The Dow Jones Industrial Average rose on the stock market today even as Boeing (BA) fell. Tesla (TSLA) rival Nio (NIO) popped on a bullish analyst call. Procept BioRobotics (PRCT) rocketed to record highs after its quarterly report.
The Dow made a bullish start to the week as it gained nearly 300 points, or 0.6%. 3M (MMM) shined as it rallied nearly 4%. McDonald's (MCD) jumped amid news its Quarter Pounder burger will return later this week to around 900 outlets where it was removed due to an E. coli outbreak.
↑ XMeanwhile, the Nasdaq composite was strongest of the major indexes as it rose 0.7%. Moderna (MRNA) fared best here as it rose nearly 5%. AI stock Super Micro Computer (SMCI) rose more than 1%.
The benchmark S&P 500 rose 0.5%. Albemarle (ALB) stood out due to a gain of more than 6%. On the downside, Centene (CNC) and APA (APA) fell about 4% each.
The S&P 500 sectors were mostly positive. Real estate and utilities were making the best gains. Only energy was falling.
Small caps outperformed as the Russell 2000 added 1.5%. Growth stocks were popping, with the Innovator IBD 50 (FFTY) exchange traded fund jumping more than 1%.
Boeing stock was getting hit in early trading amid news of a new share offering.
The firm has launched an offering of 90 million shares. It is also offering $5 billion in depositary shares. Both of these represent a "1/20th interest in a share of newly issued Series A Mandatory Convertible Preferred Stock," the company said.
Based on the current stock price, the common stock would be worth nearly $14 billion. However these securities are typically priced at a discount to drive demand.
The aerospace giant's finances are being squeezed amid a Machinists' strike. Rating agencies previously warned a prolonged strike could cause a downgrade in its credit rating. This would make borrowing money more expensive.
Boeing stock fell on the stock market today. It dropped 2% and lost ground on the 200-day and 50-day moving averages, MarketSurge analysis shows. It holds a dismal IBD Composite Rating of 8 out of 99.
Tesla stock has been on a tear following its latest earnings report. Its EV rival Nio turned in a strong gain of its own Monday as it popped following a bullish call. Macquarie upgraded Nio to outperform from neutral. The price target here is 6.60.
The firm is bullish on the stock due to strong orders of the Onvo L60 model.
While the stock surged more than 8%, its current price is way below the 10 minimum recommended to those following the IBD Methodology.
In contrast, Tesla stock was virtually flat on the stock market today. It is trading in the buy zone above a cup-with-handle entry of 264.66
There were a number of stocks moving on earnings in early action Monday.
Procept BioRobotics soared almost 30% after the firm lost 40 cents per share, which was better than the 49-cent loss expected by analysts.
It also compared favorably with a loss of 51 cents a share in the same quarter of last year. Revenue rose 66% to $58.4 million, also above views.
Procept is a surgical robotics company that focuses on urology. Its AquaBeam Robotic System delivers minimally invasive urologic surgery with an initial focus on treating enlarged prostates.
Dutch conglomerate Koninklijke Philips (PHG) cratered, falling nearly 17%. It flashed a sell signal by crashing below the 50-day moving average in mammoth volume.
It was hammered after the company slashed its annual sales outlook due to a "significant deterioration" in Chinese demand. The company also warned its free cash flow will come in near the bottom of its predicted range.
On Semiconductor (ON) shook off initial losses as it reversed higher. It gained nearly 2% and rallied above its 50-day and 200-day moving averages.
It rallied even as EPS fell 29 % to 99 cents in a report this morning. Revenue also skidded, falling 19% to $1.76 billion in the third quarter.
Please follow Michael Larkin on X at @IBD_MLarkin for more analysis of growth stocks.
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