5 million in revenue. Those figures compare with earnings of 24 cents per share and sales of $363.1 million in the year-earlier period. Wall Street expected GoPro to report a loss of 60 cents per share on $169 million in sales.
Speaking of…. Fitbit (FIT) tumbled 19% on a weak quarterly outlook.
Whole Foods Market (WFM) gained 6% after the company cut its annual guidance, though profit slight beat Wall Street forecasts. That’s a sign that expectations were low going into the report.
Yelp (YELP) raised guidance and is up almost 9% in after hours.
Yelp on Thursday raised its revenue projection for the year following better-than-expected results in the first quarter, even as higher spending drove a fifth consecutive quarterly loss for the online-review purveyor. The San Francisco company now expects $690 million to $702 million in revenue for the year, compared with its earlier view of $685 million to $700 million.
