Dow Dips As Cisco Dives; Rivian, Lucid Motors Hit The Brakes - Investor's Business Daily

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Stocks were mixed midday Thursday, with the Dow Jones Industrial Average still underwater as the Nasdaq and S&P 500 turned positive.

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The Nasdaq rose nearly 0.5%, the S&P 500 added 0.3% and the Dow Jones industrials fell 0.3% in the stock market today. Small caps tracked by the Russell 2000 pared losses to 0.3%. Volume was higher on both major exchanges vs. the same time Wednesday.

Among exchange traded funds, Innovator IBD 50 (FFTY) rose 1.6%. The IBD 50 ETF is testing its 21-day exponential moving average. The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) traded up 0.8%. Meanwhile, the VanEck Semiconductor ETF (SMH) rallied 2.5%.

Early Thursday, the Labor Department reported jobless claims rose to 268,000 the week ended Nov. 13. That was higher than Econoday's estimate for a decline to 261,000 filings, from an upwardly revised 269,000 the prior week.

The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. A resurgence in cases fueled by the more contagious delta variant has been slowing down as vaccinations rise.

U.S. Stock Market Today Overview
Index	Symbol	Price	Gain/Loss	% Change
Dow Jones	(0DJIA)	35833.14	-97.91	-0.27
S&P 500	(0S&P5)	4700.64	+11.97	+0.26
Nasdaq	(0NDQC )	15993.32	+71.75	+0.45
Russell 2000	(IWM)	235.20	-0.66	-0.28
IBD 50	(FFTY)	51.37	+0.83	+1.64
Last Update: 11:52 AM ET 11/18/2021

Globally, Covid-19 cases are approaching 256 million, with over 5 million deaths, according to Worldometer. In the U.S., cases have topped 48 million with more than 788,000 deaths.

Growth Stocks To Watch

Nvidia (NVDA) gapped up and surged 10% in heavy volume to a new high, after the company's earnings and revenue topped views late Wednesday. The IBD Leaderboard stock is sharply extended from a 230.53 buy point of a shallow consolidation, according to MarketSmith chart analysis.

The graphics-chip designer also guided higher for the current period. Nvidia earned an adjusted $1.17 a share on sales of $7.1 billion for the period ended Oct. 31. Analysts expected $1.11 a share on sales of $6.82 billion, according to FactSet.

Rivian Automotive (RIVN) skidded 12% Thursday. That extended Wednesday's 15% dive to 146.07, which marked the first decline in the electric-pickup maker's short history. RIVN stock is still well above its $78 IPO price from just over a week earlier.

Lucid (LCID) stock sank 11% in heavy volume, after reversing lower on Wednesday. That followed Lucid Motors' 24% spike Tuesday after it reported a big jump in Lucid Air reservations. LCID stock still has nearly doubled from a 25.76 buy point.

Retail Earnings Reports

Macy's (M) gapped up and soared over 20% after the department store operator reported fiscal Q1 earnings and sales that beat Wall Street targets. Macy's stock hit a 52-week high and hit the 20%-25% profit-taking goal from a 28.51 buy point of an ascending base.

Kohl's (KSS) surged 7% in huge volume to break out past a 60.60 buy point of a double-bottom base. It remains in potential buy range up to 63.63. The department store chain reported strong fiscal Q3 results ahead of the open.

Bath & Body Works (BBWI) rose 6% to a nearly six-year high in busy trade. Late Wednesday, the specialty retailer's earnings topped views in its first report since L Brands company split into BBWI and Victoria's Secret (VSCO).

VSCO stock surged 16% despite mixed results from Victoria's Secret. After initially surging in early August on the spinoff, VSCO stock fell sharply. But Thursday's advance sent the stock above its 50-day line, offering an aggressive entry.

Chinese retail giants Alibaba (BABA) and JD.com (JD) posted earnings results ahead of Thursday's open.

Alibaba gapped down and dived 10% early Thursday, after the online retailer missed earnings and sales estimates. BABA stock gapped below its 50-day line and is now nearly 50% off its 52-week high.

But JD.com rose 5% in heavy trade after the company's Q3 results topped estimates. JD shares are moving up the right side of a giant base but are still more than 20% from new highs.

Dow Jones Movers

Cisco Systems (CSCO) gapped down and fell more than 8% to breach its 200-day line for the first time in almost a year. The stock had just completed a handle to a cup base, for a 58.73 buy point. But it's now 12% below the entry.

Late Wednesday, the networking giant reported earnings that edged past views, but revenue and guidance were weak. For the current quarter ending in January, Cisco forecasts EPS of 81 cents vs. estimates for 82 cents. Revenue growth of 5.5% at the midpoint of its guidance is below projections for 7.2% growth.

Among other blue chip losers, Intel (INTC), American Express (AXP) and Visa (V) gave up around 2% each.

But Home Depot (HD) rose 2.6%, while Apple (AAPL) and Microsoft (MSFT) added a respective 0.9% and 0.8%.

Apple stock is in buy range above a new cup-with-handle base with a 153.27 buy point, following Wednesday's breakout. On Wednesday, the iPhone maker announced a self-service repair program that allows customers to fix their own devices using Apple parts and tools.

Follow Nancy Gondo on Twitter at @IBD_NGondo

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