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Investors Business Daily
Investors Business Daily
Business
VIDYA RAMAKRISHNAN

Dow Jones Gains 100 Points; Tesla, Netflix Report Results

The Dow Jones Industrial Average gained 0.3% at the closing bell, after which Tesla and Netflix reported results.

The S&P 500 rose 0.32, lifting off session lows, while the Nasdaq was unchanged at 4 p.m. ET Wednesday. Volume was higher on the NYSE and Nasdaq, compared with the same time on Tuesday.

The small-cap Russell 2000 rose 0.5%, while the Innovator IBD 50 pared some losses and ended 1.4% lower.

Crude oil fell less than 0.5% to trade at $75.35 a barrel.

The yield on the benchmark 10-year Treasury note fell 4 basis points to 3.74%.

Dow Jones Stocks

Analysts at J.P. Morgan upgraded Cisco Systems to overweight from neutral, finding it "inexpensive" at current levels. The new price target of 62, up from 55, is an almost 20% upside for the networking giant. The bullish rating is based on Cisco's backlog, which they see offsetting sluggish spending. CSCO stock rose in a buy zone from a 50.58 entry, according to IBD MarketSmith. The stock has lagged the S&P 500 this year, showing 10% growth vs. the S&P 500's near 20% gain so far this year.

Market Rally Hits Fresh 2023 Highs; Tesla Earnings Top, Netflix Subs Soar

Stocks Moving Today

ASML fell as its cautious longer-term outlook weighed on the stock after a strong quarter. ASML is on the IBD Leaderboard.

VMware gapped up in strong volume as Broadcom got provisional clearance to acquire it for $69 billion, with a final report expected on Sept. 12. The Competition and Markets Authority found that "the deal would not substantially reduce competition in the supply of server hardware components in the U.K." VMware provides services for businesses working in a multi-cloud environment.

Shares of Enphase rose slightly in the stock market today after KeyBanc analysts raised the price target from 260 to 267, while maintaining an overweight rating.

Arista Networks rose in a base with a buy point of 178.36. The IBD SwingTrader stock has near-perfect Composite and EPS Ratings of 98.

Constellation Brands gapped up in strong volume on news of a settlement with activist investor Elliott Management. Shares are extended now.

Outside Dow Jones, Tesla saw second-quarter sales of $24.9 billion with earnings of 91 cents a share. Shares fell. TSLA is also a position on IBD Leaderboard.

Netflix saw sales of $8.19 billion in the second quarter and earnings per share of $3.29. Analysts called for earnings of $2.85 a share on sales of $8.29 billion. In the year-earlier period, Netflix earned $3.20 a share on sales of $7.97 billion. Netflix fell in after hours trading.

Please follow VRamakrishnan on Twitter for more news on the stock market today.

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