The major stock market indexes are relatively unchanged and near the levels from the last hour. The Dow Jones Industrial Average is leading the other indexes but only slightly.
Investors are cautious as they await the upcoming earnings season. At midday, the Nasdaq and S&P 500 are down less than 0.1%. The Dow Jones Industrial Average is up 0.2%, and the Russell 2000 is up about 0.2% also. NYSE volume is up 14.2% and Nasdaq volume is up 0.3% vs. the same time on Monday.
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Auto Parts and Beverage Company Show Growth
PepsiCo trimmed gains after reporting a beat on second-quarter sales and earnings. The company raised guidance, saying it expects 10% organic growth for 2022 vs. the 8% previously forecast. The beverage company has shown consistent single-digit earnings-per-share growth for the last several quarters. Quarterly sales growth ranged from 5% to 12% in the last three quarters.
PepsiCo has some positive CAN SLIM ratings, including an 89 Composite Rating, 92 Relative Strength Rating and a 59% return on equity. Its share price is within 4% of the 177.72 buy point in a flat base. The company pays a 2.7% dividend yield to shareholders.
Dorman Products, a supplier of auto and truck replacement parts, is up 1.3% after announcing over 300 new products for July, with 98 exclusive products. The letter "N" in the CAN SLIM guidelines stands for new, meaning new products, new management or a new high off a base. New products can be a catalyst for interest in a stock, having potential for an increase in stock price.
Dorman stock is breaking out of a cup with handle with a buy point of 113.22, and the relative strength line is at new highs. Analysts are expecting a 19% annual EPS growth rate in 2022 and 10% in 2023. The stock has a best-possible 99 Composite Rating.
Stock Market Mover: Health Provider In The Green
Acadia Healthcare, a provider of psychiatric services, is up 0.8% and holding above the 21-day exponential moving average. The stock is consolidating and is nearing its 76.79 buy point, with a new high on the relative strength line already in place.
Analysts are expecting an 18% annual EPS growth rate in 2022 and 10% in 2023. Mutual funds have added ACHC in the June quarter, with 592 holding the stock, up from 558 in March. The company earns a 93 Composite Rating.
Medical, Oil Stocks See Red
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31242.97 | +69.13 | +0.22 |
| S&P 500 | (0S&P5) | 3853.01 | -1.42 | -0.04 |
| Nasdaq | (0NDQC ) | 11364.18 | -8.42 | -0.07 |
| Russell 2000 | 172.33 | +0.27 | +0.16 | |
| IBD 50 | 26.61 | -0.27 | -1.00 | |
Last Update: 12:12 PM ET 7/12/2022 |
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Evolent Health, a medical software provider, is down an additional 4.4% after yesterday's 5.8% drop in heavy volume. The stock hit the sell signal of 7%-8% below the buy point, and was removed from Leaderboard.
Cross Country Healthcare, a medical staffing company, is down 2.4% after a recent run-up that took it above a 24.06 buy point. AMN Healthcare, another medical staffing company, is down 5.4% in increased volume.
Exxon Mobil is down 1.7% and Chevron is down 1.8% following the drop in crude.
Crude oil futures are down 7.2%, with crude oil under $100 per barrel to $96.59 on concerns of a potential recession. The SPDR S&P Energy ETF is down 2%.
ETF Moves
Invesco QQQ Trust, an ETF corresponding to the Nasdaq 100 Index, is up 0.1% as it tries to bounce off the 21-day exponential moving average.
Chinese stocks continued Monday's slide on increased Covid-19 cases and small fines imposed on Alibaba and Tencent. The iShares China Large-Cap ETF is down 0.3%.
Bitcoin futures are down 3% today, dropping below the $20,000 level to $19,845.
The Innovator IBD 50 ETF, a gauge of growth stocks, is down 1.1%, trailing the major indexes.
