Netflix Stock Is Up 50 Percent Since ChristmasTechnology stocks paced the market to moderate gains.
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Technology stocks outpaced the rest of the market today, pushing the Nasdaq Composite index up 1.15 percent.
The Dow and S&P 500 indexes rose 0.7 percent and 0.68 percent respectively. TheEntrepreneur Index™closed the day up 0.89 percent with twelve of thirteen tech stocks on the index posting gains.
Leading thetechnologypack wereNetflix, (2.91 percent),Adobe Systems Inc.(2.98 percent) andNVIDIACorp. (2.74 percent). Netflix, down more than 45 percent between its high set last June and Christmas, is now up 50 percent since then. Adobe, meanwhile is up just under 20 percent in that period. Chipmaker NVIDIA has also staged a nice rebound, up twelve percent in the last four trading sessions. It fell sharply last week after it reduced revenue guidance for the fourth quarter by 20 percent. It is still down 49 percent from its peak set in early October.
Other tech stocks posting good gains includedTwitter, (2.14 percent),Akamai Technologies, (2.32 percent) andFacebook, (1.87 percent). ChipmakerAnalog Devices, (-0.84 percent) was the only technology stock on the Entrepreneur Index™ to fall on the day.
O'Reilly Auto Parts was up 2.72 percent -- the biggest gain on the Entrepreneur Index™ outside the tech sector. Shares in the auto parts retailer are up more than 60 percent from a 52-week low set last April. The company will report earnings on Wednesday.
Other notable gains on the index included Fedex Corp. (1.91 percent), asset managerFranklin Resources, (1.59 percent) and retailerBed Bath & Beyond, (2.22 percent).
Shares in biotech drug-makerAlexion Pharmaceuticalswere up as much as three percent in early trading after the company beat earnings and revenue estimates by a wide margin. Alexion even gave strong forward guidance for 2019, but the stock couldn't hold its morning gains. It finished the day down 2.0 percent. Fellow drug-makerRegeneron Pharmaceuticalsalso fell 1.1 percent today.
Other stocks with notable declines included casino-operatorWynn Resorts, (-1.33 percent), pest-control companyRollins Inc. (-1.36 percent) andRalph Lauren Corp.(-1.06 percent).
Alphabet Inc.(formerlyGoogle), up 1.99 percent today, reported earnings after the market close. It handily beat earnings and revenue estimates for the quarter, but the stock was down in early after-market trading. Alphabet is the last of the FAANG stocks to report results for the fourth quarter.
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