The major stock market indexes are all down with an hour left in the trading day. Genuine Parts (GPC) is up 1.4% today and the relative strength line is at new high, designated with a blue dot on the MarketSmith chart.
The auto parts distributor topped the 141.21 buy point of a cup-with-handle base, but volume was light.
The Nasdaq composite has been wavering throughout the day and is currently down 0.9% on the day. The S&P 500 is down 0.6% and the Dow Jones Industrial Average is down 0.4%. The Dow dipped to hit its 21-day exponential moving average. The Russell 2000 is the laggard, down 1.2%.
Indexes are trading near the lowest point of the day. NYSE volume is down 5.3% and Nasdaq volume is up 11.9% compared with the same time on Wednesday.
Stock Market Action: Signet Jewelers Shines, Nio Down
U.S. Stock Market Today Overview
|Last Update: 2:54 PM ET 6/9/2022|
Signet Jewelers (SIG) is up 8.3% in heavy trading volume after reporting better than expected earning of $2.86 per share, while analysts consensus was for $2.38, according to FactSet. The Bermuda-based company is the world’s largest retailer of diamond jewelry, owning the Zales and Kay brands. Signet reported an 8.9% sales increase in Q1 2023 versus Q1 2022. Q1 same-store sales were up 2.5% over the same quarter last year. Management gave positive guidance, adding to the upward move in the stock.
Signet stock is intersecting the 50-day moving average and is above the 21-day exponential moving average, which it touched on May 26. SIG has a return on equity of 58% and a dividend yield of 1.1%.
Chinese ADR Nio (NIO) is down 7% after reporting Q1 sales of $1.56 billion, an increase of 24.8% over Q1 of 2021. The company reported a shrinking gross margin of 14.6% versus 19.5% in Q1 2021.
The electric-vehicle maker reported a record number 25,768 vehicles delivered versus 25,034 the previous quarter. Earnings per share showed a better-than-expected loss of 12 cents per share versus an estimated loss of 14 cents per share, as reported in Barron’s.
The company gave disappointing Q2 sales guidance. Shares of Nio are down 65.3% from its 52-week high.
Weakness In Cruise Line Stocks
Carnival (CCL) is down 7.9% on a price cut by Morgan Stanley to 13 from 17 while maintaining its underweight rating on CCL. Morgan Stanley also lowered price targets on Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH). The Leisure Services industry group is down 2% on the day.
Susquehanna initiated coverage on CCL with a neutral rating and a price target of 15 per share.
Uber Technologies (UBER) is down 0.7% on higher volume today even though Barclays raised its price target to 53 from 48.
The Innovator IBD 50 ETF (FFTY) is down 2.2%, dropping below the 50-day moving average and just above the 21-day exponential moving average.
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The post Stock Market Near Day’s Lows; Signet, Genuine Parts Are Bright Spots appeared first on Investor’s Business Daily.