After pulling back on Thursday, stocks continued their gains on Friday, remaining in a confirmed uptrend. The S&P 500 and Nasdaq Composite ended their long-term gains on Thursday but rebounded on Friday to end the week higher.
Meanwhile, leading stocks continue to issue buy signals or establish. Technology stocks have given way, but several sectors including aerospace and retail have shown strength.
S&P 500: Nvidia Stock
In Friday’s market action, Nvidia shares rose nearly 3% to 483.35 points, up 7.4% this week.
this relative strength line It also hit a new high on the weekly chart.
Thursday was Nvidia’s first positive day on above-average volume in more than two months. However, a weak finish offset some of the gains.
NVDA shares are up 230% in 2023, handily beating the S&P 500.
Nvidia will report third-quarter earnings and revenue on November 21. Analysts expect earnings per share to surge 478% to $3.35. Sales are expected to surge 172% to $16.11 billion.
At the same time, Nvidia will release New chips for the Chinese marketAccording to multiple sources, after the US government restricted the export of its high-end artificial intelligence chips.
The S&P 500 stock ranks No. 1 in IBD’s Electronics Semiconductor Fabless industry group. NVDA has 99 Overall rating Full score 99. Nvidia stock has 99 relative strength ratingan exclusive indicator of stock price changes. EPS Rating The S&P 500 index has a value of 93.
Urban Outfitters Inventory
URBN shares rose 1.4% to 35.40 on Friday. Urban Outfitters shares fell 1.1% this week. According to the data, the stock has formed a cup-handle bottom with a buy point of 36.10 Market Smith Analysis.
Urban Outfitters shares are up 48.5% in 2023 and outperforming the S&P 500 Index. The multinational retailer reported third-quarter earnings and revenue on Nov. 21.
Analysts expect profits to rise more than 100% to 81 cents a share, with sales rising 8% to $1.26 billion, which would mark the fourth consecutive quarter of accelerating profit growth.
Same-store sales are expected to grow 4.9%, the same as the second quarter and a greater increase than last year. Analysts speculate that U.S. consumers may cut spending in the second half of 2023, with clothing and footwear being the main expenditures. Areas where pullbacks are most likely to occur.
The stock has a Composite Rating of 97 (out of a possible 99). URBN stock has a Relative Strength Rating of 93. Urban Outfitters stock has an EPS Rating of 99.
S&P 500 Index: Costco Stock
Costco shares rose 2.5% to 577.12 on Friday and are up 2.9% for the week.S&P 500 shares above 571.16 buy point flat baseand back above the 50-day moving average.
Costco will report November sales and earnings on Nov. 29 and its first fiscal quarter earnings on Dec. 14.
Back in September, S&P 500 stocks released fourth-quarter results within the broader context. Retailer downturn Discount stores’ performance was mixed.
Adjusted earnings rose nearly 16% to $4.86 per share, after rising 18% in the previous quarter. Total revenue grew 9.5% to $78.94 billion, ending the slowdown in growth over the past four quarters.
Meanwhile, Treasurer Richard Galanti said in September that raising Costco membership fees is “a matter of when, not if.” The company last raised membership fees in June 2017.
The S&P 500 stocks have a Composite Rating of 90 (out of a possible 99). COST stock has a Relative Strength Rating of 87. The S&P 500’s earnings-per-share rating is 95.
DDOG shares rose 3.4% to 103.65 on Friday, surging more than 26% this week. According to MarketSmith analysis, Datadog stock broke above a 102 buy point and appears to be a double bottom. The buying range widens to 107.10, according to the IBD Rankings.
Datadog reported better-than-expected third-quarter earnings and revenue on Nov. 7, pushing DDOG stock to a recent high of 104.43. Investors can wait for DDOG to break out of this high before adding DDOG to their portfolios.
DDOG trades about 15% off its 52-week high and nearly 50% off its all-time high near 200. Datadog provides a cloud-based monitoring and analytics platform. The company posted its first annual profit in 2020, and analysts expect earnings to grow 53% to $1.50 per share in 2023.
On November 7, Datadog reported a 96% surge in third-quarter earnings per share, marking the second consecutive quarter of rapid growth. Revenue grew 25% to $548 million. The software company also gave higher guidance for the fourth quarter.
S&P 500 Index: General Electric Stock
GE shares rose 1.9% to 115.27 on Friday. This week, the S&P 500 rose 5.8%. General Electric’s official stock price is 117.96 flat That price is a buy point, but a break above the Oct. 24 intraday high of 114.89 would be a buy, according to MarketSmith data.
The weekly chart shows GE’s relative strength line A new high in five years. While reporting better-than-expected third-quarter results on Oct. 24, GE raised its full-year operating profit forecast for its aerospace unit to about $6 billion, up from previous guidance of $5.6 billion to $5.9 billion. Organic Revenue growth is expected to exceed 20%.
GE added on Oct. 24 that it expects to spin off its power and renewable energy divisions early in the second quarter.
Following the spin-off, shares of GE Vernova will be distributed to existing holders of GE common stock, which will be renamed GE Aerospace.
On January 4, GE completed its spin-off GE Healthcare Technologies (GEHCSince then, GE stock has been one of the best performers in the S&P 500, rising 72% through Wednesday.
In the third quarter, GE Aviation’s orders increased 34%, revenue increased 25%, and defense revenue increased 8%, led by its commercial engines and services business as the travel industry continued to rebound.
General Electric is Daily IBD Stock Thursday.
S&P 500 stocks have a Composite Rating of 92 and a Relative Strength Rating of 95. General Electric has an EPS rating of 76.
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