Futures for the S&P 500 index, Dow Jones industrial average and Nasdaq 100 rose solidly late Thursday after the major averages slumped to weak closes yet again in the regular session. Hewlett Packard Enterprise (HPE), HP Inc. (HPQ) and Planet Fitness (PLNT) were big winners late on earnings, while Universal Display (OLED) and Wingstop (WING) tumbled.
The market uptrend is intact. But closing near session lows is a hallmark of shaky or weak markets. The Nasdaq composite has fallen for four straight sessions while the S&P 500 index and Dow Jones are finding resistance at the 50-day moving average.
Pay close attention to the market and be at least a little cautious about new purchases. Read the Stock Market Today columns and The Big Picture every day to stay in sync with the major averages and leading stocks.
S&P 500 index futures rose 0.6% vs. fair value. Dow Jones futures advanced 0.6%. Nasdaq 100 futures climbed 0.5%.
HP Enterprise
HPE topped fiscal first-quarter earnings views, hiked its dividend 50% and boosted its stock buyback program. HPE also gave upbeat Q2 EPS guidance. The maker of servers, networking gear and data storage equipment shot up 12% in late trading.
HPE had closed up 1% to 16.41, not far from last month’s all-time high of 17.06.
HP Inc.
The PC-and-printer half of the old Hewlett-Packard also topped Q1 views. HP Inc. guided higher for Q2 and the full year. HP Inc. stock rose 6.8% late.
The stock rose 1% to 21.39 in the regular session, just below its 50-day moving average.
Planet Fitness
The “judgement free” gym operator reported strong fourth-quarter earnings. Planet Fitness upped its stock buyback program and sees strong growth in 2018.
Planet Fitness shot up 3% in late trading after falling 2.6% to 32.79 in the regular session, undercutting its 50-day line.
Universal Display
The maker of OLED display technology topped fourth-quarter earnings estimates. But Universal Display gave weak sales guidance, sending shares plunging 13.5% late.
Universal Display edged down 0.45% to 154.90 in the regular session, trading between its 50-day and 200-day lines.
The stock’s after-hours action suggests it will undercut its 200-day at Friday’s open.
Wingstop
The chicken wings specialist narrowly topped quarterly views, but Wingstop gave weak earnings guidance.
Wingstop had rallied 2.3% to 46.78 during the regular session, just below a record high.
But the stock plunged 9.5% late, indicating it will open right around its 50-day moving average. Wingstop hasn’t undercut its 50-day line since gapping higher on its prior earnings report.
A first break of the 50-day/10-week line in heavy volume would be a sell signal.