The major stock market indexes are relatively unchanged and near the levels from the last hour. The Dow Jones Industrial Average is leading the other indexes but only slightly.
X
Investors are cautious as they await the upcoming earnings season. At midday, the Nasdaq and S&P 500 are down less than 0.1%. The Dow Jones Industrial Average is up 0.2%, and the Russell 2000 is up about 0.2% also. NYSE volume is up 14.2% and Nasdaq volume is up 0.3% vs. the same time on Monday.
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Auto Parts and Beverage Company Show Growth
PepsiCo (PEP) trimmed gains after reporting a beat on second-quarter sales and earnings. The company raised guidance, saying it expects 10% organic growth for 2022 vs. the 8% previously forecast. The beverage company has shown consistent single-digit earnings-per-share growth for the last several quarters. Quarterly sales growth ranged from 5% to 12% in the last three quarters.
PepsiCo has some positive CAN SLIM ratings, including an 89 Composite Rating, 92 Relative Strength Rating and a 59% return on equity. Its share price is within 4% of the 177.72 buy point in a flat base. The company pays a 2.7% dividend yield to shareholders.
Dorman Products (DORM), a supplier of auto and truck replacement parts, is up 1.3% after announcing over 300 new products for July, with 98 exclusive products. The letter “N” in the CAN SLIM guidelines stands for new, meaning new products, new management or a new high off a base. New products can be a catalyst for interest in a stock, having potential for an increase in stock price.
Dorman stock is breaking out of a cup with handle with a buy point of 113.22, and the relative strength line is at new highs. Analysts are expecting a 19% annual EPS growth rate in 2022 and 10% in 2023. The stock has a best-possible 99 Composite Rating.
Stock Market Mover: Health Provider In The Green
Acadia Healthcare (ACHC), a provider of psychiatric services, is up 0.8% and holding above the 21-day exponential moving average. The stock is consolidating and is nearing its 76.79 buy point, with a new high on the relative strength line already in place.
Analysts are expecting an 18% annual EPS growth rate in 2022 and 10% in 2023. Mutual funds have added ACHC in the June quarter, with 592 holding the stock, up from 558 in March. The company earns a 93 Composite Rating.
Medical, Oil Stocks See Red
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31242.97 | +69.13 | +0.22 |
| S&P 500 | (0S&P5) | 3853.01 | -1.42 | -0.04 |
| Nasdaq | (0NDQC ) | 11364.18 | -8.42 | -0.07 |
| Russell 2000 | (IWM) | 172.33 | +0.27 | +0.16 |
| IBD 50 | (FFTY) | 26.61 | -0.27 | -1.00 |
| Last Update: 12:12 PM ET 7/12/2022 | ||||
Evolent Health (EVH), a medical software provider, is down an additional 4.4% after yesterday’s 5.8% drop in heavy volume. The stock hit the sell signal of 7%-8% below the buy point, and was removed from Leaderboard.
Cross Country Healthcare (CCRN), a medical staffing company, is down 2.4% after a recent run-up that took it above a 24.06 buy point. AMN Healthcare (AMN), another medical staffing company, is down 5.4% in increased volume.
Exxon Mobil (XOM) is down 1.7% and Chevron (CVX) is down 1.8% following the drop in crude.
Crude oil futures are down 7.2%, with crude oil under $100 per barrel to $96.59 on concerns of a potential recession. The SPDR S&P Energy ETF (XLE) is down 2%.
ETF Moves
Invesco QQQ Trust (QQQ), an ETF corresponding to the Nasdaq 100 Index, is up 0.1% as it tries to bounce off the 21-day exponential moving average.
Chinese stocks continued Monday’s slide on increased Covid-19 cases and small fines imposed on Alibaba (BABA) and Tencent (TCEHY). The iShares China Large-Cap ETF (FXI) is down 0.3%.
Bitcoin futures are down 3% today, dropping below the $20,000 level to $19,845.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 1.1%, trailing the major indexes.
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The post Stock Market Seeks Direction As Health Care Stocks Lose Luster appeared first on Investor’s Business Daily.
