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Investors Business Daily
Investors Business Daily
Business
VIDYA RAMAKRISHNAN

Dow Ekes Out Gain; Microsoft Retakes Key Level As First Solar Rises On Analyst Views

The Dow Jones Industrial Average rose 0.2% and was off session lows in the last hour of trading. But the index finished the week lower by 0.9%.

The S&P 500 also pared losses just before the closing bell with a 0.1% gain.

The Nasdaq struggled more and finished less than 0.1% higher at 4 p.m. ET.

Volume on the NYSE and Nasdaq was lower compared with the same time Thursday.

The small-cap Russell 2000 fell 0.3% while the Innovator IBD 50 ETF lagged with a 0.5% fall.

Crude oil rose nearly 1% to $87.59 a barrel.

The yield on the benchmark 10-year Treasury note was unchanged at 4.25%.

Dow Jones Stocks

In the Dow, Apple rose nearly 1%, breaking a two-day losing streak that drove the stock below the 50-day line. The stock remains under that level.

Microsoft regained its 50-day line with a 1.5% gain. Salesforce rose in a cup base with a buy point of 238.22.

Stocks Moving Today

Adobe pared early gains and finished flat after Mizuho analysts upgraded the stock to buy from neutral with a price target of 630, up from 520. Analysts see upside to annual recurring revenue from Adobe's digital media segment, with its generative AI venture Firefly being a growth driver. Earnings are due next week, as are those from software leader Oracle.

DocuSign quickly gave back early gains and fell 4% on Friday after earnings. Sales grew 11% and earnings were up 64%. For the quarter ending Oct. 31, the company expects midpoint revenue of $689 million.

Kroger tried to retake its 50-day line in a big outside day after results but fell short. The grocery company affirmed its guidance for the full year.

Futures: Market Rally Battered; Here's What To Do

First Solar Holds Analyst Day

First Solar gave up some gains after an upgrade following its analyst day Thursday. Deutsche Bank analysts upgraded the stock to buy from hold with a price target of 235. During its presentation, the maker of thin film photovoltaic modules said it foresees gross margin increasing from about 42% next year to more than 60% by 2026. The stock is trading at about 182, near the level of its converging 10-week and 40-week moving averages. FSLR rose 1.5% at the finish.

Google parent Alphabet rose. The company faces a trial for its monopoly over search next week.

Among software plays, Smartsheet gave back some gains but ended 6% higher after earnings. The stock gapped up from its nearly converged 10- and 40-week lines in strong volume. Second-quarter revenue grew 26% while earnings per share surged 260% from the prior year same quarter. The workflow management software maker sees sales growing 20%-21% in the third quarter with expected earnings of 8 cents to 9 cents a share, reversing from a 1-cent loss a year ago.

ServiceNow is nearing a buy point of 614.36 in a cup base in the stock market today. Its relative strength line is at a new high, a bullish sign as a stock nears a buy point.

Copart is in a base with a buy point of 47.38 with earnings due next week.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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