Major averages rose on mixed volume as a number of leading stocks outperformed the general market including stocks such as AAPL which regained some of their ground. After the recent sellinng pressure which pushed the MDM into cash, the market remains in a digestive, sideways trend. Whether it breaks out or breaks down remains to be seen as we watch for further clues from leading stocks. Futures are currently trading lower.
Twitter (TWTR) had a pocket pivot since it closed Tuesday at its 10-dma and gapped up from the line. Earnings have been positive the last 3 quarters, sales are soaring, institutional sponsorship has increased 3 quarters since it went public, group rank 8. After-hours TWTR announced a $1.3 billion convertible debt offering which has put some pressure on the stock this morning but may allow for a better entry once the offering is out of the way.
Network security infrastructure company Palo Alto Networks (PANW) had a buyable gap up on a strong earnings report. Earnings and sales remain robust, institutional sponsorship has increased over the last 8 quarters since the company went public, group rank 47.
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