The stock market pulled back in the past hour of trading, with the major indexes relatively flat to up slightly on the last trading day of July. ON Semiconductor rallied to start the day after a strong revenue number.
The Nasdaq composite inched up 0.1% in stock market action. The Dow Jones Industrial Average and the S&P 500 were both relatively unchanged. Meanwhile, the small-cap Russell 2000 fared much better, adding 0.9%.
Nasdaq 100-tracking Invesco QQQ Trust ETF was relatively unchanged. And Innovator IBD 50 ETF outperformed the major indexes, rising 1.6%.
NYSE and Nasdaq volume rose vs. the same time on Friday.
Stock Market Movers: Onsemi Posts Strong Revenue
Recent IPO stock GEN Restaurant Group eased from earlier gains, now down 0.5%, after the stock rose above the 19.99 buy point of an IPO base.
The Korean restaurant chain stock started trading on June 28 at an IPO price of 12 per share. The company posted 63% earnings growth in the first quarter on 15% sales growth and will report second-quarter earnings on Aug. 14. GEN Restaurant operates over 30 locations.
Mediterranean restaurant chain stock Cava Group bumped up 5.1% and is above the buy zone of an IPO base with a 47.89 buy point. The stock started trading on June 15 at an IPO price of 22 per share.
Cava's revenue grew 28% to $203.1 million in the first quarter vs. a year earlier. Its bottom line is improving, with its smallest loss in five quarters.
ON Semiconductor gapped up 3.1% in heavy volume, after the power control and sensing-chip maker reported better-than-expected second-quarter earnings and sales. The company cited strong sales of its automotive and industrial application chips.
Shares are above the 20% profit zone of a consolidation pattern with a 87.55 buy point. It hit an all-time high Monday.
Symbotic jumped over 24% in very heavy volume after the company reported a smaller-than-expected June-quarter loss and higher revenue. It also gave positive current-quarter revenue guidance. The AI warehouse robotics IBD 50 stock has gained over 300% this year so far.
IBD 50 stock Fluence Energy gained 6.2% after a recent pullback. The AI application and energy storage stock retook its 21-day exponential moving average.
Stock Market Movers: Analyst Says Buy Palantir
Palantir Technologies eased from earlier gains, and is now up 9% in heavy trading after Wedbush analyst Dan Ives initiated coverage on the AI software company Friday with a buy rating and a 25 price target.
"Palantir has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade," Ives wrote in a note according to Barron's.
SoFi Technologies popped over 17% after the fintech company reported a smaller-than-expected Q2 loss and higher revenue, and raised its full-year profit guidance. Shares gapped above a cup-with-handle 10.13 buy point and are now extended.
Adobe gained 4.2% after Morgan Stanley upgraded the stock to overweight from equal weight and raised its price target to 660 from 510.
Dow Jones component Chevron rose 2.7% after Goldman Sachs upgraded the oil and gas stock to buy from neutral and raised its price target to 187 from 166. Chevron reported a beat on second-quarter top and bottom lines on Friday.
Trip.com Group stock advanced 3.4% and broke out of a base with a 40.17 buy point. JPMorgan upgraded the stock to overweight from neutral and raised its price target on the China-based online travel company to 50 from 39. Analysts see whopping 444% 2023 earnings growth and 22% growth in 2024.
Follow Kimberley Koenig for more stock market news on Twitter @IBD_KKoenig.
