IBM, Intel, And Schlumberger Plunge Post-Earnings

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IBM, Intel, And Schlumberger Plunge Post-Earnings
<a href="https://pixabay.com/users/geralt/">geralt</a> / Pixabay

Commenting on IBM, Intel, and Schlumberger’s post earnings plunge and today’s trading so far, Gorilla Trades strategist Ken Berman said:

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IBM, Intel, And Schlumberger Plunge

Intel (INTC, -8.5%) opened sharply lower after publishing strong quarterly numbers yesterday in after-hours trading, with IBM (IBM, -10.6%) and Schlumberger (SLB, -1%) also plunging, post-earnings. Despite the losses, the tech sector and the Nasdaq have once again been performing better than the broader market, with the likes of Microsoft (+2%) and Facebook (FB, +1.2%) supporting the benchmark. On a negative note, small-caps have been showing weakness again, and the Russell 2000 might even close the week in the red for the first time in 10 weeks.

Market Wrap

Dow: 30,971, - 205 or 0.7%

S&P 500: 3,840 - 13 or 0.3%

Nasdaq: 13,503, - 28 or 0.2%

Russell 2000: 2,127, - 14 or 0.6%

Market breadth has been relatively weak this morning, with decliners outnumbering advancing issues by a more than 3-to-1 ratio on the NYSE at midday. Only 2 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 83 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a mixed and choppy afternoon. Energy stocks and materials have been hit hard in early trading following yesterday’s slump, with financials and industrials also struggling despite the bullish services PMIs, with only the defensive healthcare and utilities sectors and tech stocks outperforming the large-cap benchmarks. Stay tuned!

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