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The Dow Jones Industrial Average and other major stock indexes moved in mixed trade Wednesday afternoon, as oil prices climbed. Super Micro ComputerSMCI catapulted, LiquidiaLQDA rocketed higher on the stock market today, and AlphabetGOOGL and TeslaTSLA are set to report earnings after the close.
The Dow climbed 0.3% and the S&P 500 advanced 0.2%. The tech-heavy Nasdaq composite shed 0.1% and held below its 21-day exponential moving average. Small caps fared worse than the major indexes, with the Russell 2000 falling 0.7%.
West Texas intermediate crude oil futures rose around 2%, trading around $86.30 per barrel as the U.S.-Iran conflict continues. The 10-year Treasury yield was up at 4.65%. Bitcoin fell near $66,200.
Among exchange-traded funds, the Invesco QQQ TrustQQQ was steady while the SPDR S&P 500 ETF TrustSPY increased 0.2%.
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Biotech Hits New High
IBD 50 name LiquidiaLQDA reached a record high on the stock market today. The biotech stock was up 5%, but had been higher earlier. The stock has climbed around 151% year to date and has outperformed 99% of stocks over the last 12 months, according to Investor's Business Daily research.
Liquidia has one medication — Yutrepia — approved by the U.S. Food and Drug Administration. The drug is used to treat two forms of high blood pressure in the lungs.
FactSet projections call for the company to swing to second-quarter earnings of 76 cents per share from a loss of 49 cents per share a year ago. Its revenue is forecast to explode to $168.5 million from around $9 million. Liquidia hasn't announced its next earnings date, but estimates project the report will be released in the first part of August.
Meanwhile, TE ConnectivityTEL was the biggest S&P 500 loser Wednesday with its more than 8% drop. The electronics parts maker topped fiscal third-quarter earnings and sales forecasts but the stock skidded anyway.
The stock has lost around 24% from its 52-week high of 252.56 reached on April 21, and is down around 16% on the year. TE Connectivity is deep below its 50-day line and holds a weak 33 out of 99-possible IBD Relative Strength Rating.
12:01 p.m. ET
Transportation Name Bolts Higher
WabtecWAB gapped up more than 11% in heavy volume and topped a prior buy zone from a flat base with a 275.84 entry point. The transportation equipment name hit an all-time high on the stock market today. Wabtec beat second-quarter earnings and sales estimates. Its profit jumped 22% to $2.76 per share while revenue grew around 17% to $3.18 billion.
Aerospace and defense services provider AAR CorpAIR stock trimmed a larger earlier loss to around 10% after the company missed fiscal fourth-quarter profit projections with revenue above views. The stock undercut its 21-day line and stopped short of its 50-day line on the stock market today. AAR stock gave back a gain of roughly 21% in a round trip from a double-bottom base with a 121.59 buy point.
NatWest GroupNWG made a gain of roughly 1%. Shares tapped the 18.39 buy point of a cup-with-handle base but slipped back just below the entry in recent action. The U.K.-based banking and financial services company is scheduled to report second-quarter earnings on July 31. Analysts see profit rising 12% and sales increasing 9%.
10:20 a.m. ET
Stock Market Today: GE Vernova Tumbles
GE VernovaGEV slid nearly 7% after the company missed second-quarter earnings estimates and topped sales forecasts. The power equipment and technology stock undercut its 50-day line. Even after its recent pullback, GE Vernova stock has gained around 55% so far this year.
Interactive BrokersIBKR dropped around 2% even after the firm reported second-quarter earnings and sales that were better than expected late Tuesday. The online broker stock is building a flat base with a 97.84 buy point.
ChubbCB retreated nearly 4% after the property and casualty insurance provider missed second-quarter revenue forecasts with profit that beat expectations. But both sales and earnings growth slowed from recent quarters. Chubb stock fell back below the 345.67 entry point of a long flat base after trading around the buy zone.
9:45 a.m. ET
Nasdaq-100 Winners, Losers: Rocket Lab, Sandisk, Teradyne
Among the Nasdaq-100 stocks, Rocket LabRKLB and T-Mobile USTMUS advanced more than 1% apiece, making them some of the best performers just after the market open.
Meanwhile, SandiskSNDK and DatadogDDOG sold off between 2% and 4% in morning trading.
9:04 a.m. ET
Dow Jones Movers: Chevron, Caterpillar, Nvidia
Inside the Dow industrials, ChevronCVX rallied more than 1%, on pace to extend a winning streak to five sessions. Shares are back above their 50-day moving average and approaching a 198.87 double-bottom entry.
On the downside, CaterpillarCAT and NvidiaNVDA declined nearly 2% and 1%, respectively, in early morning action.
8:13 a.m. ET
Super Micro Surges
Early Wednesday, Super Micro stock soared more than 14% after the company said fiscal fourth-quarter revenue will be at the low end of its outlook, and below analyst views. But gross margins will be roughly double what it expected. The company also said it had more than $60 billion in new orders during the fourth quarter.
Shares closed Tuesday nearly 60% off their 52-week high.
Alphabet, Tesla Earnings Due
Late Wednesday, Alphabet is on tap to report its second-quarter results. Wall Street expects the tech titan to earn $2.88 per share on revenue of $109.9 billion, according to IBD MarketSurge. Google stock moved up 0.3% in early morning trading, still sharply below its 50-day moving average.
In addition, Elon Musk-led Tesla is also set to report after the close. Analysts expect Tesla's second-quarter revenue to climb 16% to $26.2 billion, according to FactSet. They forecast $18.9 billion of that will come from automotive sales, $3.5 billion from Tesla's energy storage business and a further $3.8 billion from services and miscellaneous items, which includes full self-driving subscriptions and Supercharger fees.
Wall Street expects earnings per share of 53 cents, up 32.5% vs. a year earlier. More recent estimates suggest Tesla will earn 55 cents on $27.71 billion in revenue.
Tesla shares dropped 0.6% premarket Wednesday, threatening to give up a part of Tuesday's 2.5% gain.
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Stock Market Today: Big Earnings Reports
Big earnings movers Wednesday morning include AT&TT, CME GroupCME, GE VernovaGEV, Interactive BrokersIBKR and PulteGroupPHM.
AT&T stock jumped more than 4%, while CME shares topped 1% in gains. GE Vernova shares tumbled nearly 6%, while Interactive Brokers slipped marginally. Finally, shares of PulteGroup rallied more than 2% in early morning action.
Besides Alphabet and Tesla earnings after the close, IBMIBM, ServiceNowNOW and Texas InstrumentsTXN are on the schedule to report.
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Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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