Dow Jones Today Rises, Nasdaq Futures Slip As Musk Tweet Dunks Tesla; Gartner, Arista, Univar Rally; – Todayuknews
Stock futures hashed out a mixed premarket session Tuesday, reflecting global market action, as earnings reports poured in and the Federal Reserve prepared to launch its quarterly meeting. A tweet from CEO Elon Musk sent Tesla stock sharply lower. IBD 50 stock Gartner jumped on earnings and Univar Solutions set up for an early breakout. On the Dow Jones today, Microsoft received a new buy rating.
Dow Jones futures nudged ahead 0.1%. S&P 500 futures traded a fraction above fair value. Meanwhile, Nasdaq 100 futures slumped 0.1% on the stock market today, with Tesla and a handful of China-based stock leading the early declines on the Nasdaq 100.
Tesla tumbled 4.1% lower after a tweet from CEO Elon Musk said no deal had yet been signed with rental brand Hertz. Tesla stock spiked almost 13% on Oct. 25, following news that Hertz would buy 100,000 Tesla vehicles. Musk noted that Tesla demand far outstrips production capacity, and that the automaker would sell cars to Hertz only at the same margins as to consumers, rather than the traditional deep discounts automakers provide to rental car fleets. Therefore, the “Hertz deal has zero effect on our economics,” Musk tweeted.
The Oct. 25 spike helped the IBD Leaderboard stock trigger the eight-week hold rule, by rising more than 20% above a 900.50 buy point in fewer than two weeks.
Arista Networks (ANET) bolted 19% higher on the heels of its above forecast third-quarter results. Management also hoisted guidance for fourth-quarter above consensus views. Arista ended Monday extended, up more than 6% since clearing a 384.10 buy point on Oct. 13.
Illinois-based specialty chemicals maker Univar Solutions (UNVR) jumped more than 9% after turning in big earnings and revenue beats for its third quarter. The premarket gain positioned the stock for a starting bell breakout past a 26.54 buy point in a 21-week cup-with-handle base. The size of the gain suggests the stock could open beyond the base’s 5% buy range. This would set up a possible breakaway gap buying opportunity.
IBD 50 stock Gartner (IT) jumped 3.5% as its third-quarter earnings came in well above analyst expectations. The stock is extended following a mid-October rebound …….